THE BANK OF NEW ZEALAND.

Temuka Leader, Issue 1655, 3 November 1887, Page 1

THE BANK OF NEW ZEALAND.

London, Oct. 30. Bank of New Zealand shares are quoted at £lB to £ls. The failure of the Bank of New Zealand to pay a dividend caused a fall of £1 in the price of shares in the Bank of Australasia, Bank of New South Wales, and the Union Bank of Australia. Shares in the English Scottish and Australian Bank also fell 10s. The Financial News says :—“ The Bank has assisted the speculations of a small group of log-rollers and political gamblers.” Among the Companies the Bank is stated to have assisted, the News mentions the Land an! Mortgage Company, the Loan and Mercantile Agency, the Auckland Agricultural Society, the Wellington-Manawalu Railway, the Waikato Land Company, and the New Shipping Company. The News further states that the suspension of the payment of a dividend forebodes a day of reckoning which New Zealand has contrived to defer until the

present. It has been a spendthrift colony, and has now reached the end of its profligate borrowing. It will also find it advisable to employ new methods of managing finance and new men to control political affairs. Oct. 31. The readiness with which colonists purchased Bank of New Zealand shares has caused a strong rally in favor of the stock of that institution, and the latest quotation is £l6.