BANKS AND WAR FUNDS.

New Zealand Herald, Volume LII, Issue 16022, 14 September 1915, Page 5

BANKS AND WAR FUNDS.

DONATIONS CRITICISED. OTAGO RESOLUTION. t»T TELEGRAPH.—FB.ES3 ASSOCIATION.! Dunedin, Monday. At a meeting of the Otago Patriotic and Welfare Association, it was reported that the total amount subscribed for the Belgian Relief Fund to date was £18,921. The recent queen carnival and coronation for wounded soldiers yielded £127,641,, to which had to be added £15,381 at credit prior to the carnival, making the total to date £143,031. The cost of raising this large sum did not exceed li per cent. In a separate report, Mr. J. A. Johnstone, chairman of the «xecutive, reported that while in Wellington recently he waited on five of the main banks, with a view to obtaining substantial assistance for the Otago Wounded Soldiers' Fund. He found that the banks had decided to support the proposed national hind then being inaugurated in Wellington, and that the total amount they had decided to contribute was £1800— £1000 from the Bank of New Zealand', and £200 each from the Bank of New South Wales, Union Bank, Bank of Australasia, and National Bank. He pointed out that the net profit of the Bank of New Zealand for the past year was £396,166. and its donation to the Wounded Soldiers' Fund was equal to 1.51 per cent., or £1 10s 3d out of every £100 of disclosed profit. Other banks mentioned had been carrying on business in New Zealand for over 50 years, and had made a large proportion of their profits in the Dominion. This was the first occasion they had been urged to assist any New Zealand fund, and they had not risen to it. Mr. Johnstone moved : " That the Otaeo Patriotic and General Welfare Association call the attention of the Government to the fact that the Bank of New Zealand. National Bank, oank of New South Wales, Bank of Australasia, and Union Bank of Ausj tralia have only promised, amongst ! them, a total sum of £1800 towards the ■ proposed national fund, for wounded soldiers of this Dominion, and they uree | that this fact be duly noted when the Government war tax proposals are under I consideration." Mr. Johnstone's motion was carried, I thousrh there were several "noes" when ■ it was nut. Mr. John Roberts said several institu- , tions with which he was connected were , prepared to contribute, but not to local funds. They were waitiner until a | national scheme was established.