THE ESTATES COMPANY'S DEBENTURES.
In reference to the Bank of New Zealand Estates Company's application to the British investor to subscribe for £750,000 5 per cent, debentures at par, redeemable in 1904, ju3t twenty days before the £2,000,000 capital guaranteed to the Bank of New Zealand by the New Zealand Government, the prospectus stated:— •• Principal and interest are guaranteed by the Bank of New Zealand. Tho Bank of N«w Zealand hns a paid-up capital and reserve liability of shareholders amounting together to £2,400 000. It has a further capital of £2,000,000, guaranteed by the •New Zealand Government, which is repayable- on the 19th July, 1904, being a date subsequent to the maturity of the present issue. By the Bunk of New Zealand Share Guarantee Act, 1894, section 9, it is provided that the payment or satisfaction of the claims of all creditors of tho Bank shall rank in priority to the repayment to the Government of any rnouoya due in respect of such guarantee." This does not imply a Governmont guarantee, but it does meau that the Government is at the back of the issue.
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Bibliographic details
Press, Volume LII, Issue 9162, 20 July 1895, Page 7
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185THE ESTATES COMPANY'S DEBENTURES. Press, Volume LII, Issue 9162, 20 July 1895, Page 7
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