In the meantime, Hemphill argues: "The recent CBH Group board election has probably put the kibosh on the bulk handler's participation in further grains consolidation>"

He argues: "Conservative forces now have a majority among the nine farmer representatives on the 12-member board, after the dumping of former chairman Robert Sewell. Concerned about the corporate direction of CBH, the conservatives have been pushing for a co-operative structure for the bulk jandler."

Whether or not Hemphill is correct about the "conservatives", he is assuming it is conservative to want to retain a co-operative structure. He could hqave written: "Democratic forces now have a majority....."

It depends, of course, on values and assumptions and Mr. Hemphill's are clear despite their implicitness.

CBH Group
http://www.cbh.com.au