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BANK OF NEW ZEALAND

A SATISFACTORY YEAR SHAREHOLDERS WELL PLEASED CHAIRMAN'S REVIEW FINANCE AND OTHER QUESTIONS DISCUSSED

The ordinary general meeting of the proprietors of tie Bank of New Zealand was held at the Head Office of the bank yesterday morning. Mr. H. Beauchamp (chairman of directors) was in the chair, and all the other directorsMessrs. E. W. Kane, D. J. Nathan, W. Heece, J. H. Upton, and W. Watsonwere present. Also in attendance were Mr. W. Callender (General Manager) and Mr. B. M. Jifchfield (Chief Auditor). There were some forty shareholders present. Mr. Beanchamp, in moving the adoption of the report and 'balance-sheet, said:— "Sonio of the principal items in the balance-sheet exhibit considerable flue-, tuation compared with the figures of twelve months ago, end, in accordance with our usual custom, I will now refer briefly to these, Funds and Liabilities. "There is jio change in the capital of the bank. "The reserve fund, after the addition of .£72,858 12s. 9d. which the board proposes to mate from the year's profits, will stand at .£2,135,000. With, the sum proposed to be carried forward, namely, .£111,595, the reserve fund nnd undivided profits will amount to .£2,246,595. "To meet the currency \requiremente of the public and the military forces, a considerable expansion in our note circulation lias taken place, the increase for the year being .£697,502. An emergency issue' of ton shilling notes was made by the bank in August last to take the place of half-sovereigns, supplies of which could not be obtained. The issue has been of great service to the public, but the quality of the paper and tho style of tne note are not altogether satisfactory, and we hope shortly to be able to replace the issue with a note of a more suitable description. "Deposits (.£29,052,790), which include free fixed, and Government deposits, exhibit an increase of £5,496,114 on. the previous year's figures. I make special reference to this movement in another portion of my address. "Bills payable and other liabilities now stand at an increase of -£240,550 on tho figures at March 31, 1916. "Coin and cash balances are more by X 421.357, and now stand at .£5,914,979. Bullion (£119.562) is more by J38.909, and Government notes (.£159,331) are less ljy £2£222, as compared with the figures of a year ago. Notes of other banks (legal" tender)—,£46l,73")—is a new item, representing the bank's holding of other bank notes at March 31 in connection with settlement of exchanges. The increase in our cash reserves is a natural movement in view of our larger deposit liabilities and our increased note circulation. Money at call and short notice, Government securities and other sreurities in London, stand at increase of £2,746,027 for the year.

Money in London. "The funds received by tho bank in London in connection with the ealo of the Dominion's produce have been in excess of the amounts required ,for i)ho financing of imports to New Zealand and to meet drawings from this end, and, moreover, owing to prompt paymont by the Imperial Government under tho commandeering scheme, have eomo to account in London much earlier than under ordinary circumstances would have boon tho case. I may repeat what I said last year, that our surplus funds in London are profitably employed, principally by investment in short-dated British Government securities, and are readily available to us when required. Tho totals under this heading, together with the amount of bills receivable and invest-

S mehts in tho Dominion, are, I may men- | tion, equal to 65.G8 per cent, (or 13s. Id. I in the £) of the total liabilities of tho g bank to tho public. Investments. "Ml provision has been mado for depreciation in London investments, which have been written down to their market value- at March 31 last. "Bills receivable, in I,ondon and in ' transit (£672,147),- exhibit a. reduction of ,£2,907,928 on tho figures of twelve months ago. Tho main, products of tho Dominion have been parchnsed by tho New Zealand Government on bohulf of the Imperial authorities. No bills were drawn in eonuection with this produce—honco tho reduction in the amount of our bills receivable. "Investments in the Dominion stand at '£3,289,111, an increase of «£1,025,911, duo to tho taking up of .£2,000,000 of the Dominion's 1916 War Loan. Advances. "Bills discounted (,£1,250,721) show an increase of and other advances (£U,iBO,7&S) an increase of .£3,804-,634, as compared with tho figures of twelve months ago. Tlio largo increase in advances is partly caused by the temporary assistance- which we have given to meat companies and others in connection with produce commandeered by the Imperial Governmont, but not yet paid for, and partly by tho generally increased demand for extended accommodation consequent upoa existing trado conditions. The restriction of shipping owing to the submarine- menace—to which I refer moro fully in another portion of my addresslias delayed the shipment of produce to a very considerable extent: but ns our foodstuffs are needed in Great Britain, - we may look for every effort being mado to supply additional shippinir with as little delay as possible. Meantime, pend- : ing shipment of the produce and payment i therefor by the Imperial Government, we i are supporting the Dominion's industries, ' in the emergency that has arisen, to the fullest extent consistent with safety. Real Property. "Landed property, premises, etc., after the appropriation of .£50,000 made from profits, stand at .£450,812, as compared with JM41.866 at March 31, 3910. I may -mention that during the year tho opportunity occurred of acquiring the property adjoining our head office premises in Laiubton Quay. The board had pre. viously had under consideration the quos. tion of enlargement of our present building by the addition of another stoTV, but had deferred tho work until conclusion of the war. Tlio advantage, however, of obtaining additional frontage to Lambton Quay, and a building which could be easily adapted to our requirements, was so obvious that tho board decided to make tho purchase- in preference to proceeding with 1 the original plan for tho erection of another story. In addition to this outlay there have been, of course, somo necessary alterations to existing premises, and in a few eases the erection of new buildings, which had to bo undertaken to meet tho Teq-uirements of our business. These transactions explain why the appropriation of .£50,000 to the wriline-down of premises account has not resulted in the account showing reduction.

