Poverty Bay Herald. PUBLISHED EVERY EVENING.

Poverty Bay Herald, Volume XXIII, Issue 7654, 12 June 1896, Page 2

Poverty Bay Herald. PUBLISHED EVERY EVENING.

SIBBORNE, FRIDAY, JUNE 12, 1896. MR. WARD'S POSITION. VVb have refrained from commenting upon the disclosures arising out of the Colonial Bank liquidation caae for the reason that no accusation might He that we were improperly dealing with matters which were still before the Court. Parliament being now in session, however, ifc it impossible to longer refrain from referring to Mr Ward's position as a member of that Parliament and as a member of the Ministry. After the sensational revelations which were made in the Supreme Court last week, ifc is hard to understand what possible justification there can be for his retaining his seat. Public confidence iv him as an administrator of the funds of the colony must be entiiely gone. The facts brought to light were that in itß report and balance sheet the J. G. Ward Farmers' Association was shown to be a flourishing institution, paying dividends and bonuses, whereas in truth and iv fact it was rotten to the core. When the amalgamation between the Bank of New Zealand and the Colonial Bank took place last year, tho Association's account was included among the doubtful accounts to be taken over, and was placed in the C list! The account was written down by no less a sum than £55,000, bub even with such a sweeping reduction the Bank of New Zealand refused to take it over- The Colonial Bank liquidators, in their report to the Court, report that a further sum of £48,000 niUßt be wiped off the account as utterly bad, and they recommend that the account be sold for £62,750. There has thus been a total depreciation of £103,000 on the acoount which stood originally at £165,000, and yet Mr Ward, in the last report which he signed laßt August, said : " The depression has been felt by the Association in sympathy with kindred institutions, but notwithstanding this the Directors are pleased to be able to report a balance of profit for distribution of £6517, which ifc is recommended to be divided as follows : — To payment of dividend of 7 per cent on paidup capital, to payment of bonus of 3 per cent to shareholders on goods purchased, to refund of 10 per cent on commission paid by shareholders on sales (this in addition to rebate of 25 per cent already made ou wool commission), and to paymeut of 3 per cent on salaries. During the year the Direotors issued £50,000 of 6 per cent debentures with a currency of 14 years, of which £40,000 have been sold, and the balanoe are open for purchase, 'These debentures arc recommended as offering a first-claas investment," And Mr Ward poses before the country as a champion of commercial morality and would iutroducea bill into Parliament to provide for the Government audib of public companies' accounts ! There are other matters which also affect Mr Ward's public position. There is the anxiety ho has always shown to help the Colonial Bank. People will remember the great fusa made about the Consols Bill, how it was to encourage thrift and would induce old women to place the contents of their teapots and old stockings with ths Government | for safe investment. The Bill was made law, and the only use that has been found for it was to deposit £150,000 ia tho coffers of the Colonial Bunk. That institution, though shown in its balanco sheet to be in a sound financial position, has now been proved to have been almost as unsound as tho institution whose account it held. Last session the colony was induced by a Bill brought in by Mr Ward to pay £78,000 for the goodwill of that bank, and one of tho immediate effecta of that purchase or amalgamation was the immediate writing down of the Ward Farmers' account by £55,000. Another fact was brought to light. It seems that the I Bank of New Zealand since the date of the , first Bank Bill in 1894, invested in bonds of the Ward Association )o tho extent of £20,000. Tho "oats" transaction has yet to be referred to. About tho day of the annual h\ ance of tho Association, the overdraft with the Colonial Bank was £30,000, and to reduoe such a heavy debit a draft was made on John Connell and Co, London, for £30,000 for oats which the Association was to Bhip to that firm. Although the Bank credited the Association with theie3o,ooo,thedraft was uever sent forward, and the oats were never shipped— as a matter of fact they wore not there. Another oat transaction i 6 not explained. A snm of £5000 is due to R. Brooks and Co, of London, and it would seem that oats to that value should have been shipped but were not so shipped. Surely these facts are sufficient to warrant a demand for Mr Ward's retirement. Apart from the morality of the transactions mentioned, there ia the fact that he has allowed bis business j:o bo carried on iv a wild and reckless manner, and that is suffioient to destroy confidence in him as administrator of the colonial exchequer. Wo will give one other reason why Mr Ward should retire. In Hansard of 1890, volume ,68, pngo 506, will be found these words in reference to Sir Frederick WhitaUer, Attorney-General, agauißt whom the only accusation was that he had an overdraft at tho Bank of Now Zealand of £40,000 :— " He has my respect just tho same j but I say his misfortune when he was placed in that position was such that he should have given up his position as a Minister of the Crown. I say no member in the House has a right to sit upon these benches as long as our accounts are kept in one bunlt, if liv is indebted to and caunot pay that bauk, although the m«n may be as houust as the suu, although he may not have done anything wrung, siill the fact of his heing in 'hat pomiou bhould be a bur to l)in lioldinET |' he pusiiion of a Minieiot of the Urowu." Tho wotd.3 are those of Richard Seddon. We are quite prepared to hear that Mr Ward will resign his seat and go to hia constituents for white washing, before whom he will poso as a martyr who has given up everything to save Southland But even if his constituents out of sympathy and miigtiaii'ii) fcv B'nd him back jj> Parliament, ■hat cnimoi restore confiileuc". in Mr Ward lB Colnnikl Treasurer after what has Happened. The moat noticeable feature of the Governor's speech wub its verbueily. Mr Seddon, who of couisu puts the words into His Kxcullency's muuth, seems to allow words to muawuy with him. Like the Premier's recent utterance at Invercargill, the Speech travelled over a wide range of subjects, and . was distinctly a political address,

