The Interest the Directors

The stake of the directors in the bank [unclear: shou] strongly kept in mind, for, as I have [unclear: said] creditors have been paid, or will be paid, [unclear: and] far as I know, it has never been suggested—[unclear: a] indeed, it cannot be suggested—that one [unclear: pen] the bank's money was ever improperly [unclear: or] ruptly advanced to a director, or a [unclear: fr] of a director, or in any other way [unclear: w] soever. Put in another way, no [unclear: motive] be assigned for the action taken by the [unclear: direct] in the conduct of the bank's business [unclear: except] desire to make such business as profitable [unclear: as] sible to the shareholders, including [unclear: themsel] and this was in fact their only motive. [unclear: As] say at once that the business of the [unclear: bank] managed by the directors during the whole [unclear: t] I was on the board with absolute integrity of [unclear: p] pose, for the sole purpose of doing the very [unclear: t] possible for the shareholders. Mistakes of [unclear: ju] ment there may have been—no one is [unclear: exe] from error in this respect. It is easy [unclear: enough] be wise after the event, but anyone who [unclear: wis] to judge fairly must endeavour to place [unclear: him] in the circumstances under which the [unclear: dir] were called upon to act. It must be [unclear: bone] mind that the whole period from 1879—[unclear: the] or the failure of the City of Glasgow Bank—[unclear: to] date of the sale to the Bank of New [unclear: Zealand] one of continuous depreciation in values, [unclear: ma] at the end by the phenomenal bank [unclear: cris] Australia. The record of the failures and [unclear: to] structions during that time is so well known [unclear: t] I do not require to repeat it. Before going [unclear: fut] I shall show