The Hastings Standard Published Daily. SATURDAY, MARCH 13, 1897. OFFICIAL ELIMINATION.

Hastings Standard, Issue 270, 13 March 1897, Page 2

The Hastings Standard Published Daily. SATURDAY, MARCH 13, 1897. OFFICIAL ELIMINATION.

For the cause that lacks assistance. For the wrongs that need resistance, For the future in the distance, And the good that we can do.

Some time ago we stated that the Bank of New Zealand was certain to figure largely in the next session of Parliament. We felt certain of this as soon as the report of the official Liquidators of the Colonial Bank was made public. Since that event, however, there has been internal disruption, and ollicial crossing of swords, which has caused the appointment of a general manager to be hung up. Now we learn from a reliable source that Ministers have decided to eliminate such of the higher officers who have had, in the past anything to do with the scandals of the Colonial Bank and Bank of New Zealand. There can bo only one meaning in this, and that is that the President of the Bank of New Zealand is to be shunted. We long ago predicted that this was inevitable, and at the same time expressed a doubt as to the fitness of Mr Watson to hold the high office, and events appear to work for our justification. Eliminating Mr Watson will be an easy but an expensive job. He holds office under warrant for 10 years subject to good behaviour, and furthermore there is an arrangement between the Directors and Mr Watson to the same effect. I'nless had behaviour can be sustained against him, Mr Watson will be entitled t<> compensation and a lease of the Bank Presidency at £'2,2~>Q per annum with about H years to run will require very heavy compensation. Mr Watson will probably have* to be shunted with a purse of from«N,ooo to I 10,000 sovereigns, a small matter, after the copious bleeding the public have already endured over the banking blunders.