THE PROPOSED BANK AMALGAMATION.

Wairarapa Daily Times, Volume XV, Issue 4834, 25 September 1894, Page 3

THE PROPOSED BANK AMALGAMATION.

• Obstacles in the Way. (By Telegraph,—Press Association). i . Wkuinoton, Tuesday. On the House meeting at 7,30 last i night, tlio Hon, Mr Ward annonnc- . Ed itliat tho proposals of tho Colonial Bank and Bank of New Zealand for amalgamation oil certain essential features, had not been such as the 1 Government could assont to in the interests of the Colony. Decision on tlio matter lmd been unanimously arrived at by the Cabinet, and the rumonrsof strained relations between himself and the Premier were entirely without foundation. He laid the wholo correspondence relative to the proposed amalgamation on the table, and it shows that tho Government demanded an independent scrutiny of the various accounts and assets proposed to be dealt with, and neither bank took any exception to this. The Government also laid it down as a condition that upon the expirationof ten years tho profits of the combined bank should continue to be paid to the Estates Company until any deficiency in tho winding up of the Estates Company was liquidated, but tho Colonial Bank directors would not under any circumstances agree to this. The Government also wanted special representation on the new Board of the combined bank, in addition to the appointment of President, Jlannger, Auditors, and Inspectors, but this was strongly objected to by both banks on tlio grounds that as the shareholders woro the parties responsible, they should have the solo appointment of 1 a Board of Directors,