BANK OF NEW ZEALAND.

Dominion, Volume 6, Issue 1695, 11 March 1913, Page 6

BANK OF NEW ZEALAND.

Sir,—lt is reported that-proposals havo been sent to Cabinet by tho Board of Directors of the bank in relation to the terms of the new issue of shares. It would be interesting to know when having tli-oso terms under., consideration, whether thk board guve a thought for the interests of the old shareholders. I write of old shareholders as holding shares prior to the year 1894. I venture to think that there has not been given one iota of consideration by those directors to ■ ascertain whether some differcntiaPtreatment could not be meted out to those old shareholders who may still be the holders of shares to-day. The reply would probably be given that it is impossible; and yet surely not impossible, but quite feasible." What would bp fairer an'd simpler than for those old shareholders who were tho holders of shares prior to 1891, and who are at the present time, still on the register, to[ have the right of taking up their quota of the new issue at par value. All other shareholders not on the register at that date to pay such premium as may. be determined upon. Surely it would only be a case of simple justice for the Parliament of this Dominion to allow those fihareholders ill the British Isles and in New Zealand,. who have so grievously suffered heavy loss by having a million and a half of the bank's capital completely written off, and, in addition, a further half-million called up. Where would those speculators in the bank's shares be to-day, many who bought their shares for a few shillings and some even paid, to take oyer shares, wore it not for the two millions extracted from tho pockets of the then shareholders? Thero are pitiful cases in England when homes were sold up and just sufficient found to pay tlie two calls of ,£3 Bs. Bd. per share, and to whom this privilege of being allowed to; take 1 up" their quota of the new issue at par value would bo an inestimable boon, and would "be their one and only chance of recouping themselves to some small extont for their disastrous losses in tho past: losses that were caused through no fault, of their, own making. Will the Premier, with his proud saying of "a fair deal to all," take this matter up and endeavour to extend to the old colonists of New Zealand, and to those residents of the British Isles, who were old shareholders in this bank, that modicum of justice and'right to which every fair-minded man will agree these Shareholders are entitled.—l am, etc., I TAMAR SCOTT.