BANK OF NEW ZEALAND.

Dominion, Volume 6, Issue 1717, 7 April 1913, Page 4

BANK OF NEW ZEALAND.

proposal to increase the CAPITAL. Interviewed concerning a cnblograul (printed oil Saturday) about a meeting of Hank of New Zealand shareholders in London, Mr. Harold Bcauclmnip (chairman of directors) staled 'that Mr. Martin Kennedy hail acted quite independently of the board of directors in convening tlio meeting'in London, and quite upon his own initiative.l A little later the board would deal with tho question of providing additional capital for tho bank, but so far no scheme had been considered In further explanation Mr. Beauchainp pointed out that Mr. Kennedy (now in London} and Mr. Watson, were the shareholders representatives on tho beard. Evidently these gentleman considered it necessary to consult their constituents, so to speak, to talco tho opinionss of shareholders as to tho terms upon which new capital should bo issued. Later on, he understood, there would bo' a private' meeting of • shareholders in Wellington, but this would not bs in any way under tho aegis of tho board. There had not been 'any trouble, Mr« Beauehamp stated in renly to a question, between tho sharebrokers' representatives and tlio nominees on tho board. It was simply as he said, that the shareholders representatives evidently considered it right to inlce the opinion of shareholders 011 tho question of increasing the capital of tho bank. It will bo remembered that Mr. Beauchamp only succeeded Mr. Kennedy as chairman of ithe bank 011 March 31 'Now that ho is in a position to act, Mr. Beau-' champ will bring down and submit to tho board very shortly a matured sohemo in regard to increasing tho capital. Authority by legislation will-have to no obtained before tho projected incrcaso in tho capitol of tho bank can bo inado.