LeayiDg the " wretched past " the Committee go on to say that the Go vernment do not appear to have been anxious to appoint Mr Watson and that Mr McKenzie's appointment was made by the directors of the Bank of New Zealand to secure the good busineßß of tho Colonial Bank. Mr Seddon was consulted it is true, but he declined to advise, but sug gested that Mr McKenzie be tem porarily engaged. For the better future management of the Bank the Committee recommend that the directors be increased to eight, three being appointed by the shareholders, three by the Governor in Council, and one by each branch of the Legis lature, the chairman, who is to have the power of voto, being selected by the Governor in Council. The office of President, the Committee think, should be abolished. The Committee also are of opinion that the present law is insufficient to provide for banks and companies showing the exact position of their affairs in their bal ance sheets and that legislation should be introduced to further protect shareholders and the public. The Committee condemns the agree ments made by Mr Watson and Mr Butt with the Bank, and are of opinion that they should not have been made without the approval of the Government, and that Mr Butt's should be cancelled. In conclusion the Committee state that the true position of the Bank has b<sen dis closed, and that they are of opinion the bank with competent, expert and reliable management wili be able to meet all its engagements. "We sin cerely hope this opinion will be ful filled, and that the last has been heard of the disgraceful history of the in stitution whilst under the control of a set of harpies who made ducks and drakes of the shareholders' money and left their victims in many in stances penniless at a, time of life when they could not go into the world again to earn their subsistence.
