BUILDING SOCIETY FRAUDS.

Auckland Star, Volume XXIII, Issue 219, 14 September 1892, Page 5

BUILDING SOCIETY FRAUDS.

(ey telecrahi.— press association.)

Timaku, this day. A special meeting of the SouLh Canterbury Building Socioty was hold last night, and recbived roporta from tho directors, auditors, and accountant, who investigated its affairs. Tha directors roporb thab the late manager, W. Zieslor, who suicided a short timo ago, had boon committing defalcations for tho last sovon years, abstracted securities rocoived, and vouchora for fixed deposits, making no entry in tho books; forged vouchers for proporty lists, and deposit recoipte, and kept" bogus accounts. Tho consequence was that tho company must face a loss of ovor £5,000. Tho securities held aro mortgaged to tho Union Bank to cover an ovordafb of £8,874, and the bank demands thab tho Company bo wound up at once voluntarily, or ib would forco a liquidation. Tho shareholders agreed thab a forced liquidation would be ruinous, and unanimously decided to wind up volunturily. The auditors were blamed for accoptinp tho list of *ecuritios given thorn by the manager, instead of seeing the deeds for themselves, and tho Chairman explained how thoy wore hoaxod by the faleo list attached to tho shoob boaring tho bank's certificate.