LONDON BOARD

Hokitika Guardian, 21 June 1918, Page 4

LONDON BOARD

The vacancy in the London Board occasioned by the death of •Mr W. T. Holmes has been filled by the appointment of the Rt Hon Lord Carnoek, G.8.C., perhaps better known as a member of the British diplomatic corps under the name of Sir Arthur Nicholson, K.C.B. Lord Carnoek has had a wide Ambassadorial experience He was at one time B • ti-.h ambassador at Peteograd, a i a . . p manent Under-Secretary at the British Foreign Office. He is a Director of the London City and Midland Bank, Ltd., our new London Bankers and his appointment serves to cement our cordial relationship with that progressive and influential institution. BOARD OF DIRECTORS. Messrs D J. Nathan and William Reece were the Directors at 31st March. They have been reappointed by the Government for a further term.

Air W. Watson seconded the moliuji lor the adoption of the Report and Balance Sheet, and congratulated tin* shareholders on the continued accession of strength in the position of the Bank.

I also felicitate, tho Chairman on his masterly and instructive speech. Valuable as art* the statistical points he lias given, I consider his remarks regarding the present and future economic situation still more valuable, and I trust that through the medium of the press they will be widely road, and taken seriously to heart hv those who have not hitherto studied for themselves the very important matters referred to. With reference to the idea promulgated by some persons that private capital and the monetary institutions of the present day are inimical to the welfare of the majority of the

people, I would ask how could either Great Britain or New Zealand defend themselves from aggression, or have got on in the present war if all property were State owned ? There would have been no such thing as the capital and credit belonging to the individuals, Banks, Insurance Companies, and other institutions from whom the Government have received such effectual aid. State owned land, mines, factories, stocks, ■property of all kinds, and even State bands or State currency notes, could not. have taken the place of Capital and Credit for the realisation of the vast amounts required to pay for the importations of munitions and food into Britain, or the maintenance of New Zealand forces overseas. Neither could the present system of wealth and credit be replaced by the State hoarding tho precious metals, there being insufficient in the world for the purpose, while the objections to investment in the securities of foreign countries are obvious. Before glibly denouncing individual high endeavour and the elaborate but still improvable economic systems which have grown and kept pace with civilisation, it would surely he only reasonable for the persons who do so' to cleni]y and comprehensively systematise, and give equal publicity to, t he methods they desire to be adopted.

Our excellent staff of officers has acquitted itself well in the time of war as it did previously in the time of peace. Those who had to stay at home have cheerfully performed the extra duties -devolving upon them, and those who went, to the front did so either voluntarily or without any kind of objection ; suffered the discomforts, in many cases were wounded, and in 62 cases made the supreme sacrifice, without, ns far as we know, one act of disobedience or even a murmur. All honour to them.

I shall again stand for re-election as one of your representatives at tile meeting to be held in December next, and I trust then to receive the same expression of your confidence which I have enjoyed for so many roars.