The Waikato Times AND THAMES VALLEY GAZETTE. SATURDAY, OCT. 13, 1888.

Waikato Times, Volume 2537, Issue XXXI, 13 October 1888, Page 2

The Waikato Times AND THAMES VALLEY GAZETTE.

SATURDAY, OCT. 13, 1888.

Equal and exact justice to all men, Of whatsoever state or persuasion, religious or political.

The sensation of the clay in Auckland, as probably in many other parts of the colony, is the report of the Committee of Investigation on the Bank of New Zealand. On Thursday afternoon a large and representative meeting of shareholders was held in Auckland to consider the report and pass certain resolutions recommended by the Committee. It had been a matter of surprise to us that none of our Auckland contemporaries had referred to the straightforward letter from the late General Manager, Mr D. L. Murdoch, which appeared in the Herald Monthly Summary last Monday, and in which he referred to the veiled charges in the report made against him and. former directors. In common with a large portion of the colonial press we had already questioned the propriety of tlm serious statements and innuendoes embodied in the Committee's report. It seemed that unjust aspersions had been cast, upon some of our foremost public mid commercial men, and that, as .Mr Jlurdoch, aptly remarked, it was " very easy to prophesy after th« events h id occurred.'' This feeling pervaded the itu'eting of Thursday and there was an insistaiice for fuller information and spirilic statements from the President ami thosi: directors who were members of ihe Committee. ISnme of tin; speakers, stung by their losses and tlie lowering of Mm value of their .shares, were very Utter oil the past management that had brought the affairs of the 13ank to such a critical position, and Mr J. M. Clark and Mr Reader Wood in long and able speeches severely eritised the allusions and accusations of the Committee, protesting against the absence of specific charges of mismanagement and losses incurred by the late directors. A lively passage of arms took place between the President and Mr D. L, Murdoch with

reference to transactions about which reflections were cast upon the latter gentleman. Consequent on this discussion the President proceeded to give a few particulars in elucidation of the strictures contained in the report. From what fell from him it appears that the losses in the Auckland province amounted to £500,000, in the South Island £250,000 and in Adelaide and Sydney about £250,000 more, including the Holt defalcations. The President, at some length, proceeded to justify the action of the Committee and gave instances of what they considered improper transactions, advances to land companies and operations in connection with the Loan and Mercantile Agency, which,'viewed in the light of present circumstances, certainly bear a serious complexion. Great allowances, however, should be made for the immense changes that have come over the conditions of the colony Would those who have sat in judgment on the past have shown a better record had the direction of the Bank's affairs bten in their hands during the period referred to in the report ? There does seem to be a want of manliness in many of the paragraphs which reflected on the late directors and managers, for which, perhaps, even the Committee themselves may now have feelings of regret. No advantage can be gained by such ungenerous and serious reflections, or by threatening such extreme measures as impeaching the late directors. It will not bring back the lost capital to the Bank's coders. Our sympathies are with Mr Murdoch aud the late directorate, and we agree with him that it is no time for recriminations and vituperations. It should now be the duty of everyone to stand loyally by an institution wicli may be justly termed a thoroughly national one. The resolutions were all passed by the meeting without amendments, the shareholders being convinced that the course proposed in the Committee's report was the only one that could be adopted to replace the Bank on a firm, sound footing, and the writing off of three pounds per share and the calling up of fresh capital were unanimously agreed to.