MORE TIMARU DEFALCATIONS. (BY TELEGRAPH.) Timaru, September 12.
A special meeting of the South Canterbury Building Society to night receired reports from the directors, auditors, and accountant who investigated the affairs. The directors' report stated chat the late manager (W. Ziealer), who suicided a short time ago, h\d beon committing defalcations during the hat seven years. He hnd abstracted securities, received and vouchored fixed deposits, making no entry in the books, forged vouchers, property lists and deposit receipts, and kept bogus accounts. The consequence nas that the company must face a loss of over LBOOO. The securities held are mortgiged to the Union Bank to cover overdraft (L 8874), and the bank demandi the company to be wound up at once, voluntarily, or would force a liquidation. The shareholders agreed that a forced liquidation would be ruinous, and unanimously decided to wind up voluntarily. The auditors were bhraed for accepting lists of securities given them by the manager instead of seeing the deeds for themselves, and the chairman explained how they were hoixed by a false list attached to a sheet bearing the Bank's certificate as holders.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/NOT18920913.2.16
Bibliographic details
North Otago Times, Volume XXXVI, Issue 7465, 13 September 1892, Page 2
Word Count
187MORE TIMARU DEFALCATIONS. (BY TELEGRAPH.) Timaru, September 12. North Otago Times, Volume XXXVI, Issue 7465, 13 September 1892, Page 2
Using This Item
No known copyright (New Zealand)
To the best of the National Library of New Zealand’s knowledge, under New Zealand law, there is no copyright in this item in New Zealand.
You can copy this item, share it, and post it on a blog or website. It can be modified, remixed and built upon. It can be used commercially. If reproducing this item, it is helpful to include the source.
For further information please refer to the Copyright guide.
Log in