BANK OF NEW ZEALAND.

Taranaki Daily News, Volume LII, Issue 256, 4 December 1909, Page 2

BANK OF NEW ZEALAND.

BUILDING UP THE RESERVE. By Telegraph—Press Aisociatlon. Wellington, December 3. At the Bank of New Zealand meeting, Mr. Martin Kennedy took exception to the policy of not declaring tlic usual bonus of 2Vi per cent. Some people, die said, thought the Stats should have a larger slice in the Bant than it had got, and he considered it wag high time shareholders entered a protest against any action of the kind indicated. If the State must take more, let it carry its case before arbitration and pay the full earning power of the shares. The chairman emphasised the necessity of building up the reserve rapidly. lie expressed the opinion that higher bonuses should not be declared until the reserve reached one million. He was hopeful that by pursuing that policy they would not only be able to pay oil three millions when matiied, but to extend their operations without increasing their capital, and thug bar* ft larger earning power on the small capital, in proportion to the capital the Bank's trade was larger than that of any other Bank in Australasia, lie did not approve of going to Parliament for an increase of capital. The motion was adopted.