Wanganui Chronicle. AND PATEA-RANGITIKEI ADVERTISER. "NULIA DIES SINE LINEA." FRIDAY, FEBRUARY 12,1886.

Wanganui Chronicle, Volume XXIX, Issue 11127, 12 February 1886, Page 2

Wanganui Chronicle. AND PATEA-RANGITIKEI ADVERTISER. "NULIA DIES SINE LINEA." FRIDAY, FEBRUARY 12, 1886.

It appears that Mr (Jeorge Fisher, M.H.8., one of the elected members of the Central Board of the Government Life Insurance Association, has published a statement concerning the management of that institution. We have not yet seen a copy of the docu« ment,but from references to it and quotations from it in tbe New Zealand Times, we gather some idea of the strong indictment which Mr Fisher has preferred against his colleagues. Referring to the costly purchase of oity property, he shows that whereas the act of 1884 only authorises the association to purchase land and erect or purohase build* ings thereon " for the purpose of acquiring premises for the transaction of the board's business," the association has already purchased land and buildings to the extent of £83,725, Of this sum, i>35,500 was spent in Dunedin, in Auckland, „]IB,OOO in Wellington, and £11,225 in Ohristohuroh. 'In addition to this it is pro* posed to build, at a total cost of £90,000 more, viz., Dunedin, £35,000 ; Wellington, ..£35,000 ; Auokland, £20,000. Mr sßisher remarks that the Dunedin property was purchased " upon the recommendation of Mr Stout," according to the publio statement made by Sir Julius Yogel, and he alleges that «* the purchase money was paid by the association to or through the firm of Sievwright and Stout." He adds :— « ' The. property has been a burden and an annoyance to tbe association ever sinoe, and the buildings are now to be pulled down to make way for 'large and distinguished buildings.' " He asserts that the Ohristchurch property has never been ocoupied by the association, " and never will be now* as '

the entire property is leased back for a period of 25 years to the person from whom ifc was purchased." Referring to the Auckland purchase, Mr Fisher says that " the buildings, which were at first, in opposition to our sense of vision, represented as being well adapted to the purposes of the association, are now empty, and. are to be pulled down to make way for 'large and distinguished buildings.' " Again, the Wellington buildinga, which are deemed to be " honestly worth £25,000," but were purchased for £18,000 before the board came into existence, "though sound and good, and only requiring Borne alterations to make them quite • suitable to the requirements of tbe time, are to be pulled down," also for the purpose of making room for more "large and distinguished buildings.'' Mr Fisher deprecates Sir Julius Yogel's plea in extenuation — that " the pur« chases are certain to inorease enor* toously in value as the years pass on," on the ground that tbis is mere speculation, whioh is strictly barred by the aot. Touching on the Driver appointment, Mr Fisher points out that if its ostensible principle be generally acted upon in working the- Association, an extensive and expensive raising of salaries will have to follow, to the serious loss of policyholders, and that the Christ* ohurch manager who did the " magnificent, business " which Sir Julius Yogel bo highly lauded, received only £300 a year against Mr Driver's £1000, fche forder being a proved and tried servant of the Association, the latter a new and untried man, ■ ■'? jumped up" suddenly to this'large salary.