INDIGNANT BHAREBROKERS.

Evening Post, Volume CXI, Issue 39, 16 February 1931, Page 12

INDIGNANT BHAREBROKERS.

Several Wellington sharebrokcrs in their [private opinion expressed to "The Post" Sip-day were indignant at the action which they held is apparently initiated by the CBank of New South Wales. Speaking unofficially, they concurred in (the opinion that, whatever the legal aspect cf the matter might be, it was an impolitic move of the bank of New South IWales to 'take advantage of the exchange position to put' Australian shareholders ion a better footing than those domiciled ;'m New Zealand. It was a rather different matter with respect to Australian companies, including banking companies, hav:lng no ' interests in New Zealand. The Bank of New South Wales, however, the [stockbrokers agreed, was x-egarded by the business people of New Zealand and its shareholders in the Dominion as a New Zealand : institution quite as much as an Australian concern, inasxnuch as its. business .here had been Jong established and is extensive in the Dominion; moreover, it has a New Zealand register of shareholders, and the sight to issue bank notes in New Zealand; therefore it has always been looked upon by the public of the Dominion as. a New Zealand institution. It is understood that protests additional to those of the Btock Exchanges against the deduction of exchange' from Australian bank dividends in companies doing business in New Zealand are. now being framed for presentation to the Government.