THE BANK OF NEW ZEALAND RETIREMENTS.

Otago Daily Times, Issue 11401, 19 April 1899, Page 7

THE BANK OF NEW ZEALAND RETIREMENTS.

PROTEST FROAI LATE COLONIAL BANK DIRECTORS.

AVhen it was announced that the officials who were being retired by the Bank of New Zealand under its policy of retrenchment were nearly all officers who had been taken over from the Colonial Bank when tbe two institutions were amalgamated, the late directors ol the Colonial Bank decided to communicate with the chairman' of directors of the Bank of New. Zealand on the subject. The following lettet, dated March 16, and signed by the lions. George M'Lcan and AY. H. Reyn'okls. Afr P. 0. Neill, and Dr John Hislop, was forwarded to the chairman of directors: — Dear Sir,—lt is with feelings of the greatest astonishment and regret that we, the late directors of the Colonial Bank, view the present

action of youi board towards the officers taken over from tho Colonial Bank. From the beginning to the end of the negotiations for the amah'lunation or sale the question of the employment of the stuff was a most important consideration, and, although tho directors of tho Dank of New Zealand did not promise to tako over the entire staff, lhey pledged themselves lo take over the greater number, and when once in the employment of tho Bank of Kew Zealand those wero to be treated in all respects as officers of that bank. You can judge, therefore, our surprise at the latest step of tho Bank of New Zoaland in singling out for dismissal so many Colonial Bank officers. Tho directors- of the Colonial Bunk were satisfied with the pledge given by the representatives ot the Bank of New Zealand, and accepted it with entire confidence. It wits freely recognised in the course of discussion | that in all large institutions there must nccosHiirily bo somo officers whom it would be wise to take an opportune chance of dispensing with, but this principle can have no application in the caso of the present dismissals, as many of those who aro now being discharged aro thoroughly trained officers, possessed of good ability, and in every respect equal to most of the members of tho Bank of New Zealand's own stuff. | AYe have nothing to tn. regarding the policy ! of reductions adopted by Ihe bank, but, havj ing decided to make reductions, wo consider j that the directors should honourably recognise their obligations, and deal impartially with thoir staff as a whole. Mr C. G. Tegotmeier. general manager of the Bank oT Now Zealand, replied on the 27th Alarch, at the request of the chairman of directors, acknowledging receipt of the letter, and intimating that it would bo In-flight before the Board of Directors at the next meeting. Under date 16th inst.. Air Tcgetineier wrote as follows to the Hon. G. M'Lean- — Referring to my letter of the 27th ult., I have now to advise that your communication of the lGth idem, addressed to tho chairman, was duly laid before the directors of this bank at their last meeting, when it was resolved that tho letter be referred to tbe committee appointed by the board to deal with tho question of reorganisation of the bank's staff. On behalf of that committee. I have now to inform you thai in their opinion no good purpose can bo served by entering into a discussion upon a matter of board rolicy, and the committee wish it to be distinctly understood that the scheme having been definitely determined upon on the merits of the staff as a whole, and without making the slighest .distinction on the ground of previous connections, cannot be reviewed,or modified. You will readily understand that a schemo involving tbe retirement of. many officers whoso ability is not questioned has been the occasion of much anxious thought, and was only adopted in the conscientious discharge of the duty devolving uuon the board to carry out the policy which in their judgment was necessary to be adopted for the welfare, of the bank.