A MAORI BANK.

Hawera Star, Volume XLVIII, 5 November 1924, Page 9

A MAORI BANK.

POLICE PAY A VISIT. TO KATANA'S SETTLEMENT. . (By Telegraph—Special to Star.) WELLINGTON, Nov. 5. ‘‘What was the, justification for a police search at Ratana’s settlement, near Wanganui?” asked Mr Fraser in the House to-day. Hon. C. J. Parr (Minister of Justice) replied that complaints had been made that the Maori Federation was conducting some kind of banking business, the natives being invited to deposit money at high rates of interest. Sir Maui Pomare supplemented the reply by explaining that extravagant claims were made by the promoters of the Ratana Bank. They issued a circular stating: ‘ ‘When you borrowed £IOO coupons of that value were issued to you. The interest payable is £l2. The union will pay you £6 annually for the value of the coupons. The total amount to be set aside "by you is £lB. In this way it will not be long before your, mortgage is repaid.”/ (Loud laughter.) A member: This beats the Agricultural Bank. Sir Maui Pomare added that, in the interests of the natives, it was decided to investigate the scheme, the principal promoter of which was a former native interpreter who had lost his license. Mr Poland: Has the Government taken shares? Sir Maui Pomare laughingly advised the questioner to invest, as the dividend promised was better than racing. Hon. C. J. Parr mentioned that the police advised that, unless it was proved the money was obtained from the native s by false pretences, they could not see that any offence had been committed.