BANK OF NEW ZEALAND.

Hawera & Normanby Star, Volume LXXI, Issue LXII, 19 June 1912, Page 7

BANK OF NEW ZEALAND.

BJT TELEGRAPH—PRESS ASSOCIATION.

WELLINGTON, June 19. Mr W. Watson, who seconded the motion for the adoption of the report, in his speech endorsing the views of the chairman, said he would stand for election to the directorate again in December.

Mr John Mill congratulated Mr Kennedy on his election as chairman and the good report for the year's working. He also approved of the board's treatment of the staff, and said living had gone up and the officers had to wear their Sunday clothes every clay in the week.

The motion was adopted and the report and balance-sheet carried unanimously, and a vote of thanks was passed to the directors and staff.

In reply to a shareholder 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, but it was nothing of the sort; it was money due in London m guaranteed stock. Its redemption would not put any more money in the coffers of the Government. Still, the question of a renewal of the guarantee or paying it off had to be dealt with, but if it was paid off it would limit the bank's power of lending.