NORTHERN OPINION.

Dominion, Volume 6, Issue 1853, 12 September 1913, Page 5

NORTHERN OPINION.

AUCKLAND MEETING. (By Motrro,pli—Pr«6fl AEeoaitttion.) Auckland, September 11. A meeting of shareholders of tho Bank of New Zealand was' held to-day to discuss tho Bill before tho House. Mr. V. 'J. Lamer submitted two schemes as being more acceptable than tho provisions of tho Bill. The first was in the nature of a compromise, providing for tho issuo to tho Stato for casta of 25,000 mew B preferencp shares of £6 13s. 4d. at 50. per ceni. premium, these to rank equally with ordinary shares for tho calling up of the existing liability of £3 6s. Bd. in, tho present issue of ordinary shares, and for the issuo to ordinary shareholders of 50,000 new ordinary shares of £6 13s. 4d. at a premium of 50 per cent. "There is, however," said Mr. Larnor, "another courso quite practicable and prcsonting no great difficulty. That is, that the Government should buy out the shareholders as at March 31 next on valuation of interests as shown by the figures of the balai&c-sheet ott that date." Mr. Larrter then moved tho following resolutions, which were unanimously carried: —"(1) That tho proposals of the Bank of New Zealand Bill constitute a gra.vo infringement of the' rights of tho shareholders, and tho meeting instructs the Wellington Committoo of shareholders to opposo tho passing of tho Bill in its present form to the uttermost." "(2) That no new shares should bo issued while tho present liability' on ordinary Shares remains uncalled up, and that it is expedient that such liability be immediately c'Jlled up." "(3) That, failing a satisfactory modification of the. proposals in tho Bill being secured, the Government be invited to purchase the interests of tho ordinary shareholders at actuarial valuation." s Qn the motion of Mr. W. Colomaoi it was resolved: "That tho meeting approves of Mr. V. J. Lanier's report, and desires it to be sent to tho Wellington Committee along with tho scheme indicated therein for. favourahlo consideration."

The meeting received the convenor's proposals with tho utmost friendliness, and the only direction in which lie was asked to amend the motions was in re l -''J gard to conditions under which the Government would be asked to purchase tho interests of tho present shareholders. Mr. Lamer wished tJho purchase to bo made "on valuation of shareholders' interests, as shown by the figures of tho balance-sheet on Ma,rch 31 next, but not necessarily on the actuarial valuation, which he did not think would over bo agreed to." Tho meeting, however, was in favour of tho actuarial valuation, and this was embodied, in the resolution. In repjy to a shareholder who suggested that tho Government debentures, given in payment for hank shares, would bo negotiable, the chairman pointed out 'that, such securities fluctuated considerably in value. On one occasion in the past when , shares were bought with Government debentures tho bank lost £35,000 over tho transaction. Mr. A. Buttle said that of cour'so the shareholders; wished it understood that tnjy regarded a sale of shares to tho Government a<s tho very, last alternative. They did t mot want to sell their ; holdings in the bank, but they most urgently asked for fair and cquitablo treatment. '