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[Special to the Star.]


Discussing the Bank of New Zealand report, the ‘Southland News’ says that, whatever the motives actuating Mr Buckley’s further and searching investigation were, the question is: What board of management in London, composed of men of standing required, would be prepared to take over a concern whose position had been so strongly impugned? If things are in a critical state, who should be better qualified than the resident directors, who are practically acquainted with values, etc., to pilot the bank through its difficulties. These are the thoughts that must occur to dispassionate observers. The subject is uninviting enough, but by the publication of the proceedings the directors challenge comment. In fact it appeared to be their wish to elicit public opinion for their guidance. When last year the bank went through a severe crisis, a committee of investigation made a more or less searching scrutiny, the result of which was published. The necessity of a similar ordeal seems to-day to be even more imperative not only in the interests of the shareholders, but of the colony itself, which cannot but suffer if statements such as those referred to are allowed to pass uncontradicted. For our own part we are strongly inclined to believe that the position is much better than was delineated so forcibly by Mr Buckley, and that it will be found on examination that many securities have improved in value since the last appraisement. This was the view taken by the president, who asserted that the returns from one set of properties alone had risen from LIB,OOO to L 30,000 per annum. We repeat that, in order to establish complete public confidence, there must be an exhaustive examination of the accounts and securities by qualified and independent assessors.”

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Bibliographic details

THE BANK OF NEW ZEALAND, Issue 8049, 28 October 1889

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THE BANK OF NEW ZEALAND Issue 8049, 28 October 1889

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