BANK OF NEW ZEALAND

Taranaki Central Press, Volume IV, Issue 358, 12 February 1937, Page 6

BANK OF NEW ZEALAND

Directors’ Appointments. Press Association—Copyright. Wellington, To-day. It is probable that within the next I few weeks the Labour Government ‘ will have a majority of its own appointees on the directorate of the I Bmik of New Zealand. f Control of the bank is vested in a boa”d of six directors, of whom four •are appointed by the Government and j two by tue shareholders. The present | Gov -nr-mt directors are Sir George | iull : at, of Auckland, and Mr. A. T. , Dr-nnelly, of Christchurch, both of i whom v re appointed duhing the life- ’ time of the Forbes-Coates Govern- | men:.. and Mr. D. O. Williams, formerly 1 i irer in economics at Massey College, and Mr. H. J. Kelliher, of Auckland, who were appointed by the Labour Government last year. Th terms of both Sir George Elliot l Mr. Donnelly expire on March 31 this year, and as a result of clariI lying legislation passed last year, the I way v ill then be open to the Govern- : >ne it to replace them with men who ' may possil be regarded as being ' more 111 sympathy with the Labour | view of finance. Che two shareholders’ directors on thu board at present are Mr. R. W. Gibbs and Mr. William Watson. The term of Mr. Gibbs will also expire on ' March. 31, but the Government will ! have no _say in his reappointment or the selection of a successor. A postal ballot is being held among shareholders, the candidates being Mr. Gibbs, who is again seeking election, and Mr. M. O. Barnett, of Wellington. Voting p -pers in the postal ballot were to be completed and returned I to he head office of the bank in Wellington by Wednesday. The remuneration of the directors of the bank in New Zealand is fixed at year, to be divided among •hem in amounts to be fixed by the ‘ >ard. They are also entitled to ’ travelling allowances. I Sir George Elliot is the present j chain:.'at- of directors of the bank, t having held this office previously from : 192-2 to 1931 He has been a GovI eminent director since 1919. Mr. iDoim* Uy was appointed to the diree- ! torate in 1935 on the resignation of 1 Sir Robert Anderson.