A BOROUGH'S SINKING FUNDS.

Dominion, Volume 1, Issue 143, 11 March 1908, Page 9

A BOROUGH'S SINKING FUNDS.

TROUBLE AT KARORI. '' : A- HEATED DISCUSSION. At the meeting of tho liarori Borough Council last night,. a warm discussion aroso out'; of ; the following - motion-; oh notice by Councillor Hammond: — : "That tho appointment of the Sinking •, /Fund Commissioners be .terminated, and- ; / that liew Commissioners be appointed." /'JiThe.-.niovor stated that, the present Com;missiohers. had': allowed , the sinking , funds to/; accumulate, instead of investing them, so as to make them remunerative.'- He. coiir sider'ed'this a:gross :noglect .'of duty.'

■ -.''Councillor Wedde-seconded the motion. He had learnt "that, tho i Commissioners had held:'iiio .'meetings-for \a . considerable- time. -He !thought..thp Finance Committeo should have exercised some 1 check, on .the Commissioners. . ■ ■ ■' ■ The Mayor (Mr. A. C. Pearce), speaking as 1 one of -,tho '.Commissioners,. complained of the action of'.Councillor, Hammond in giying notice of;the/niotion-'instead -of calling upon • tho ■ Commissioners -to givo an'account of tho position of the funds. / The- May or.then, narrated'- events i th.fit' h.ad - occurred since the Commissioners' were appointed -last April- or May/' and ■ attributed'their {inaction, to -delays caused by the previous. Commissioners 1 not having their 'accounts:/'readj, and to the ,illiiess .and subsequent death,.of one ofjthem, Mr. /R; C.'-,'Bulk]ey, and the delay in obtaining', probate. //Finally, oil . December '6, £621', ,was -,handed' over / to'-the? Town' Clerk, but ho "(the/Mayor).; and -his. colleague, Mr. Dasent, were/hot notified;.'.as: in the usual course, that/tho .money was there. A fortnight .ago - he. BaWpMr.,-.- Dasent, and they ' agreed'to' : look into the matter, tyut/he (the iMayor)/was called'- away;"aiid'the'next'.tbing that happened was Councillor - Hammond's notice' -of .'motion:"' The total" of; the' sijikmg funds was £1061'8s. lid., arid/tho.amount,, that could havi' beeiv'invested': since December 6, 1907, was £869 Bs'... ll'd.'' Had .that been, invested, tho ..Council -.wonld- have 're:ceived something ■ less,': than '£10.: fit was culpable negligence not to have hustled round'and found/.out'what money .there, was, .but h'o ,: considered' that hei.oiight to have 'been notified; .'He pointed; out /that/'tho . sinking funds : could ' only be iiivesteii' with the consent ,of the Council. '. "f,/ / ' '/. Tho Town Clerk (Mr. ;W;"F: : Erigland),' whp' I 'was also one of the Sinking' Fund Comniisr./ sionors; said/.that.after/th'e Mayor's, explanation,; there i was/.very, littlp -for . him to 'say, Thoy./had. had-groat difficulty with,the..late; Commissioners, and-it was hot until'Decem'b.er 6 that they -were' ablo to;; get '/them to remove sinking funds,NdSsf and 2.from.the 'Union- Bapk and the Equitable,' and; lodge them in tho Post.'Office Savings/Bank. _;■' ;:''3ff.-:C. I. Dasent, the.'other Commissioner, 1 : and formerly a member 'of tho' Council, com•plaiiied of disCoUrtoousitrbatment.ih;theway the. matter' hadj ; been brought froward.'-. The .Council had failed, to -grasp the,./position, which was ' that'.the Commissioners were- appointed to iuvest,'.subject to- the'.approval of " '.Council,-'.. certain , sums of.; -.money,: which, after being specially, cojlectcd,'/were passed into , the sinking funds. The .Council, throughf:an- officer, .was,.rdsponsiblp; for .tho ■ colleotion ;of,' ■'moneys,' and should liavo notified tho.-.Commissioners, when a/sufficiont amount to be invested -had accumulated. ,The: Commissioners: wouldthen-look for,-suit-able- investments, and ; submit tho same to the Council: for. its approval;, y Then Council was responsible for the wholo of the investments./ -.'■/>•/ V ft':; } ,i',i.'-' Councillors Hammoiid:'and ; Sniith./protested against Mr. Dasbrit boing fallowed .to-.lecturo tho....Council,: but/.the Mayor gave '.him leave to proceed.. • ■■■ Mr. ;:I)asont'''-'went/ on -:-to ; say.. that tho Commissioners, .'wore not -f' restednvith i,. any responsibilityuntil-;.December 6,M and,, the iholidays had then intervened. Tlie.-Council could-vhave ma'ttpr- ; by - asking /the .Commissio'iiers/to'fsußmit a;report;. '-/ Councillpr'/fWedde'. insisted-, that .'the 'Commissioners: wero. .'responsible/- for- tho . whole .twelvej mouths' sinco .their,' appointment;,; ' , ■/'.Cou'ncillor'.fLissingtbn/rciJmplai'ned.v.of:/thn ;way,< f 'the': matter' had. -been brought forward, aifd: said ithero; was a -lot.-.of /personal; feeling at tho bottom of it. vv,

.Councilloiv.Catliio .deprecated tlio last rb- , mark, ' arid;" contended,.. that,-' tho Commis • sioners; should ',havc.;informc-d : the -Finance Committee.',of-', tbeic/difficulties. { ;

!.-j Councillor,i Clarke said, that f'the'. 1 Commissioners' .'deßevycd ' all the ceiisuro , that tho Council could; pass .on them, .but Mr. Dasent wa3 -/to.'be- commendcdfor giving -.the first mformation;'of, : tlie. state of . affairs. '

.; .Councillor' Smith having, spoken',in support ■'pf ; ,tho:'motion,, Councillor , -Hammond ; rc.plied,;tvhd th'eWotioii was wirriod;

Councillor' Weddo, Mr/. Da sent, ''arid : the Town 'Clerk, were,-'then., appointed Sinking Fund 'Commissioners/. .' , >,