BANK OF N.Z.

Auckland Star, Volume LXVIII, Issue 47, 25 February 1937, Page 8

BANK OF N.Z.

DIRECTOR ELECTED.

HEAVY VOTE FOR WR. GIBBS.

TWELVE YEARS' SERVICE.

As already announced in these columns, the recent poll for a shareholders' representative on the Bank of Xew Zealand resulted in the re-election of Mr. R. W. Gibbs. Details of the voting have now been made available, as follow:— Richard Waine Cibbs ... 1,327,539 Matthew Oliver Barnett . 124,548 Disallowed informal votes 118,421 In a circular to shareholders soliciting re-election Mr. Gibbe stated, inter alia: "For twelve years I have been one of your two representatives, a period covering perhaps the most difficult time in the history of the Dominion. The bank, however, has been fortunate to emerge from the depression in a stronger position than we entered it. We have fully met the legitimate requirements of all our customers, but in common with other institutions have not escaped losses. These, however, have been fully provided foi. The distribution of our .should, I think, prove satisfactory to all shareholders. "Your two representatives have been in constant daily attendance at the bank, and my many years of service in the bank enables me to claim a very complete knowledge of the finance and the affairs of the bank. "I have been a shareholder for many years and with my family connections am interested to the extent of several thousands of shares. Supporting Mr. Gibb*' nomination was mehjded the following statement oy Jnr. VV. Watson, remaining shareholders' representative. "T he J'igh character of Mr. R W Gibbs, hie connection with the bank m the capacities of officer, manager inspector, chief auditor and director, and lux thorough knowledge of the bank'e affairs constitute, in my opinion absolute reasons for his being reelected as a representative of the shareholders on the board. His retirement at the present juncture could not fail to be a distinct loss to the bank." In a circular to shareholders the other candidate, Mr. M. O. Barnett barrister and solicitor, of Wellington stated inter alia: "The creation of a Central Reserve Bank and the more recent extension of the functions of that hank by the present Government, the marketing by the Government o f primary produce and other restrictions on the functions of the ltmk may reduce its profit-earning ability. Lack of confidence in the future , i< reflected in the reduced market value of your shares. The possibility of the present Government taking over the hank must not Ih> lost si<rlit of, and should this happen, 1 venture to think my professional experience would be of ; the greatest value in protecting your interests. The Government's majority representation t)n the Ixmrd of directors gives it a measure of control which makes it essential that the shareholders have as their representatives men capable of the strongest possible efforts on their behalf."