THAT £l000 DEPOSIT.

Wairarapa Age, 24 September 1923, Page 5

THAT £l000 DEPOSIT.

MR. TENNENT’S POSITION. (To the Editor.) Sir,— With reference to the letter published in your paper on Saturday may I be permitted to offer this final explanation of my attitude in the matter. The letter states that the money was lodged with the Farmers’ Meat Co. with the knowledge and approval of the whole of the committee. This is not, as a matter of fact, correct, as only about half of the committee of 16 were present when it was decided to place the money on fixed’ deposit, and no reference to this investment is recorded in the minutes beyond mention of a 44 fixed deposit.” However, that is neither here nor there. In any case, even if all the committee did have knowledge of and approved of the investment (which I do not suggest for a moment was made in other tharf absolute good faitlr), that does not make the error any the less, nor does it absolve us, as trustees of the money subscribed by the public, of liability for loss through an unauthorised investment.

I have no particular desire to drop £lOO over it, nor do I desire to make myself right in the eyes of the public at the expense of my fcllbw committeemen, but I have felt that the public was entitled to demand of us as trustees the replacement of the money lost, and rather than wait for that demand I would anticipate it. However, if the rest of the committee do not recognise responsibility, and the demand is not made, I intend, at any rate for the present, to keep the money. The deficit was got over by giving the Bank a second mortgage over the Park, which is now leaded with two mortgages, totalling £3090. I must confess that I cannot seek how the new Board tan make ends meet unless further calls are made on the public, aml it appears to me that the public will be difficult to approach if we fail to face our responsibilities in respect of the funds we have already handled. —1 am, etc., W. J. TENNENT.