Profit nnd toss. "The net profits for tho year, after paying interest on guaranteed stock and making all necessary appropriation?, including provision for tho banks annual Rrant to tho provident fund (in addition to a. special donation of .£25,000 lo tho tod) as well as a bonus to the staff, and tie allocation of .£50,000 in.reduction, of bank premises and furniture accounts, fimounl: to -C365,18f1, as compared with ■£285,600 at March 31, 1918. This improved result is lnrgely due to tho much smaller appropriation required'this year for depreciation of our investments in London. Adding tho amount ■brought forward from last year (£aSJSi), and . deducting tho amount of interim dividend at 6 per cent, paid in December (£105,000), the

sum available for distribution is ,£3lG,!).t(. Tlio directors now propose to pay a further dividend of (! per cent, and bonus of 3 per cent, on ordinary and "B" preference- shares (milking 15 per cent, for the year), and a further i per cent, on "A" preference shares (milking 10 per cent, for the year). The distribution to shareholders will therefore amount to J!237,500 for the year. Of the balance remaining it i.s proposed to transfer -C 72.558 to the reserve fund and to carry forward .£111,595. The amount to be carried forward, you will observe, is considerably larger than usual. In view of the uncertainties regarding taxation, tho board considered it advisable to retain a substantial portion of the year s profits in this form. I may mention that rates and taxes' for tho year under review amounted to JC195.051, an increase of .£60,955 as compared \ ith the pronoun year—mainly due to note tax on our larger circulation, and to increased income taxes.

Board of Directors. "Mr. J. H. Tfjptoii and myself were the retiring Government nominees at March 31 last, and wo have been rcappointed for another term. Mr. E. W. Kane announced at the half-year meeting in December last that he would be a candidate for the vacancy in the shareholders' representation occasioned by the death of Mr. Martin Kennedy. He gave due notice of his candidature, and as no other nominations were received he became your elected director. I have now pleasure in declaring him duly elected. I congratulate shareholders upon having secured so efficient a representative. London Board. "The constitution of the London board remains the same, and the responsibilities devolving upon it are no less onerous now than they were at the opening; of the war. Our London business, during the troubled war years, has been conducted with foresight and judgment, and it gives us pleasure to express our appreciation of the services of those who have directed, and controlled our operations there throughout the trying period.

"Our male staff is being moro and more depleted by the withdrawal of men for military service, the number of our officers at present on leave for that purpose being 318. Tho greater part of these are receiving linlf-pay, the remainder (the London staff) full pay—with bonuses in each case as paid to the working staff. Tho pay sheet for these men for the year ended March 31 last totalled over .£26,500 —in itself a very substantial contribution by the bank to war funds.

'"I regret to say that 22 of our officers have lost their lives and 58 have been, wounded. Our deepest sympathy is extended to the relatives of both the dead and the wounded. Wo cannot see young lives thus suddenly cut short in their prime or blighted in their early promise by physical injuries from which they may never fully recover without feelings of the keenest regroh Tho fitting epitaph for those who liave made tho supremo sacrifice is 'Their duty nobly done.' "To compensate as far as possible for tho sliortago of our men we have continued the engagement of women clerks, wherever suitable, and at the prpsent time have 27S in the bank's service. Mos.t of them are proving quite capable in tho performance of tho work entrusted to them.

