DIRECTORATE OF BANK.

New Zealand Herald, Volume LIII, Issue 16408, 9 December 1916, Page 11

DIRECTORATE OF BANK.

DEATH OF MR. M. KENNEDY.

TRIBUTE BY SHAREHOLDERS.

A Pro IXT M EXT OF MR. KANE

[BY TELEGRAPH.—OWN" CORRESPONDENT.]

WELLINGTON*. Friday. I'HE cliHiiire in the representation of shareholders on the board of directors of the Bank of New Zealand, rendered necessary by the death, oil August 25, of Mr. Martin Kennedy, was the subject of reference by the chairman of director.--. Mr. Harold lieuuchamp. at the half-yearly meeting of shareholders, held this morning. Mr. Kennedy had been connected with the bank for 22 years, and his attendance at the meetings was so regular that, said the chairman, his absence made a sensible gap in the. ns.-embly. Shareholders had losi, a very efficient and valuable representative. who was at times keen and constant in the safeguarding of their interests. Referring to the appointment of Mr. R- W. Kane to the vacancy on the board, Mr. Beauchamp said that, owing to Mr. Kennedy's death occurring during his own absence in America, the board had been reduced its full strength of six to a personnel of tour only—the number necessary to fomi a quorum. The remaining shareholders' representative, Mr. W. Watson, expressed the strongest desire that the vacancy should at once be filled by a temporary appointment under clause 53 of the deed of settlement, so that there might be no gap in the shareholders' representation. Mr. Watson suggested as a most. suitable appointee Mr. Kane, who had previously acted on the directorate as one of tlie (Jovernment nominees, a position which he vacated only fast March. The appointment was unanimously made, and Mr. Kane took office accordingly. The chairman added that during his absence in America the duties or acting-* chairman had been very efficiently performed by Mr. J. H. Upton.

Service Since 1894. Mr. W. Watson, in thanking shareholders for his re-election to the board, remarked that he was now the .sole survivor of the directors who were appointed in 1894, when it was arranged to reorganise the bank and bring its head office from London to Wellington. With the late Mr. Kennedy he had never wavered in the opinion expressed in 1894 that the board would be highly successful, and he felt much satisfaction in reviewing the steady progress and success ol the institution since then. Though much of the success achieved had no doubt been due to the general prosperity and higher purchasing power of the people of the Empire, he claimed that, so far as the internal prosperity of New Zealand was concerned, the Bank of New Zealand, by assisting the opening up and development of what were huge unproductive areas 22 years ago, and by fostering the meat and dairy industries and trade generally, had done much to bring about that prosperitv. Mr. Watson concluded with .a feeling tribute to the late Mr. Kennedy, as a man of great ability, foresight, sound judgment, and high integrity. Mr. Kane said it was naturally very gratifying to him that colleagues with whom he had previously been associated for two years should have been unanimous in appointing him to the board. Mr. Kane added that he would be a candidate for election by the shareholders at the ordinary general meeting next June. Resolution of Condolence. Mr. T. Shailer Weston proposed that the shareholders express their deep appreciation <>f the services of the late Mr. Martin Kennedy, their regret at his death, and their respectful sympathy with his relatives. Mr. Weston said he did not think there was anybodv to whom shareholders were more indebted than to Mr. Kennedy. From the very first he expressed confidence in the future of the bank. The motion was carried in silence. On the motion of Mr. A. Macintosh, seconded by Mr. F. Dyer, the meeting unanimously expressed entire approval of the action of the board in appointing Mr. Kane to the vacancy caused by the death of Mr. Kennedy.