ETHICS OF INVESTMENT.

Dominion, Volume 2, Issue 604, 6 September 1909, Page 4

ETHICS OF INVESTMENT.

AN INTERESTING DISCUSSION. ; : THE CONSCIENCES ■OF SHABE- ■ . ■ HOLDERS.' '• ',■ . An important debate on .the moral responsibility of .investments, took place at tho recent meeting of tho Anglican- Representative Church Council under" tho ; presidency of tlio Archbishops-of Canterbury,and York. ■• /'Tho Bishop of Birmingham (Dr. Gore) moved : That in view of tho widespread neglect of tho moral responsibility involved in investments, it is desirable.that-.tho Church of England should/at the present time, speak to its members as deliberately and authoritatively as' possible, on the lines of resolution 49 of the Lambert Conference, i Tlio' following is'tho. text of, tho' resolution:— f • ;, ■ ' ~■-.•■ -.. .-. ,J The conference urges upon members of tho Gliurch practical recognition of tho moral responsibility involved in their investments. This moral, responsibility extends tfh—■ .-.- ■ (a) The character and ; general social effect v;' ; " of'any' business or enterprise : iri which '.': _their.money is.invested;., ; (b) The treatment of tho persons employed ; -in'that business or enterprise; "..'■

. . (c) Tho duo observance of tlio roquire;V_.'' ■■ ;}{iflfintV ■■'■■,' ■f,-(dV'The. : paymeiit of' adjust' wage to' thoso. ; . : .. ; ...' : >vllo-:aro-employed therein. ;'' ~; p'r. 'Gore, said' t upthing, at',th6 present -mp- ; ■jnent-cxposed' them.' to;more serious peril, thaii. the .-habit "of.-attending meetings ;and assenting' t6 resolutions involving great and 'definite obligations,-' and-.yet;doing.,nothing : at...'all J jn..coiiscquence of;theso ! . resolutions: .There was., n'o';'rtt6r6 real or perilous fornix of/ hypoorisy^-'-The , 'Archdeacon 'of'.Ely had writ-, ten 'i an'\oxcolknt. littlpypamphlet en s the: investraent,;of- money and ..use;.of .wealth, 'arid upoirthat' pamphlet- this 'resolution niight. be rhe democracy..-.throughout. :Europo ''Was-, becoming conscious of now moral ivnd social claimsiyvnich were of.'a very, deep and', searching .character,'; atfd'made 1 th'orii-! selves,increasingly 'audiblo' , through.the whole social .fabric of every country ;■.in Europe: Part" of''tin's'.claim"iva's :, a".'challdngo".to ;thc Christian .Gliurch to consider what its teaching >nd- principles -were--with -regard- to.'jtho' ocquisitidn'"anu distfibutidn.'of " money: | It was ■a' profound* l duty to' give heed to thiaf challongo. 'Anyone■.reading St.--Luke's..Gos-p'ePaiid the Acts!of tlio Apostle's'riiust.thvnk; that,the present,-practice ofc.Christians with regaifd'to the liso'o.f their money fe(]uired EprioUsvreconaideration.|. About- no subject! at '.'tho present • mo'mcht 1 ,. was, the Cliristian ■Church-more, under tlio-'judgnicnt of Christ. rHo-(the-.speaker) was far.-irom wishing to; identify- Christianity. : with, : any;'" ccononiic theory!:of.political tendency!", wds. a,', yerj" .widesprea,d,i, tencleticyi. if... nojt. Jo; as--■t6rtj. r et*;lci(st-:tb"(ißt:'on' thy assumption that | in , investments tney were,justified in'looking only'to".'.the'scoUrity,' - arid s .riot:to the' moral, .characto'r-hrid'social*offeet ofHhomv-'._';' V i ''.■ ' ..Tlio Bishop of. Durban)'eeconded.' ,'j .'",.'■-. 'i "Tlioi, Archdeacon.of Jsly; (Dr. .Cunningham), • who is a'Wading Authority on economic questioiiß, moved, m an amendment, that tho words, ."and as authoritative,"-bo omitted. It was a pity that this oouncil, or any body of churchmen, should endcavcrur to pronounco authoritatively on' qitcntions irhidi were primarily', economio.; ITip attempt of!the Church to : pronounce authoritatively.as t6 thb.conclitions of socjetywas a..mistaken orio altogethor; they wanted principles which could bo applied by tho individual conscience. :'■■■' Lord Halifax felt ■ that' what .they we're bound to, as Christians individually; wiis.ono thing, and what.it .was'right and possible for .the State to attempt: was another. .. Tho Bishop of Birmingham : ; My resolution has -"'nothing to "do; with'' th'o action :of tho State; 'it is an■ uncjnivpcable appeal to tho .individual.conscience-.':: ■'.■--■<, ' .-.'-' .■'-.:- ..:.>^--;

