"TOYING WITH FACTS."

Wanganui Herald, Volume XXXII, Issue 9398, 26 March 1898, Page 2

" TOYING WITH FACTS ."

Under the above heading our contemporary charges us with having distorted and mis-stated tho facts regarding ihe amount lent by tho Advances to Settlers Department on " tho Lakes " proporty near Waitotara. W« did nothing of the sort, as will be seen from the following articlo on tho subject which appeared in Thursday's Wellington Post, a journal as biitorly opposed to the present Govornmentaaour morning contomporary : — " Inroferonceto matters affecting the administration of the Advances to Settlers Department published in last evening's Post, wo are informed that that the information at tho disposal of tho Goneral Board fully warrauted the granting of the loan, and that the Board had at the time absolutely no knowlodgo of any of the statements made in tho correspondence between the two firms of solicitors as published in oar issue of last evening. T)»e facts placed bofore the General Board, it is now stated, shortly were — The .socurity offered for a loan of £1850 was valued by a valuer.who had been carrying on the business of a land valuer in tho district for very many years, at £3180, and this value was reriss'l by a second valuer. A previous valuation made by a well-known business firm placed the proporty at £2000. There was at the time the loan proposal was Jjefore the Board a then existing fir3t mortgage of £1550 ou the place, and a second mortgage of SIOSO, and the first mortgagee refused to release without payment of six mouths' interest, The second mortgags still exists on the security, in addition to the Department's first mortgage. The valuer's report submitted to the Board also disclosed the fact that an actual sale of the security was then taking placs at £3000. Undor these circumstancas, and with absolutely favourable reports before them, it would have seemed tint the members of the Board were justified in coming to the conclusion that a loan of £1850 could be safely made. It may be mentioned in addition that the Department is now in treaty for tho successful disposal of the security, and it is fully anticipated that there will be no loss incurred." We may bo pardoned if we vow ask our censor who it was that toyed with the facts of this case ?