WELLINGTON HARBOUR BOARD FINANCE.

Press, Volume LXVI, Issue 13744, 27 May 1910, Page 8

WELLINGTON HARBOUR BOARD FINANCE.

HISTORY OF A LOAN PROSPECTUS. (IRKS ASSOCIATION TELECRAU.) WELLINGTON. May 26. The attention of members of the Harbour Board was occupied for a considerable time last night by a discussion upon the circumstancrs surrounding the issue of a prospectus for the raising of a loan of £500,000 on the London market during the year 1909. The position, in the opinion of some members, was a grave one, inasmuch as to the prospectus was attached an undated ceriificate, addressed to tho National Bank of Now Zealand, purporting to be signed by tlie thon chairman of the Board, Mr Wilford, in which entirely misleading figures relating to the Board's finance were allegedly quoted. Mr Fletcher, the chairman, reported that he had taken steps to secure all available information. A letter had been scut to the National Bank askins for a his.ory of the prospectus, and whether it had been issued with tho knowledge and approval of the Bank, niul, if so, .through whit channels did it reach the Bank. The reply of the Bank manager was to •he effect that no information could be given at the present juncture, but the writer indicated that it might bo available by a later mail. A letter had also been sent to Renter's agency asking who sent the unsigned cable which had been received by the chairman from London in reference to the raising of the money. Tlifi reply stated that the narao of tho sender was "M?cDonald." Heated arguments followed, and tho matter was held over pending further information.