The Piesse Frauds.

Gisborne Standard and Cook County Gazette, Volume V, Issue 641, 1 August 1891, Page 2

The Piesse Frauds.

BUILDING SOCIETY’S LOBS-£llOO. Thi directors and trustees of the Gisborne Building Society, who had the aseistanoe ot a few profeMional gentlemen, held a meeting last night to consider lbs position in view of the defalcations discovered in the accounts at tha late Secretary, F. J. Piesse. The total of the defalcations was found to be £llOO. Tbe position of the Society was found to be sound, and by not declaring any dividend this year the loss will be for the greater part provided for, and during the currency of tbe present year will be completely wiped off, besides which the profits will provide a sum available for distribution by way of dividend. The directors will attend personally at the office on Monday evening next, and will make payments and conduct the ordinary business.

It is gratifying to find that this useful Society is in so elastic a condition as to readily recover from a shook that to an in. dilution loss sound might have proved fatal.

Piesae’s rascally affair has come as a great blow to tha man’s unfortunate wife and children, and Mrs Piesse has been very ill in consequence. Auckland mining affairs is thought to have some connection with the cause of the embezzlements.