BANK OF NEW ZEALAND.

King Country Chronicle, Volume VII, Issue 523, 4 December 1912, Page 5

BANK OF NEW ZEALAND.

HALF-YEARLY MEETING. FINANCIAL PROSPECTS. [by telegraph.—-press association'.] Wellington, This Day. At the half-yearly meeting of the Bank of New Zealand, Mr M. Kennedy, chairman, in his address, said Mr Watson, being the only candidate has been re-elected a director. A dividend at the rate of 6 per cent, had been declared. The hardening tendency of the money market had been accentuated and money to-day was exceedingly scarce. He thought there were signs of even greater stringency ahead, and in view of this th° board had been considering the advisability of increasing the bank's capital, for which legislatiun would probably be sought, also for renewing the million pounds guaranteed stock maturing eighteen months hence. The Dominion's trade appeared prosperous, and prices of staple products were highly satisfactory. Exports in the year ending September, 1912, showed an increase of £801,939 over the previous year, while imports showed an increase of £1,003,331. Owing to the general European unrest the London money market had been practically closed to us for the present, and it would probably be some time before loan propositions would meet with a favourable reception there. Mr Watson, after returning thanks for re-election, said the ordinary shareholders, allowing for capital and reserve liability paid up and written off, had paid in £2,733,473, so they were only receiving £2 14s lOd per cent., which was not sufficient. In Australia, when banks had passed though hard times, tney had been allowed ,to restore lost capital to sharehuldes, and the same should be done here. He thought guaranteed stock should be continued, and not redeemed, a3 the latter course might mean having to curtail good business.