MANCATORO INQUIRY.

Dominion, Volume 4, Issue 954, 22 October 1910, Page 10

MANCATORO INQUIRY.

Sir—Referring to Mr. A. W. Hogg's letter in your issue of to-day, permit me as an outsider to say. that it is more than evident that your correspondent's feelings will not permit him to take an unprejudiced view of- tho matter in question. It is rather, amusing, after .his violent remarks under covor of Parliamentary' privilege, to learn how that he generally prefers "to pour oil on tho troubled waters instead of on tho flames." Mr. Hogg cliaraoterises tho bank's demand for payment witlin twenty-four hours as "a playful spring." The fact would appear to bo that formal notice of this kind was necessary to determine a most unsatisfactory account, and, "moreover, that'the action taken was a, matter of arrangement between Captain Hamilton and the bank is abundantly clear by the appointment of tho debtor as manager. . Jfrom that moment up to the date of safe, it was open' to Hamilton to redeem. . Why did lie not offer to do so? The fact is that in tho circumstances ruling at ; the time ho could not finance, and, as nobody else among keen-eyed capitalists seemed ,to bo seized with-'a desire to..grasp tho bargain presented by this "rapidly improving property,',' ■ tlie bank was forced to keep it going for years, making heavy outlays and carrying a largo risk waiting for, a buyer to como along. The sickly sentimentality manifested by Mr. Hogg and Mr. Hall will suggest that all this should have been done out of puro benevolence for Captain Hamilton, who," because of his i own failure, failed to retain his heritage! Then comes the matter of the so-called purchase monoy (£5000).',. The simplicity (or something else) of Mr.' Hogg is truly amazing. The £5000 ,bid has, in reality, no significance whatever. From the way Mr. Hogg puts it, tho public is ■ led to_ suppose that the bank "diddled" Captain Hamilton out of an enormously valuable estate for a comparatively paltry amount. What about the huge debt owing on , it, and, did not that constitute an important factor in the sale and purohaso? ! At the: sale by tho Registrar, an offer of one sovereign, or a much smaller coin of the realm, would,'in the absence of competition (a matter to be noted) have served the purpose. There are circumstances when exposure of the position as between debtor and creditor 'would be most inexpedient, and this will probably explain the absence of a bid up to : the full amount of the debt, rather than avoidance of Stamp,. Duty, as suggested by ■Mr. Mills. Wiat is; tlie outcry realty Übout? Does Mr.- Hogg earnestly suggest that" the bank made a pot of money out of this deal; that, m short, •it robbed Captain Hamilton? I venture to say thfct the'books will tell a very different talo. At any time during a course of. years it was open to Captain Hamilton, or anyone else, to buy, and I have reason to know that , a much smallor sum than the debt owing; would ■ at one period have been; readily accepted if forthcoming.—l am,' etc., NEMO. : Wellington, October 17. . ' -