BANK OF NEW ZEALAND

Dominion, Volume 10, Issue 3138, 17 July 1917, Page 7

BANK OF NEW ZEALAND

Sir,—A wml; or two ueto you were good enough (o afford me space for Ibo publication of a. letter addressed by ine. to Air. John jMill, of Dtinedin, regarding a remark made by. him at tho annual general meeting of the lianlt of New Zealand, viz., "When Mr. lieauchamp took the. chair the shares wero rjiioted at five shillings (Ss.)." In the printed report of proceedings issued to shareholders, Mr. Mill is made to .say: "When Hi'. Beauohamp first took ollico as a director, Hie shares of tho bank (with a liability of £3 6s. Sd.) were of no value, and he himself had been offered live shillings (55.) per share to tako them off the holder's lmnds."

To say nothing of the reflection east upon your report, which is in accord with that given by your contemporaries, and tho. auditory faculties of those presont, I,have in my possession a Jotter from Mr. Mill in which thoro is no repudiation of tho reported remarks, and ho goes on to stato: "What. 1 meant to say was that the JJank of New Zealand shares were offered to mo (that is, vit tlie time of Air. iieauchamp's accession to tho chair) at five shillings below par, showing that tho bank was in a bad position when that was done." Shareholders will thorei'oro form their own conclusions as to the 'accuracy, in this respect, of the official record as issued to them in pamphlet shape.-—1 am, etc., .. A. MACINTOSH. Wellington, 12th July.