BANK OF NEW ZEALAND.

Taranaki Daily News, 18 June 1921, Page 5

BANK OF NEW ZEALAND.

THE ANNUAL MEETING. DIVI DENps TO, SHAREHOLDERS, By Telegra ph—Press Association. Wellington, June 17. The annual meeting of the Bank oft* New Zealand was held to-day, Mr, Harold Beauchamp (chairman of direct- . ore) presiding. Mr. Beauchamp, in moving that thd report and balance-sheet be adopted, said if this resolution were affirmed, thas dividend —yiz., lj per cent, on preference ’ “A” shares, and 6| per cent, on prefetence “B” share*—making a distribution equivalent to 10 per cent, for the year upon each of those classes of teharee—and Is Od per share upon ordinary shares, making a distribution equivalent to 2s 8d per share for the year—will be payable in Wellington on June 18, and at branches on receipt of advice. Mr. R. W. Kann seconded the motion, and congratulated shareholders upon the satisfactory dividend and also upon the improved position of their holding* brought about by the recent legislation. He added that last December Mr. Watson rc-ferred to a possible issue of further capital. While the board ha* «<» far not considered this question, he desired to say that, should our busiuesa later on make this course desirable to maintain a strong finance, such further issue would be made in terms of the recent legislation both as to preference and ordinary shares and dividends declared thereon, in such proportion as i* thereby provided. The chairman, in reply to shareholders, said the question of raising fresh capital had never been considered by the board at all. This should be the people’s bank, and the prospect* in that direction were hopeful. The report and balance-sheet; were adopted. Votes of thanks were passed to the director* and the staff.