BANK OF NEW ZEALAND

Evening Post, Volume CVII, Issue 26, 31 January 1924, Page 4

BANK OF NEW ZEALAND

Mr. JR. W. Gibbs, Chief Auditor of the Bank of New Zealand, having announced himself a candidate for election to a vacancy on the Board of Directors (created by the death of Mr. K.. W. Kane), the Government will presently have to appoint his successor. The position of Chief Auditor oE the Bank of New Zealand, it should be unnecessary to point out, is one calling for special and very high qualifications. The appointment being made by the Government itself and the salary, although paid by the Bank, being fixed by the Government is an indication of the fact. The selection of the Chief Auditor of the Bank of New Zealand in the past has been made by the Government from the personnel of the Bank itself. The wisdom of this practice is^ arguable. It might be that, as Chief Auditor, an, officer would find it necessary to question past actions of his former superiors, or even his own past actions or the fruits of them. The Chief Auditor may require suspension of a line of proceeding or a matter of policy proposed to be taken by the directors, and, we believe, he is not bound to give reasons for such suspension. Ho^-can further recommend his superior, ,the Minister of Finance, what should or should not be done in certain circumstances, so exalted is his position, so great his responsibility. It will therefore be plain to the ordinary reader that very special qualifications, both technical and of character, are required in one who is to be appointed Chief Auditor to an institution which, in some respects at any rate, is a semi-State Bank. Moreover, the exacting nature of the work required to be done must necessarily at times impose pressure upon the most robust of men. The Government, however, hasan entirely free hand in making th^ appqyituieut. But

the country will naturally expect that so important a position will bo filled by a Chief Auditor possessing absolutely unexceptionable qualifications, even if a departure has to be made by going outside the staff of the Bank of New Zealand.