MAORI FINANCE

Southland Times, Issue 19394, 7 November 1924, Page 9

MAORI FINANCE

A BANK AT RATANA. “UNION OF REMNANTS.” (Our Parliamentary Reporter.) WELLINGTON, November 6. Interesting details of a Maori Bank at the Ratana Maori settlement were given in the House of Representatives yesterday. Sir Maui Pom are explained that a constable had been sent to the settlement by the Justice Department to investigate the extravagant claims being made by the “Union Savings Bank of the Union of the remnants for the promotion of the welfare of the Maori race. Sir Maui then proceeded to detail some of the operations of the bank, remarking that it beat the agricultural bank all to smithereens. He quoted from a statement as follows: “Some of the remnants have asked what are the coupons. For this, is the reply: the coupons are used in repayment of the amount borrowed by you. Let us say you borrow £lOO. A coupon to that value will be issued to you. The interest payable by you is £l2, that is to say, interest for the £lOO in coupons and the £lOO borrowed by you. The Union will pay you £6 per annum for the value of the £lOO issued to you. The total amount to be set aside by you therefore is £lB. In this way it will not take long to have the mortgage repaid.” Mr W. A. Veitch (Wanganui) interpolated a remark to which Sir Maui replied, “This comes from Wanganui” He added that in consequence of the extravagant claims it was thought necessary to make some investigation. The man concerned was once a licensed interpreter, but because of shady dealings his license was cancelled. That was why it was thought advisable to have inquires made nto the bank scheme. Mr H. Poland (Ohiemuri): Has the Government got any shares? Sir Maui Pomare: I would suggest thaX the hon, member invest all he has got in this, it would be much better than the Gaming Bill he was interested in. Supplementing his previous reply, he said he found that the constable had furnished a report, but it had been found that unless it could be found that money was being obtained by false pretences, nothing could be done.