BANK OF NEW ZEALAND.

Auckland Star, Volume I, Issue 173, 29 July 1870, Page 2

BANK OF NEW ZEALAND.

MEETING OF PROPRIETORS. - li. accordance with advertisement, a general meeting' of the proprietors of the the Bank of New Zealand was held at noon to-day, at the company's banking house in Queen-street, for the purpose of considering the propriety of increasing the capital of the company by the creation and sale of new shares as provided by the 13th clause of the company's deed of settlement.

Thomas Russell, Esq., in the chair. There was a very numerous attendance of shareholders; the shares represented on the occasion by the holders or by proxy being 31,555. The chairman drew attention to the progress of the colony, its increase in trade and population, and the desirability of placing the bank in a position to meet the very large wants of the public. In the nine years since the establishment of the bank the population and imports of the colony had doubled, the exports trebled, and the amounts of cash deposits in the banks of the colony had also trebled. He moved a series of resolutions afflrmingthe desirability of giving power to increase the capital of the Bank to £1,000,000 sterling, which was seconded by James Williamson, Esq. It was moved by James Watt, Esq., that the increase should be limited to £100,000, and subsequently, that the premium on the new shares should be fixed at £5 instead of £3, both of which amendments lapsed for want of a seconder. The original resolutions, with certain verbal amendments suggested by Captain Daldy, were carried by a majority of 25,767 shares. It was announced by the Chairman that the difference between this number and the. 31,555 shares voting, was only in respect to the amount to which the capital should be raised.