SINKING FUNDS.

Dominion, Volume 6, Issue 1763, 30 May 1913, Page 6

SINKING FUNDS.

AND DEMOCRATIC ADMINISTRATION "Unless local bodies can find men and carry out these functions, then democracy must come to an end. If tho men are not honest at tho present time, they must be taught to, bo lonest. Sly opinion is that they are absolutely honest in this matter. I don't think it has ever been suggested that any of the commissioners have ever used these funds for their own benefit, and I don't think tliey ever will." The foregoing remarks wero made by Councillor Hindmarsh at the meeting of tho City Council last night in opposition to a motion by Councillor Tregoar, and in reply to suggestions made by him that some benefit might bo accruing to somcbody as the result of taking the sinking funds away fx'om the Public Trustee, and handing pwm over to commissioners. The motion before the council was: "That the following resolution with respect to the Wellington City Waterworks Loan, 1910, <£100,000 sinking fund be passed: That the Wellington City Council hereby revokes the resolution passed 011 December 1, 1910, appointing the Public Trustee the Sinking J?und Commissioner for the Wellington City Watcrwords Loan, 1910, of <£100,000, and hereby appoints John Guthrio Wood Ailken, Thomas Mason Wilford, and John Richard Palmer Sinking Fund Commissioners for tho said loan, and hereby directs and authorises the Public Trustee to hand over to such commissioners all securities and moneys in hand forming the sinking fund." To the above, Councillor Trcgear moved, by way of amendment, that the recommendation bo referred back to tho committee for further consideration. Tho amendment was seconded by Councillor Fuller, but it found no other supporters. Councillors I'lctcher and Hindmarsh both said that the council could find just as good investments for their moneys at better rales of interest than they ever got from tho Public Trustee. The Mayor explained further that neither the commissioners nor anybody else received any remuneration in respect of the control of tho sinking funds. In replv to Councillor Trogear's suggestion that tho security behind the Public Trustee was the whole country, Councillor M. F. I.uckie said that the security of the country was not behind the Public Trustee in rcspect of any moneys other than those held in the common fund. The amendment was lost, being supported only- by Councillors Tregoar and Fuller, and the motion carried.