THE GOVERNMENT BANKING ACCOUNT.

Press, Volume XXXII, Issue 4422, 2 October 1879, Page 3

THE GOVERNMENT BANKING ACCOUNT.

[iPress Special Wire.] WEl»I«IiBFOT05r, October 1. The following letter was laid on the table to-day •_ — Bank of New Zealand, Auckland, September -2nd. 1879. The Hon. the Cofc——l Treasurer, Wellington. Sir,—Acting undsr instructions front the Board of Directors, I hare the honor to inform you that the Bank of New Zealand desires to terminate, at the end of six months, from the Ist October next, the agreement under which the B—ik has undertaken the management of the Gore-run—.t aeconnt. The directors are led to give this notice, ia accordance with the istipula-ions of. the agreement, as they find that the present terms are not sufficiently rem—lerative to justify the expenses —-hi—i the management entails. Sat, Itm directed to say that, if it is acceptable to the Govemmeat, the directors are prepared to enter ou negotiations for a continuance of the agreement ou revised terms. I hive to add that tie Bank has given this; notice at the prese-t time as the Government may possibly desire to submit to _c House of Representatives the subject of future arrangement. Put, if the Gorernmect consider the time at which the notice will expire an —convenient one, this Bank will be glad to consider a proposal for such an alteration as will best suit the convenience of the Government. I have the honour to be. Sir, Your most obedient servant, (Signed). D- L. Mtjedoch, General Manager.