BANK OF NEW ZEALAND

Press, Volume XLVIII, Issue 14523, 27 November 1912, Page 9

BANK OF NEW ZEALAND

CHANGE IN DIRECTORATE. MR REID RESIGNS. MR BEAI3CKA3J_MIE._iPPOINTEI>« (s.Ecur, TO "thtb pr_ss."\ WELLINGTON, November 2_. Thero was quite a flutter of interest jn banking and commercial circles hero to-day over a rumour that Mr J. B. Reid had resigned his position as a director of the Bank of Zealand, and that at a meeting of the Cabinet last night Mr Harold Beauchamp, formerly Chairman of the Board, had been appointed in his stead. The statement turned out to bo accurate, and Mr Beauchamp will now probably bo appointed Chairman.

The position was rather a peculiar one, tho Board under tho late Government having got into such a position that there was no member of outstanding ability to take the placo of Mr Martin Kennedy as chairman. Mr Kennedy is leaving for England shortly, and Mr Reid was largely master of the situation in regard to tho appointment of chairman, becauso it & understood that ho mado a stipulation that he would only resign on condition that Mr Beauchamp was appointed. It is nob long sinco Mr Beauchamp resigned his position as chairman of tho Board, on account of ill-health, but it appeared subsequently that the i»nrd Government would not in any case havo re-appointed him, owing, it was supposed, to his outspokenness in regard to tho financial position of tho .Dominion.