Bank of New Zealand Directors.

NZ Truth, Issue 406, 5 April 1913, Page 4

Bank of New Zealand Directors.

The recent article on the new appointments made by the Massey Government to the Board of this concern, and some I strictures on the banking policy of late years, are evidently causing some interi est m commercial circles. Approaches I have been made by some highly placed people who considered " Cambist's" }lne of argument, which, m the public interest, had been driven homa on various occasions, was m error. The crux of tho; matter is this: Why do we Insinuate that the millions sent out of this country for Investment m Liondon are not safely handled by the London Board? The answer ss, no Insinuations have been made against the London Board, nor has any comparison been I made of the merits of that Board with | the one m "Wellington. Writer does not (nor has ho at any time) approved of our people's savings being sent out of this country, while all are aware they can be so much more safely Invested here. This fact has been made very clear from remarks made by members of' the Imperial Trade Commission. They pointed out what enorm6us expansion there would be In our exports if the people were only settled flown to intensive cultivation, which, of course, means closer land settlement. The Bank of Xew Zealand | directors of Wellington, the head ofuco responsible for Its policy, have kept this great boon from the Dominion. The consequence is that they <. the directors) are ! now bewailing; our increased Imports are not being countered by increased exports. And no wonder. New Zealand people are clamoring for land, and those who have land are clamoring for bank advances. The first to get settled; the others to obtain assistance to develop their properties, and In so doinr increase our exports. "Cambist" contends the Government should appoint men to the Board who are capable to direct the use of our people's money m this.. way. It is tho only method by which true wealth can be produced and added to our store. The head office , Board 'is now made up of middlemen, and an Auckland bookseller. Surely this Is a nasty slap m the face to all our wealthproducers, viz.. rarmers and manufacturers- The latter class producing the country's wealth are hampered In every j direction by a' Board of importers put In > that position through Government noml- j nation Th« country badly needs a change, and' Mr. Massey will be wise to j see that his farmer friends aro not over- j looked In future appointments; also let \ him give opir manufacturing classes some representation on that Board. Mr.. Alex : Macintosh, a late General Manager of the Bank, was alluded to In a ; recent article, as having put some awkward questions to the Chairman r« j losses In Ldndon. Writer does not blame the London Board for these losses, for good grounds v exist for putting the blame on an officious Individual from the Wellington Board. The inflated person. In order to daizle London, put nearly half a million into stock which fell away In value soon after purchase, and guessing at the consequences It Is probable tho Bank lost from £30,000 to £40,000 good hard e^ash. The London Board had no powef to block the great man from New Zeal aha. That Board is nominated here, and has to carry out as olosoly as possible the directions sent them. The gentlemen on the London Board are a capable body of experienced bankers who know their business, and the London Stock Exchange. Had our New Zealand magnate refrained from "butting In." this criticism would never have been necessary. Boiled ilown, this is another proof that "Truth" la right In drawing attention to Bank appointments. "Cambist" is glad that the strictures are bearing fruit already.