BANK CONTRIBUTIONS

Dominion, Volume 8, Issue 2566, 14 September 1915, Page 6

BANK CONTRIBUTIONS

WOUNDED SOLDIERS' FUND STRONG CRITICISM By Tilojjrapli.—Press Association. Dunedin, September 13. j a meG king the Otago Patriotic and Welfare Association, it was reported that the total amount subscribed for the Belief Fund to d'ato is £18,921. Tho recent queen carnival and coronation for the Wounded Soldiers' Fund yielded £127,641, to which had to be added £15,381 at credit prior to the carnival, making the total to date £143,031. The cost of raising this large sum had not exceeded 1| per cent. In a separate report, Mr. J. A. Johnstone, chairman of the executive", reported that while lie was in Wellington recently ho waited on five mam banks with a view to obtaining substantial ■ assistance for tho Otaco Woundfed Soldiers' Fund. Ho found the banks had decidedl to support tho proposed National l'uiid then being inaugurated in Wellington, and that the total amount they had decided to contribute was £1800, viz., £1000 from tho Bank of" Now Zealand and £200 each from the Banks of Neiv South Wales Union Bank, Bank of Australasia, and the National Bank. He pointed out that the total.sum the Associated Banks had decided to subscribe was utterly inadequate in view of the great wealth of the institutions and the prosperity experienced during recent years, and that the need of the dependents of the men who had given, their lives for the protection of the banks' property would be enormous.; He stated that the net profit for the Bank of New Zealand for the past year was £396,166, and the donation to the Wounded Soldiers* Fund amounted to 1.0 per cent., or £1 10s. 3d. out of every £100 of disclosed profit.. The other Hanks mentioned had been carrying on business in New Zealand for over fifty years, and had made a large proportion, of their profits in tho Dominion. This was. the first occasion on which they had bee'i urged to assist any New Zealand fund, and they had not risen to the occasion in view of the profits made here and their great accumulated wealth. Mr. Johnstone thought tho committee should pass n resolution on the' subject and make representations to the Government thereon. He moved: "That the Otago Patriotic and General Welfare Association calls the attention of the Government to the fact that the Bank of New Zealand, the National Bank, the Bank of New South Wales, the Bank of Australasia, and the Union Eank of Australia. have only promised amongst them a total sum of £1800 towards the proposed National Fund for the wounded soldiers of . this Dominion, and it urges /that this fact be duly noted when tho Government's war tax proposals are under, consideration." Mr. Johnstone's motion was carried, though there were several "Noes" when it waa put. , ■ Mr. John Roberts- said several institutions lie . was connoted with were prepared to contribute, but not to local funds. They were waiting until the national scheme was established. . Another speaker pointed out it was not the place of the bank's officers to voto money, but the shareholders'.