The Pahiatua Herald. with which is incorporated THE PAHIATUA STAR. Published Mondays, Wednesdays, and Fridays. FRIDAY, SEPTEMBER 7, 1894. BANK OF NEW ZEALAND DIRECTORS.

Pahiatua Herald, Volume II, Issue 199, 7 September 1894, Page 2

The Pahiatua Herald . with which is incorporated THE PAHIATUA STAR. Published Mondays, Wednesdays, and Fridays. FRIDAY, SEPTEMBER 7, 1894. BANK OF NEW ZEALAND DIRECTORS.

Mu John Mur bay who occupies just now a singularly autocratic position, as far as the affairs of the Hank of New Zealand are concerned, has selected the Hon. W. W. Johnston, and Messrs T. (f. Macarthy, Martin Kennedy, and Wm Booth for seats on tli' Board of Directors, and shareholders have reoeived notice, to this effect. Under ordinary conditions the election of the Bank Directors would have no concern or particular interest lor tho public; but by guaranteeing the stability of the Bank and becoming responsible for two millions sterling, the Colony is directly interested in its affairs and the selection and clcotion «f Directors is a i|uestion of considerable importance ; for, if the colony is to escape from being called upon to , .ty under the terms of the guarantee, prudent and careful management of the Bank of New Zealand is a neoessary condition. As no small share of the conduct of the Bank will fall to the Directors, it becomes necessary to enquire whether tho selection of Mr Murray is a good one, and whether those selected are competent and desirable men. The lion. W. W. Johnston is fitted for the position, but lacks energy, tie should have a fair knowledge of the affairs of the Bank, being one of the committee appointed by Hie shareholders some years ago to enquire into the position of the Bank, this step being rendered necessary by the disclosures of Mr Buckley. But tho lion W. W. Johnston, though not a brilliant man of business, lias a 11 '"ding aie! i reputed wealthy, '' i i ' tor ti' position of director e the ! ight "I a figure head. Mr I'. 1 1. Macarthy is a shrewd man of business, uud has proved himself an

able financier ; he is withal wealthy, a man of independent means with leasure to attend to his duties, and is undoubtedly the best of the quartet. Mr Martin Kennedy is, in our opinion, a much over-rated man, who cannot be classed as a bvilliant suooess from the point of view of business capacity. We regard his inclusion in the ticket as a grave blunder. Mr W. Booth hails from Carterton, and would be about as useful on the directorate as Mr Martin Kennedy. With regard to Mr Booth wo desire to point out that he is Chairman of the Wellington Meat Export Company, which Company, according to tho latest balance-sheet, is indebted to the Bank of New Zealand to the extent of £11,528. We fail to seehow Mr Booth can be Chairman of this Company and a Directer of the Bank of New Zealand, and discharge his duties conscientiously. He cannot represent debtor and creditor at one and the same time. If Mr Booth is to be a Director of the Bank he should cease to hold a seat on the Board of the Wellington Meat Export Company, or the account of the latter shuold be shifted to another Bank. Should the amalgamation of the Bank of Now Zealand and the Colonial Bank eventuate Mr T. G. Macarthy, who is Chairman of the Wellington and Manawatu Railway Company, may find himself similarly circumstanced, and the same objection as to dual representation of interests of banker and client would apply to him. Mr Murray has not made the best of his opportunities, and his selection is by nomeansjudioious or commendable. With the exception, perhaps, of Mr Macarthy, better men could be found in Wellington for the services of the Bank. The shareholders would be foolish to blindly follow the course proposed by Mr Murray. Let them make enquiries and see if more sapable men are not obtainable. We believe there are, and shall not be surprised if some steps are taken by shareholders in the Wellington district to improve on Mr Murray’s candidates.