BANK OF NEW ZEALAND..

Otago Daily Times, Issue 11301, 20 December 1898, Page 2

BANK OF NEW ZEALAND..

; .-. ",,. WELLINGTON; December 12...,. . ' A special general meeting of' the"' shar*' holtlcr3 of the Bahk;of New Zealand was held this afternoon for the nurpose of electing, two , directors in terms of " The Bank of New Zet land and Banking Act Amendment Aot, 1893." There was only; a., moderate - attendanoe; The president (Mr, Watson) was voted 'to the,chair. ; ~ ' . " ....,'.,

Mr Gebrge Allen moved the election of Mi William Watson and Mr Martin .Kennedy* who had given the necessary notice of .their candidature. ' ,

Mr T. W. Mackenzie, in oeconding.the niotioo, said he had great pleasure in supporting the1, electioii. of these two gentlemen, who were thoroughly eligible for the*' office.1 He trusted they-, would look after the. interestsof shareholders and help them in every pos; sible way. They did not; want undue assistance, and while they, were naturally anxioue to get dividends, theyfelt that the interests pi the colony should be the first consideratiorii In this respect sliaroholders of the bank wore a most unselfish lot of men. The shareholders hacl now every chance of pulling through all right, and. they only wanted iheir Just rights. The motion was carried unanimously.: •-.;

. Mr Watson; in, returning, thanks, said.- his election by the shareholders. was especially gratifying to him at the present time. It might bo thought" that the election of Mr Kennedy and himself was due to the fact that no other persons were eligible for the position^ • This was not so, because when. their candidature was announced, other well-quali-fied gentlemen who could have stood for office, extended to' them their cordial support, which rendered a contested election unnecessary. He thanked • the shareholders (particularly those in New South Wales and other distant parts) v/htf' liad sent him their: proxies, arid, added that his best endeavours would be used in the interests of the shareholders. . ... '

Sir Kennedy also returned thanks.. He discriminated between the cordial "support' which had been extended to his colleague. (Mr Watson) by shareholders and.thesunport which ho himself had received, because he (Mr Kenned.V) had taken very little active-interestI;iri tlio.matter. .Mr Wnlsdnls;position was different to his own, and he thought Mr Watson was warrantee! in seeking election by the shareholders to the board of-directors, alter the want of confidence that had been expressed in him by "Parliament." The ' directors had been removed from office bjr act of Parliament without any fault being alleged ..against thorn; and ho had no hesitation, in challenging any charge against the directors' management of the bank. If members of the board thought anything could be urged against them they. would not have offered themselvos for election. ; Mr Watson and himself accented-the, responsibility*of looking after the interests of shareholders. He miglit say there was no conflict between shareholders and the b'anlc. Some time ago it was thought a dividend of 5 per cent, would ,be paid to shareholders, but the last legislation passed had removed any possibility of such a division in the immediate future. -If that legislation had not.been passed; a dividend would. have come to the shareholders ', but the, enactment with regard 'to"the Assets Board rendered it impossible. He would be glad to ueo all bis colleagues' returned to the directorate, for-he held to the. opinion that bettor members; could not be secured than those who at present had_ seats, on the board. People must be very critical indeed if they wanted a better board than they had had in tlie past. ': The election ■of other members of the board, however, now: rested with the Government of tho day. The colony had guaranteed the bank, at the time of the crisis.-.but the.colony hadiput no moneyintp the bank, and it was the shareholders, money that had been written down." The" colony to) doubt had the'right to say that until .the Idefiell had been-raid-,0ff.,n0 dividends, should bo paid to shareholders. The question presented itself whether shareholders -were m any better position than if the bank had : gqnc under. He thought many. of. them would ; have been better off if the bank had not been assisted by the Government, for many, of thorn had to sacrifice:their everything in order,to meet calls to assist to save the bank. It .was. the community'generally which had benefited largely by the bank being saved, and. now ..that _ ■,the" hour of trouble had passed there were, people who wore ungrateful, enough not to acknowledge it.- : "' .• .'". ■ ■ , ■'■■ Mr T. G. Mabcarthy explained that-the ■term of office of Mr William Booth and. him-, self expired this month, and he took this opportunity of thanking shareholders, for .the , confidence. they had enjoyed during, the last four years. The business of the bank had re coived the unremitting attention of the direc* tors, and'he masked shareholders to.compare; .the position of . the, institution now and its condition when lib and.Mr Booth first took office;" It-was-in a very ■• different ponitibn npw. .In tho unavoidable absence, of Mr. Booth, ho would not carry.otitthb intention he . had formed^ of referfihgL<fiilly to the''state" of' ■the .bank's business.- ..:.:. C ■■.:';'!•' ;;-.;■:. ' A hearty,.- vote of thanks.. was passed. to „ Messrs" Booth and Maccartliy'and the 'Hon. Mr 'Johnston, the .thr.eo.,retinm> ;■••• dirnctpra.; ThiV concluded tha Biispheis. ;.<■' "', i ,;,. -. .■.,';;;•; "V;