THE AMALGAMATION OF THE N.Z. AND COLONIAL BANKS.

Otago Witness, Issue 2116, 13 September 1894, Page 28

THE AMALGAMATION OF THE N.Z. AND COLONIAL BANKS.

MESSRS HENRY MACKENZIE AND J. N. BUTT TO BE JOINT MANAGERS.

Wellington. September 12.

The agreement for the amalgamation of the Colonial Bank and the Bank of New Zealand was signed yesterday evening by the Hon. George M'Lean and Mr John Murray, as representing the two banks coaoerned, and was forwarded to the Government this morning- . The details of the scheme will not be available till after the matter has bsen considered by the Cabinet to-morrow.

It is understood that the capital of the new bank that cannot be touched to make good any shrinkage in the assets will be three millions (including the two millions guaranteed by the oolony).

The scheme, if approved by Parliament, will be submitted to the meeting of shareholders of the Colonial Bank at Dunedin on the 26th inst., and of those of the Bank .of New Zealand at Wellington on the same day.

It is understood that the appointment of joint managers will be conferred on Messrs H. Mackenzie (Colonial) and J. N. Butt (New Zealand), and that the auditor to be appointed by the Government will be Mr Watson, at present inspector of the Colonial Bank. [Mr Butt holds the position of inspector of the Bank of New Zealand, and is at present acting general manager, which position he occupied during the interregnum prior to Mr W. T. Holmes taking charge. He has been about 30 years in the bank's service, is a man of the highest, banking ability, and his personal character and sounduess of judgment point to him as eminently suited for the position to which be has been appointed. The other two gentlemen are too well known in Dunedin to require their qualifications to be stated.]