FINANCIAL LEGISLATION.

Dominion, Volume 6, Issue 1744, 8 May 1913, Page 5

FINANCIAL LEGISLATION.

THE BANK OF NEW ZEALAND.

The Prima Minister informed a Dominion reporter yesterday that some important banking legislation wouid be brought 'iowu .uuring tne coming session. me '. Government guarantee ..or tho Bank ot • New Zeaiand expires in Juls> 1014, and 'provision is to be mado lor its renewal.. The - Banking. Bill will also provido tor . tho issue ox additional shares by tlio ■ Bank of.' New Zeaiand. The Bill worntt • not'be introduced, Mr. Alassey stated, at ■the Beginning ot tho session. In irarnijjg .■ the necessary legislation he wouui consider the interests of the country _as a whole, apart altogether irom tits interests of shareholders; Until ho knew definitely anil in detail what the stareholders and directors of tho bank proposed he would not, be in a position to make the intentions of tho Government I 'addition to thejegislation dealing with the Bank- of New / Zealaild, Mi. Massey added, a privato Bill would J» introduced to give the Commercial Bank -of Australia which established branches ■ in New Zealand last year, power to issue ' B °Mr.' Harold Beauchamp, chairman of directors of tho . Bank of. New Z«a. ' told a • reporter last - evening that the ' board of directors had approved a scheme dealing with the renewal of the guaian- . tee, and with tho issue of new capital, and had forwarded it to tho Government. Tho amount of capital, which it was proposed to issuo and other details of the scheme, Mr.-Beaiichamp stated, could not yet bo, '. divulged. .• ' - .