BANK CHAIRMAN'S "INDISCRETION."

Dominion, Volume 5, Issue 1386, 12 March 1912, Page 4

BANK CHAIRMAN'S "INDISCRETION."

OTAGO COMMENT ON A RECENT CHANGE. Commenting on Die appointment of lift D. J. Nathan vice Mr, Harold Bemichnmp nsa director of the Hank of Now Zealand, tlic "Otago Daily Times" says: "Mr. not only been a.director of (ho hank for several years—a nomine* of the present Government—but is the chairman of its board, ami his knowledge of the business of tho bank may reasonably bo assumed to bo greater than that of any of his colleagues and actually to ba intimate. In the circumstances tho decision of (he Government that he should not bo roiippointert has a distinctly peculiar aspect. And, in tho absence of any satisfactory explanation, such as has not so far been vouchsafed by the Government, it lends- itself to the construction (hat Mr. Hcauchamp is being punished betuiiM', in the course of the comprehensive reviews of the commerce of tho Dominion which have been delivered by him at the annual Hirelings of tho bank, he has felt it incumbent on himself to offer observations that have conflicted with statements by members of the Ministry Tho public will hardly need to bo reminded that Mr. Hoauehamp lias, from tho chair at these meetings, properly laid stress upon tho need for the exercise of caution and of economy in the conduct of the private and public business of tho country and for the "avoidance of extravagance, and that eighteen month's or so ago lie committed what, from the Ministerial point of view, wns tho indiscretion of saying that, though thoio was an abundance or loanable capital in New Zealaud, a want ol conlidonco was prevalent in the coinmunity."