"To the whole staff, men and women, our thanks are due for loyal service, rendered under the trying conditions which have prevailed throughout the year. "I mentioned when last addressing you that tho board had'deeided' to pay n war bonus of 10 per cent, on salaries of mar-ried-men, and single men with dependants drawing not. more than .£SOO a year, to assist in meeting the increased cost of living. It has now been <lecided 'to continue this bonus for another year. As tho profits of tho bank at March 31 last warranted it, tho board paid a cash bonus of 5 per cent, on salaries to the officers who had been drawing tho monthly war bonus of 10 per cent.; we also paid a bonus of 10 per cent, on salaries to all officers (including women clerks and men on active service) who had not been drawing the 10 per cent, war bonus. Tho bonuses thus paid to the working staffmen and women—have totalled for the year ,£26,2(11, and to the men on military service JMO72. In addition to this tho annual salary revision has been mado fop both tho -working staff and those on military service. This revision involves increases in salaries amounting to over .£20,000.

"The board lwvo also talcon into consideration the financial position of tlio bank's provident fund for aged ftn<l disabled officers, nnd, for the purpose of strengthening it to meet prospective burdens that it may have to boar, havo donated ,£25,f10{) to the fund, in addition to the animal contribution.

"I think, therefore, that it will be admitted by even our most cautions critic that wo 'have not, during these trying times, been unmindful, of tho interests of our staff. I am sure, you will wholeheartedly approve of what we have done in recognition of tho nitrite of the hardworking and deserving body of men and women which constitute our staff.

"It gives mo pleasure to place on record that mmc of our men at the fronl have distinguished themselves. One officer— Captain E. N. Morpelh—has received tho Military Cross: another—Sergeant-Major floauchamp-lms won tho D.C.M.: and threo others— Sergeants L. TV H-artv- and H. V. Wilson and Privato N. L. Ingpen —have been awarded tho Military Medal.

Dominion's Trado Finurcs. "The prosperity in tho Dominion, to which I referred a year ago, continues, and is fully rejected in the abnormal excess of oxporlS over imports. Taking tho produce year, which ends on September 30, tho exports and imports (exclusive of specie) for tho past five years show the following movements:— Year ended Exccra of Sept. 311. Exports. Imports. Exports. 1911-12 ... 20,711,505 19,615,201 J ,009,301 1912-13 ... 23,(i52,416 22,868,351 811,062 1013-14 ... 23,750,317 21,056,384 2,702,003 1914-15 ... 20,710,'10-t 19,786,22-1 0,024,210 1915-16 ... 34,926,511 23,791,152 11,135,389 "In tho past two produce years tho excess of exports over imports has exceeded ,£21,000,01)0, or approximately X2l per head. In addition to this source of revenue wo havo the exceptional expenditure, of the Government for war purpose;. Tho cost of tho war to New Zealand is stated to bo. about a million sterling per month, and a substantial portion of this is spent within tho Dominion. Henco we find that everyone is more or less prosperous, and tho working classes havo nothing to complain of in this respect, t'or they are receiving full war wages. "It is instructive to cxamino tso Dominion's trade figures from another point, and for this purpose I tako the exports and imports (exclusive- of specie in both eases) for each of the past five calendar years. Tho figures are:— Calendar Excess of Year. Exports. Imports. Exports. F Jj Ji 1912 21,511,026 20,576,579 035,047 1913 22,810,363 21,653,632 1,1,16,731 MM 26,253,925 21,141,227 5,100,(198 1915 31,430,822 20.655.720 10,772,102 1910 33,281,057 25,015,103 8,235,654 "It will be noted that'tho excess of exports for 1016 is less by about ,£2,500,000 than the excess shown in the previous year. This is due to tho very largo increase iji the imports, and to tho only moderate expansion of tho exports. Since tho turn of the year the exports show a substantial decrease. The figures for the March, quarters amply demonstrate this, viz.:— March Excess of Quarter. Exports. Imports. Exports. 1916 13,212,584 5,637,'10fi 7,605,128 1017 10,495,737 U. 017,771 1,477,960 "The exports exhibit a. shrinkage of Jj»,716,8-J7, while tho imports show an increase of only ,£380,315. Tho decline in tho exports is probably wholly attributable to transport difficulties. J. ho produce is available for shipment, and the Dominion could, I have no doubt, furnish Full cargoes lor forty ocean earners at the present moment, if the vessels were available.

