BANK NEW ZEALAND

Bay of Plenty Times, Volume XLI, Issue 5892, 4 December 1912, Page 5

BANK NEW ZEALAND

JLALF YEARIY NEETING

(Pel Press Association.)

Woliington, Dec !> At tho yeaily meetiug of the Bank of Now Z^alanl Mr K^nnfldy, the ohiuman, in his ad'iress said that Mr Wiu. Wats •»» w *s the only candidate f*» l»e ro-tiiecte;l a ttirwcior. A divi>;eu'i at >he rate of six percent had been declared* The hirdening ten «lem.:y of the ruonoy mnrkec had hei>n

accentualed, nnd cuohey today was exceedingly s^aic-i. Us thought there wpre signs of ev«n greater stringency ahead, aud iv view of this the Boar I

had been considering th«* Jidvisahility of inrroabing the bank's capital, for which legislation would probably be sought, also for renewing a million of

guaranteed stock, maturing pitfhteen

| months hence. The Dominion's trade 1 apprarpd-to be prosperous and piiws •f staple products weie highly satis factory. Exports in the year endiup S^prhuib *r 00, 1912, showed an increase of £801,939 over the previous year. Imp >rts showed an increase of £1.,003,30 l Owing to general European unrost the London money market had been poetically closed to us for the present and probably it would be some time before the loan proposi lions of any of our local bodies would mept with a favourable reception there Mi- Watson, after returtiiiig thanks for his reelection, said that ordinary shni'tiholdeis, allowing for capital ann 1 reserve liability paid up and written off, hid jihi.l in. £2 733,473 so that

they wureouly receiving £2 14s lOd per cent, which was not sufficient. In Au^truhit hliii the banks h«d p«Bsed through bad times they had been allowed to restore lost capital to the shareholders and the same should be done here. Ho thought the guaranteed stock should be continued and not redeemed, as the latter course might mean having to curtail good business