Bank of New Zealand.

Hastings Standard, Volume III, Issue 805, 13 December 1898, Page 3

Bank of New Zealand.

ELECTION OF DIRECTORS. [By Telegraph.] (Per Press Association.) Wellington, Monday. A special general meeting of the shareholders of the Bank of New Zealand was held this afternoon for the purpose of electing two directors in terms of clause 6 of the Bank of New Zealand Banking Act Amendment Act, 1898. There was only a moderate attendance. The President, Mr Watson, was voted to the chair. Mr George Allen moved the election of Messrs William Watson and Martin Kennedy, who had given the necessary notice of their candidature. Mr T. W. M'Kenzie, in seconding the motion, said be had great pleasure in supporting the election of those two gentlemen, who were thoroughly eligible for the office. He trusted they would look after the interests of the shareholders, and help them in every possible way.« They did not want undue assistance, and while they were naturally anxious to get dividends, they felt that the interests of the colony should be the first consideration. In this respect the shareholders of the bank were a most unselfish lot of men. The shareholders had now every chance of pulling through all right, and they only wanted their just rights. Motion carried unanimously. Mr Watson in returning thanks, said his election by the shareholders was especially gratifying to him at the present time. It might be thought that the election of Mr Kennedy and himself was due to the fact that no other persons were eligible for the position. This was not so, because when their candidature was aunounced other well-qualifidd gentlemen who could have stood for the office extended to them their cordial support, and a a contested election unnecessary. He thanked the shareholders (particularly those in New South Wales and other distant parts) who had sent him their proxies, and added that his best endeavors would be used in the interest of the shareholders. Mr Kennedy also returned thanks. He discriminated between the cordial support which had been extended to his colleague Mr Watson by the shareholders, and the support which he himself had received because he (Mr Kennedy) had taken very little active interest in the matter. Mr Watson's position was different to his own, and he thouglfc Mr Watson was warranted in seeking election by the shareholders to the Board of Directors after the want of confidence that had been expressed in hira by Parliament. The directors had been removed from office by Act of Parliament without any fault being alleged against them, and he had no hesitation in chnllepgitg way charge against the

| rectors' management of the bank. If members of the Board thought anything could be urged against them, they would not have offered themselves for election. Mr Watson and himself accepted the responsibility of looking after the interests of theshareI holders. He might say there was no conflict between the shareholders and the bank. Some time ago it was thought a dividend of 5 per cent would be paid to the shareholders, but the last legislation passed had removed any possibility of such a dividend in the immediate future. If that legislation had not been passed a dividend would Lave come to the shareholders, but the enactment with regard to the Assets Board rendered it impossible. He would be glad to see all his colleagues returned to the directorate, for he held to the opinion that better members could not be secured than those who at present had seats on the Board. People must be very critical indeed if they wanted a better board than they had had in the past. The election of other members of the Board, however, rested with the Government of the day. The colony had guaranteed the bank at the time of the crisis, but the colony had put no money into the Bank, and it was the shareholders money that had been written down, and the colony, no doubt, had the right to say that until the deficit had been paid qff, no dividend should be paid to shareholders. The question presented itself whether the shareholders were in any better position than if the bank had gone under. He thought many of them would have been better off if the bank had not been assisted by the Government, for many of them had to sacrifice their everything in order to meet calls to assist to save the bank. It was the community generally which benefited largely by the bank being saved, and now that the hour of trouble had passed there were people who were ungrateful enough not to acknowledge it. Mr T. G. Macarthy explained that the term of office of Mr William Booth and himself expired this month, and he took this opportunity of thanking the shareholders for the confidence they had enjoyed during the last four years. The business of the bank had received the unremitting attention of the directors, and he asked shareholders to compare the position of the institution now and its condition when he and Mr Booth first took office. It was in a very different position now. In the unavoidable absence of Mr Booth he would not carry out the resolution he had formed of referring fully to the state of the bank's business. A hearty vote of thanks was passed to Messrs Booth, Macarthy, and the Hon. Mr Johnston, the retiring directors.