BANK OF NEW ZEALAND.

New Zealand Herald, Volume XXV, Issue 9178, 6 October 1888, Page 5

BANK OF NEW ZEALAND.

THE COMMITTEE'S REPORT. EFFECT IN LONDON. DECLINE OF NEW ZEALAND STOCK. FAVOURABLE OPINIONS OF'' LONDON PRESS. [PRESS ASSOCIATION.] London, October 4. Bank of New Zealand shares are quoted at £10. The decline in New Zealand stock is due to the Bank of New Zealand disclosures, which have depressed the market. The Bank of New Zealand has issued a circular explaining the situation. The Standard thinks the Bank acted wisely in taking the bull by the horns. The Financial News urges that the inquiry should be extended to the companies known to be associated with the Bank. The Daily News, in referring to the Bank of New Zealand, says its losses *n two years amounted to nearly a million. The same paper says New Zealand is suffering from the overfinancing of a sanguine treasurer. Sydney, October 5. The report of the Committee of the Bank of New Zealand has been favourably received here. There are buyers of shares at £8, sellers £9. In addition to the remarks about the Bank of New Zealand which were quoted from the Wellington Post in yesterday's issue, that paper says :—" It would not be right to conclude our references to the Bank's affairs ■without- paying a meed of praise to the Committee for the thorough manner in which they appear to have conducted their arduous and unpleasant investigation, the frankness with which they have disclosed the secrets of the prisonhouse, and the boldness with which they have exposed wrong-doing in high places. To Mr. Murray, also, is due the very highest praise. It was his hand which first applied the brake, and arrested the downward course on which the Bank had entered, and was speeding. He interposed in the most intrepid manner, at great personal risk to himself, and we cannot but feel that it is very largely— mainly —due to his courage and honesty that New Zealand has been saved from a disaster."