The Shipping Problem. "The eliipping problem id the greatest difficulty wo hnvc immediatoly lo face. I iieed not tell you that Hie trouble arises because of I ho indiscnmiii. ato and ume.strictod uht> ol submarines by the Germans, in violation of nil the la.ws of naval warfnre. Several of the vtwsols well knowii in New Zealand waters hiive fallen victims to German U-boats, notably I lie Eotorua and the Otaki, while the weekly shipping

losses of the Allies and neutrals total up a formidable tonnage. Ruthless submarining, which lias brought America to tho assistance of tho Allies, was begun on February 1, and the Teutons calculated on sinking 1,000,000 tons per month. As far as can bo ascertained from unofficial figures at no time since February 1 have the Germans (succeeded in their efforts, although a considerable tonnage has been lost. Tho net decrease in the. world's merchant tonnage in 191G is estimated lo 'have been only 200,000 tons, losses occasioned by tho war and by other means having been nearly made good by new construction. The loss of tonnage has been greater since, but against this must bo put tho fact that the entry of the United Stiles and Brazil into the war has made availablo about OOO.UUO tons of German shipping that was lying idle. Furthermore, most of the shipyards iii the Allied countries, including Japan, are working at high pressure building merchant vessels,'and it is reasonable to suppose that the losses through submarining will to a very large extent be made good. Wo havo also to bear in mind that the greatest scientists and naval experts in the Allied countries are focussing their attention on devising means for dealing with submarines, and, at any moment, we may learn that an effective method has been discovered. In the meanwhile, all must suffer, and Sew Zealand perhaps to a greater extent than others. "Tho matter of supreme importance at the moment is to supply, Britain, France, and Italy with foodstuffs and munitions. These call obviously be most expeditiously supplied by tho countries nearest at hand which, are able to produce them, li'or this reason, vessels engaged on long distance voyages are being withdrawn, wherever possible, and placed on tho shorter routes. AVe shall, therefore, probably continue for a timo to experience difficulty in exporting and importing. This w'ill, of course, cause, a material reduction in our trade figures, and react upon us in other ways. "We have also to consider the probable effect on primary industries of a continuance of tho present shortage of shipping facilities. We cannot pile up perishable produce in cold stores indefinitely, because there is a limit to the storage capacity; and, moreover, long-stored produce has a tendency to deteriorate. This constitutes a serious and perplexing problem. The best minds in the conntrv are, however, grappling with it, and everything that it. may 110 possible to do to relieve the situation will certainlv Lo done. "While on the subject of shipping, it may not be out of placo to refer to the sale of the Union Steam Ship Company of New Zealand, .Limited, to the Peninsula and Oriental Steam Navigation Company, Limited. The 'Red Funnel' Line lias taken such an important part in developing our coastal, intercolonial, and overseas trade that, on sentimental grounds if on no other, one cannot help expressing regret that its control should have passed from a New Zealand to a British company. The fusion, however, is only in accordance with the trendy of British-owned shipping, which, is uniting ita strength with the object, no doubt, of successfully competing after the war with the German-owned steamship lines po liberally subsidised by the German Government.

Imperial Purchases. "Not only havo high prices been, ruling, for produce, but our farmers have escaped all marketing worries, for tho Imperial Government, as I have already mentioned, has commandeered most of our produce, and lias paid full prices for all taken. It is interesting, for purposes of record, to state tlie volume, of the transactions in this respect. From the commencement of the commandeer, u l> to .lune 2, J917, tho Imperial Supplies Department in New Zealand had paid to producers tho huge sum of J?32,G21,59'J, niiido up as follows:—

Frozen meat (from March 8, 1915) 17,00G,32S Cheeso (from Nov. i, 1915) ... 3,522,081! AVool (from Dec. 1. lllllii 10,807,!)!'.) Scheelite (from Sept. 20, 1915) 'M.4-78 Sheepskins (from i'eb. 5, 1017) 139,0118 Hides (from March 19, 1917)... 118,193 Slipo wool (from March 31, 11)17) 817,194 Other items 130,303

J!32,(H1,5!19 "Besides thft products actually mentioned, the Imperial Government has control of the markets lor butter, hemp, billow, wheat, eugar, metals, etc.; indeed, it may be wifely said that practically all commercial products avo now under control. Agricultural Outlook. "The shortage of labour is likely to bo keenly i'elt next harvest, unless the available man power— unci also the womuu power—ot tho country avo organised. It is imperative that tho cuuutry should produce more foodstuffs, ami if all tho available land is put into cultivation (including cottage gardens) we should lfiiya more than sufficient to meet our requirements. It. is particularly essential that wo .should grow uioro cereals, as the present war lias emphasised tho importance of every country being, as far as practicable, self-supporting as regards food supplies. Efforts aro ■ being niatlo to overcome the shortago of breadslulfs, and farmers aro being encouraged to substantially increase their wheat acreages under a price guarantee which should leave tho growers with a reasonable profit, allowing for the increased cost of production. Rumors in Now Zealand havo always exhibited n praiseworthy patriotic spirit, and I havo no doubt tho appeal of the Government to produce more cereals will moot with a hearty response, particularly as cereals ai-o foodstuffs which suffer least of all by prolonged holding.

