, 1873-01-11
To the Editor of the "St. Creix Avis"

space in your paper for a few remarks in
addition to my letter to you Of 23rd ulto.,
concerning the meeting of Members of. the
Savings Bank. This meeting came off at
the appointed time and place, and by a
small majority, an amount of 500 pro-
posed by q Member, was voted in aid of
the Sufferers by the late Hurricane in
Denmark but the matter which gives me
most concern, was the great difference of
opinion which prevailed at the meeting, as
to whether the Members and Trustees have
a right, by the Constitution of the Bank,
to vote away for charitable, or any other
purposes, the Surplus Funds of the Institu-
ton some of the Members contending
that no such right exists, others again, de-
claring just as positively as their OPP
pOnents, that the Members can act as they
please with regard to the disposal of these
Funds.
You will, I am sure, Mr.. Editor, agree
with me that it is desirable and absolutely
necessary that there should be a definite
law appertaining to the disposal of this
money, limiting the Discretionary powers
of the Members. One can hardly expect
that Depositors should stand by quietly
and see such a confusion of ideas prevail
ing among the Members of the Bank, as to
their duties, and the position which they
hold. speak in behalf OF a large number
of DepOsitors, who view with feelings of
alarm, the tendency ofcertain parties to mo
nOpolize all control over the Surplus Funds,
and who seem to think that they are res
p0nslble to no one as to how these Funds
are appropriated. AS [ mentioned in nv
former letter, l take the deepest interest in
the well-being of the Savings Bank, and 1
would gladly do all in my power to ensure
It's prosperity, knowing its value to our
lslaud-but to ensure the future prosperity
of the Institution, it is Of course of vital
importance that DepositOrs should feel per-
feet confidence in the proper Management of
IT.; and this, | nm sorry to say, is not the
case at present, owing to recent events
which have transpireA. l have carefully
read over the Constitution of the Bank, and
find no mention made Of q Surplus Fund
this defect must be remedied, and that
without loss of time. [ therefore take the
liberty to propose, that a full general meet
ing Of Members should be held, and that a
Committee be appointed to revise and
'AAO OHO COHSOAUUUIOHs POI CICuldt y " LII
sert a clause as to the handling Of the Sur
plus Funds, and to propose such rules as
they may deem necessary for the safety of
the Bank, altering and amending the Con-
stitutiOn to suit the altered circumstances
OF the Bank at the present time. AS a
Committee for that purpose, [ would
recommend Judge Rosenstand, Judge
Sarauw, Messrs. HeyIiger, Mendez, Moreton
and Mall gray; feeling certain that these
gentlemen would have the confidence of
the Majority of Members and Depositors.
l have seen, with much regret, a cores
pendent OF your paper signing "Basender,"
besides making two mis-statements in his
first letter, has thought fit to drag irrelevant
personalities into this question a course
of proceeding which all impartial minds
must condemn. Instead OF discussing the
matter in a becoming and temperate man
ner, he goes out of his way to attack two
gentlemen in a manner totally uncalIed for.
If the general Public could be given, in
1866, $4,000 from the Surplus Funds,
surely Mr.. Creagh, and old and faithful
servant of the Bank, who had lost his all
by the fire, could very we'll be presented
with $500. 1t is nothing unusual for Bank
Directors to testify their appreciation of
services rendered by their employees, by
MAKING them nrnsentS in the form of BO-