BANK OF NEW ZEALAND.

Stratford Evening Post, Volume XXXV, Issue 76, 7 April 1913, Page 6

BANK OF NEW ZEALAND.

OPINION ON MR. KENNEDY’S SCHEME. [Per Press Association.] Wellington, April 7. Regarding' the London cablegram published on Saturday referring to the Bank of New Zealand, Mr Beauchamp, in an interview with a Post reporter, said that a meeting was convened by Mr Martin Kennedy, one of the representatives of the shareholders, to place his views and those of , his colleague, Mr Watson, before their principals, and the scheme to be submitted by Mr Kennedy bad not been sanctioned or even discussed by the Board in New Zealand or the subBoard in London. Such being the case, Mr Kennedy and Mr Watson, in the opinion of their colleagues, the Government nominees, and to his (Mr Beauchamp’s) mind were attempting to put the cart before the horse. As to whether that was judicious or not he left others to say. Meanwhile, he desired to say that with the view to dealing with the £1,000,000 four per cent guaranteed stock which matures next year, and seeking to obtain in the next session legislative authority to increase the capital of the bank, he would at an early date submit proposals. to the Board, which he trusted would be recognised as fair and equitable, not only to shareholders but to the public. Unless he was greatly mistaken, Parliament would never agree to such a radical alteration in the constitution of the bank as outlined by Messrs Kennedy and Watson’s scheme. In his opinion there was no justification for such a demand.