THE TRUST FUNDS.

New Zealand Times, Volume LVII, Issue 2583, 8 August 1895, Page 3

THE TRUST FUNDS.

j THE APOLOGY OP TRUTH. |! The following is the apology made b; ■ Truth in its issue of Saturday, 3rd inst. j In our issue of July 23rd last we mad; some remarks on the custody of the Publii ' Trust funds of the Colony. With refer , ence to the Government Life Insuranci j funds we wrote: — Attached to the return presented to Parlia [ meiit last session respecting these invest ments we find the following certificate , “We hereby certify that we have examine! the securities in the safe belonging to the Go 1 vernment Life Insurance Department, and ■ find the same amount to be X 1,007,408 He ! lid.” This certificate is signed “D. M Lnokie, Morris Fox, W. B. Hudson, custodians of Government Insurance securities.” And yet when the Colony and Parliament hac the assurance that these trust funds wore in safe keeping in Wellington in charge of the proper persons, a considerable amount oi them were in London. A more dishonest statement has never been laid before the House, a grosser breach of trust has nevei been committed in the Colony. We have since found upon further investigation that, the securities referred to in the certificate were in the safe belonging to the Government Insurance Department in Wellington, and that no part of them was in'Lcndon. Our remarks, there! fore, that tho certificate was a dishonest statement and that a grosser breach of trust had never been committed in the Colony were untrue and are wholly unjustifiable, and-we apologise to the gentlemen signing the certificate, and to all others interested in the matter, for having made the above misstatements and remarks. With reference to the Public -Trust funds, we wrote in the same article as follows: ; 1 , The funds in the hands of the' Public Trustee have also been “ manipulated ” by the Colonial Treasurer. According, to the schedule of. investments laid before Parliament last session they amount to X 573,032 10s 7d, and appended to that 'schedule is the following certificate :—“Wo hereby certify that we have examined tho securities in the safe belonging to the Public Trust Office, and find the amount to be X573,0G2 10s 7d.” -This guarantee is signed “ J. K. Warbnrton, A. A. Duncan, custodians of the Public Trust Office securities.” As in the Post Office and Insurance Departments’ certificates, the schedule shows the securities, to be mortgage on freehold, borough, ■ gas and water works loans, and debentures of 'various kinds. The Public Trustee also holds deposits from various life offices doing business in the Colony amounting to X99,o3o—which are the security 'insurers in those offices have as to their stability. In this case, as in the others, this certificate is a fraud and a sham, A considerable part of those securities were in London at tho timo the Colony and Parliament were told they were in Wellington, If such plain untruths are wilfully told on sfleh matters, what security have insurers in the I Government Insurance office of the stability of their life policies ? ‘ We charge them in the interests of those dependent on them to sec to this matter at tho next elections, if not before. . We have found, upon enquiry, that no part of tho securities referred to in the above certificate were in London at the time the Colony and Parliament were told they.were in London, and,we .have no reason to doubt tho truthfulness of the. certificate,., Our remarks designating the certificate a’s a fraud and sham, and a plain a,nd : Wilful untruth, were and are not warranted by the facts of the case; and we admit,that they cannot be justified. Wo apologise to ’the gentlemen' signing the certificate, and’ all others interested in the 'matter,: for having made the above misstatements and remarks, , In the same article, speaking of the Post Office:Sayings Bank,deposits, ,we.wrote:t-t-These are not or 1 ought not to, be in the keeping of tho 1 Ministry, as the certificate attached to the schedule of thesojinvestinonta laid before Parliament: last; session shows. The certificate is worded as follows “Wo certify, ,that ,>vo, have examined the securities in the safe ’belonging to the Post Office;and And them to be X 1,963,883,” and it is signed “ W. Gray, Geo. Grey, W. Morris, custodians of tho Post Office,securities,”, Mark ..the, wording—“ tho securities in, the , safe,”, At the time that certificate iyas presented to the House a considerable amount of these sepuritios'wore in-Londonv 'lf Mr Ward can show that .this,was' not a, breach of.the privilegos of, the House, and a gross breach of trust, we slmll he surprised. • When,he. sent . thohi to'London he, was, not dealing with the, securities belonging to the Colony, but the' property privatem'dividuala.”! - . Wo have since'found tliat at tho time tho above, certificate was, presented.; to the • House none of the pecuritios there referred to were] in London, and that oiir comments thereon were hot warranted -by the-facts, and cannot be justified. We apologise to ■ the Hon Mr Ward and tho gentlemen signing tho certificate for. onr misstatements and comments. The following telegram has, boon addressed to the Hon 0, G. Ward and tho officers ’connected with-the Trust Departments : " The attention of tho proprietors of the Truth newspaper has been drawn to -an article' .which -was published ID that paper on, July 23rd, and, whiMi article makes " several misstatements and . reflections .respecting; .tho -trust funds. The article was published without the knowledge or wish ofjtho proprietors, who aro always mest ; anxious that every care should; bo taken that nothing but what : is absolutely true should bo published. The proprietors "desire to ‘ express their regret ,that one of their' stall has made ‘ such; unwarrantable statements, and; in ipologising, to - assure you that on ample retraction will; appear in to-day’s -issue. The -.proprietors', aret wholly - opposed to i publishing misstatements under any l cir-> - jumstanoes. :< t.-•;.■[ '■ :: - .■■ ‘"The'Manaobr, " By the authority; of tho proprietors'of Truth " -