SINKING FUND INVESTMENTS.

Evening Post, Volume LXXVII, Issue 59, 11 March 1909, Page 3

SINKING FUND INVESTMENTS.

MR. T. E. TAYLOR IIS CRITICISM. CHRISTCHURCH, 10th March. At the meeting of the Lyttelton Harj bour Board to-day, it was reported that | there was a sum 'of £2300 sinking fund money available for investment, and the board was asked to indicate the manner in which the money should be invested. A lengthy discussion ensued on the manner in which certain advances on freehold property were made in 1907, Mr. Taylor, M.P., taking strong exception to the present chairman of the board having made use of his inner knowledge of the board's affairs to have advances made to companies in which he was interested. Mr. H. Friedlander (the chairman) stated that at the time the advances were made he explained to the Finance Committee of the board his connection with the companies receiving the advances. He expressed his willingness to allow a committee to be appointed to investigate the transactions, and it anything reflecting on his conduct as a member of the board were found ho would be willing to retire from his position of chairman. Mi*. Laurenson, M.P. (ex-chairman of the board) stated that at the time the advances were made the committee believed that they were acting in the best interests of the board. Mr. Taylor's motion that applications should be invited from the public -for the amount available for investment was agreed to.