BANK OF NEW ZEALAND.

New Zealand Mail, Issue 1180, 12 October 1894, Page 36

BANK OF NEW ZEALAND.

MR : WATSON[ APPOINTED ■ . PRESIDENT. . Mr 'Wm. Watson, Chief Inspector for the Colonial Bank, accepted on Saturday morning’ the position of President of 1 the Bank Of New Zealand. When the appointment was first offered Mr Watson by the Government lie de“Tmned it. Ministers then proposed to appoint Mr James Coates, General Manager of the National Bank, but that gentleman also declined, as he had entered into a three years’ engagement with the Bank named. The Government telegraphed to the Agent - General asking him to consult the chairman of directors of the National Bank in London, with the view of securing the release of Mr Coates from this engagement, but these negotiations were unsuccessful. Another offer was then made to Mr Watson, at an increase upon the original salary proposed, and this he accepted. It is understood that the sum first fixed was £2OOO, and that the increase will bring Mr Watson’s salary to a point not much inferior to those of the highest-paid banking officials in New Zealand. The figure will probably be found to be between .£2OOO and .£2250. Mr Watson begins his new duties at once, and is to arrive from Dunedin on Wednesday. The new President is a man of large banking experience at Home, in the East, and in this Colony, and has a reputation as a skilful financier. He has been connected with the Colonial Bank for about ten years. It is probable that the appointment of Government auditor for the Bank of New Zealand will be thrown open for competition, but this question has ,not yet been finally sot tied by Cabinet..

- On Monday the Uph Mr Ward informed the House of Representatives that the Government had appointed Mr William Watson President of the Bank of New Zealand, at a salary of. £2250 per annum, during good behaviour. He might state that Mr Watson was a man of considerable experience, recognised in banking and commercial circles as of undoubted a bility and business capacity, and as a man of the highest integrity. Mr Larnach : I think that this is another injustice done to the Colonial Bank * The Speaker: There is no question before the House. Just as the first order of the day was called on, Captain Russell asked the meaning of the term “ during good behaviour ”? Was this, he asked, a life appointment? The Colonial Treasurer replied that it was not a life appointment, and that the terms of the communication would clearly indicate that it was not so. Mr Larnach again interposed: Sir, by the indulgence of the Hopse The Speaker : The order of the day being called on, nothing can interrupt it. The House accordingly passed on to the Licensing Bill.