Bank of New Zealand.

Manawatu Herald, Volume XXVIII, Issue 3612, 19 December 1905, Page 2

Bank of New Zealand.

CONTINUED PROSPERITY.

Wellington, Dec. 15

At the half-yearly meeting of the Bank of New Zealand to-day, the chairman said the business done con- ; turned to show satisfactory expansion, and he had every reason to believe that when the accounts for the year were made up on die 31st March next, the results would prove entirely satisfactory. The colony was still enjoying a condition of great prosperity, and the markets for most of the products were in a healthy condition. The high prices for wool and dairy produce counteracted the drop in frozen meat. He congratulated the shareholders on the verv satisfactory results of the sale ■f forfeited shares. Originally 22,2x6 shares were forfeited owing to non payment of calls which the legislature directed to he sMd by public auction or tender. The first lot was offered in March, 1904, and sold at a little over £4 6s 8d per share. In October of the same year 5000 were sold .at £5 8s per share and werelargely over-subscribed. In December, 1904, 3000 more shares were offered and 7657 applied for, but the directors decided not to sell any under £5, and 1433 shares only were disposed of at an average oi £5 is 7d par share. In March last the balance of 13,783 was disposed of and was largely over subscribed. The average price realised was £6 2s 3d. The ne' result to the bank of the disposal of the forfeited shares is that the shareholders’ capital wid be restored to its full capital value of £500.000, while in addition a large sum of over £57,000 has been added to the reserve fix id in the shane of premiums received on the sale of forfeited shares. Since he had l ist addressed them he hid met the in onhers of the London Board of Directors and the chief officers of the branch, and he congratulated the shareholders on having such experienced and capable gentlemen in charge of that important branch. Mr Martin Ktmmdy was re-elected director without opposition.