The Wairarapa Daily SATURDAY, OCTOBER 26, 1889. The Bank of New Zealand.

Wairarapa Daily Times, Volume X, Issue 3345, 26 October 1889, Page 2

The Wairarapa Daily SATURDAY, OCTOBER 26, 1889. The Bank of New Zealand.

The shareholders of the Bank of New Zealand have had another sensational gathering. The late President, Mr G. Buckley, appears to have sold out his stake- in the Bank, and then came down to the meeting to make statements affecting its credit which apparently ho was unwilling to advance while he was a large shareholder and head of the Directory. There may be a difference of opinion about the Bank, but there can scarcely be more than one opinion about Mr Buckley, However, tho majority of the shareholders present censured Mr Buckley's course of action by adopting tho report. Few will regret that the control of the Bank's affairs will shortly pass from the hands of an Auckland Board into those of a London Directory, In the past Auckland has been the seat of government of the Bank, and a very large proportion of its losses are clearly traceable to the excessive and ill advised advances made in that particular town and neighborhood. Its very life blood has been sucked by Auckland parasites, and the removal of its headquarters is obviously a a matter of urgency. No doubt the effect of Mr G. Buckley's revelations will be to temporarily depress the value of the shares, but the "row" at headquarters has been anticipated for some time, and the value of the Bank stock had receded prior to the meeting, in consequence of rumors which have of late been industriously circulated, Not only the Bank but the colony will suffer by the attack made by Mr G. Buckley on the conduct of the institution. Public confidence will once more be somewhat rudely shaken in the stability of our financial enterprises, but when once, a London Board takes over the control of the business there will be an end to t|io trouble, and the Bank will have a fairphanpe to rehabilitate itself, and to once more cdihp tp the front as a leading financial institution of undoubted strength. That Auckland influences have been fatal to the Bank is sufficiently obvious. What is to he said of Auckland auditors who yew after year certified to a .statement of profits when losses were 'absolutely made, and what can be said of Auckland directors who permit a state of affairs like this to continue year after year.? Auckland financiers .are 'to be distrusted and should he iiiipeaobed.' The safety, of tjija' P/ujjk. 'will" 'be'' secured 'bj' tbj remoy#l,o£ jig pfln'taplipm Auijklpn/J hands, •"

We are glad to find by the Inspector's report that the high veputation which the Masterton Puulio School secured uud er the rule of MvW. T. Grundy has beon fully sustained

by liia successor, Mr W. H. Jackson. Nothing more could bo desired than the high percentage of pannes recorded in another column or tl'io compliment paid to the school by Mr Lee. Mr Jackson has road o his mark as a teacher in-this town and hie very able assistants liavo in several instances twined brilliant results with their classes.