THE STATE'S BANK.

Dominion, Volume 5, Issue 1438, 13 May 1912, Page 5

THE STATE'S BANK.

$ —. — " DISTINCTLY DISIN6ENUOUS." HOW MR. BEAUCHAMP WAS TREATED. Correspondence reproduced below throws further iight upon the circumstances under which Mr. Harold Bcauehamp ceased to bo a representative of tiie Uovernment on the directorate of the Bank of New Zealand, of which he had been a member for thirteen years and chairman for five years. In the course of an interview, Mr, Beauchamp said that when in London last February lie decided, after consulting Ins medical adviser there, to relinquish the position, and wrote accordingly to tne Minister for Finance on I'ebruory G However, about a fortnight prior to Use receipt of his letter, the Government decided not to reappoint him. "Apparently," said Mr. Beauchamp, "tho Ministry was anxious to mark its displeasure of my conduct in not making my public utterances as chairman of tho bank in accordance with their wishes. But, in view of what I have said, you will recognise that their action occasioned me no concorn whatever. Hero is a copy of my letter to the Minister:— " 'The Eight Honourable the Minister for Finance. " 'Sir,—My appointment as a director of the Bank of New Zealand expires on March 31 next, and, without presuming to know the wishes or intentions of the Government concerning myself, I linvo to say, with much regret, that in consequence of protracted ill-health, it would not lib possible for me to continue my connection with tho' bank after the above date. ~ , " 'In conveying this intimation to you, Sir, I desire to express my very great ap'preciation of, and thanks for, the confidence tho Government has reposed in mo by permitting me to occupy a seat on the board of tho bank <is one of its nominees continuously sine© January, 1899, during which time 1 have acted as chairman for five years and acting-chairman for ton months. Since I joined tho board it has been my privilege to witness tho complete financial rehabilitation /of tho bank ; and, having regard to its great earning power, its splendid connection in the Dominion, and elsewhere, I confidently anticipate that, with prudent management, it will continuo to rank as ono of the leading banks, not only in New Zealand, but in Australasia, "'I have the honour to be, Sir, "•your obedient servant, "'HAROLD BEAUCHAMP.' "That letter," Mr. Beauchamp resumed, "speaks for itself. On my arrival at Adelaide I received an acknowledgment of that letter from the Minister for Finance, which, in the light of previous events, is distinctly disingenuous. It reads as follows:— . " 'The Treasury, New Zealnud. " 'Wellington, March 2G, 1912. "'Sir—l have the honour to acknowledge the receipt of your letter of February G, tendering your resignation as director of the Bank of New Zealand in consequence, of ill-health. In reply, I havo to state that the Government have accepted the same with much regret, and I take this opportunity of conveying to you the thanks of my colleagues ami myself for vour valuable services, and for tho time"and attention you have given to the. bank while chairman of the directors, and for the untiring energy you have displayed in the affairs cud interest of the bank as member of the board for the last thirteen years. "'I sincerely hope that your heahh will bo fully restored. " T have the honour to be, Sir, "Tour most obedient, servant, '".I. G. AVAKD, "'Minister of Finance. "'Harold Beauchamp. Esq., " 'Care Bank of New Zealand, '"Wellington."