SINKING FUNDS.

Dominion, Volume 1, Issue 177, 21 April 1908, Page 9

SINKING FUNDS.

.harobeen much .-interested, in the correspondence which has lately 'appeared in • h®. .columns of yourself and iyour- contemporaries with reprd to this matter; especially 111 view of the widelyTcirculated 'rumours' SitHhJ For , so . ni .« I ttlis past in connection with .the , administration, and management of tho municipal' affairs of .this citvbut until the a of.Mr. Fiber's letter in your issue of the 18th inst. aj] d the Mayor's rowlv ■"iVM-fv 1 ! 63 paper ' jt has '"*» somewhat- difficult for an outsider to ret at ai-v----thing.'defimlo: _ I thoreforo; propose 'to submit the following questions to His "Woi'shin tho Mayoiy namoly, ... 1 aSa 01l^ ,e / 0 '- , a large amount— £10,000 .or upwards, I behove-drawn upon one;;of >the'- sinking: fund accounts of' which Mr. was a commissioner, and prcBent«l: ,to hinv for his signature by:-3klessrs. Brandon, Hislop, and Johnston, or one of thoir clerks, and did .ho rpfiiso. to sign it? 2. TVas. Mr. Martin removed ; from"the commissionorsHip 'of ..this: sinking fiiml within a short'period thereafter?. ; '. _ 0. Was' ?/fr.: Aitkeii appointed' a' commissioner in place of Mr. Martin? •

4. Was this chequo afterwards presented to, Mr. Aitken for-his signature, and ditl ho also decline to sign it? 5. Has this chcquo been siancd, and, if so, by whom?

6. Presuming this chequo • was "drawn for the purpose of taking up. a portion ' of tho Hunter Street loan (£16,5U0 mentioned by Mr. Hislop), an investment of the city's own funds in one of its own securities, why was > the cheque presented by Messrs., Brandon, Hislop, and Johnston,'and notby tlio City : Solicitor?. / -.. . Answers' to the first four questions can bo made by tlio Mayor, using sololy tho simple tvords, "yes'.' or "No," as Mr. Hislop, if in his professional capacity were asking mo tho samo questions' in court, would expect mo to reply.-• ■' - ,/ I would only, adrl that I am in no way connected with Mr. Fisher, and am> practically unacquainted with him, neither have,l ever, ipoken to or communicated - with him. in any way• whatever',: in l connection': with '■ these matters.—l am, etc., ' April 20, 190S: : ' CITIZEN. , THE MAYOR EXPOSED. Sir;— Answer ito-Mr. Hislop.. Please note dates.7 On'-June 19, 1907, Mr. T. F. Martin, ono.of the City Sinking Fund Commissioners,, wrote'to tho Town Clerk as follows:— , ." On . Saturday, . April, 15, the. City ; , •. Treasurer .brought >me your letter, to-... ; gethor' with a cheque which h'o asked me .'■ to sign.'" •'V-- : ■Then follows a number of Reasons' why Mr. Martin would-not sign tho cheque. He concludes his letter in these significant words ." Seeing thatr. the;,abovo legal-' # ques- . tions arise, .and that the City Solicitor, - is acting for: the (Corporation,,, the proposed borrower, .1 consider that tho 'Sink-;:- ■ injj' Furid Commissioners should havethe- ■ opinion of some independent counsel on • ) tlio' questions involved, and that such, counsel should also approve of the. mortgage deed. Moreover, as the Corporation ■'.is itself tho borrower, 1/ consider-.-thato ; the jiowvaluation td lie made should .be ■ 'madeiby a valuer appointed by the Sink-. ; ing-'Fund Commissioners ' independently • •: of the Corporation. .-, v'-'•' " ':' ■ (Signed). "T. F. MARTIN."' | The'following day, tho Council mot, and Jlr. Martin' was' removed from'• office ;.by 'a, - resolution moved by the Mayor; a subsequent resolution appointingMr, Palmor in Mr. i Martin's; place, and it was-tho Mayor and. Jlr.' -Palmer ' whosigned .the cheque which Messrs. Martin and Aitk'en had refused:to

Sign. ; ; ■ v--,:.'.: The Mayor says that my statement." " that Mr.' 'Palmer was appointed in place of ; Mr. Martin " isimtrhe. i Let anybody, turn.' up the'. Council' minutes of June 20. .Here: is' -the..Mayor's motion:— . -.'■■■ ■. ■■■ ■ (■■■„■ ~" Tho-Council of tho. City of 'Welling- .;. ■: ton,,in. exercise, of ;the.powers ; rested in : 'it tho local Bodies' Loans: Act; 1901, .and its amendments, horoby, rpnioye ..from.ioffice all:, Commissioners .of, Sinking ■' .'.Funds:.,'-heretofore • .appointed .'.by', such: . Council, or: any .previous: Council ,of the , - Cityfof' Wcllingtonj/.as now constitute, ■, or , as, ; heretofore. constituted, in connec- ' •' .'tioiii witli:-special doans. npw .due. by, tho..;' Mayor, Councillors,': and citizens .of the.':, 'City of 'Wellington." .-'/-.',„v, 7 . " And the, Council of' the City of WclV •''. lington , hereby 'i appoints !:v,tjie ,)'Hon./; Thomas William Hislop, ' John Guthrie .Wood Aitken,,: Esq., and John Richard !' ' Palmer;: Esq:, , the Sinking'' Com- ; .' .-' .missiohersv iri._i connection ■ with. rach. 'of:" 'Jthe.'undermentioned special loans ' ■':< "Tho 'Mayor:moved a,vote-df thanks '■ to. Mr. Martin for his services; "Seconded - :and ; earned;" On.-Jnno 24;.the/lWn Clerk iwrotp. to Mr. ■Martin,, stating ithat .tho ..Council ."had, " ! deX bided to- make; a: change, nil.'all /the .Conimisaioncrships. . v With,- this view thep ,-ap-, the; JJnnj-j-T. Hislop,:-.-.ftfr; Aitken,-: • and orl all-sinking funds." . : . ..- '-morp fo^deiiioe,-'tis wanted'.:: of ; r the. .'colossal > inaccuracy of .- tho Mayor, ■ . who. started. Jiis; lotte'rby/.stating ,t}iat' "thoro was not'one.'Wofdiof rtruth " in 'my. assertions.—l ". 'FISHER.' i -April 20,-1903.^ y-,-.,