BANK OF NEW ZEALAND.

Taranaki Daily News, Volume LV, Issue 271, 8 April 1913, Page 8

BANK OF NEW ZEALAND.

THE LONDON PROPOSALS. STATEMENT BY THE CHAIRMAN. By Tel egrapli—Press Association. Wellington, Monday. Regarding the London cablegram published on Saturday referring to the Bank of New Zealand, Mr. Beauchamp, in an interview with a Post reporter, said the 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 had not been sanctioned or even discussed by tha ' Board in New Zealand or the sub-board in London. Such being the case, Messrs. Kennedy and Watson, in the opinion of their colleagues, the Government nominees, and to his (Mr. Beauehamp's) mind, were attempting to put the cart before the horse. As to whether that was judicious or not must be left to others to say. Meanwhile he desired to Bay that, with the view of dealing with tbe £1,000,000 4 per cent, guaranteed stock which matures next year and of 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 tlie board which he trusted would be recognised as fair and equitable not only to the shareholders but to the public. Unless he was greatly mistaken, the Government would never agree to such a radical alteration in the constitution of the bank as outlined in Messrs. Kennedy and Watson's scheme. In his opinion there was no justification for such a demand. [Th cablegram referred to read as follows:—"At the meeting of the London shareholders of the Bank of New Zealand, to be held on April 8, resolutions will be proposed requesting the board to pay off the £1,000,000 debentures maturing in 1914 from the bank's own resources. Also, the shareholders claim to have the control restored to them, the Government having a minority on the board, hut retaining the appointment of auditors and the present veto, which equalises the control. The shareholders are prepared, when the board is reconstructed, to furnish £'2,000,000 capital, as required.]