The sensation of the past week has been the discovery that for years past the University finds have been disappearing through "legal channels. Whilst the auditor ug through the usual yearly was overhaul of accounts, he discovered several irregularity in minor items. These induced a close scrutiny of all financial matters connected with the University, and the unpleasant discovery. was made that the funds wore short to the tune of some £7,000.
'A meeting of the finance committee was immediately called, and the prosecution of the accountant decided upon. The warrant was immediately executed, but as the accused is s rom a liver complaint, and confined to his room, he was not removed to the gaol, but left in his own house in charge of two constables. The discovery places the University in a very awkward position financially, and the public too will want to know how it is that whilst the, Varsity has been for years past: in the habit of going cap in hand to the Government appealing for increased financial assistance, its funds have been embezzled to a li amount without the finance committee being aware of the fact. Another important bearing is that the accounts have annually passed a so-called examination at the hands of the Govern ment auditor and yearly received the hall mark of his approval. This opens a wide field for speculation in regard to other Government accounts, and will no doubt cause a general upheaval in that official's department. The defaulting aceou tant was a nephew of of the late Sir J. Dickson, one of the members of the Federal cabinet. who died shortly after accepting his portfolio. Two days later the public were again startled by the announcement that the Trinity College funds were short by £2,500, and a warrant had been issued for the arrest of the honorary treasurer. In this case, however, the official had managed to elude justice and got away witha two days' start. He was knowp to be in somewhat straightened circumstances, and was recently in partnership as an insurance draker. The partnership has however been solved, and since then the defaulter had made several vain attempts to loans amongst his business acquaintances.
Text read from the printed page and cleaned; old type leaves the occasional error.