Bank of New Zealand.

Wairarapa Daily Times, Volume IX, Issue 3027, 12 October 1888, Page 2

Bank of New Zealand.

Vi - ;J AyoKLAND,Octoberll; '.;,•: :. ;.;) A| specjal confirmatory meeting of 'V; - v the'proprietqrs of ..the Bank of, New ,; .:- Zealand 5 ■ was; held to-day' at''the" '';■'. banking-house, Queen street,v.There ,; : , ; :was'alargo'and :.';",..' aance. Mr George Buckley! president ."i ~ of• the,.Bqard;Of ; Directors, occupied : ■■'. •■; ;■ the cjiair,/,; •;.-. :■■.■ ~'.

; : iThVChairman moved," Tliat'iS peri share, of; -the,?presout ; paid-up capital of the batik'' bti, and the same is-hferoby; iqapital haying been,lost sen'ted |,by available' assets, and; that hduceforlh dividends shall be paid on suchi shares as representing '£7'eabh instead i'of dEIO- oacli, 'the-original Mount'thoreof;' but : sijolil reduction : shall-not inttoi'O with,'of in : 'a'uy .wayjilter the iiaHlity of shareholders tojcontributo a further sum of £lO as provided by the Banks Act and deed ot settlement' iu4he.-event -orVthe t .cieiiti'tblnieet its.engaigementsil'j-^.?;! " resolution; - iM ;: ll^i'll : f:' , -Mr Dingle 1 of r ;Tara\idla,yiii f aaea lengthy- speeoli criticising'the; jjffaifs of.tho Bank,- ;He the report'; he the bauk; and jhe have. auy confidence : a' question iesp eiptmg': ■ praperty^axpnid'-&y.^e :: last four years. The" Goneral Goveminent had, on the strength of the printed forms issued to everyone, really been paid Propcrty-tax for all this ( eubrmoua ; Buni : of money* Now of course there were only throe quarters 'ofa million, ■ Hecduld'not uridei;stand'how any institutiqn'c'ould live and prosper while it' paid such on enormous tax,! They wanted men of brain as managers. .The' Loan and Mercantile Company had taken the wheat, and left the chaff to the Bank of New .Zealand;'i v; ; ,Mr F, Cherry thought' there; wore sombthings the Committee .had iibt 'told themthat.they should havedefinite information about. They should bainformed'what were the securities, and What- they were,worth','--They had been "kept in the'dai'k too long about these things'; ' l liem6ved ; as dh amendment," That More agreeing to tho proposal to write oft tho JSBper share, equal to -16*1 per' cent, of ,tlie actual cash paid into the bauk by the shareholders, 'it is desirablo that further andmorq 1 full, informa-tion-should be supplied. Ho considered, it, monstrous that new shareholders should bo asked' to .comeiii at. par. / ■'•'• ■•;.•' :; •' ,: \ '• ' \ Mr J. M, Clark' stated his intention of voting:agaihst.itrio. amendment. [ He reviewed the, report at length.-.:-,. ■■ },'■■..[-■ ;.'

< Mr Redwood followed and argned ! that the Loan'arid Mercantile Coy, . had beeiva gain instead of a dojerip. ration to .the Bank.'- ■'-'- '..''' v '. I Tho President said that'the ComI niittod considered tlicir commission was closed. Nothing sot down in tho ■ report was passed; without maturo . consideration and full. discußsion. : Tho report was unanimous, and tho men whoso names woro appended tol it wero not nobodies or persons without'bxporience of affairs. • There wore representatives of all parts of tho colony who took up tho Bank when it was falliuc; to pieces, and they had already done mitch 'to rehabilitate it,' They therefore 'declinod'to;open controversy' with aiiypiio iiiilessthb state". ' mbntsin'tlic reports'wero challenged seriously. On : tlie -.other hand;- they considered thoy. bad 'claims' heard,by i; tho shareholders when they recommended,' in tho intcrestsrof a hank as a whole, that the matter now rests wiih the Board of birebtprs.tq 'take such further action hr togft'd'V' the past a'sniight seem proper.. : .;, A strong disduiSsioalook'plaw bePresident and Mr ID, L,\ 'Murdoet in respeot to Holt holding a dual position ;on the Bank and Loan . Obinpanybf which he was enabled to 'appropriate,£lo,ooo'of; the Bank's 'funds';" •■'■'•] , '. .- ■•-..• The resolution was '•tlien" adopted,' with one dissentient. '■' ;.. v : " >y ' ■'•'./'; The following resolution's were also agreed to— eni'i .powered to receive, from shareholders filling to pay )& same„ : £B per share 'W 'teinstato'! their shared to the' 'original amount of £lO por share, and:dn all shares so reinstated to'pay dividenels .on'the original amount of such shares, provided that siioh <pay.''i mont to: reinstate shares shall not'"' rendoivtho shareholder liable to pay any further or larger amount than, he'vvould have been: liable for if the 16 shave's had remained at £lO 'each as originally created. That the several - assets and accounts held'foV realisa- - tiori, and . outside the catagory of ■whaimay he ■ regarded:,as,,Qrdinaryand current ,^iiss^!fit|{aa|d' v by the.Directories bo, having tli6jdvania@6ous • realisation and | the j •: meantime 'suoh'assets^etteWfelTed^ { toandhe]d, : anultrltWlobfy' aseparate:;liquid,ilifc|uita|iS :spp that; : iaiay-be set aeficitaioy* in {.realising raiijK'MeivV: Without passing; siich surjr)liulbs" op

doßoienoios rcßpeotivelythVbUglr tlio'l profit and loss account, -. It was'also agroed that payment for tho now blimos bo mado by instalments, aiid thaUogißlativo sanction bo applied