TELEGRAMS.

Horowhenua Chronicle, 24 April 1913, Page 3

TELEGRAMS.

fPHB PUr. ASBOCIATIOH.]

H.M.S. NEW

ZEALAND

WELLINGTON. This Day. HJI..S. Sew Zealand left AVellington shortly after 8 o'clock this morning fcr Napier. On the trip the warship will indulge in torpedo running and gun practice.

BA'N'K OF NEW ZEALAND

WELLINGTON. This Day

Mr ißoaucbamp, chairman of the Jknk of New Zealand, says, with reference to the statement attributed to Mr Watson, at Auckland, "That he and his colleagues were Opposed to the suggestion that the first issue of the new capital should "be at a premium. I think it is my fluty to say. at once, that no such opinion has been expressed by Mr Watson's colleagues. Tt is pretty generally known that ho and Mr Martin Kennedy are the representatives of the shareholders only, and that they two maintain that any new shares crented by the bank should Be issued to the shareholders ■at par, but to prevent undue inflation in the value of the existing shares it would be well for the buyers to plainly understand that this view is not shared by the other members of the- Board, incuding myself. Saving regard to the earning power of the Bank, its large reserve, and its undivided profits, together with the value of its goodwill, T cannot conceive why Messrs Kennedy and "Watson should expect to carry such an inequitable and unbusinesslike proposition. Tf, as the. result of their advocacy, the shares were issued at par, which is the height of improbability, it would be tantamount to presenting the existing scareholders with a bonus of approximately £6 13s 4d per share. That is. assuming that the new shares were called up to €3 8s fid. There is no justification for that in any scheme presented to Parliament for ratification. The interests of the Bank and State should unquestionably be paramount.

DEAD ON THE ROAD

NAPIER, This Day

The police have received intimation that William Austin, a shepherd., single, was run over on the PorangahaiL road by a motor car last night. TVhen picked up life was extinct. He was lying on tho road, and it is not known whether he was dead when the car ran over ihim.