OIL TANKS FOR LYTTELTON.

Press, Volume LXII, Issue 18725, 23 June 1926, Page 13

OIL TANKS FOR LYTTELTON.

TO THE EMTOB 0» THB PBISS Sir,—lt is understood that the Lyttelton Harbour Board is granting ■ a ■ lease for the construction of oil tanks at ir y so ; before *ny tender is accepted or decision made on the tion of the tanks, the members of .the Board and the Defence authorities would do well to read a pamphlet, . "Our Problem of Defence, just issued under the auspices..of the Imperial Mission, and which deals with the subject by « THE PUBLIC TRUST OFFICE AND THE BANKS. TO THB EDITOa OF THB PBESS. Sir —The- appearance of another attach in your paper on the Public Trust Office is interesting, enough in its way, though I think, that expanding .institution can provide an answer to any mSiStion. It continues- to grow «md its clients must be satefied. One section of the commumty is not satisfied with this office, and the legal profusion. Am I "fig su nesting that some of the articles which appeared in yotix P a P er . time ago were written by a legal ge your paper will doi " g r a greater public service if it attacks gorgL financial institutions like the Bank ofNew Zealand. . For the past year its disclosed profit is over .£9U,<X», a stupendous sum for one of banks to make, in a small country like New Zealand.. In two bank alone has cleared over £1,700,000, ana I venture to state that its full P have not been, disclosed. It is very obvious that the total profits made by the various banks during the past three years can be written down in millions. i>o you think this state of affairs makes. for financial stability? Is it any der that farmers cannot get the assist- | anco they require, or if they do happen j to cet a little assistance from, say. a stock firm they r have / to pay 8 per cent. for it? The stock firm has to depend on the bank for money and pay high overdraft rates,.and in the end the farmer finds himself helping both institutions to profits out of all proportion to the services they render. The banks, by the wav, are among the chief enemies of the 'Publio Trust Office, hence it-is • little wonder that attacks on this otijee • find favour in banking and hign > finance" circles. The banks, however, i ar e not alone in lifting enormous sums I from the public at large Insurance • companies are accumulating tremendous 1 sums of money, and are not investing i in mortgages as they , should be doing. The Public Trust Office does invest in 3 mortgages, and thereby serves a solid 3 atid useful purpose. In my opinion, it is the other grabbing financial houses which you ought to attack. They, ana their allies, the legal profession are the natural enemies of the Public Trust

Office.—Yours, etc., OVERDRAFT. [The only articles on the Public Trust Office which were written by a . lawyer were those contributed by o " Jurist," discussing the legal * aspects of the Office's methods.— Ed., The Pkess.]