Bank of New Zealand.

Kaikoura Star, Volume XIV, Issue 753, 6 July 1894, Page 4

Bank of New Zealand.

LONDON, July 2

Financiers approve of Bank of New Zealand Share Guai antes Act, and consider it will greatly strengthen that institution, and virtually create a State Bank. If English shareholders are assured no call will be required the scheme may be regarded as successful.

Bankers and brokers approve of removal of head office to Wellington, but consider money can be easier obtained in London. In order, however, to properly understand the position the full text of the Act is required, as cable messages received are ambiguous, and the exact position cannot be understood. Old shares are quoted at £2 10s, new issue at £3 ss. Bank Now Zealand Directors do not approve of removal of head office, if it is intended to transfer it from London to Wellington. Times asserts that the Bank of New Zealand arrangement has been pending for last 3 months.

The Directors, after seeing Perceval, have cabled to New Zealand in favor of the proposals. They regard two millions as ample to meet needs. The authorities have decided to issue whole £2,000,000 of new capital. They are consulting- Perceval as to whether now or late in Autumn is like to be the most favorable time. In connection with Bu .k of New Zealand it is announced that when the conditions of Govt Guarantee are received London Board will arrange for immediate issue of ‘ A ’ shares.