There was a clean charge sheet ab the Police Court this morning. Hotelkeepers in the Waiapu Licensing District are rominded that the last day for payment of the license fee is Friday, 19bh inst. James Dawson, known on tho " turf throughout the colony as " the Colonel," died at the hospital last night. The Revision Court for Cook County sab this morning, Mr Booth, S.M., occupying the Bench. No objections having been received, the roll was signed by the Court. I At a meeting of the Rechabite Tent last I night it was decided to commemorate the : sixth anniversary of the Tent, which falls on July 23rd, with a soiree and concert. In the dog ease which was heard before Mr Booth, 8.M., yesterday morning, judgment was given for £2 over and above the amount paid into Court, with costs. With this evening's issue the promoters of the recreation ground are publishing their prospectus as an inset. The various clubs in the district are taking an active interest in the matter, and Mr Miller iaforms us that he can count on £200 already. A native named Heremaia Tapunatai was charged before Messrs Jas. Perry and H. Williams, J.Ps., at Tolago Bay on the sth inst., with having stolen a pig valued at £1 10s. He was found guilty and sentenced to six months' imprisonment in Napier gaol, Owners and trainerß are again reminded that nominations for the several handicap events on the programme of the Gisborne Park Steeplechase Club's annual meeting, to be held on July 9th, close to-morrow evening with the secretary. Mr J. Whinray notifies that he is retiring from business and that iv order to dispose of his stock as quickly as possible no reasonable offer will be refused. The fine brick and stone warehouse, workshop and storerooms are to let or for sale. The New Zealand Loan and Mercantile Agency Company (Limited) has received the following commercial cablegram, dated London, Juno 10 :— Tallow : New Zealand Sne mutton tallow is worth 20a 6d per cwt, good beef 18s Od per cwt. There is a rather better demand. Messrs Pyke and Harding, who have been waiting upon townspeople to-day with reference to the proposed telephoue exchange, assure ub that there will be no difficulty in getting tbe requisite number of subscribers, and that the establishment of an exchange at an early date may now be regarded as certain, A committee meeting of the Amateur Athletic Club was held last night to consider a letter from the secretary of the Recreation Ground Committee. After a long discusaion it was unanimously decided to accord the club's hearty support to the movemont, and to invest the sum of £65 in debentures. The first of the fortnightly Quadrille Assemblies to be held during the winter months, under the conduct of the Caledonian Society and City Band, was held in the City Rink last night, when there were about 40 couples present. The City Band supplied the music and the floor being in good order a very enjoyable couple of hours was spent. Mr Sawyer was an efficient M.C. We understand that Mr Harper has concluded negotiations for the sale of his steeplechaser Donald McKinnon for £300. The purchaser of the horße is that well-known and popular New Zealand sportsman Mr William Douglas, of Hawke'e Bay, the owner of Mutiny, Tiritea, and other horses of repute. With Donald McKinnon, Mutiny, and Tiritea Mr Douglas has gob what is without doubt the best cross-country trio in tbe colony.

The following teams have been seleoted to piny on Saturday : — Town v. Country. — Town : Full-back, Porter ; three-quarters, Wainhouse, Hillson, and Young ; halves, McCredie and Burns ; wings, Rees and Loomb; forwards, Sherriff, Hooper, Tail;, Evinson, Webb, Caulton, and Robinson ; emergencies, Scolon, Colebourne, and Stuart. Turanganui v. Rovers. — Turanganui: Taylor, Weir, Hepburn, McOredie, Jeune, Walker, Brosnahan, Wilkinson (oapt,), Morrison, Courtaytie, Lowndcs, Anderson, Thomson, Wyllie, Moore, and Tyson. Rovers : File, Mitchell, Campbell, Albert;, Paenga, Lamb, McKinley, Sunley, DeLautour, Wi Hare, Tuakana, Webb (capb.), Solomon, Andrews, Nasmitli, Brewer, Taylor, Dick, and Carter,