THE BANK OF NEW ZEALAND.

Gisborne Times, Volume XXIII, Issue 1839, 21 August 1906, Page 2

THE BANK OF NEW ZEALAND.

* ■ <s> - *' THE ASSETS BOARD. ' * »v (Special to Times,) Wellington, last night. One of the matters that must the attention of the Government at an early date is the management of the Bank of Isew Zealand. It has been well known in certain quarters for some time past, and no secret is made of it now, that i; was the attitude of the late Premier that was responsible for Mr Mclntosh’s re> tirement from the position of general manager. However. Mr Mclntosh has gone, and Mr Miehic lias taken ms place for the time being. It is understood that Mr Micliic is desirous of leaving the Colony for the purpose of residing in England, and that in

a few months’ time he will vacate the general manager’s chair. Mr Mclntosh, who has taken up bis residence in Sydney paid a brief visit to Wellington recently, returning by last Saturday’s steamer, and seeing that there is no other strong mßn of- outstanding ability who could be obtained to fill the position that will become vacant by Mr Michie’s departure, sup-* gosfcians havo been made in csrtain influential quarters that the status quo onto should bo agreed upon. Such a re-

appointment would. I know, be received wflh satisfaction by a considerable number of the shareholders, and also by tbe commercial community, but from all I can loam there is little probability of its being arranged. Indeed, it is generally I understood here that it is practically certain that the position will go to Mr Callender, who assumed the position of Government auditor some time after Mr Mclntosh’s elevation to the managerial chair, and has continued to act in that oapacity eyer since. The question of whether there is likely to bo any chaoge on the Board of Direp. tors now that a new Ministry has aseumed othee is also being discussed. Four of the members of the Board are nominated by the Government, and two are elected by the shareholders. Two of tbe Government

nominees, namely, Messrs Mallet (chairman) and Sir James Prendergast, go out te yeßr *. I b3 ,aßi tw ° whose term of office expired were Messrs Milne and Beauchamp, and both were re IK 1 "* lam not iu a Position to state whether tho Government will re-appoint p lr e ‘, a “ d Sir James Prendergast. Probably the Cabinet has not yet seriously oonsidered tho matter. There is, howover, a very general conoensus of opinion that wnnU l T D ° f D6 m blood in tbe d‘«d°rate would bo a really good thing at this the sh Ur \ M bß ‘ WO directors ropresentmg the sharehoJders are Messrs Wm. Watson I and Martin Kennedy, of Wellington. Mr Watson will be up for re-election in Do“if"’ and the ohances are that there wilt be no change in regard to tho representation of the shareholders. The Motion

that ensiled between tbe late general I . ,T. n ® ri at)d ‘h® Powers that be in regard I m - overDl j DeDt fioanee some time before the former s resignation of his position is nowadays quite openly talked about,though nn”?u. T od a ‘ the timp - £b quite Inf t u bl , e . tba ‘ t * lo * as ‘ wor d on the subject oitho ate general manager’s resignation has not yet been heard. In regard to the Assets Board, I have ' n e !!° t \ t ?. bßlieve tha ‘ the Position has not S ri“ en,ion nf Sir Joseph Ward, ?“ < i. tba . t ,n the near future the Biard will the f ol r ed> . As 8000 88 >' a ‘bat mo - B , Sets 0 tfco Board are sufficient to meet its cutstanding liabilities the Exeou- ‘ declare that the Board shall cease to exist. When this is decided all oifioers and members of the Board will liabilities nf°rh °‘ Bco - an d the assets and bv tho r the ? 00rd wi]l be ta kcn over rede«n ß n ?| D^ Q . the Baak will ‘hereupon the T B °, u ‘ 6 ‘ an ding debentures of Colon , T 3ard a ? d ddivor fchem *«> ‘bo colonial Treasurer for cancellation.