The Bank of New Zealand Dismissals.

Oamaru Mail, Volume XXIV, Issue 7494, 18 April 1899, Page 4

The Bank of New Zealand Dismissals.

(BY TELEGRAPH-,' DmfEDiK, April 18. The correspondence between the ex-direc-tora of the Colonial Bank and the Board of the Bank of New Zealand has been handed to the press. It opens with a letter of proteat signed by Messrs M'Lean, Neil!, Hislcp, and Reynolds, under date March 16. They say it ia with feelings of the greatest astonishment and regret that they view the action of the Board towards the officers taken over from the Colonial Bank. From beginning to end of the negotiations for the amalgamation or sale, the question of the employment of the Colonial bank's staff was a most important consideration. Although the directors of the Bank of New Zealand did not propose to take over the entire staff they pledged themselves to take over the greater number, and when once in the employment oi the Bank these were to be treated in all respects as officers of that institution. The Colonial directors were satisfied with the pledge given by the representatives of the Bank of New Zealand, and accepted it with entire confidence. It was freely recognised, in the course of discussion, that in all large institutions there must necessarily be some officers whom it would be wise to take an opportune chance of dispensing with, bus this principle had no application to the present dismissals, as many of tho3e now being discharged were thoroughly trained officers, possessed of good ability, and in every respect equal to most of the Bank of New Zealand's own staff. They had nothing to say with regard to the policy of reductions adopted, but having decided to make reductions, the signatories consider that the Board should honorably recognise their obligations and deal impartiiliv with their staff as a whole.

Oa the 13th of April Mr Tegetmeier replied that the communication had been laid before his directors, when it was resolved to refer the letter to a committee of the Board dealing with the reorganisation of the staff. On behalf of that Committee he bad now to state that in their opinion no good purpose would be served by entering on a discussion of the matter of the Board's policy. The Committee wished it to be distinctly understood that the sctieme had been definitely determined on the merits of the s'aff as a whole, and without making the slightest distinction on the ground of previous connexion. It cannot be reviewed or modified. The scheme was only adopted in conscientious discharge of the duty devolving on the Board to carry out a policy which in their judgment it was necessay should be adopted for the welfare of the bank.