BUILDING SOCIETY ACCOUNTS.

Patea Mail, 21 August 1882, Page 3

BUILDING SOCIETY ACCOUNTS.

IS EXPOSURE A DUTY?

At a meeting of members of the Patea Permanent Land, Budding, and Investment Sncieiy, held on Thursday evening, to consider the advisability of changing the management, the question was discussed at some length as arising out of irregularities in the accounts of another building society. We hear from several sources, and therefore presume that a large portion of the members are not anxious for secrecy, (hat a demand was made by one member for the manager’s immediate resignation, for the reason that his unsatisfactory dealing with the funds of another society rendered him unfit to continue the management of this society. The manager made a statement, and asked to be allowed to retain his position till the end of the year. The raeeiing eventually agreed to postpone further action until the result of inquiry into the other society’s affairs is known.

Some persons are of opinion that w- 1 are taking an unusual course in giving publicity to a supposed irregnVity in the accounts of a building society. Unfortunately, this irregularity is not a supposition, but a fact, and is published as a fact. If some persons can persuade themselves that a journalist ought to have hushed up this matter, by refusing to publish important information when officially placed in bis hands for publication, those persons do not understand what is the office and what the duty of a journalist. The manager tried to prevent publicity ; but the directors understood their duty better Publicity was by them considered necessary in order to strengthen their hands in pressing for a thorough investigation. Hence the principal officers sought the aid of the Mail. They have done their duty, and we arc doing ours.

The matter which now remains to be investigated is, not whether the £4OO was misapplied, for that is proved beyond question, but the inspector and the auditors are to report whether they have found other irregularities, and whether this irregularity occurred in the manner stated by the manager. They are expected to report to the adjourned meeting on Wednesday evening.