THE COLONIAL BANK. TO THE EDITOR.

Otago Daily Times, Issue 10731, 20 February 1897, Page 6

THE COLONIAL BANK. TO THE EDITOR.

Sir, —la all cases of disaster human nature demands her victims. Iv the majority of cases the right person is discovered and duly punished, but there are instances where the guilty are allowed to escape and the innocent made to suffer. Such a case as the latter has been lately fully demonstrated in the case of Mr Henry Mackenzie, who, in my opinion, has been sacrificed to satisfy the gods and to •aye another more closely connected with the powers that be. That Mr Mackenzie's defence completely refutes that portion of the liquidators' report concerning himself appears to me quite clear; but he does not go far enough, and no doubt his gentlemanly instincts prevented him from so doing. To traverse the report and the reply referred to would occupy too much of your space. I will therefore content myself by referring to one item—namely bad debts. Mr Mackenzie shows that out of the £194,000 debited since he assumed control of the bank, £115,000 belonged and was leffc as » legacy by the previous management, so that all he is responsible for is £75,000, which, although large, is by no means serious when we consider the course of values during the last few years and take into consideration tbe characters of one or two of his most trusted customers. Further than that, I should like to know of any of our banks that would come out -with a better result in this respect if subjected to the treatment the Colonial has been put to. Let us not forget that one of the competing, institutions sought and obtained from the people of the colony the modest sum of two millions to fill up a gap largely caused by its bad and doubtful accounts.

I only know Mr Mackenzie casually, and, as you will know from my card, I am neither directly nor indirectly connected with the Colonial Bank. I am only here to express a candid opinion, after having read all the evidence, and cannot help again saying that as somebody had to suffer, Mr Mackenzie has been placed upon the altar to satisfy the crowd and to save the Government from further bother.— I am, &c,

Dunedin, Feb. 19.

BSITISHEB.

— A postcard recently travelled round the world m7O days—the quickest time on record.