Volume Six - Pre-Victorian to the Present Day - Select Aspects - The Penarth Harbour, Dock & Railway Co. dispute with Messrs. Smith, Knight & Co. . .

"Mr Smith (one of the contractors) remarked that the account of his firm was not the same as that of the directors, if this sum was supposed to represent the contract prices. It was a fictitious balance put down by the directors in favour of the company. If they had it, where was it? If they had it not, why not put the thing down in plain English, so that a man could understand it. If he kept his accounts in such a way as this company did, he would soon go to the dogs.

The Chairman said that the accounts of the company had been audited by a first rate accountant, and it was quite approved of.

Mr Smith said he was very glad to hear it, but if so he could not understand why it was that the directors were ashamed to let him look at their accounts. He had made application for that purpose, to know what they had expended, and the directors sent word that they would not let him look at the accounts, nor would they furnish any account to him, and he thought at once that there was something wrong. The accounts at his office were fit for any one to look at, because there was nothing wrong with them - if there was, he would be willing for any one to look at them.

The Chairman said, Messrs Smith and Co. had had all the facilities they required for taking measurements of the work which had been done.

Mr Smith replied, the company would not allow any one in their employ to go with his men to take measurements, and it was only recently he was allowed to look at the plans, and then only by paying for it.

The Chairman said he was informed by Mr. Dobson that Mr. Smith had facilities afforded for taking measurements.

Mr. Thompson said this was a question between Mr. Smith and the directors, and was not a subject that could be properly introduced at this meeting.

Mr. Smith said that he was bound to defend himself. If this account of the company was kept in the way it appeared to be, it would be the same with the account the directors might charge against him, and there might be a fictitious balance of £80,000 in that, too. The accounts of the company were not reliable.