The Waikato Times AND THAMES VALLEY GAZETTE. Equal and exact justice to all men, Of whatsoever state or persuasion, religious or political. SATURDAY, OCTOBER 26, 1889.

Waikato Times, Volume XXXIII, Issue 2698, 26 October 1889, Page 2

The Waikato Times AND THAMES VALLEY GAZETTE. Equal and exact justice to all men, Of whatsoever state or persuasion, religious or political. SATURDAY, OCTOBER 26, 1889.

The declaration of a seven per cent dividend by the Bank of Neiv Zealand will, no doubt, be generally accepted as a good omen of the returning prosperity of the colony, and also of the improved condition of the institution under more prudent management. A large amount of bad debts has been cleared off the bank's books, by realising assets of a weak and doubtful character, whilst a large proportion of securities in real estate is under gradual liquidation, or held for the advent of a more favourable market. As a consequence of the startling report of the committee of investigation appointed by the shareholders a year ago, which exposed a good deal of over-confidence, and cast a large share of odium on the Auckland Board of Directors, it has been deemed desirable to transfer the control of the Bank's afiairs to London, and, acting on the power obtained from the colonial legislature last session, tho recommendation was made to the shareholders to authorise the change of head-quarters. Whilst to those who have a feeling towards the bank as an institution of purely colonial birth, and have watched the spread of its commercial ramifications to various parts of the world together with its increasing wealth, a sense of sorrow will be felt at the change of the locale of the directorate, on the other hand it will be the means of inspiring increased confidence in the bank when its business is directed by a Board in the great metropolis, against whom there can be no suspicion of favouritism. As regards the meeting which took place on Thursday, there can be but one opinion, and that is that the tone ic assumed, the serious statements that were made concerning the bank and, the personal recriminations indulged in will to some extent have a disquieting effect on the public mind. Mr Buckley, the late President, who was one of the Shareholders' Committee and presented the report of last year, on this occasion made a scries of grave charges, accompanied by particulars, against the directors. It is best, perhaps, to make no comments on the personalities indulged in. But, there is no doubt that his procedure in quietly disposing of all his shares as soon as he had obtained information which he considered unsatisfactory, places him under a heavy cloud, and will be difficult to meet with justification. Why did he not, at once, call the shareholders together and tell them what they had a right to know without loss of time? As to Mr Buckley's serious allegations, we think that the President's statement is a full and sufficient reply in itself. It is, however, evident that the bank requires prudent and very careful management to maintain its position and retain the hold on public confidence it has previously enjoyed. That it is intrinsically sound, no one will really dispute ; and that it will speedily overcome this temporary crisis in its history, no one can doubt. As the trade of the colony continues to recuperate at the rate it is now doing, breathing time will soon afford the bank an opportunity of dealing advantageously with the assets now held, and which are called the tjlolo accounts. The President, therefore, is justified in making the confident assurance that with careful nursing they will come out right.