BANK OF NEW ZEALAND.

New Zealand Mail, Issue 1189, 14 December 1894, Page 35

BANK OF NEW ZEALAND.

NEW CALL. A circular has been issued to the shareholders of the Bank of New Zealand by order of the Board of Directors, making a call of £3 6s 8d per share on all ordinary shares. The call will be payable by three instalments, at the office of the Bank in Wellington by shareholders on the Colonial Register, and at the office of the Bank in London by those on that Register. The first instalinent of <£l 2s will be payable on the Ist February, 1895, the second, of a like amount, on the Ist August, and the third of £1 2s 8d on the 25th November. The circular i 3 as follows : ' “Bank of New Zealand, “Wellington, 6th December, 1894. “ Dear Sir or Madam,—l enclose herewith notice of a call of £3 6s 8d per share of the reserve liability of shareholders, made in pursuance of clause 5 of the Bank of New Zealand Share Guarantee

Act, 1894. It i 3 considered necessary to the welfare of the Bank to call in and cancel one-half of the Bank of Now Zealand Estates Company 5£ per cent, debentures, amounting at present to <£1,500,000. “ The directors regret the necessity for this call, but they believe it to be in the true interests of the shareholders, and conducive to the success of the Bank. “ I am, &c., “ C. G. Andrews, . “ Acting-General Manager.” By Telegraph.—Press Association. — Copyright. London, December 7. The shareholders in the Bank of New Zealand threaten to combine to oppose the call just made by the directors. London, December 10. A shareholder and depositor in the Bank of New Zealand writes to the Timas, stating that he is advised that the call just made by the directors is illegal, and cannot be enforced either in England or the colonies if resisted. He urges the formation of a committee to watch the interests of the shareholders. London, December 11. The Financial News says it is useless for the Bank of .New Zealand shareholders to attempt to resist the call. Sydney, December 8. The Sydney Morning Herald says. the proposed call on the Bank of New Zealand shareholders has caused comparatively little comment in this city. . The Daily Telegraph thinks the call will impose some hardship, though it will relieve the Bank’s earnings somewhat materially.