SURPLUS WOOL PROFITS FUND

Dominion, Volume 13, Issue 279, 19 August 1920, Page 5

SURPLUS WOOL PROFITS FUND

Sir,—l observe that the meeting of contributors to the Mercantile Marine I'und is being widely advertised, and hope Mr. Massey will insist upon the tangle being unravelled before ho begins to pay out the half profits. There are three distinct parties involved who will each have to voice their own particular interest: (1) The Government,'as represented by Mr, Massey. (2) The trustees, or proposed trustees, of tho fund. (8) The contrinutors. As to No. 1, it is an open secret that the Wool Brokers' Association or' stock and elation Agents are already on Mr. Massey's tracks, trying, to prevent him paying moneys direct to shippers of wool,as they hold registered and unregistered leins against many of the owners, which thev mav try to enforce if the half profits should not happen to reach them. (2) As to trustees. It has been stated by Mr. Massey that something must be done to release the contributor from the obligations tlfey have inadvertently fallen into, and it appears to mo.that this can ■best be done bv the trustees refusing to not. No one can blame them for doing so as 'tho statute relating to the duties and responsibilities of trustees is by no means elastic, and they may find themselves compelled to enforce payment of all tho assignments, as the Act protects beneficiaries, and the Limited, Liability Act will not protect the individual (3) Tho contributors are entitled to relief, and it is absolutely unfair to throw tho onus upon honourable men of cancelling their own written undertakings. Thev wero obtained by well : meaning but over-impetuous men, although members of Parliament who represented the sums involved as infinitesimal, and contributions amounting to hundreds of thousands which may ultimately run into a million or more cannot be regarded ai such. If Mr. Massey would cancel tho 1o" and apply to the 75 per cent, who have not assigned, I "re all would contribute reasonable sums to tlio f„nd.-I am, etc., LAWYB B.