London Money Market.. 'following upon the successful issue of tho "British War Loan, camo a, temporary 'slump , in tho valuo of London money. The Bank of England reduced its rate, to 5 per cent., and London discount houses to •!.} per cent. The rate for day-to-day money fell a.s low as 2J per cent.; lending rates dropped all round, and prices of investment stocks advanced in sympathy. This was due- to the fact that the loan subscriptions placed the British Government in a. position, to redeem all maturing Treasury bills, and thus a largo amount of money was thrown upon the market seeking investment. Many of the British banks had borrowed heavily from the Bank of England to put themselves in a position to finance their customers' subscriptions to the War Loan, and as these advances by the Bank of England were fixwl for a term, they could not 1)b immediately repaid. It'is, however, not. to be cxnectpd that this position will last long, though there is no reason to anticipate a return to really dear London money in the near future. War Finance. "The advent of America into the war will appreciably ease the financial strain in Britain, for it is tho intention of President Wilson to assist Hib Allies financially, and already England. France and 'Italy have been handed substantial cheques.' and Bussin is also receiving help The huge 'Victory' Loan issued by the British Government, and which was a remarkable success, was insufficient to meet requirements, and limited' issues of Treasury Bills (by tender), bavin" currencies up to twelve months, were resumed late in March. The issue of 5 per cent. Exchequer Bonds, reliable April 1. 1022, or r.n October 1. Win. if desired by the holder, was also beiriin early in April, and still continues. "Some of the belligerents are not finding it easy lo raise money, and novel expedients aro being resorted to. llio Italian Government allowed subscribers lo their 5 per cent, loan, issued at 80, to pnv subscriptions in ™ntM and French Treasury Bills. The French flovernmeiit hns evolved a new form ot Treasury bond with a enrrfwy of five yoars from dole of '"tie. Tnterest is at the rate of r. per wnt. parable n,n f•p.irlv in -ulvnncp After twelve months have'elnpsod the holder may demand the. money, provided he consents to, forfeit three'months' interest. Tf the investor Main this security for the full term of five years he receives a bonus of 21 per ''"While in the subject of lnnns T mny mention that in Anril the Government of the Coni»'omveiiUli of Australia issued n Public W'>i'ks Loan in London for .£n.5f10.(100. The rate of interest was .1! per cent., the price of issue ,CnS nor cent., nnil the currencv of the bonds 3-1(1 years. T)phenlurcs of thn loan are convertible into 51 per cent, registered stock at any

iimo up to Juno 30, 1917. The issno is reported to havo been very successful, the underwriters being entirely relieved of their responsibility for full subscription.".

Motion Seconded. Mr. R. W. Kane, in seconding the motion, said: "The chairman in hid address having eo fully reviewed tho general position of the bank, there is little I can add. I wish, however, (o congratiic late shareholders upon another eatisi'actory year, which lias not only enabled the bank to maintain the usual dividend, but also to make, a material addition to its reserve funds. ... I desire to thank fhareholders for the compliment they have paid mo in electing me unopposed to the board. I take this opportunity to remind you that my present term "of office extends only for the umexpired period of the late Mr. Kennedys appointment, namely, to March 31 next. The seat then again becomes vacant, and a fresh election to fill it must lake place at tho half-yearly meeting to be held an December next. It is my intention to offer myself for re-election, and I trust 1 shall obtain a renewal of your confidence." Value of Buildinns. Mr. G. M. Kebbell spoke of the reference made by the chairman to the writing down of the bank's buildings and lauded property. In five years fiJO.COO had been written off, and yet the item stood at about the same amount in the balance-sheet. He very much doubted whether it would not bo wise to stow money away on some other item. Could an auditor say that the balance-sheet was fair when it was a fact that tlio premises were written down below their auction value? Ho congratulated Mr. Kane on his election to the board, and jocularly condoled with ''those two shareholders who had been in active training for the position for many years. ilr Beaucliamp said it was sound policy for all banks to get their premises written down. The Bank oi ingland owned a very valuable property in Tlireadneedlo Street, worth two or three millions, but no mention of it was made in the balance-sheet of the Bank of lingland. In this country and in Australia the policy of writing down premises was followed "by tho Bank of Australasia, the Union Bank, and by other institutions.

