BANK OF NEW ZEALAND.
FUETHER FALL IN SHARES.
[special.]
London, October 30.
The failure of the Bank of New Zealand to pay a dividend for last half year has caused a fall in the shares and also in the shares of other colonial banks. Bank of New Zealand shares have had a further fall of M, and are now quoted The shares of the Bank of Australia, the Bank of New South Wales, and the Union Bank-Uso fell £i ; and the shares of the English and Scottish Bank fell 10s,
The " Financial News-" accuses the Bank of New Zealand of having arrested the speculations of a small group of log-rollers and political gamblers. Among the companies stated to have been assisted by the Bank the " News'' mentions the New Zealand Land and Mortgage Co., the Loan and Mercantile Agency, the Auckland Agricultural Society, the Manawatu Railway Co,, the Waikato Land Co., and the New Zealand Shipping Co.
The " News " further states that the suspension of the payment of a dividend by the Bank of New Zealand forebodes a day of reckoning. New Zealand had contrived to defer meeting this day for the present time.
It had been a spendthrift colony; but had now reached the end of its profligate borrowing, and will find it advisable to employ new methods of managing its finances, and new men to control its political affairs.
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Bibliographic details
Auckland Star, Volume XVIII, Issue 256, 31 October 1887, Page 8
Word Count
231BANK OF NEW ZEALAND. Auckland Star, Volume XVIII, Issue 256, 31 October 1887, Page 8
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