BANK OF NEW ZEALAND

Evening Post, Volume CVI, Issue 142, 13 December 1923, Page 8

BANK OF NEW ZEALAND

FvS^vaq|Sciels on the direc*fmsr ._'7"TORATE

•F -It. is reported that Mr. J. H. Upton, '.'~iJt>t- Auckland, Government director, on '." Stho- Board of Directors of the Bank of 'J ; "l^ew Zealand, will not seek reappoint- ;^ jnent on the expiry of his term. Inquir;;^ies : made locally by "The Post" to-day .■•.^■failed to obtain any official confirmation JpTrjl the" 1 "report"or .of the receipt by the If government/ ; qf any notification of Mr. (f/tjipton's intention as regards/his apy, gpointment.

!%, '\>. TO TUB MITOR. i£>-;,'Sir, —Two directors to represent share--1(T Jhblders' interests on the Bank of New ?k*i?J.ealand..are provided for, and I believe f-gHfive gentlemen are willing to take, the .''£* place.o- one of them lately deceased. sli Included in their number, I am told, is ifS,'Slr. Richard,. W. Gibbs, chief auditor. !Jy* The election- of the director to fill the r vacancy - rests, of course, with the share«?J*9jolders,'' 'But" until that takes place the !U;!2£card lias "power to make an appointi,!_ liient, Jind its .choice may rest* on Mr. \g. (Jibbs—at .jSny- -rate, a Christchurch jj .has*''picked''' that gentleman for the position..-Now,. Sir, would it not % -j>e mofe"ih.keeping, with the.spirit dicj^rtating'tKe appointment-by the Govern-J-yjlHent of the ■ Auditor of the Bank of -^ Sfew Zealand if the board decided to ;;jr make no appointment—as has been done ;i»»-«i the past—of any officer who has been 3-- appointed by Government as the i*Auditor 'of the bank. Surely this posi'?Sin should not be regarded as some-jj-'Sjjing iivthe nature of a stepping-stone *jjtcr one within-the gift of the board. In *£any cases, cannot the board.carry on one JJf^irector™'short; until the time comes for %. j;h> shareholders to make the choice? 4_ v^That time is not; remote; but if an api>;|j.j>ointmerit is made now, although but' i'£'temporary, it is: likely to become crysf>.. tallised by the shareholders when they iiiLa^e asked to virtually confirm an. ap- ' fjliointment originally -made by the direc;~*tors. In that way,' it seems to me, the 77 shareholders ptactically Hand over their .<',,. right of election, to the directors. —I am, r,K.'et"c, ■-;' ■;-■■ ..'..?'•■.•.."

A. SHAREHOLDER.