THE NATIONAL BANK.
(Peb Pbess Association.)
London, June 30.
The proceedings at the meeting of shareholders of the National Bank of Kew Zealand to-day were of an animated character. The chairman, acting on the suggestion of some large shareholders, recommended that a strong committee should be appointed to investigate the position of ithe bank. - This suggestion was adopted by the meeting, together with all the board's proposals as to writing off 'capital,. calling _up .30s per share, and passing, the dividend. , In his speech the chairman admitted that errors of judgment had been made in the conduct of business, and attributed the losses to the depression, bad harvest, and the labour troubles. The bank was not in immediate want of money, but it was necessary to provide for debts which were clearly bad. The amount of these had not yet been fully ascertained. The suggestion that the bank should amalgamate with the Bank of New Zealand was impracticable, and the suspension of future dividends was regarded' as unwise. The call would be payable in instalments.
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Otago Witness, Issue 1949, 2 July 1891, Page 13
Word Count
175THE NATIONAL BANK. Otago Witness, Issue 1949, 2 July 1891, Page 13
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