BANK OF NEW ZEALAND.

Hawke's Bay Herald, Volume XXXIII, Issue 11096, 13 December 1898, Page 2

BANK OF NEW ZEALAND.

ELECTION OF DIEECTOES. MR KENNEDY SPEAKS OUT. [by telegraph.] Wellington, Monday. A special general meeting of the shareholders of the Bank of New Zealand was held this afternoon' for the purpose of eleoting 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 ohair. 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 he had great pleasure in supporting the eleotion of these 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 announced other well qualfiied gentlemen who could have stood for the office extended to them their cordial support, which rendered 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 interests of the shareholders. Mr Kennedy also returned thanks. He discriminated between the cordial support which had been extended to his colleage 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 thought he (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 him by Parliament. The direotors had been removed from office by Aot of Parliament without any fault being alleged against them, and he had no hesitation in challenging any charge againßt the direotors' management of the bank. If members of the Board thought anything oould be urged against them, they would not hava offered themselves for election. Mr Watson and himself accepted the responsibility of looking after the interests of the shareholders. 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 e£ such a dividend in the immediate future. If that legislation had not been passed a dividend would have 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 hold to the opinion that better members could not be scoured than those who at present had seats on the Board. People must be very jritical indeed if they wanted a oetter Board than they had had in the past. The election of other members of ;he Board, however, now rested with the Government of the day. The colony had guaranteed the bank at the time of the irisis, but the colony had put no money nto the bank, and it was the sharelolders' money that had been written town, and the colony no doubt had the ■iffht to say that until the deficit had >een paid off no dividends should be paid o shareholders. The question presented tself whether the shareholders were in ny better position than if the baak had [one under. He thought many of them rould have been better off if the lank had not been assisted by ho Government, for many of them iad to sacrince their everything in order o meet calls to assist to save the bank. t was the community generally which enefited largely by the bank being aved, and now that the hour of trouble ad passed there were people who mere ngratef ul enough not to acknowledge it Mr T. G. Macarthy explained that the ann of office of Mr William Booth and imself expired this month, and he took bis opportunity of thanking the shareolders for the confidence they had njoyed during the last four years. The usiness of- the bank had received the nremitting attention of the directs, and he askod shareholders to ompare tho position of the institution ow and its condition when ho and Mr iooth first took oflico. It was in a very ifferent position now. In the unavoidble absence of Mr Booth he would not u-ry out the intention he had formed of if erring fully to the state of the bank's usiness. A hearty vote of thanka was passed to Messrs Booth, Maoarthy, and the Hon. x Johnston, the retiring direotors. This conoludod the b.usiness. LWm Complaint nna Pilos cured by Do Win. nsxjiuj. p nco la 6u» Sprains Cuts, Burns, Wponda, or Swelliom red wilh De Winton's LlnimnnL >rin« B^a"