BANK OF NEW ZEALAND.

New Zealand Herald, Volume XLI, Issue 12478, 23 January 1904, Page 5

BANK OF NEW ZEALAND.

THE GUARANTEED STOCK. [BT TKLEGRAPH.OWN COBBESrONDEN'T.J Wellington, Friday. The Bank of New Zealand head office has received a cablegram from London to the effect that nearly £1,000,000 of the bank guaranteed four per cent, stock, falling due in July next, will be taken up again by tho present holders. Tho Bank of New Zealand Act of last session contained provisions for tho redemption of the four per

•• ut. guaranteed stock held in London by the issue of new capital stock. The oank was empowered to create and issue further capital stock to the extent of £1,000,000, having a currency not exceeding 10 years from July 19 next. The total amount of the guaranteed stock held in London was £2,C00, but it was decided that only £1,000.000 of this should be renewed, leaving the bank to pay oil tho other £1,000,000. Soon aftei the passing of the Act tiro holders of the stock were approached by u!ie> bank and invited to renew, with the result that practically one million has already been taken up, though the time for receiving applications do"s not expire till the 31st Inst. In. the present stringency of the London money market this result is regarded as eminently satisfactory to the bank and to the colony itself. The bank has already made provision for tho repayment in London of tho other £1,000,000, which it was decided should not be renewed.

The question .01 the appointment of ttie bank auditors will be considered by Cabinet in a few days. The salary is £1250 per annum, and there are a large number of applications for the position. Amongst the applicants for tho position, it is understood, there are one or two Bank of New Zealand officials.