BANK OF AUSTRALASIA.

New Zealand Herald, Volume L, Issue 15251, 14 March 1913, Page 5

BANK OF AUSTRALASIA.

INCREASE OF CAPITAL. j . i [from otna owx correspondent.] i London, February 5. « At a special meeting of the Bank of Aus- j tralasia, held two days ago, the share- i holders assented to the capital of the bank ] being increased from £1,600,000 to £2,000,000 by the creation of £400,000 of new capital, 1 divided into 10,000 shares of £40 each. ' The chairman (Mr. O. G. Hamilton) 1 moved the resolution, and this was seconded | by Sir Charles Fremantle. , Mr. Begg said that on-the last occasion J reference was made to the fact that the \ directors intended to issue to the existing 1 shareholders fractions of shares, and while s he approved that course he had failed to ( find in the deed of settlement any right to c do anything of the kind. He also asked J whether the directors would take into con- j sideration the question of reducing the .< value of the shares, under the charter, to a lower denomination than £40 per share. J In reply the Chairman said that under the * deed of settlement the proprietors had no ' "right" to any fractions of new shares, but i the directors were not prevented from " giving" them that advantage. As to the matter of the reduction of the value of the shares of the bank below £40 each, the , Court of Directors had carefully considered J the question, and they had come to the de- t oision that it would not bo in the interest I of the bank to .deal with the matter now. I In any circumstances, it would be a very 1 troublesome matter. . i Mr. Erskme asked whether the new c shares, when they were fully paid up, would rank for dividend equally with the existing ' shares of the company. •. ' { The Chairman said that the shares would l rank equally for dividend as from the month of April, 1914, but in the meantime c they would bear interest at. the rate of 5 % per cent, per annum upon the amount paid *■ up on them. The full particulars would be sent out to the shareholders, by circular in F The resolution was unanimously carried, f '■■--:;■; ''-'' '' ■ " -egg - \