CORRESPONDENCE.

Gisborne Times, Volume XXVII, Issue 2609, 17 September 1909, Page 3

CORRESPONDENCE.

[Correspondence on public matters i# welcomed at all times, but it must be distinctly understood that this journal is in no way associated with the opinions of its correspondents. All letters must be legibly written and inscribed on one side of the paper only, otherwise they will not be published. *An asterisk at the foot of a letter indicates that same portion has been excised.]

CO-OPERATIVE BAKERY

(To the Editor.) Sir, —With reference to a letter appearing in your issue of 15th inst., by “A Shareholder,”l would be glad if you would insert this in order to controvert tho assertions in his said letter. / In the first place, the authority to purchase the business referred to is by resolution passed by the directors, and the right to purchase any business by the company is provided for by the memorandum of association. As to tho remarks, “this is profitable, etc.,” and “that a few interested individuals who are evidently making money, etc.,” I would inform “A Shareholder” he is under a misconception if he imagines the secretary or any other officer of the company is receiving privileges not enjoyed by the rest of the shareholders. ,“A Shareholder” implies that the purchase is to be made out of dividends to which shareholders may be entitled, but he is absolutely wrong, as no such thing is' contemplated. If the business of the .past twelve months justifies it, a dividend will be declared, but seeing the twelve months have only just expired, it is rather early to expect a dividend at this moment. “A Shareholder 5 ” must hold a large number of shares if, as he says, “he is pounds out of 'pocket,” 1 when only one call of 5s has been made. Thanking you in anticipation,—l am, etc,., G. PALAIRET.