WOUNDED SOLDIERS’ FUND.

Pahiatua Herald, Volume XXI, Issue 5363, 22 February 1916, Page 2

WOUNDED SOLDIERS’ FUND.

(To the Editor.)

■Sir. —I note in your issue of a day or two back that the Executive at' the Wounded Soldiers’ Fund have arranged for a profitable investment for the money raised by the public in this district some time ago, and that particulars will be furnished later. It seems to most of us that very few particulars have been furnished on any point to the public whose money As in question. Mention has been made of by-laws or rules for the guidance of the executive which are supposed to invest them with certain powers, but . what these rules are I don’t think the public have been informed. Now it seems to many of the subscribers to the fund that before these rules were formally adopted the public should have had an opportunity of assenting to or discussing them. When a co-operative company is formed the by-laws are drawn up by the "directors and laid before a general meeting of the shareholders, I believe. In such, an important matter as this end one in which we are all so deeply intoestod should not this course have been followed f In collecting the funds great care was taken to secure the active co-operation (and!' subscriptions) of everybody, but so soon as the funds are in, the public apparently have no further say. What arc the powers this self-appointed executive have conferred upon themselves? I was told by someone that the executive is to be elected annually. If this is so why was not the one elected? Again, if the executive is to be elected annually I suppose the next executive would have equal powers with the pros eh t one, and might wish to administer the fund differently—many consider there is considerable room for improvement. Supposing this to be so, have the present executive power to tie up the money subscribed, beyond their term of office? 1 do not think they have, or should have. Personally (and my opinion is shared by many) I don’t think the money should be put on mortgage «t all. The principal should be nluaVs available. Suppose it is in-vested—£lo.ooo—-it may bring in £OOO a year The Roll of Honour is not available just now, but I believe the number already gone from the district is over 200 —it may be 400 before the war is over. Suppose that only 100 need assistance —that will give eaeli mail £0 per annum. What a lot he can do with that! Will it pay for bis tobacco? And after 50 or 00 years the £IO.OOO is still there —the money we all gave for our wounded soldiers —to enrich the coffers of the Government of that day. Is this the intention of the subscribers? Was it for this they gave of their means—many through eelf-denial —that only the interest should be paid to the soldiers and the principal revert to the country? £(i per year’ 10s per month! Whereas if the principal was distributed among the necessitous hundred it would allow of each man bekig provided with a couple of hundred poinds as a little capital to put into whatsoever business he choose, or to invest for himself. Even if he spent the £2OO in riotous living the jxxir l*>ggax would have had a good time, and the loss of £6 per year «f. terwards wouldn’t materially affect his comfort. I t.hiuk the public should protest against this diversion from, its avowed purpose. Let the money he placed in the Savings Bank where it is earning a safe and costless in tores t and is available when required. Before any investment is made the public should be consulted: they are all in the position of shareholders, and so far have not even been asked to ratify the appointment of either executive or by-laws. Do you note that no subscriptions have been forthcoming for quite a considerable time? Is it possible that dissatisfaction at fho management of the present fund has anything to do with this state of affairs? What do you think, Kir?—l am etc , PROPRIETY