BANK OF NEW ZEALAND.

Stratford Evening Post, Volume XXXVII, Issue 10, 12 September 1913, Page 7

BANK OF NEW ZEALAND.

I MEETING OF SHAREHOLDERS. [Per Pkkss Association.] Wellington, September 11, A meeting of shareholders in tin Hank of New Zealand to-day discusser I the Hank of New Zealand Bill, Reso ; luti'jns were passed affirming that, see ing that the shareholders are owner, 'of two-thirds of the capital of tin JBanlc, an anomaly exists in the respective, representation of the share* holders and the Statu on the Board, land the meeting 13 of opinion that to 'secure reasonable representation the Br-ard sboiild be increased to eigh; ■members, of which the shareholders shall elect half j that in order to afford 'greater independence amongst the no.minee members of the Board, the term, of office oVtfour years; that .the existing liability of £3 6s 8d be called up gradually with the calls on the new !ordinary shares; that provision be mnde in the Bill for defining the rights of the proprietors at genera! j meetings so as to give them the I right of discussion and power to pass In resolution, always subject to th" ; Minister's power to veto; that the power of the Government auditor remain as at present; that right to vote at a meeting be granted to the Crown as regards new* shares issuable to it; that clause 5 of the Bill relating to tli" sinking fund he strongly protested 'against; that an amendment of: sec--1 tion 7 he made by the insertion;of words simiiar to those in section !) of the 190-3 Act:,that in view of the declaratory judgment of' the Supreme Court a feeling of insecurity and alarm has been aroused, and it is possible that further encroachment without regard to equitable considerations nun be attempted later on; and that, therefore, it is resolved that unless material modifications are agreed to , in the Bill the shareholders as a Whole j may prefer to surrender their holdings for such value as may be determined lon an actuarial basis, and this pro- ' posjil is put forward for the co.nsidera- ' tion of the Government.

I A CANTERBURY PROTEST.' j : ". T-RJ* Christclmrch, September 11. J A meeting of the Canterbury sharc- ' holders in the Bank of .New Zealand, I this afternoon, was presided over by Mr A. H. Turnbull, and represented 'SOOO shares in North Canterbury arid 13000 in South Canterbury. The meet>jiug unaniniou.sly adopted, the following j motion: That this meeting of shareholders ofpXew Zealand emphatically protests against the tenns.and. conditions «et- jfqrth. tlie the foj- [ lowing grounds: (1) that thereby no equitable representation is afforded to [shareholders; (2) that in common | equity to shareholders the GovernI'hient should accept payment of tht one million guaranteed debentures in July- mvx^ijiSjjorig-inaliy,.intended and provided, and that pulsion should j be, made .whereby, afyer ; ejuch payment |is x fomplGte ( d, the directors shall, J;j ,elecced or nominated jn proportionate the capital subscribed, the Government retaining the right ofjvpto pn, any policy measures, and suspensory power by its chief auditor; further, that the Government, having, been adequately rewarded for its,past assistance to tin? IBank,, is not fairly entitled to further 'interest in any fresh .capital issued.

AUCKLAND'S -PEOTEST. Auckland, September 11. A meeting of 'shareholders of tin Bank of New Zealand- was held to 'day to discuss the Bill before the Hoi;'e. • '■

Ths following resolutions wer< seconded and unanimously carried: ("That in the opinion of this meeting the proposals of the- Bank of Nov. Zealand will constitute a grave in fringement of the, rights of sharohokl i.ers, and this meeting instructs th Wellington committee of .shareholder; ,to oppose the passing of the Billi" its present form to its uttermost; thai in the opinion of this meeting no now shares should be issued while the pre sent liability on ordinary chares rr maim-; uncalled up, and' that it is expedient that such liability ' bo im mediately called up; that failing ; satisfactory modification of the pro posals in the Bill being secured, tin Government be invited to piirchasf the interests of the ordinary shareholders at actuarial valuation."' I 11.I 1 . was resolved : "That this meeting of shareholders approves of Mr V. .1. L.inrer'fi report, and desires- it to be along with the .scheme indicated therein for favorable consideration."