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BANK AND CUSTOMERS

CHAIRMAN’S STATEMENT ' SECRECY PROTECTED Mr., A. T. Donnelly, chairman of directors, in In’s report at the meeting of proprietors, held at Wellington, in his concluding remarks, stated: “I should like to refer briefly to the relationship between the bank and the Government. It is the duty of the Government to manage the affairs of the country according-' to its policy. It is the duty: ,of the bank, as the largest trading, bank. .in the Dominion, to help the Government wherever it can and as much as it can. “It is admitted that this bank and the trading banks as a unit have done .all that can be done within the limit cf their resources and the existing system to maintain the ' public and private finances of the Dominion. The trading banks subscribed substantially to the £4,500,000 loan recently issued, this bank’s application being for £500,000.

“As I have already mentioned, at balance date we held New Zealand Government securities amounting to £5,540,847. As you know,- the Government is a shareholder in the hank and has by law the right .to appoint a majority of the directors on the hoard. There have been occasional discugsi.ons between your executive officers, your directors, and _ the Minister of Finance ’d'iuinjY the term of the present Government. Such discussions as there have been have taken place in discharge of the duty which lies on the bank to help thei Government in the administration of that part of the financial system of the country which is covered by the business of the hank. Any discussions have always been in general terms and there has not, nor could there ever be, any discussion or disclosure of the business of any customer of the bank unle.ss express prior authority had been given to the hank by the customer. The secrecy and the sacredness of the relation between hanker and customer is protected by the tradition of centuries and the law of the land. In all respects the present Government has kept the high standard of propriety which has always marked the relationship between the hank and the Government of the day since 1594, and the business of the hank is now conducted as it always has been in the past. “Its capital, and your capital as shareholders, and the moneys of depositors are as safe as they have ever been in the history of the bank.”

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/OPNEWS19390623.2.19

Bibliographic details
Ngā taipitopito pukapuka

Opotiki News, Volume II, Issue 198, 23 June 1939, Page 4

Word count
Tapeke kupu
401

BANK AND CUSTOMERS Opotiki News, Volume II, Issue 198, 23 June 1939, Page 4

BANK AND CUSTOMERS Opotiki News, Volume II, Issue 198, 23 June 1939, Page 4

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