THE BANK OF NEW ZEALAND.
fBT Eleotb:o Tkleobafh.—Copyright.! [SPECIAL TO P&8B8 ASSOCIATION,] LONDON, October 28.
The non-payment of a dividend oaused a sensation among English shareholders, ( The shares fell L2, and New Zealand stook also suffered, '''' " LONDON, October 30. (Received Ootober 81.11887, at 2 a.m.] The 'Financial News,' referring- to the Bank of New Zealand's affairs, states that the Bank is the' centre and mainspring of a class dangerous to finance, and the tool of Ministers like Sir J. Vogel, in wild extravagance and reckless expenditure, which overwhelms the Colony with debt. The ' Statist' says that it is desirable that shareholders should know how much the bank has lost, and how. The ' Economist' considers that the directors of the bank were quite right in not declaring a dividend when the profits did not warrant it. (Received Ootober 81, 1887, atl2 80p.tn;j
The failure of the Bank of New Zealand to pay a dividend has caused a fall of LI in the price of shares in the Bank of Australasia, Bank of New South Wales, and Union-Bank of Australia. the English, Scottish, and Australian* Bank also fell 10s.
The ' Financial News' says that the bank has assisted the speculations of a small group of log-rollers and political gamblers. Among the companies the bank is stated to have assisted' the 'News' mentions the Land and Mortgage Company,, the Loan and Mercantile Agency, Auckland Agricultural Society,' Weilington-Manawatu Railway, Waikato Land Company, and New Zealand Shipping Company. The ' News' further states that the suspension of the payment of a dividend forebodes a day of reckoning whioh New Zealand has contrived to defer until the present. It has been a spend? thrift Colony, and has reached the end of its profligate borrowing. It will now find it advisable to employ new methods of managing its finanoes and new men to control its political affairs. , , , ,
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Bibliographic details
Evening Star, Issue 7356, 31 October 1887, Page 2
Word Count
309THE BANK OF NEW ZEALAND. Evening Star, Issue 7356, 31 October 1887, Page 2
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