EQUITABLE INSURANCE ASSOCIATION AND MR SLIGO.

Evening Star, Issue 8406, 6 January 1891, Page 3

EQUITABLE INSURANCE ASSOCIATION AND MR SLIGO.

70 THK EDITOR. Sir,—l have again to crave your indulgence with respect to Mr Sligos last letter and the extraordinary attitude he assumes in reference to the affairs of the Equitable Insurance Association and myself. lie has championed the directors quito long enough, and I really have no wish to enter into a wordy warfare with him on the subjeet. The unfortunate shareholders have something more to consider than Mr Sligo's petulance and his apparent ignorance of the disastrous condition of the Association. It can be a matter of very little moment whether Mr Sligo is an angel in disguise or of those other creatures roaming about €Vin sheep's clothing. All that the shareholders ask for is a clear and distinct statement of accounts from the directors and their manager —a balance-sheet that will bear the closest scrutiny in the light of day. In order that no misconception may arise, I aak for an explanation of the following figures, because the directors and Mr Sligo, with all his vituperation, have never attempted in any way io make them clear. They are as follow: — Income. Expences. Losses. Djlicit. ISS7 _ L25,25i L 9.299 L 32.047 L1C.062 ISSS .. 20,6 U 17,036 .22,410 18,822 ISS3 .. 10,072 11,937 20,990 16,856 I have purposely left out the odd money. Theincome, it will be observed, amounts to L 61.950, the expenses to L 38.272, the losses to L 75.447, and the deficit to L 51.739 on the business of the Association for the tiiree years referred to. I simply ask Mr Sligo to read, mark, learn, and inwardly digest the above figures, and if he can, as a ohareholder, be happy and contented when he ha 3 performed the operation, all I can say is that he must in reality be too good for this world, and fitted only for a conspicuous niche in the realms of celes:ial bliss, where boards of directors, balancesheets, the Equitable Insurance Association, and even this obdurate writer will cease from troubling him. The shareholders, at least all those whom I have met with, want that special item of L 4,232 9s lid, paid in losses to a director, and the business he induced, fully explaioed. They also want to know why the four calls appeared in tho last balance sheet calculated at L3,64S 18s, when the true value (admitted by the chairman in bis report) was only L2.92910s each, thereby inrhting the assets L 2.877 12s above their real value. They also want to know why the directors did not make an appropriation for the probable less of about LS.COO on the Fire, Marine, and Accident Indemnity Company, when the chairman admits in his report that a very great loss is Bure to be made. Of course, lam aware that the shareholders were consoled in the following words: —" Until we know the exact amount we shall receive we must go on putting down the full amount as owing." What guileless simplicity, to be sure. I wonder how such an explanation would be received in a bankruptcy court ? Tho shareholders also want to know why fully L 6.000 of calls—bad and very, very doubtful—were left in the balancesheet to swell np the assets, when the chairman admitted in his report " that they had done their utmost to get calls in, whether shareholders were alivo or dead." Sir, I could go on enumerating a lot of other most important questions, but it would be snch a melancholy and such a lengthy catalogue that I fear I would try not only the patience of your readers, but also your good nature in granting me the use of your valuable columns. In conclusion, let me remind Mr Siigo that I have been thirty-four years in the colonies, and have never before seen such wretched balance-sheets issued to shareholder as those bearing the title of the Equitable Insurance Association of New Zealand.—l am, etc , J. Bevax. Hokitika, December 30.