' .'■: jlr'i Sydney .Qcdge.had ; wondered, when-he .saw thi? re-solution,, wliethtiri they, could (have, froin : tho', .. ap •' IndexVjl)xpurgatorius - las toe-, totallers' might, thijjh.. that ,if Jiriityopes: had; ! tied'.houses'it-was'"not: tight to invest in .brewery.'shares: ..•■■He had always. ..r-effained from doing so on that groundJ'-Ho '-thought it was' rather omploycrs : who' were ■ at.. the. niorcy of employees -than''i-tho reverse. 'If a'word..was said to a. worker, his .reply was "brass nie, governor"—that .to givd him what.was due—and away h'o'.wehtr As" to.the'idistributlon, of .wealth, .'the larger shard of the ccst..pf,manufacture went-into tho. pockets , of tho/'workmen.'. As to a'.living wage,,the standard 'of comfort /.had. enormously .improved. With ■ free', cprnpetitidh and.-.'ppcn., markets, -things. ; had', changed.. Tho only rulo.lio could ..bco was .that of. "doing-as you.wnnld .bo-dou'o.by."; ..- ■ '■. ; 'Coli Marriott .Smith said thoro .was ; the question of'members of tho Church drawiha IM'ofits from tho opium( traflip in China, aha of Christians', perhaps without knowing'it, getting profits from; tho sale of. firewater to African natives,- and of persons getting a profit from ah island producing sugar whero the Portuguese. >vcro carrying on-the business ihromdiislayeryi with- some- of.thc worst■ atrocities :, in history. ■.', '.-., '■.'■■ ,\ \ :■ The Bishop of London' said that 'if -they,. w«|i-e.-squires thoy ( would.'feel.a responsibility towards.thq people at their gates, but they ' 'did 'riot' feel their, responsibility when; they put anonoy,into.;somo ; gre,at : cqrppratiqn.. Was. thoro a parish priest hero who did not'know of people-.being kept from. .Confirniation~becauso:they had.to do something u>..business, which; was against their conscience?- There j plight to'.Jje a Church conscience to-enforce what. was-'right-in"Bocijl<'life.'.' ;■■'■..•' ' . . -,:■ -, -;'Mr:- -H. said business rawi, as. a. Tulvhad'V, high .'standard of morals, The ■cfayo.'for''cheapneis".'did great' harm.' Share-.} hflUors, ,6spdcially;if..cl(;rgy,:.diti.not: take kihdly to the reduction'.of'dividerid. ■. ; .-. '-',' .The Archbishop :df felt that tho duty, of carrying the Christian.conscience into busir nbsshad jiot been faced' ah it had beon faced-■about-carrying it iiito; individual life. If it. had,- tho opjmon of. many. Churchmen would; bo changed' about ttio investment of their' irioneyi' :Tho ;iniroense/;developm<Mitv of ..tho company, system made;it the: more'.necessary. to'pfoviSo'a conscience in? the-company;' Jf biighttto' come.partly-from 1 tho directors' and partly; from" tlie .shbtolioldcrs..- They .knew, tlio'-difcbtors-.Baid/ '-'Wo. must' "(Sonsider: tho : interests ! of, tho. shareholders,"., /.but thby. wanted to'bring about, a timo when directors :would-, sa'y , ,,'' "We .must consider -the con-, spieiioes of tho shareholders. , .' (Hear, i-'. ''■' Th.o Bishop of Peterborough 'said. thatjif, •tiicir Christianity was' worthy' of the nanlei it'ntust' Tegulate, - -not ■. only -.worship, and,, de-votion,-but also economics and investments.' ".":The-Bishop- of-Birmmgliara-acfepted'■ the 1 ,a|mDndmorit,of the Archdeacon of.Ely. Thero; was noSintention in'tlVe-resolution! of fa* reflection ".being mado by. tho;'clergy, on tTio" ■liity.j .none .'needed , - tho warning mors >on : : ously than:,the;clergy; ,' ; "••;■■..'-j "■ ;'-'.|, '"/' ;;: Tho resolution, waa 'adopted. .-., ... :...■