BANK OF NEW ZEALAND.

Ashburton Guardian, Volume VII, Issue 1968, 12 October 1888, Page 2

BANK OF NEW ZEALAND.

BPEOIAL GiNUittAL M ETING. [PKR PRESS ASSOCIATION. 1 ( Auckland, October 11 A epeolal gen • r*l mating of the shareholders of the Bank o f New Zealand whs held at the banking houße, at 2 o'clock this afternoon. There was a large atten aooe of shareholder?, Mr fteorg* Backley presided. The chairman moved the following res >'u!on :—'♦ That £3 p9r share of the prosent paid-op capital of the bank be and the same Is heraby oancelled, Buch capital having boon lost, or being unrepresented by available assetc, and that thenceforth dividends shall be paid on eaoh shares as representing £7 eaoh, instead of £10 eiaoh. the original am vat thoresf, but such redaction shall not interfere with or m any way alter the liability of shareholders to contribute a farther sum of £10 as provided by the Bank's Act, and the deed of settlement, m the event of the aasets of the corporation being insufficient to meet Its engagements Mr 0. E. Button seconded the resolution.

Me Dingle, of Taranakl, orlticiaed the affairs of the bank unfavourably. He wanted to know if the Government had beon getting property 'tax on tho amount wbloh repreeented the bank's deficit.

Mr Ohorry thought that the shareholders nhould know more about the losses Buffered, including those amongst certain directors. Ho would propose as no amendment " that before agreeing co the proposal to write off £3 per share, equal to 46 1 per cent of tho aotual cash paid Into the bank by the shareholdera, it Is desirable that farther and more full information should be supplied. "

Messrs Ewlngtqn and Wai Ha also spoke on the nffilrs of tho bank.

Mr J. MoCoah Clark urged that the charges m tho report should have beon specified.

Mr Reader Wood crlilolaed the report unfavorably, and said that If the committee's report did not give sufficient information it was only due to the committee to confess that something more specific shou'd bo done In the matter than the passing of two formal resolutions,

The chairman replied to a letter written to the •' New Zealand Herald " by Dr Campbell, a former president of the bank. Be considered that Dr Campbell had been too eaey, and let things he done whloh he, perhaps, disapproved of. Ho read a minute from the bank's proceedings dated November 14th, 1882, as follows : — " It was reported to the board that after ooosulatlon with the majority of the board (he following reply had been sent ' The Patetere company must not be a failure at the last moment. Let Eioh make the neoeaaary subscription taking his guarantee irrespective of any guarantee here, which I am endeavoring to arrange.' This waft a cablegram which bad been sent to London. The chairman spoke very strongly as to the manner m whioh the bank 'a mon«y bad been spent m this instance. At the very last board meotlng money had to be advanced to pay a call of some thousands of pounds, or else lose everything. The chairman stated that legal proceedings would probably have to ba Instituted with reference to the transfer of certain shares to the London register.

Mr Cherry's amendment was lost by a large majority, and the resolution was oarrled.

The Chairman moved the following resolutions, whloh were oarrled unanimously .--• c That the directors be etapowered lo reo&ive ftom the shareholders willing to pay the same £3 per share to reinstate their shares to the original amount of £J.O per share, and on all shares bo reinstated to pay dividends on the original amonnt of auoh shares ; provided that euoh piyment to reinstate shares shall not render the shareholder liable to pay any farther or larger amount than he would have been llablo for if the sharet had remained at £10 eaoh as originally created "

11 That the several assets and accounts held for realisation, and outside tho category of what may be regarded as current business, be liquidated by the diroctors as speedily as may be, having regard to the advantagoous realisation thereof, and that m the meantime suoh assets be transferred to and held and treated m gloibo m a separate liqijidation account, and so as that the surplus m realising any one asset may be set against the deficiency m realising any other without passing euch surplus or deficiencies respectively through the ordinary profit and loss account. "

"That m dispobmg of new shares crotited and authorised to be issued by resolution of the special general meeting of proprietors, hold on the 3rd October last, the board of directors roay make it one of the conditions that payment for uuch new shares may bo made by such instalments as the board of direobtrs may think fit"

•'That Jhe directors are hereby requeHtod and empowered to apply to Parliamonb for statutory confirmation of the resolutions passed at tfyis meeting." Auckland, Ootobet 12. The Bank moating occupied all the afternoon yesterday, some warm speeches being made regarding the past management of the Bank All the resolutions submitted by the directors were ultimately carried without amendment.