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New Zealand Herald, Volume XXVIII, Issue 8541, 15 April 1891, Page 4

We give in another column a full report of the meeting of shareholders of the Bank of New Zealand, held in London on the 25th of February. As there are now no meetings in the colony, the proceedings at the meetings in London are the only means the shareholders here have of knowing how the institution stands, and the policy adopted by the directors. The chairman of the meeting was Mr. Richard H. Glynn, of the well-known banking firm, and the speech which he delivered is exceedingly clear, and covers the whole ground. There were no accounts to be laid before the meeting, and the chairman made a statement showing that in future the accounts would be laid before the shareholders in August. The accounts had been submitted to a wellknown firm, and it was found that a dividend might have been paid at the rate of six per cent, per annum. Mr. Glyn then states the circumstances connected with the selection of Mr.W. T. Holmes as general manager, and he expresses in the most forcible manner the indebtedness of the Bank to Mr. J. M. Butt, who for some time acted as general manager. Ho also thanks the gentlemen who had acted on the local Board, and lie states generally the reasons which actuated the directors in detenninining, for the present at least, not to appoint a local Board. Mr. Glyn then passes to the prospects of the Bank, saying that it could not be regarded in New Zealand as a '' foreign institution," but that it was the intention of the directors to continue the Bank "as a New Zealand Bank, and in the interests of New Zealand." Mr. Glyn warns the shareholders that for some time they must be content with moderate dividends, as it was the intention of the directors to devote a large proportion of the profits to the establishment of "a good substantial reserve fund." The chairman's speech will be exceedingly satisfactory to every person interested in the Bank and in the colony, and was approved by the meeting, Mr. Collins stating, amid applause, that they had " unlimited and implicit confidence in the Board as now constituted." It will be as well received in the colony, where we believe the shareholders are quite in accord with those in London, in desiring that the first object of the directors should be to make the Bank strong in its resources.