BANK OF NEW ZEALAND.
(Continued from Page 2.) Wellington, June 19
Mr. W. Watson seconded the motion for the adoption of the report. In a speech endorsing the views of the chairman, he said he would stand for election on the directorate again in December.
Mr. John Mill congratulated Mr. Kennedy on his election as chairman, and on his good report of the year’s work.
A motion also approved of the board’s statement regarding the staff. It was said that the cost of living had gone, up, and the officers had to wear their Sunday clothes every day of the week.
The motion for the adoption of the report and balance-sheet was carried unanimously, and a vote of thanks was accorded to the board of directors and the staff.
In reply to shareholders regarding the bank’s obligation to the Government, Mr. Kennedy said that many shareholders were under the impression that the guarantee was money owing to the Government. It was nothing of the sort ; it was money due in London on guaranteed stock. Redemption would not put any more money in the coffers of the Government. Still, the question of renewal of the guarantee or paying it off bad to be dealt with. If paid off it would limit the bank's power of lending.
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Bibliographic details
Hawke's Bay Tribune, Volume II, Issue 157, 19 June 1912, Page 5
Word Count
215BANK OF NEW ZEALAND. Hawke's Bay Tribune, Volume II, Issue 157, 19 June 1912, Page 5
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