Church asked about its investments

Press, Volume CXIII, Issue 33370, 31 October 1973, Page 18

Church asked about its investments

f.Vew Zealand Press Association) DUNEDIN, October 30. Investments by the Presbyterian Church of New Zealand in two insurance companies which operate in South Africa came under criticism during the fourth day of the General Assembly today.

The assembly was told that black South Africans were accusing the Church of helping apartheid by investing in two New Zealand insurance companies — the South British Insurance Company and the New Zealand Insurance Company — which had offices in South Africa. The Rev. R. D. Borrie, general secretary of the Student Christian Movement, said that the Church needed to know how and where its money was being used. He reminded the assembly of the experience of American churches which found themselves investing in the Vietnam War through associations with the Honeywell company. The Presbyterian Church in New Zealand was powerful, with powerful people from the economic world in its service, and it should take great care where its money was invested. Mr Borrie introduced a notice of motion asking for the facts of investments by the Church’s trustees. Considerable debate followed before the motion was passed The convener of the property trustees committee (Mr R. T. Feist) told the assembly that the Church’s monev was invested wisely on expert advice. He challenged anvone to name an instance where it was unwise. Mr R. E. Tyrie. an elder from Waikato, said that this kind of thing concerned Churches all over the world, and it should be examined carefullv by the Church in New Zealand. It was well known that Churches in the nast had invested in such businesses as armament firms. Mr Borrie said, after the

debate, that there was a con[flict between the question of 'business ethics on one hand and social justice on the ; other; and it was unlikely (the present assembly would ifind any solution to the problem. The motion which was carried was that the list of j investments by the Church ‘Property Trustees be tabled for persual by the assembly i A second notice of motion or 'similar lines was introduced I immediately’ after the passing [of Mr Borrie’s motion, anc was passed. ’ It was put forward by Pro fessor I. Breward, of Kno? J College, Dunedin, and con cemed the Church’s involve 1 ment in the South Africai (situation through its share "holding in the South Britisl {Company