PATRIOTIC FUNDS

Gisborne Times, Volume LII, Issue 5476, 11 May 1920, Page 6

PATRIOTIC FUNDS

PECIS &U J G°H ?0 V aT “ legal question eaised. vote sion a discussion, upon _th«^disposal^of funds , tao k place a >e&c e Comm ittee, W Sherratt presiding, when ri Kenwav moved the follow£•Johot!?“rf "which he had gxvcu the resolution to invest £IO,OOO tV e "l a S£ re S^ «d f be nmdn tiling to be e he°ld shortly in Welling,tpn.” , said that he thought right to invest mo y» m,giuess prolong terms, unless 1 ‘ income position to return , , was t_ o se e possible, the trus invested on the that the money ’ »as tliat aspec t most, favorable t • v u y considered, should be more oaittunj C ould He was certain that ther mo * We WftWßrtt&nsir** rrw a»f > slation, and had come o ■ i loan that investment m the cu id would be ultra vnes lh -• v _ that money could . .'' tv-tivo years Tnvestment toi v\\cm.> a ■> , ;.onid not be called meiit, n j. tlie committee ">i» p bodv another. fore under «| e .^ l stc V "except in the ;i Mr te G. Wildish said that he wished n per--1 ~a(cinlin"' the' investment oi nu. that should the money be lequuei fo-e the time the loan expired, t could think that the matter couh x deeded ;£ Xffi/ friSfife SS?"! n ,u«r , !s gSXb?**?™*”

Mr 11 11. Do Costa also wanted it to" be decided at once. If the < wo" n Law Office did not approve the iinestjrient the resolution could be rosemd-

<C \f r i; M Birred objected to the twenty-five years’ tejnr ot the loan although he would Uke to etc the -money invested locally. . Mr G. Darton opposed the motion. The committee had been told that it was essential that a portion of the money should lie tied up for from twenty to twenty-five years. that, was the opinion of Dr Williams who said that, in the course of that time mei • independent to-day from the tnvA. would develop defects and ailments due to their war experience which .souLd put them un the fund. Mr Darton said that, he also wanted to see some money Invested locally for short terms. I revision had to be made tor those who would come oil the funds later on. a, otherwise those soldiers would be in a verv bad way. Dor that purpose money should be tied up. Y'®? 1 i n the legal red herring which had been drawn across the scent, that the societv was not incorporated, lie die. mnthiiik that it would be very difncult to become incorporated. . Mr COE. Bickford said that when the motion was passed at last meeting oiu. of the trustees had said that he would • question the right ot the committee. Mr Kenway said that what he had said was that he would have to consider his position as trustee. Mr .T. W. Bright made the same explanation. . ~ . Mr Bickford, maintained that that, matter was mentioned before the legal aspect was ascertained. He was convinced that the committee could not do better than invest in the Borough loan. If the motion were withdrawn, lie was quite satisfied to await the decision of "the conference. Mr Wildish said that his object, was that before any pooling took place the monev should be invested. Mr D. IV. Coleman said that he was sure that the object of the present resolution was to prevent the investment nf the money in borough loans. He was quite prepared to accept the opinion given by Dr Williams, who asked that, a large amount of money should be tied up for a long term. The committee had approved that suggestion. Voices: No.

Others: Quite right. . Air Coleman said that if the proposal lyas that the money should he jnvested with some commercial firm, there would not. he the objection which there had been. . , , r Air Bright : A'ou have no right to say that. , . . , Air Coleman: I have ns much right to say it as you have to suggest that the Mayor’s suggestion was not proper. Mr Bright asked the chairman for a withdrawal of the remark. Mr Coleman: I will add in my opinion." . He continued that he hoped that the resolution, would not ho rescinded until the decision of the Crown Law Office was received. , ~ , Mr .T. B. Brondhnrst challenged Ur Williams when he said that war disabilities could be picked twenty-five years hence. He said that it vas impossible. Air Rherratt: As a layman. Air Brnadhurst added that lie could not see that the borough loan was a <mod investment for this money. ' Air Nesbitt, supported the resolution nreviouslv ad noted. ‘ Air J. W. Bright said that he was one of the original persons elected for the purpose of collecting funds. He did not think that there was one present who had spoken in favor of tiemg up the money who was on the committee then. Air Coleman: I was. Air Bright objected to the proposal that the money should be tied up. as it. was illegal." No answer could be made to that. The proposal vm led by the Alayor and supported by two councillors — Air AVildish: I rise to a point of

order. lam here as a citizen of Gisborne, in the interests of the returned soldiers. Mr Darton explained that he had not. been led by the Mayor, and Mr Bright had no right to insinuate that those who were supporting the original resolution were being led / by the Mayor. A similar objection was made by Mr H. Do Costa.

Mr Bright said that -he was just remarking that that was the position, that the Mayor and two councillors were supporting the proposal. At present the resolution was illegal. If it were found from the Minister of Internal Affairs that it was legal, that would be all right. Mr D.-.T. Barry said that he was in favor of the original proposal, hut what was the hurry? The matter should he adjourned till next meeting. _ Mr if. Kenway. in reply, said that no one wanted Government interferonce. \\ liiit- was wanted was a central bodv in Wellington to control the pooled ‘funds. He _liad not intended to refer personally to T\c Mayor, nut he thought, that it was not right for such a proposal to come from the Mayor. Mr Wildish said that he accepted Mr Kenway’s statement, but he objected to Mr Bright saying that the councillors were led bv the Mayor. The motion was lost on tliG casting vote of the chairman. The following voted for the motion: G W. Humphreys, G. Stock, H. White, 0. Matthews, C. A. Fenwick. 11. , M. Birrell. J. B. Broad hurst, J. W. Bright and’ IP Kenway. Against: 11. If. De Costa, .1. Nesbitt, B. Robertson, D. J. Barry, G. Darton, A. Lange, W. J. Sinclair, .C. E. Bickford. G. Wildish, D. AV. Coleman, and W. G. Sherratt. Mr W. G. Sherratt gave notice to move the following resolution at next meeting:— . . ••That: the Defence Committee invest the balance of its funds as soon as possible, retaining a sum of £ISOO ,to meet, cases for relief, till the moneys invested return an income (say first six months); that the Defence Committee as originally constituted be • disbanded and a committee of five be elected to manage and review the different cases.”