LETTERS TO EDITOR

Dominion, Volume 15, Issue 159, 31 March 1922, Page 6

LETTERS TO EDITOR

BANK CHAIRMANSHIP Sir, —The inference likely to be drawn by the-'public from the statements that have appeared in various sections of the Press relative to the proposed change in the chairmanship of the Bank of New Zealand is that the rehabilitation of that institution began with the advent of Mr. Beauchamp to the directorate. This is not only entirely contrary to fact, but a most unjust reflection on others who took an active part in the control , ot affairs. To say, further, that the in.-"-stitution was bankrupt when the gentleman alluded to became associated w'ith it is also wide of the mark. It is probable that but for the adventitious aid rendered by the Government in 1894 liquidation might have ensued ending in 'loss, the too-frequent result of a process of winding up even so - vent concerns. This, together wi great embarrassment to commercialism and industrialism in New Zealand, was averted bv the prompt action of the Government and Parliament, and tne position was no doubt further streng - ened later on by the elimination by absorption of a competitor. ». • A period of over four years intervened before Mr. Beauchamp appeared on the scene with the dawn of an era of prosperity, and much was done the way of reconstruction during a time of great depression under the direction of a competent board, one on)y of whoiq survives, and to-day occupies a sea •at the board table. This is a ™ att . that has wholly escaped attention m the statements just made. It is quite unnecessary for me t occupy your space by quoting figures, they are on record, and can no doubt be made available if required., References made to the estimation in which the bank’s shares were held bj to public in 1898, and for some years previous to that date, and ■ even as re eentlv as 1902, when the payment of the maximum dividend th®n P®rm sible under Statute operated so largely big details, which would doubtless be interesting, but a quotato ‘below from an open letter adtewd 7 me to Mr- Massey in 1913 will cieariy BU “l'now come to the year which date, chiefly because cf the " more than met its statutory obhga ; SAWIAXh land and Banking Act ’B9o, whiC g oftobank a“e to be d«teibute| ; and provides, mter alia, tot shali e b C e e laid to the proprietors of the ordinary shares who have pa a-K > March 31 of that year, after making Pto _ situation, Payment of _the ma^ dividend then intimation • was strong y rec h a d emphatfar t.a fa «X" r Th. AfaU Vo “l a eTu S s now note what was involved . tn this ’some of ve g ry materially affected its Prestlg72) There were between 22,000 names of P 6l *? 0 :-.,., ■ ' 0 .5» Tte'faea’SYor, I , w ,2faiv«l interest in the bank ’ re _ fam fa h-vy lilS itpJrt fam fa These, ap' a + u t e , were weighty fa ®“Th°e' SXw «rivrf matter was objection-, termination, ana w J' , res pon±ht J MW fa C °“Fnr C time share quotation wero passed par the i f ister strength-, all disposed of, tne rtb cur it y imened, the GcVeo n o n oo laced to reserve proved, over xou,uuv p hank reFund, .and the on established m the d institution its own .Wits as accor ded by SUS" tl ” coffers of I, for Mr. BeauBefore I c lose ;.™’ y ls ’ o quote from a champ’s instru-tion, 9 signature letter that appeared my Wel< some years a» , linp with another lin - gt X? P ‘Tn to of this world episode? in tne tWng as retrl . of ours thete ■ wl f n ii in g cerbution, those who lay themXJout for r't.” Fiat justitia tot caelum.— I am, MACINT0 SH. ■\Vellmgton, March 30-

investments o: T have noticed recently in various papers, ~ the public to invest ™ « ccrta in currency of years, ■ - np . jnterfree of income tax est at li per erson9 who may be t 0 f^todl bvan abnormal return on captivated by ai t ug<? thelr their money " 111 , ‘ r ;ts of the. secdiscretion as to “, ? tl “that-not being unty offercd. , ” „. othinfX to do, nor an investor ‘ • opinion, but do 1 ? r0 ? 06 think°J s going omowhat I certainly think k. when bonds oV^ a d s eS SuM’V Wk X hr rtiv were as documents pavable on fcnd rcadUv passed from hand to people right on a this kind. ’ DELTA. Wellington, March 20.