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THE BANK OF NEW ZEALAND.

MEETING OF SHAREHOLDERS IN LONDON. [pee pbess association.] London, May 16. Major George, the colonial repre->* sentative of the Bank of New Zealand, has met with a favorable reception in financial circles. He is confident that if Mi 1 Hean reports favorably the management will be removed to London, and the prestige of the Bank gradually and completely restored. London, May 17. On the publication of Mr D. Hean's report on the position of the Bank of ISTew Zealand, shares fell three-quarters, but are now steadier. Latest quotations—Old shares £5, new £8. Lai'ge shareholders met at the Bank to-day, and it was agreed that it was desirable an immediate transfer of the head office to London should be made, and that additional strong names should be placed on.the London Board; also to write down the capital by the ascertained deficiency, and place the' surplus value of sites and premises in the colonies to the reserve fund. They also agreed that dividends should be confined to a moderate amount until a strong reserve fund had been formed, and that a.meeting of shareholders be called to elect a new Board when Mr B^ean returns to London. There was no .approach to a panic, and the Directors were prepared to meet any emergency. In an article on the report the "Standard" states that the banking business is still excellent, and asserts that most of the current profits for years has been swallowed up in efforts to cope with depreciating property. There seems to have been an error in the Press Association telegram regarding Mr Hean's report received on Friday night. We learn from the Bank authorities that the correct figures for the loss on the globo accounts and the surplus on the Bank premises are respectively £349,000 and £150,000. This, of course, puts the matter in a more favorable position.— "Press."

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http://paperspast.natlib.govt.nz/newspapers/AG18900520.2.6

Bibliographic details

THE BANK OF NEW ZEALAND., Ashburton Guardian, Volume VII, Issue 2434, 20 May 1890

Word Count
313

THE BANK OF NEW ZEALAND. Ashburton Guardian, Volume VII, Issue 2434, 20 May 1890

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