LETTERS TO THEEDITOR

Dominion, Volume 12, Issue 220, 11 June 1919, Page 8

LETTERS TO THEEDITOR

THE BANK OF NEW ZEALAND'S PROFITS

Sir,—l read with consuming interest in your Saturday's issue the annual report of the Bank of New Zealand, and observed that the net profit for the year, after paying all expenses, including that wonderful extra 5 per cent. "Victory" bonus to the staff, was £159,000. Just think of it! Vastly interesting as it would bo to discuss from whence it all conies. I am more interested at present in this disposal of this huge sum. Let us see, who gets it. With the JM5.000 carried forward from last year thero is i'OOJ.OOO to divide up! Of this the Government on their shares and stock get ,£108.000; shareholders' _ dividends, J!150,O00; depreciation, of .premises, etc. (already far more 'valuable than tl<air bo6"k value), .£50,000; reserve fund, .£150,000; carry forward, ,£146,000. From which it is clear that nearly. .£300.(100 (the last three items) go to swell tho bank's reserves.

Now; Sir, after all the correspondence from bank men which has appeared in your columns during the last month or two we hoped tlio directors would rise to the occasion and do something towards remedying our very read hnrdshipsespecially in view of the bank's wonderful year" But'iio—not a bit of it! A so-called "Victory" bonus of 5 per cent, is the extent of their generosity. The annual salary increases were announced last week, and- were even more paltry than usual. The higher-paid men and the head office staff did well out of the small sum allotted.for increases; but the rank and file were starved—many men receiving no increase at all! Tho shareholders' meeting is on Friday next— and a generous-minded shareholder in your columns recently gave voice to opinions which give rise to some hope that even vet some pressure can. be brought to bear to remedy what is a very real injustice.- The' sovereign to-day is not worth 13s.—let that be borne in mind. All workers' wages have gone up, and are going up, and so is, consequently, the cost of living; and there aro men in the bank's service with families to provide for whose circumstances are desperate. A more ten per cent, of the .£300,000 carried to reserves if devoted to the increase of the salaries of lowergrade men, would completely relievo the .position. .'ls it too much to ask? Are we not entitled to it? Will it hurt the shareholders if we get it? Obviously not! Then, shareholders, why not decline to pass, that balance-sheet on Friday next until we get aj; least this much or inoro?—l am, etc., ONE OF, THE STAFF. P.S.—Our rules insist that a man shall get ,£2OO a year before lie is allowed to marry. Compared with a pre : war.basis, (ho minimum salary for a married man. should now be >£300. How many get it? A man on .£2OO is really getting what is equivalent to the old rate of J!133 a year, to li°ep his wife and family on. It is damnable 1-0.0.T.5.

Sir,—Will you please insert the following in your columns? "It is with the greatest interest that I have followed in your columns correspondence from such able pens as "(Slave of the Pen" and "Sir Bedivere" and others. To bank employees throughout the Dominion the points outlined appealed very strongly, and the response to the suggested formation of an association is, I think, a true indication of the feeling prevailing—that of individual expression. In no other walk of, life is more faithful service rendered than obtains in the banks, and it is high time that some recognition was given. Increases in pay to bank employees have not relatively kept pace with the increasing cost of living, and in the matter of ndjusting this banks appear to be very reluctant to come into line. It is patent to the merest layman that a bank employee, who is to all intents and purposes a professional man, is in many cases not so well paid as the unskilled /labourer.

Apropos the forming of an association, I would like to suggest that whatever is being done bo given the fullest publicity, so as to keep all bank'employees in touch. The enthusiasm evinced is great—let it be maintained. Thanking you in anticipation,—l am, etc., FREDIS.