BANK CLERKS' PAY

Dominion, Volume 12, Issue 223, 14 June 1919, Page 10

BANK CLERKS' PAY

DISCUSSED BY BANK SHAREHOLDERS

I INCREASED SALARIES SUGGESTED

! The salaries' of bank officers were menfronejd'at. tho ;annual meeting of shareholders of the Bank of New Zeaalnd yesterday. The subject was raised by the chairman of directors, who said that his board realised tho importance, of securing hud retaining a contented End loyal staff. A policy of gradually improving the conditions of the employees had teen pursued ifor some years, and the summit, of the. board's ambition ju this respect had not been reached. Between 1901 and 191!) tho average salary of men drawing upwards of .£2OO ft year had shown an improvement of ,£4O per annum. In addition, the bank hod paid during the war a bonus of 10 per cent, to married officers' and officers having dependants, increased this year lo 20 per cent. Othur officers were receiving a. bonus of 15 per cent. The (ihaii;niaji mentioned tho steps,taken by the board to improvethe pensions system, and said that further improvements were contemplated. "The. men whose labours havo been instrumental in no small measure in converting your shares from a Valueless or burdensome asset into one pommnndinj? a premium of' from 200 to 1100 per cent.-nre, I am sure you will admit,,worthy of our generous consideration." said-Mr. Beauchamp. "and the ilciwb.we can-do is to provide for their in the days of their Ihpo and infirmity.V

;' JLiV'C. P.' Ske'rrott said lie wished' to ask the directors to consider if their attitude .towards tlio' bank's employees was the right and pronor attitude. 1 in the interests of the bank and tho shareholders. He was, in complete ngrjement with the fcliairrlan's concluding "words. . But he .was'.not convinced that the salaries at presentipaidl to the-bank-officials showed a proper appreciation of what, was due ,to the staff. "I , believe it to be Iho right policy for an institution such a» this and for any employer vlio wishes jto keep his 'Staff to ■ see that 'the staff 'shares in the prosperity of the employer. I believe- that policy t<> bfl . in the interests of the shareholders. I venture to say that Jiroad-mindcd consideration would induce Jtho bank not only to conserve its capital, but also to conserve"--its labour. : (What are the facts? After paying; a full 'dividend, a sum of ..nearly ,£300,600 rcimains over. A part goes to tho reserve ! and.a part is carried forward. What, jprovision is there for tho recognition of ithe services of the staff? Nbrie that I can see... Tho bare-figures show that jsomq "consideration is : due to tho stuff ■and it is, I submit, in tho interests of 'the shareholders that this consideration 'should Iμ given. I am Jiot satisfied that [the bank staff is adequately paid. I. admit'that I aia speaking not with complete knowledge of tho subject, but merely on individual caw 3 that have ic'ome under my notice -in a haphazard way. It may be, truo that the Bank W- New Zcolnmtoitaff is paid better than 'tho staffs of other banks, but that is not the question at ali. The question i« whether the officers arc paid reasonable 'salaries, so that they can live comfortable lives without financial anxiety when isome increased expenditure falls uptin them." / ; Tho-Yhairman said that he and his 'fellow-drectors took a great deal of in'terest in the salaries-of the staff.. The question was reviewed each year, and ihe \could■-''assure the ■ shareholders thai the salaries paid .by the-bank were at 'least'as high as'tlte salaries paid to meti engaged'in any other- mercantile' employment. The officers of some other banks did not receive the same generous treatment. Tho agitation that had rfceiiltnd in ihe formation of a Bank Citi'cers'- Association had not\ originated in ,'the-staff of the Bank of New Zealand. The- chairman.read communications re.ceivetf" fi'oiu "officers in various centres jto show thfit.iuo employees of the. .bank■had- recorded 'their appreciation or" the ■preser.t-sattsfactory relations between, the directors and the staff, and disapproved of anyatlenmpt. to introduce union principlos into 'that relationship. i Mr.T. S.-iWi'ston suggested that some.thing I .'inbre';sho.iil(l be done for the. staff, ;He sftid.'tlmt the bonus , of 20 ; per cent, ■had; just, about covered'the iiicreaSfc irt, iflio xb'st"of living up-lo- April oi/last; ryear.. But. there had been a furtKer adivance.ih prices since that time. He had had - occasion to. examine the available :fi?urcs closely, and he believed that the increase in the cost of living since IW-i----hnd-be'en about 27{- per cen"r.> Ho suggested that - the directors, of tiia bank should increase the bonus' to something like that figure. Tho extra payment could: fittingly be 'made- at peace lime.