New Zealand Spectator, AND COOK'S STRAIT GUARDIAN. Wednesday, February 7,1849.

New Zealand Spectator and Cook's Strait Guardian, Volume V, Issue 367, 7 February 1849, Page 3

New Zealand Spectator, AND COOK'S STRAIT GUARDIAN. Wednesday, February 7,1849.

The proceedings of the self- constituted , Committee of the Savings Bank are so extraordinary as 1 to require some notice at our hands. At their first meeting on Monday, (eight of them only heing present,) it is reported "that they elected Messrs. .Waitt, Waters, and Walla.cc as Auditors, in the j)lace of Messrs. Bannatyne, Hunter, and ••Kelham, and that Messrs. M'Donald; 1 Fea- : therston/ Fifeherbert, and Fox, were feelected as Trustees, Captain Daniell being substituted in the place of the Hon. H • Petre and Mr. St. Hill. As this has been done under the pretence of acting in ac • cordance with the rules of the Savings Bank* we have re-published them from the account which appeared in the Spectator of the 16th May, of the Public Meeting held, Bth May, 1846, for the purpose of establishing the Institution. The rules were drawn up, as stated by Mr. M'Donald at the meeting, for the temporary t management of the Institution, until an Ordinance could be passed by the Loqai" Legislature for its governance; the Savings Bank Ordinance which was subsequently enacted, not being in accordance with-the views of the Managers, at their request, the Ordinance was not proclaimed in this Province, At the meeting to which we refer seventy-five Managers were appointed, who subsequently elected a Superintending Committee of. twelve persons; the Superintending Committee at their first meeting afterwards elected Auditors and Trustees. We have only space at present to discuss the question as connected with the Trustees. The second rule refera their first appointment to the Superintending Committee, but it is obvious, from the nature of their office, that their appointment is of a permanent character. That it was so considered by the Secretary of the Savings Bank ([who ought to be acquainted with the regulations of the Institution) is evident from his late reference to them of the requisition signed by twenty-three of the Managers: That it was so considered by the Trustees themselves is evident by their conduct on that occasion. If there were no Trustees, how could they take upon themselves to decide on the requisition of the Managers ? If there were Trustees, how can the Superintending Committee attempt to elect others ? If there" were no Trustees, why, on the annual meeting of Managers on the loth ult. was one Trustee only (Mr. Fox) elected, to fill the vacancy occasioned by the death of Colonel Wakefield ? If there were no Trustees, how is it that Mr. M'Donald and Dr. J^eatherston took so active a part in the (j proceedings on Monday evening ? In truth the factious proceedings of these gentlemen' involve them in endless inconsistencies. The majority of the Managers' are so disgusted with their conduct, that they are . resigning their con-~ nection with the Institution^ There appears., to be only one way by which it can be savedfrom impending ruin, and that is, by passing an Ordinance by the Legislative Council of this Pr6v,ince which, shaU.^rescue it from its present thraldom, and place the. Institution on such a basis as shall render it once more worthy the confidence of the public.