NEW ZEALAND NEWS.

Dominion, Volume 2, Issue 453, 11 March 1909, Page 6

NEW ZEALAND NEWS.

IDT TELEGRAPH—IMtESS ASSOCIATION.) . o INVESTMENT OF SINKINC FUNDS. DISCUSSION BY LYTTELTON HARBOUR BOARD. Christoliurcli, March 10. At the meeting of the Lyltclton Harbour Board to-day, it was reported lh.it thero was a sum of £2300 sinking fund money available for investment, and the. hoard was asked to indicate the manner in which the money should bo invested. A lengthy discussion ensued on the man« nor in which certain advances on freehold property wero made in 1007, Mr. Taylor, AI.P., taking strong exception to the present chairman of the hoard having made, use of his inner knowledge of the- hoard's affairs to have advances made to companies in which lie was interested. Mr.' 11. Friedlander (the chairman) stated that at the time the advances were mado ho explained to the Finance Committee of tho board his connection with tho companies receiving the- advances. Ho expressed his willingness to allow a committee to bo appointed to investigate tho transactions, and if anything reflecting on his conduct as a member of the board were found ho would bo willing to retire from his position, of chair-' man. Mr. Lauroiison, M.P. (ex-chairman of the board) stated that at the time the advances were made the committee believed that they wero acting in the best interest!; of tho board. Mr. Taylor's motion that applications should be invited from the public for, the amount available for investment was agreed to.