BANK AMALGAMATION.

Auckland Star, Volume XXV, Issue 228, 24 September 1894, Page 2

BANK AMALGAMATION.

The tenor of the messages from our Parliamentary reporter to-day on the subject of bank amalgamation makes us doubt very much whether the project for bank amalgamation will come to anything. A difleronce on a. side ■ issue will probably be given as a reason, but we think the real reason will be found in an impression, rightly or wrongly prevailing, that there is an undisclosed condition made by the Colonial Bank as to the appointmenb of the Hon. George McLean to the Presidentship, which, though apparently not objected to by Mr Murray, on behalf of the Bank of New Zealand, in generally disapproved of, on the ground of placing the Bank too much under the Colonial Bank and allied influences. There is, we believe, also a general opinion, in which we to a great extent concur, that the Government should nob appoint as president of. the Bank a man heretofore prominently connected with either bank. The nomination of president by the Governmenb, provided for under the Bank of New Zaaland Guarantee Act, was intended to secure Buch a supervision of the new bank'a business as would afford security for the duo repayment at maturity of the two million Bounds' worth of stock carrying the Government guarantee. It appears to us, therefore, of the highest importance that some capable public officer preferably, but if no such person capable of fulfilling tho duties is available, then some able banker, should be appointed under conditions which would secure a perfectly impartial administration of tho office as between the interests of the two banks concerned, and would at the same time guard the interests of the public.

We sincerely hope thab the Government will firmly insist upon the unhampered exercise of the right now eecured to them by law of appointing the president and auditor of the State guaranteed bank. And we further bone that they will not be hustled into any hasty appointments to these most important offices. It would be proferable to make temporary appointments from the public service until they are able to negotiate for the services of men who possess all the essential qualifications. The entire success of tho scheme depends upon this, and the onus of making thete appointments imposes a very grave responsibility upon the Cabinet and one which will be subjected to the keenest criticism and scrutiny. On no consideration should the matter be dealt with' hastily, and if ib be true that pressure is being placed upon the Government to secure any special nomination in the interests of one or other of the parties to the amalgamation to an office for which the Government are absolutely responsible to the poople, we trust the Cabinet will make it clearly understood that in this matter they are determined to. exercise their powers with a single view to safeguarding the interests of the taxpayers.