BANK OF NEW ZEALAND.

Otago Witness, Issue 1903, 24 July 1890, Page 15

BANK OF NEW ZEALAND.

THE LONDON BOARD ACCEPT THE MANAGEMENT.

BESIGNATION OF THE AUCKLAND DIREOTORS.

(Per Press Association.)

London, July 18.

The London Board have decided to accept the management of the Bank of New Zealand.

The Globo Assets Company will be floated independently as the Imperial and Colonial Real Estate and Finance Company, with a capital of a million and a-half in preference shares and a million ordinary. The bank will retain the ordinary shares. A million and a-half debentures are being issued as security for the globo assets. These debentures are issued at £95, and will be redeemable at £105 in 20 years, or at £103 at six months' notice.

The Times expresses the hope that by this means the tension will be relieved.

The greater portion of the required capital has already been underwritten.

Messrs D. H«an, J. A. Ewen (Sargood, Son, and Ewen), and Jaffrays have been appointed directors.

The Barings (one of the leading firms of city financiers) are satisfied of the solvency of the bank.

The monthly circular issued by Westgarth states that the New Zealand Estate Company has been formed, and will issue debentures at 5£ per cent. Other reports assert that the prospectus is not finally settled, and that the debentures will be finally isued at 5 per cent. The Times saj s that the floating of the Assets Company has removed any feeling of anxiety regarding the future of the Bank of New Zealand. Major George^ joins the board of the Assets Company on behalf of the bank. July 19.

The Assets Company will be known as the New Zealand Estate Company. Everything is expected to be arranged early in the week.

The purchase will be £3,171,993, the exact amount of Mr Hean's ascertained valuations.

The directors are Mr Jaffrays (chairman), Messrs Hean, J. A. Ewen, Rome, and Major George. The bankers are Messrs Glynn, Mills, Currie, and Co,, and the Bank of New Zealand.

July 21.

The New Zealand Estates Company will be issued on Wednesday. The trustees are Sir John Gorst, Baron Schroder, and Lord Thynne. The articles of association will be signed on Tuesday. One million and a-half 5£ per cent, debentures will be offered at 95, redeemable in 20 years, and if sooner at 105. Preference and ordinary shares are retained for the Bank of New Zealand. None of the debentures are now obtainable under par. The globo assets will yield a revenue of £117,000.

A meeting of shareholders of the Bank of New Zealand will be held on August 28.

(Peb United Pbebs Association.)

Auckland, Jniy 21. The Board of Direotors of the Bank of NewZealand in the colony have resigned, arrangements for transfer of head office and general management of the bank to London having been completed.