1 It seemed to him to be, if anything,

I less called for; because the Directors, .without casting any reflection on the Shareholders' Committee, had reported to ' the shareholders that there was a con siderable deficiency in the earlier stages of the realisation, and had recommended that the control of the Bank be transferred to London, where the whole matter would be gone Into by a new and strong Board, who would be in a position to take effective measures to meet the necessities of the case, whatever these might be found to be." [Was not the position " essentially altered F At the April meeting my speech treated only of current business, and made no reference whatever to the globo accounts. No reference Indeed could then be made to these accounts, In the interests of all parties concerned, as ncgo ciations were then in progress with a view to aid the Bank—Mr Murray him self being on his way to London for this purpose. These deficits In the globo accounts only gruduallv became known and accumulated. Finally.it was not till July that the total of these globo deficits became ao serious that I thought it In cumbent upon mc to make the late Judge Gillies (the originator and Chairman of the Shareholders' Committee) fully acquainted with them, as affecting the Committee's report, and to ask his assistance and advice as to what should be done. See his last words, as quoted in my speech, that explanation must be made to the shareholder*. To talk of removing the Head Office to London Is only begging the question. The position is serious, and ought to be dealt wkh at once, on the spot. How long will it take the new London Board to make themselves fully acquainted with the state of affairs here, so as to be able to provide or suggest a remedy? From th 9 Chair man's speech too the inference is that the removal of the Head Office Is In some way connected with mc. My opinion has always been the same—th9t unless some substantial advantage by removal is obtained by the Bank, I am not in tavor of >*•] , ,_ i_ "He feared some shareholders would think that Mr Buckley had not shown such consideration for their interests, and, indeed, for larger Interests, as they were entitled to expect. 