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Thames Star, Volume VII, Issue 2056, 6 August 1875, Page 2

The Southern Press lias been almost .unanimous in condemning the wild statements of Mr W. L. Rees regarding the money

deposited by the people in the Post Office Savings Bank. This reckless icdividual, in a lecture delivered at Auckland some time ago, stated that "everything was swept jnlo the gigantic system of borrowing ; even the savings bank deposits were invested in.Colonial debts, aed depositors demanding their money now could not get it." Fortunately this assertion was not heeded by depositors, or something like a panic might lave ensued, and a great blow would have been struck at the Government scheme for encouraging thr "Xj habits on the part of the people. The mischievous asseilions of the leeta-.er were disseminated throughout the Colony, and the lecturer has been taken to task for his unfounded assertions. Arooogst other journals which have given a direct denial to Mr Eees' statement, is the Otago Guardian, and the terms .employed, though well merited, are scarcely complimentary to Mr Eees. But this gentleman ha» a pretty thick skin, an.d the strictures of the Press, though malting no impression on his cuticular development, have tended to avert the mischief which his iash state- J rnenls we 3 calculated to engender. The Guardian, \,comnient;ng on the statements of,3||r-jß.ees, says:—"We take leave to giTfejSis last statement as fiat a denial as is ,6§tes"sfcent wi&'resp'ect to ouv-se?.»|ss-ripoj^6 very little "or Mr Eees." W* say ujpiMSi'iatbgly thrt if such sgUators- as.Ho 'bad the power, as they evi'^de^lly have the will, to cause a run upon Jfte Post-office Savings Eacks to-morrow, fejlUliiii )i ja^&fee jjaid in full at once." Hpl^j^lrt^lJqM^tt^pgtdcrof investment showing that really the NW Zealand 6ojs I vernment are in a better position to meet any extraordinary demand for withdrawals than the Home authorities, so far as realising upon their securities in ! case of a panic, the Guardian disposes of Mr Eees as follows i—'-' Mr Rees, then, can only shield himself from \ a charge of mendacity by admitting that he really does not understand what he is talking about; and we leave him to his choice." In the face of th's and similar refutations at the hands ox the Colonial Press ive should not be surprised to hear that Mr Eees is prepared to repeat his assertions, as probably a panic on a smal! scale would afford him satisfaciioa.