BANK OF NEW ZEALAND.

Stratford Evening Post, Volume XXXVI, Issue 49, 3 July 1913, Page 3

BANK OF NEW ZEALAND.

THE CHAIRMAN’S SCHEME. [Pek Press Association.] Wellington, July 3

The Chairman of the Bank of New Zealand brings forward a scheme in which it is proposed to issue new shares, as submitted to, but not yet considered by, the Government. It provides for a renewal of the State guaranteed stock of a million for twenty years, on condition that a sinking fund is established to pay off the amount at maturity. The new class of shares to bo created are to be called “B” preference shares of £6 13s -Id each, fully paid up, subject to no liability, and with no voting power, and to carry dividends as ordinary shares. Fresh capital is to be issued to the amount of one million, in one hundred and fifty thousand “B” preference shares, and, further, two millions in ordinary shares of £6 13s 4d each fully paid up, and subject to no liability. Authorised increases in the capital are to be made at the discretion of the Board with the approval of the Minister of Finance, ?u the proportion of one “B” preference share to two now ordinaries; priority of preference to be given in respect to the “B” shares, first fo the Crown and then to ordinary shareholders, in proportion to their holdings, and then to the general public. In respect to the new ordinary shares the existing shareholders come first and then the public. The proposed issue of onefourth of the whole amount is to be made, as soon as possible, and the premium is to bo fifty per cent., viz., £3 Cs Bd.