CHURCH FUNDS

Rotorua Morning Post, Volume 2, Issue 412, 22 December 1932, Page 7

CHURCH FUNDS

NELSON'S BISHOP IN VERY CRITICAL MOOD. An outspoken statement on the subject of Church trust fund in vestments show th'at our impression as to his address to the Anglican Synod at Nelson. "Up to the year 1932," he said, "we were under the impression that a contractural obligation once formed was binding on both parties thereto and could not be broken by either with'out the consent of the other, or without a penalty in the case of violation of the contract, but the facts presented to us during this year in the eompuF" sory reduction in interest or investments show that ou rimprcssion as to the moral and legal obligations of contracting parties was unfounded. "When. th'e Nelson Diocesan Trust Board invested the capital of the diocesan .and parochial funds it did so in good faith, that trustee secuiities as provided in the Trustees Act were r,he safest of all investments, but it appears that this is not so. In eommon with many, I deplore the abandonment of those moral Standards which have been the pride of the British race. "Owing to the fact that religious, charitable and educational trusts, for the first time in our history and quite unexpectedly, have been subjectdd to heavy taxation, our plans for meeting the difficulties in th'e parishes and districts have been overthrown."