Colonial Bank of New Zealand.

Feilding Star, Volume XVII, Issue 113, 9 November 1895, Page 2

Colonial Bank of New Zealand.

(Per Press Association). Dunedin, Novr. 8. A general extraordinary meeting of the Colonial Bank shareholders was held this afternoon. It was attended by 80 shareholders. The Hon. Mr McLean, who presided, said they had met to consider the agreement for the sale of the business to the Bank of New Zealand. The^ contract did not give unmixed satisfaction to the directors, but it was the result of anxious and tedious negotiations and ein bodied the best terms procurable. With the exception of the C list, which had very liberal reserves by way of security, and consequently no great liability could attach to them, and ordinary drafts, «fee., the risk of liability was remote. The agreement was based on the last balance sheet, showing assets of £3,001,236 and liabilities of £2,516,256, the difference L 480.980, representing capital, reserve fund, etc. Every advauce had been subjected to the most searching investgation, first by inspecting officers of the Bank of New Zealand, subsequently by the Directors of the Bank and finally by the Government Auditor. The Directors had no doubt of the value of the business to the Bank of New Zealand. They had secured next to their own the largest exchange business in the Colony and an excellent advance business which they much required, and they had got a formidable rival out of the way. On the motion being put, only three hands were held ap against it. On a vote being taken the result was:— For motion, 134,551 ; against 6215.