Bank of New Zealand.

Feilding Star, Volume XVII, Issue 60, 7 September 1895, Page 2

Bank of New Zealand.

MEETING OF SHAREHOLDERS. (Per i J ress Association). Wkllington, September 6. The motion for the adoption of repori and balance-sheet was carried. Major Messenger asked the definition of tbe goodwill of tbe Bank. What was the position of the 13auk shareholder ': It appeared to him that Government nov managed it. If the shareholders wisliec to wind up Government would not allow them to do so. Replying, the President said the goodwill was the revcrtionary interest iv tht whole Bank. Mr Blanchard made a severe attack or. the directors for not taking the share holders more into their confidence, anc refusing to divulge necessary informatior. to shareholders while they placed the position before a committee of those uol connected with the Bank. He stronglj opposed the Bill, declaring it iniquitous in the extreme. He challenged the di rectors to postpone the meeting until tho London shareholders had had an opportunity of considering tho receni legislation. If he bad the money he would apply to the Supreme Court tc place the Bank in liquidation. He strongly urged the shareholders not tc part with their rights, and spoke againsi tbeir handing proxies to directors. Mr Riley, of Dunedin, regretted Mi Blanchard's speech, and moved the following resolution, "That a hearty vote of thanks be accorded Parliament, and especially Government, for the assistance which they have rendered tbe Bank and colony as a whole ; and alsc for the consideration shown to the poorei shareholders in extending the calls over a lengthy period, and placing the Bant on a sound foundation." He commended the action of the directors on the steps they had taken to prevent the Bant closing. Had the Bank closed down, where there was now one man unemployed there would have been one hundred, as all industries would have been effected. Mr Tanner, solicitor, seconded the motion. Mr G. Allen said it would have been a very sad thing had the Bank closed, though personally he would not have cared had the institution been wound up. Mr Martin Kennedy, one of the directors, supported tbe motion and spoke favorably of the action of Government. In replying, Mr Riley said he was satisfied there was no bank trading in New Zealand in so impregnable a position as the Bank of New Zealand. i Tbe motion was carried almost unanimously. The meeting terminated with a vote of thanks tc tbe officers of tbe Bank.