BANK OF N.S.W.

Gisborne Times, Volume LXXII, Issue 11449, 25 February 1931, Page 7

BANK OF N.S.W.

DIVIDEND IN AUSTRALIAN

CURRENCY

PROTEST FROM DUNEDIN SHAREHOLDERS.

(Truss Association-?

DUNEDIN, Feb. 24. At a meeting of the Dunedin shareholders to-dav in tho Bank of New South Wales,“the following resolution was carried: “That this meeting of Dunedin shareholders of the Bank of New South Wales strongly protests against the action of the directors m their proposal to pay future.dividends in Australian currency, their reasons being (I) Tho Bank of New South Wales is, as regards its Now Zealand capital and business really domiciled in New Zealand; (2) The profits made from its New Zealand business would be available for tlio payment of quarterly dividends without any deductions;" (3) a deduction of present exchange rate would inflict upon New Zealand shareholders a grave injustice.” • • . The motion was carried unamnious-

ly. “ It was stated that- one of the reasons why the branch had so many Now Zealand shareholders was that it had a New Zealand register, and it was therefore believed that the 'dividends should be paid in New Zealand frc 0 of exchange. The following motion was carried unanimously: “That this meeting requests the "Chamber of Commerce to consider the advisability 7 of endeavouring to have a clause introduced into the Companies Act coin polling any company trading in New Zealand and with a" New Zealand register of shareholders, to pay 7 dividends m New Zealand currency; (2) and also the advisability ol a further clause being introduced into the Companies •\cf compelling any public company trading in New Zealand jind having shareholders -resident in New Zealand to issue scrip to New Zealand shareholders within six months ot its starting business.”

PAYMENT OF BAN It DIVIDENDS.

uTP.A. bv Eloc. Tel. Copyright} (Received Feb.. 24. 11.30 p.md SYDNEY, Feb. 24. r i'lie Bank of New South Wales has sent an official letter to New Zealand pointing out that the decision to pay its dividends in .New Zealand iu Australian currency is fortified by an eminent legal opinion hern.