Papurau Newydd Cymru

Chwiliwch 15 miliwn o erthyglau papurau newydd Cymru

Cuddio Rhestr Erthyglau

17 erthygl ar y dudalen hon

ANOTHER BUILDING SOCIETY SCANDAL.

Newyddion
Dyfynnu
Rhannu

ANOTHER BUILDING SOCIETY SCANDAL. An affair of this kind which has awakened a great amount of interest, has occurred at Swansea. It appears, from details published by a contemporary, that a society known as the Swansea Equitable Benifit Society was started at Swansea about eight years ago, by a printer and bookseller named Herbert Jones. As this Mr. Jones was known to possess a good business, was the owner of a number of houses, and was penurious in his habits, he was generally looked upon as an honest and trustworthy man, The society consequently flourished. Mr. Paton, a Scotch draper, became chairman, and Mr. W. J. Jones (now in the treasurer's department of the Corporation) was selected as secretary. When, in the early days of the society, advances were wanted by members for build- ing purposes, Mr. Herbert Jones came voluntarily forward to provide them. Everything, apparently, went on in the smoothest and most satisfactory way. The auditors were gentlemen of repute and ability, and they reported everything right, and, with one exception, in apple-pie order. The rules of the society prescribed checks, but so unbounded was the confi- dence reposed in Herbert Jones that the chairman and and secretary signed cheques and deposit vouchers in blank-that is, they left the amounts to be filled up by the treasurer the chairman being under the impression that the secretary was duly registering and noting the several documents signed. The secretary, on his part—although admittedly an excellent accoun- tant-took the statement of the treasurer as embody- ing the exact business done by the sooiety. It is now alleged that Herbert Jones had been operating on his own account, but with the vouchers of the Swansea Eqnitable Benefit Building Society, and with those of another society known as The second Equitable of which the officials were identical. All the society's maneys were banked in Herbert Jones s name, and the major part of the withdrawals were made in the name of one of his assistants, named Powell. He, conse- sequently did as he liked, and auditors and co-officials were alike deceived. The secretary admitted that he discovered irregularities in the treasurer's accounts in the year 1878, and that he repeatedly pressed upon that official to put them right but he affirms that at that time he had not even the ghost of a suspicion that anything was wrong. Towards the close of last year, some depositors who had given notice that they wished to withdraw their money, found a great diffi- culty in getting it, although payment had been duly ordered by the directors. Herbert Jones explained that he had large sums out on loan, and the chairman implicitly believing the statement that he was unable to realise these sums—actually assisted him to pay off several note holders of the society Somewhat un- easy, the directors at the beginning of the present year determined to ascertain the exact position of affairs, and entrusted the books of the society to Mr. T. Williams, of Bellvue-street, Swansea—a thoroughly competent accountant. After a careful inquiry he reported on the 28th June last that there was a deficiency in the treasurer's accounts of the First Equitable to the extent of £6,567 5s on the Second Equitable of zC5,276 Os Id—a total defalcation of f,11,843 5s ld. The accountant affers the following suggestions That a composition be offered by the borrowing members to both the investers and deposi. tors, with a view of equalising the loss sustained and place the entire matter in the hands of the public prosecutor. In pursuance of this advice the aid of the public prosecutor is to be invoked, and subscriptions are being collected to carry on a war r f restitution. The late treasurer is non est, and as the secretary has nothing but his sala y to fall back upon, the note holders are seeking to make the chairman responsible for all.

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