The Temuka Leader SATURDAY, NOVEMBER 9, 1889.. MESSRS BUCKLEY AND MACLEAN.

Temuka Leader, Issue 1967, 9 November 1889, Page 2

The Temuka Leader SATURDAY, NOVEMBER 9, 1889.. MESSRS BUCKLEY AND MACLEAN.

Thbbb is food for reflection m the action taken by Messrs Maclean and Bucklej with regard to the Bank of New Zealand. Speaking from memory, it was about two years ago, we think, that the first sign of weakness as regards the position of the bank was shown. The directors then decided on paying no dividend, and they also laid violent hands on the reserve fund, which they appropriatad to the general uses of the bank. This startled the whole colony, and disappointed those who had been accustomed to receive large incomes from the 15 per cent, dividends, A committee was next appointed to investigate its affairs, and this included Messrs Buckley and Maclean. The result of their investigations will not be forgotten for a long time.. They reported that the bank had lost nearly all its capital; they reduced the value of the £lO shares, which a few years before sold at £25, to £7, and they decided to issue fresh shares. These new shares were sold, and then Messrs Buckley and Maclean became directors, the former being the president. At the half-yearly meeting last April they gave a glowing account of the bank, and everybody thought it was a more solid institution than ever. There can be no doubt that it was, and that it is still, if it got fair play, but this evidently it has not received. No sooner were all the new shares sold and things settled down than for some private reason of their own Messrs Buckley and Maclean proceeded to sell their shares until they had not sufficient to qualify them for a seat on the directerate. They then resigned, and one would think that this ought to have satisfied them, but it did net. They had succeeded in getting the public to buy up new shares, and also in getting others to buy their own shares, but they were not satisfied with this, they made a bold effort to break the bank altogether. At the last meeting they alleged that when they, with others, investigated the | affairs of the bank information had i been held back from them, amd that if they hadknown all then they would have decided to wind up the affairs of the

bank altogether. In addition to th ! deficiencies already discovered they I alleged that facts were held back from them which would have shown that the deficiencies were £300,000 more than formerly estimated. They said as much as that the baak was bankrupt. Now why did they do this ? '1 hey had practically Bold their interest in the concern, and it was no longer any affair of theirs. What conclusion can any reasoning being come to, after thinking the matter out, but that they must have had some motive in thus trying to break the bank. "We have no desire to involve ourselves in a libel action, and consequently shall net say exactly what we think, aa regards their motives, further than that they were not prompted by a desire to benefit the shareholders. We are quite satisfied that there in something behind it, but what it is they alone , can tell.

Now let us look their actions straight in the face. Here are two men, rich beyond their needs, and getting on well in years, and they do not scruple to do such things as may lead to the ruin of perhaps thousands of families throughout New Zealand. They induced people, by means of glowing reports, to invest their money in the bank, they then sold oat, and after having done bo tried to ruin their dupes: The effect of the failure of the Bank of New Zealand, apart from the ruin of those most intimately intimately interested, would be that the liquidators of it would have to realise on its assets. The greater part of the freehold land of this colony is mortgaged to the bank ; this would all be thrown into the market; and it would be sold for what it would fetch. It must be plain to any one that if such immense areas of land were thrown into the market all at once, it would depreciate in value, and it could be bought for a mere song. It would mean misery and ruin to the unfortunate people whose land would be sold, but it would give magaificent opportunities to men with money to become millionaires. Where would Messrs Buckley and Maclean be found then? They would be found with others of the same species making hay while the sun was shining, and a very nice thing they would make out of it too. The ways of the capitalist are strange and wonderful, and the senility of the stupid elector who plays directly into his hand is stranger still. Both these men have figured prominently in New Zealand politics. Mr Buckley was a member of the Legislative Council until a few years ago; Mr Maclean has been a colleague of Sir Harry Atkinson in more than one Ministry, This is the class of people Sir Harry Atkinson has behind him—men who would not scruple to ruin the colony in order to enrich themselves. Mr Maolean is at present a member of the Upper House, and he is also chairman of the directors of the Union Steamship Company. That Company has obtained from Sir Harry Atkinson a monopoly of the West Coast coalfields, and it is members who belong to that class, and support such transactions as these we send to Parliament. It is no wonder the colony is depressed when such transactions as these are carried on, and electors will return the same men to Parliament year after year. It is men of this type that wanted the honorarium and the number of members reduced, and the unfortunate people of this colony danced to their music. Now there they are before them; they have tried to ruin the Bank ef New Zealand, knowing full well that it weuldbring woe and misery, and desolation to nearly half the coleny. But what do they care! The result would be to make them millionaires, and that is all that troubles them.

BANK OF NEW ZEALAND. Wfi are m a position to state that the Bank of New Zealand has not been affected in the slightest degree by the action taken by Messrs Buckley and Maclean at the last half-yearly meeting. In every district in which the bank is doing business confidence remains unshaken, and deposits have in no instance been disturbed. There is, therefore, no fear of the bank. It is more solid than ever it was, it has got half a million of money in fresh capital, and even: if, as Mr Buckley stated, its unestimated deficiencies amounted to £300,000,. there is still uncalled up eapital equal to that sum. Another fact which ought not to be forgotten is that the shareholders would have to provide £1,125,000, so no one need be in the slightest degree afraid of its stability. Brom the Otago Daily Times we gather that Mr Buckley has just issued a circular to the shareholders of the bank, but it will prove very harmless now, as Mr Buckley's reputation is a thing of the past.