The Financial Outlook

Horowhenua Chronicle, 18 December 1913, Page 3

The Financial Outlook

TO-DAY'S ANNUAL MEETING. COMMENTS ON STRIKERS. The half-yearly meeting of the Bank of New Zealand is being held in Wellington to-day (Thursday). Mr Harold Beauchamp, Chairman of in the course of his speech, referred to the legislation regarding the bank passed this year. He said its salient features were that the four per cent, guaranteed stock maturing on 19th July next would be renewed for a further period of twenty years with the Government guarantee, and the board had authority, with the consent of the Minister of Finance, to raise new capital for the bank to the extent of £3,000,000. Of this sum, £1,000,000 is to be B Preference Shares, which the Government is to have the option to take up; and £2,000,000 to be ordinary shares, which the ordinary shareholders are to have the option to take up lu proportion to their existing holdings. Thus (continued the chairman) the new legislation lias satisfactorily defined and conserved the interests alike of the bank, the shareholders, and the State, and I congratulate you on this result of Parliamentary action. The board proposes to issue, as soon as convenient, one-fourth of Ihe £3,000,000 authorised, that is to say, £750,000, as follows: £250,000 in 37,000 B Preference shares of £0 13s 4cl each, to the Crown ; and £500,000 in 75,000 ordinary shares of £0 13s 4d each, to the ordinary shareholders, at a premium of 50 per cent, in each case. The B Preference shares will be offered to the Government in accordance with the provisions of the Statute. The 75.000 ordinary shares will be offered to the ordinary shareholders in the proportion of one new share for every two existing ordinary shares held, but no fractions of shares will be issued.