BISHOP CRITICAL.

Manawatu Standard, Volume LIII, Issue 5, 3 December 1932, Page 7

BISHOP CRITICAL.

, CHURCH INVESTMENTS. "NELSON, Dec. 2. jAn outspoken statement on the subject of Church trust fund investments was made by Bishop Sadlier in his address to the' Anglican Synod. "Up to the year 1932," lie said, "we were under the impression that a contrdctual obligation once formed was biiding on both parties' thereto and could not be broken by either without tb.3 consent of the other, or without a penalty in the case of violation of the contract, but the facts presented to us during the year in tho compulsory reduction in interest or investments show that, our impression as to the moral and legal obligations of contracting parties was unfounded. ""When the Nelson Diocesan J rust Board invested the capital of the diocesan and parochial funds it did so in good faith that trustee securities as provided in the Trustees Act were the safest of all investments, but it appears that this is not so. In common with many, I deplore tho abandonment of those moral standards w-hich have been tho pride of the British race. "Owing to the fact that religious, charitable and educational trusts, for the first time in our history, and quite unexpectedly, have been subjected to heavy taxation, our plans for meeting the difficulties in the parishes and districts have been overthrown."