The Bank of New Zealand
[VEh PRESS ASSOCIATION.]
London, July 18. The London Board decided to accept the management of the Bank of New Zealand. A globo Company baa been floated independently of the Imperial and Colonial Real Estate and Finance Company. The capital consists of a million and a half in preference shares and a million ordinary. The Bank will retain the ordinary shares. A million and a half debentures are being issued as security for the globo assets. These debentures are issued at £95, redeemable at £105 in twenty years, or at £103 at six months' notice. " The Times " expresses the hope that by this means the tension will be relieved. The greater portion of the capital has already been underwritten. Messrs Mean, Ewan, and Jeffrey have been appointed Directors. Barings, one of the leading firms of financiers, are satisfied of the solvency of the \ Bank. The monthly circular issued by j Westgarth states that the New Zealand Estates Company has been formed, and will issue debentures at h\ per cent. Other reports assert the prospectus is not finally settled, and debentures will be finally issued at 5 per cent. London, July 19. The Assets Company will be known as the New Zealand Estate Company. Everything is expected to be arranged early in the week. The capital will be £3,170,993, the exact amobnt of Mr Hean's valuation. The Directors are Messrs Jafirays (Chairman), Hean, Ewen, Rome, and George; Bankers, Glyn, Mills, Currie and Co., and the Bank of New Zealand.
Auckland, July 21. The Board of Directors of the Bank of New Zealand in the colony have resigned, the arrangements for the transfer of the head office and general management of the Bank to London having been completed.
Permanent link to this item
The Bank of New Zealand, Ashburton Guardian, Volume VII, Issue 2471, 22 July 1890
The Bank of New Zealand Ashburton Guardian, Volume VII, Issue 2471, 22 July 1890
Using This Item
See our copyright guide for information on how you may use this title.