The War Loan. Hγ. John. Mill asked the chairman whether lie could give the shareholders any indication of the rate at which the next war loan would be issued. Mr. Beauchamp: I am sorry I have no information at ail under that head. Ilr. Mill said that the directors had done extremely well for the shareholders ami lie hoped they would continue to do their good work. When Mr. Bcaucliamp took the chair tho shares stood at ss. Tho shareholders were very much indebted to him and to the board lor their excellent conduct of the institution. Ho had hoped that this year he would havo been able to congratulate the chairman on something bettor, and many oi the shareholders thought the Government had forgotten him. Ho hoped tho Government would yet remember him, and also many other worthy men who deserved !i great deal more than they had received. He thought especially of the .Mayors of Auckland, Wellington, Christcliurcli, and Duncdin, who had given splendid service in tho past three years.

The motion was carried. Compliment to the Chairman. Mr. T. S. Weston said that the chairman had recently visited Camula, and while in -America had no doubt done much valuable work for the bank. Nothing towards tho chairman's travelling expenses had been paid by the bank, and ho thought tho shareholders should ask the directors to offer Mr. Beauchamp a sum of, say, .£2511. .The amount was small, but it would show that the shareholders appreciated the chairman's work on their behalf. Ho moved a resolution in theso terms. Mr. J. Mill seconded the motion. He said, also, that ho would very much like to 6ce the rate of remuneration to directors increased, tho Tate being very much below that allowed in the National Bank, and by other institutions.

Mr. G. Sl.' Kebbell asked whether the resolution was in order. Personally lie had no objection lo the, payment, but if such a motion was to bo put to the meeting the shareholders should have had notice of it. Several shareholders supported the motion, and Mr. .T. 11. Upton, who acted as chairman in the. absence of Mr. Boauchamp, was asked lo put it to the meeting. Mr. Upton said that he was in an embarrassing position. Tlii! directors would have been only too dad to have done this, but they had no power lo do it. Mr. Brauehamp must l>o very pleased to liear all the kind things said about him, and iilcased that the motion hail been moved. TJegavdiiis: the remuneration of directors he thought the. shareholders who had spoken were quite right in saying that it; was too low. There was. however, a great deal of- honour in tho position of director of the bank. When he took a position on tho board he did uot know that (hero were any fees which would allow him a profit over and above expenses. As to tho motion, ho was not sure that ho ought to put it, and ho would ask the meeting to accept an amendment of it. The meeting: must bear in mind that tho amount to bo paid to directors of tho bank was fixed by statute, and tho amount could bo altered only by Parliament. Mr. Wesion: Pay it a.s travelling expenses, sir. Jlr. Upton said that the question would still bo one of difficulty on which tho opinion of the solicitor would havo to bo taken. Ho submitted the motion in an amended form, recommending the directors, if tho payment «ould legally bo made, to pay to the chairman a. sum not exceeding ,£SOO. In this shape the- motion was agreed to unanimously. Mr. Beauchamp said he appreciated tho compliment very much, and he would not bo at all concerned whether lie received tho money or not. Concluding Business. Dr. C. Prendergast Knight moved a voto of thanks to the general manager and thn staff.—Tho motion was carried. Mr. Mill again asked tho chairman what shareholders could do to increase tho remuneration of the directors. . Mr. Beaucliamp said that if the meeting passed a resolution recommending tho Government to amend tho statute to provide for an increase in directors' fees, the question could then be considered by the Government. No such motion was moved, however. Dr. Knight then moved that the shareholders offer sympathy to thoso of (ho directors who had lost sons at the war, aud to the. relatives of tho members of the staff who had been killed or wounded on active service. The motion was affirmed bv the meeting.

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https://paperspast.natlib.govt.nz/newspapers/DOM19170623.2.57

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Dominion, Volume 10, Issue 3118, 23 June 1917, Page 7

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5,076

BANK OF NEW ZEALAND Dominion, Volume 10, Issue 3118, 23 June 1917, Page 7

BANK OF NEW ZEALAND Dominion, Volume 10, Issue 3118, 23 June 1917, Page 7

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