The Manawatu Standard (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coast. FRIDAY, APRIL 16, 1886. DEFAULTING BANK MANAGERS.

Manawatu Standard, Volume XI, Issue 1686, 16 April 1886, Page 2

Manawatu Standard (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coast. FRIDAY, APRIL 16, 1886. DEFAULTING BANK MANAGERS.

v The occurrence of defalcations by bank managers is now far from ah infrequent one, and m almost every case the descent is attributable to fgst life. The latest case is that of Mr Holt, who has occupied the position of manager of the Sydney branch of the Bank of New' Zealand for the last ten years. From various sources we learn that i Mr Holt was one of the best known and most popular men m the capital of New bouth Wales. And here let us reflect for a moment how often men m similar positions gain popularity through a lavish expenditure of other people's money. The man who is saving, careful, ; even miserly to some extent, may not be so popular ; but he is less likely to betray the confidence placed m him. Of Mr Holt, we learn that he was very affable, and always displayed a genial good fellowship m any company, and spent his money (or rather that of the Bank) m the most openhanded and lavish manner. Just so. Therein lies the secret of his popularity. While he was sur» rounded with good fellows, he himself chief among them, |pften must the still small voice have upbraided him, and warned him that the day of reckoning must come sooner or later. At the great racing carnivals m New South Wales and Victoria, at which so many young men are ruined for life* among the most reckless " plungers" was Mir Holt. And did the Bank authorities know nothing of these goings on ? Surely they must have known that their "affable and popular" manager was carrying on far m excess of his' legitimate means: Finally, the crash came. News came that Mr Holt was mis* sing. Then came the intelligence that the bank affairs were all right. But it appears they were all wrong. 1 From the Melbourne Daily Telegraph weglean that Holt's sudden withdrawal from public life was primarily due to the authorities of the bank having made seme discoveries with caused them to suspend him, and insist upon immediate explanation being given as to the nature and extent of certain heavy overdrafts which appeared m 'the books : but there is little doubt I that some such necessity would shortly have arisen from the private financial difficulties into which he was rapidly drifting. What other result could possibly be expected ? The saying is not uncommon that such and such an undertaking " would break the Bank of England. 1 ' But here was a criminally reckless, buff withal very popular man, •* plunging " away with the Bank of New Zealand behind him. No doubt it was gay while it lasted, but who, among all his erstwhile jovial comrades and good fellows during the fool's paradise which Mr Holt was enjoying, will now come to the rescue ? But worse remains to be told. Mr Holt was a married man, therefore supposed to be respectable. But now it is known that he left Sydney m company with a notorious woman, leaving his unfortunate wife behind to bear the j brunt of bis escapade, And the j vqqv wife trieq her best to

her errant husband, notwithstanding his baseness and perfidy. She has gone to America, and shortly before leaving she telegraphed to a friend m Melbourne, " Bolt lias left \ me. We are disgraced for ever. : He has dishonored the institution to which he belonged." From the Telegraph we learn that a careful examination of the books and papers of the missing manager disclosed the fact that the accounts of a large number of trust and syndicate funds, m which Holt was to some extent personally interested, had quite recently been transferred by him from the Bank of New Zealand to the English, Scottish, and Australian Chartered Bank as one private account, which was shortly afterwards drawn upon to the fullest extent. It was also found that the missing manager had made very large advances to syndicates and enterprises m which he was himself concerned, without having taken the most ordinary precautions to ascertain whether there was the slightest prospect of any portion of the princi pal ever being recovered. The private affairs m which Mr Holt is accused of having misappropriated his friends 1 aud co-partners' 1 money are numerous, and the amounts extensive. It is stated that Mr Holt has appropriated i?l 2,000, the whole of the funds of one of the syndicates m which he was concerned, and that the financial affairs of the Rose Hill Racing Club have also suffered to a considerable extent. Mr Montefiore, of Sydrey, issued a warrant last week for the arrest of Mr Holt on a charge of misappropriating c^l4oo, the money of a syndicate m which he was interested, and it is not improbable that Mr CM. Lloyd, the wellknown racing man ; m New South Wales, will shortly institute proceedings to recover «£°IOOO, which Mr Holt obtained from him a day or two before he absconded. It would be superfluous to give the details of the whole of the other matters which are reported to have "gone wrong" whilst under the' missing manager's control. Theyare not few m number, nor is* -the amount involved small. The moral of the story is plain, and m! a few words it is this ; " The way of the transgressors is hard." But are not the Bank authorities culpable m having taken no steps to ascertain their manager's position before he was irretrievably m the meshes. His proverbial popularity and affability will not avail him much, now that retribution has overtaken him. We cannot help thinking that if audits were less perfunctorily, and more thoroughly performed, the scope for dishonesty would be more circumscribed.