BANK OF NEW ZEALAND.

Dominion, Volume 6, Issue 1731, 23 April 1913, Page 8

BANK OF NEW ZEALAND.

MEETING OP -AUCKLAND SHAREHOLDERS. ' (By Telegraph.—Press Association.) • Auckland, April 22. The meeting convened by Jlr. William "Watson,-Wellington, one of tho- shareholders' representatives on the directorate, was attciulid to-day by 20 of tho principal Auckland shareholders of the Bank of New Zealand. Mr. Watson' explained that he had been advised by Mr. ;Martin Kennedy, the other representative of tho shareholders, that the following resolution had been unanimously carried by a meeting of the British shareholders in London on April (1) That tho Bank of New Zealand guaranteed stock should bo paid off, anil that upon the Government liability for tho bank being cleared tho shareholders request that tlie control of tho bank should be restored to them by legislation, both classes of shares to bo represented on the board of directorate in proportion to the nominal capital, _ the Government of Now Zealand retaining the appointment of an auditor and the right of vel °- '• , . 1 ~ (2) That any new issue of capital should be made at par. A lengthy explanation was given by Mr. Watson regarding the present position of tho bank's affairs, lie said steps wero being taken to obtain tho opinion of shareholders in view of tho proposal to obtain legislative authority for tho issue of new capital, this being preliminary to a general meeting to -be held in AVellington on July i. Mr. AVatson described the present condition of the directorate as inequitable, and said tho bank no longer required a guarantee or monetary assistance. Ho also, explained that he and Mr. Kennedy opposed the suggestion that the first issuo of newcapital should be at a. premium, and said further sliarcs could bo issued to tho Stat© only to the disadvantage of shareholders. Tho Acting-Minister for Finance had agreed that it was advisable to ascertain tho views , of shareholders. The mooting passed resolutions affirming tho desirability of redeeming the guaranteed stock at maturity, and of carrying out the other proposals made by the London meeting. ,