THE BANK OF NEW ZEALAND.

Otago Daily Times, Issue 15788, 12 June 1913, Page 4

THE BANK OF NEW ZEALAND.

TO THE EDITOR. Sib,—The letter of "Shareholder" in your columns was so admirable that it deserves to bo specially noted, and tho writer deserves the thanks of all the shareholders m the Bank of Now Zealand. It is to be hoped that tho letter reaches the eye of the directors, of all members of Parliament, and of all who take an intelligent interest in t(io welfare of the \>ank. There is ono point of which much has been made by Sir Joseph Ward and many others, youreelf included,—viz., that many shareholders -bought their shares at a low price after the reconstruction, and so are already receiving handsome dividends, and that it' new capital is issued at par it amounts to giving these shareholders a gift. I grant some did buy cheaply, but many of the present day shareholders paid well for their shares, and then had to pay £6 13s 4d in calls and for years go without a dividend. All who have bought in recent years liavo bad to pay a pretty big figure, and many did this in tho reasonable hopo of reaping an adequate reward after 1914, when the loan should have been redeemed. Jf an investigation as to buying prices could bo made, I think it would bp found that a large, majority of five shareholders paid a substantial sum for their shares; and why tliev should now bo penalised because some, othei'6 were fortunate enough to buy cheaply surpassed) my comprehension. Surely nearly all the members of Parliament-, cxccpt tho extreme Socialistic once, will agree to tho shareholders' requisition that legislation bo passed enabling shareholders to raise the fresh capital in their own way. Even if this be done, many of us will not bo recouped for what wo lost in the reconstruction of tho "bank.—l am, etc., B. N. Z.