ART UNIONS

Dominion, Volume 23, Issue 221, 14 June 1930, Page 13

ART UNIONS

Sir, —When I state that I am an investor in the majority of art unions that are promoted and have accepted several risks in the most recent one that has been presented to the public, it can be taken that I approve of this method of financing an object that has for its purpose something of good for the common weal. By no means do I agree with the views expressed by extremists, who see in this system of raising funds the moral degradation and degeneration of New Zealand citizens. At the same time I have been hoping that some more trenchant critic than myself would condemn the action of promoters in extending the time for receiving investments beyond the official and previously published closing date. A glaring example of this method is that of the art union that was advertised to close on Saturday last, but, “by kind permission of the Minister of Internal Affairs,” has been extended to Saturday, June 14. . . . The public had been advised that “this is the last week”; that “only three days more remain”; that “this is the last day.” So far as the “last day” was concerned, it was apparent that a great “eleventh-hour” business was being done. The odds against winning the first prize are enormous, probably 120,000 to 1. These odds are cheerfully accepted. By what measure of right are the promoters permitted to increase the odds by (probably) 25 per cent, without making a corresponding addition to the prize money? What would be thought of a bookmaker who, after receiving investments from his clients, increased the odds against them very materially? I do not think his clientele would last very long. The bookmaker, however, does not adopt such tactics. It is left to a Minister of the Crown to condone these practices. One cannot understand the mentality of the honourable gentlemen who act as trustees. Have they not a duty to the public in this matter? If such methods nre permitted to continue I predict thnt they will bring about the abandonment of art unions long before the Puritans can exercise their influence. — I am, etc., INVESTOR. Wellington, June 11.