THE BANK OF NEW ZEALAND.

King Country Chronicle, Volume VII, Issue 562, 26 April 1913, Page 5

THE BANK OF NEW ZEALAND.

QUESTION OF GOVERNMENT { CONTROL. I 1 An informal meeting of about '< twenty Auckland shareholders was i held in Auckland this week in the I Stock Exchange rooms to hear Mr : Wm. Watson on the matter of the pro- 1 posed new share issue and the State- ' guaranteed stock of £1,000,000, which will mature in July, 1914. Mr V. J. 1 Lamer presided. Mr Watson, who is one of the two repesentatives the shareholders have on the board of directors, referred to the past history of the bank and the crisis which necessitated the State coming to the aid of the institution. He voiced the opinion that at present the bank required neither guarantee nor monetary assistance. The recommendations of the shareholders' re presentatives were in accodance with the following unanimous resolutions of the British shareholders' meeting: —l. "That the Bank of New Zealand guaranteed stock should be paid off, and that upon the Government liability for the bank being cleared shareholders request that control of the bank should be restored to them by legislation, both classes of shares to be iepresente 3 on the board ot directors in proportion to the nominal capital, the Government of New Zealand retaining the appointment of auditor and the light of veto. 2. "That any new : ssue of capital shouid be made at par." It was no longer equitable, said Mr Watson, that the Government should nominate the majority of the board. The present position was unprecedented in business affairs. Mr Watson said he and hi 3 colleagues opposed the proposal that the first iams of new capital should be at a premium as it was important that the issue should be taken up freely. Mr Watson mentioned that he had told the Minister of Finance that it was intended to get the views of shareholders in various parts of the Dominion, «nd the Min* , ister had agreed to that being done. The meeting endorsed the London j resolutions, adding an opinion that \ the stock should be redeemed at t maturity—July, 1914. The whole proposals will come before a general meeting of the New Zealand shareholders to be held in . Wellington on July 4th next.