Bank of New Zealand.

Feilding Star, Volume XVII, Issue 121, 20 November 1895, Page 2

Bank of New Zealand.

[Per Press Association] Wellington, Nov. 19. A special general meeting of shareholders of the Bank of New Zealand was held this afternoon, for the purpose of altering the deed of settlement of tbe Bank so as to make it conform to the provisions of the Bank of New Zealand and Banking Act, 1895. Mr Watson, president, moved a motiou to that eflect. A hostile amendment was put and lost by 17,551 to 4349 votes, and the motion was carried. Later. Mr Watson, President of the Bank said the Board had learned with regret that some unknown person or persons had sent circulars to the shareholders, asking for proxies to be used in opposing the carrying of these alterations. There would hardly be any doubt in the mind of anyone that had the directors in the first instance, and without taking any steps to obtain the assistance of the Legislature, made public the actual state of affairs found by them after balancing accounts at 31st March last, the Bank would have had to stop payment, aud probably to wind up its affairs. It had been a noble feature of the politics of all English-speaking countries, that when pubhc dangers had threatened, the members of the Legislature had risen superior to the considerations of Party. That was the case in the crisis which fell to the New Zealand Legislature to deal with, last session. The leader of the Opposition, and several of his followers in Parliament, were as earnest in supporting the banking measures as was the Premier of the Colony and others on the Ministerial side. In the Upper House there were only four dissentients to the measure, and it might therefore be said that the Parliament of the colony on that occasion had put aside all Party spirit, and acted after due deliberation in a manner which appeared to them best in the interests of the colony. The Legislature, by contributing fresh capital to the Bank, and separating from the Bank the landed properties in New Zealand, had enabled provision to be made for all bad and doubtful debts ; they had strengthened and established tbe BanJi's credit, and placed it, aa regards facilities for tb© transaction of business, in a position equal if not superior to that occupied by any other Bank. Mr R. Allen (Nelson) moved as an amendment " That, in the opinion of the shareholders it is not desirable to alter the deed of settlement in the manner proposed." He said the alteration meant that they were giving into the hauds of one man, the sole control of the institution, and they would be for ever prevented from having any voice in its management. Mr Paul Coffey (Wellington) stronply supported the amendment. He said the colony did not stand in the slightest danger from the Bank of New Zealand. It was the poor unfortunate shareholders who were losing every penny of the money. In reply to Mr Coffey, Mr Watson said none of the Colonial Bank staff had been provided with positions in the Bank of New Zealand except where it was absolutely necessary. Mr B. Hallenstein spoke very hopefnlly of tho prospects of the Bank of New Zealand and of the Colony.