BANK OF NEW ZEALAND.

Ashburton Guardian, Volume VII, Issue 1826, 27 April 1888, Page 2

BANK OF NEW ZEALAND.

[per press assooiationJ. The committee appointed at the Bank of New Zealand meetiug yesterday to investigate the affair a of the bank have issued the following olroular to shareholders : — ''Auckland, 26th April, 1880. " Sir,-— ln case our appointment should create aneaalneaa In the mind of any shareholders, we think It well to state without delay that carefully compiled and certified returns prepared by the bank staff, Bapported where necessary by Independent valuations, and which we have examined, Batlsfy as ac to the soundness and stability of the bank. It ha« ample oash resources at command for all probable requirements and though its earning power ia for the present curtailed by the look-up of muoh of lta funds m assets which are for the time reproductive, these asßeln are mainly of a Bobstftntial oharaoter, and mast with tne progress of the oolODy soon recover the value whioh the prevailing depression baa tffaoted. We propose to exanvne the position more thoroughly, and to give mature consideration to such measures aa may seem best oaloalated to enable the bank to utilise the whole of ts reaourocs m developing its excellent and valuable buaineas. As this will Involve communication with distant parts, Borne time maat eUpsd before we are prepared with our reports aad recommendations. "(Signed) Thos. B. Gillies " Jno. blcdaau ♦••i.A Buckl67 »• Waltar W. Johnaton " W. a. Oolbeok,"