CONTRACT BROKEN.

Waikato Times, Volume 112, Issue 18808, 2 December 1932, Page 8

CONTRACT BROKEN.

BISHOP CRITICISES GOVERNMENT DIFFICULTIES IN PARISHES. NELSON, Thursday. In his address to tlie Anglican Synod, Bishop Sadlicr said:—"Up to tiie year 1032 we were under the impression that a contractual obligation once formed was binding on both parties thereto and could not be broken by either without the consent of the other, or without a penalty in the case of violation of the contract, but the facts presented to us during this year in the compulsory reduction in interest on investments show that our impression as to I lie moral and legal obligations of contracting parties was unfounded. “ When the Nelson Diocesan Trust Board invested the capital of the diocesan pud parochial funds it did so in good failli, that trustee securities ns provided in the Trustees Act were the safest of all investments, but. it appears that, this is not so. In common willi many, I deplore Ihe abandonment of those moral standards which have, been the pride of the British race.

" Owing to the fact that religious, charitable and educational trusts, for Ihe first, lime in our history, and quite unexpectedly, have been subjected to heavy Fixation, our plans for meeting the difficulties in the parishes and districts have been overthrown."