PRIVATE BENEFIT SOCIETIES COMMISSION.

Evening Star, Issue 10343, 17 June 1897, Page 2

PRIVATE BENEFIT SOCIETIES COMMISSION.

WELLINGTON. June 17. Evidence was to-day given showing that the societies in existence of the Banks of Australasia, New South Wales, and Union appeared to be viewed with favor by the officeis. The National Bank has none. Further evidence was given of great dissatisfaction among the Bink of New Zealand employes. The society was regarded as inequitable and unsafe, and the contributors had no control. William Oallender, assistant inspector, who, with the general manager and Mr Butt form the trustees,' admitted that the basis of the fund must be reorganised. Pensions were already cut down from a basis of 80 per cent, to 48 per cent., and he feared they would have to be further reduced, There was widespread dissatisfaction, especially among the juniors, and a provisional poll resulted largely in favor of abolishing the fund, but the trustees oould not do this without an AetTJtf Parliament. He should Bay that the majority of officers would hail such an Act gladly. He did not consider that the. rules enabled the trustees to act unfairly if;,they chose, but provision certainly ought jo 1)* made for the representation of officers on the Board. He had already suggested this. With respect to Mr Butt, that gentleman, on rejoining the Bank, retained his membership of the fund under a rule specially, provided; but on further questioning it appeared that this rule was only made in 1894, and the Commissioners suggested that it. was added by the trustees simply to inoet Mr Butt's case. Witness said it was made before he became a trustee. There was no doubt that the financial basis of the fund would have to be altered; and that promptly. He Was only awaiting the arrival of the general manager before taking, action. The fund was kept entirely separate from the Bank. The Commission Baid that of the eighteen societies they bad inquired-into the Bank of New Zealand's: was so far the worst.