LETTERS TO THE EDITOR

Dominion, Volume 10, Issue 3121, 27 June 1917, Page 6

LETTERS TO THE EDITOR

BANK OF NEW. ZEALAND

Sir,—lf not unduly encroaching upon your space, I shall be obliged if you will kindly publish the enclosed correspondence, which explains itself.—l am, civ., A. MACINTOSH. Jims 23. [Enclosure.] Wellington, June 25, I'Jli. Dear 11 r. Mill,—l have had the pleasure of meeting you ou more' than one occasion, and tueielore have less hesitation than would have otherwise been, the case in writing you in reference to a remark made at the annual meeting of. ■the Bank of Neiv Zealand oil the ;2nd instant. By the Press account you are represented as saying, "When Air. Ilcauchamu: took the chair the shares stood at five shillings (as.)." This is entirely toiitrarv to fact. Had 1 been present I should have corrected you on the i>not, instead of approaching you now, and no dou.bt you would have appreciated suck action on my part. 1 retired from tho position of general manager m 1906. At least from out- to two years prior to Uuit tho shares were very considerably above oar, and Mr. Beauehamp did not become chairman • until 190/, so .that the. credit for the restoration of the shores to public favour is manifestly due cke"riw revived interest in the share* wna wholly owing to the payment m «02 of ,tho dividend then coml.t.onally permitted by the law, limited to fiveper cent, (o per cent.) per annum, and I say without fear of contrailiction that that payment marked tho turning point 11 U Uik» successful" career, by re-establishing itc dit as a sound concern irrespec Uvo on guarantee. It was advocated n [™°™™ present outstanding P 0?1 ' I(K ]' ~™'_ avo . _ PressU'ours taithfujb •• John Mill. fet-^Uu^L.