BANK OF NEW ZEALAND.

Poverty Bay Herald, Volume XLII, Issue 13714, 18 June 1915, Page 6

BANK OF NEW ZEALAND.

(Per Press. Association.) j WELLINGTON, tliis day. At the mating of shareholders of the Bank of New Zealand Mr Martin Kennedy seconded the adoption of the report and balance-sheet, .tie commented specially on the fact that the reserve fund had reached the two million mark. At ione time he 'was opposed to. the Government's boing permitted to take up shares in the bank. Circumstances haU made a radical change in his views in thia respect, and he was now prepared to admit that tho combination with the Government was -calculated to achieve the best results.' Mr S. lurkcaldie criticised the balance-sheet Vritl A particular reference to the failure of the directors to renew the one million guaranteed stock. I Mr Beauchamp, replying, said it would have been, bad ) business to pay 4 per i cent. . per annum for guaranteed stock when tlie ruling rate on the London market for money at short call amounted occasionally to onlv 1 per cent. Ihe wholo amount of the guaranteed stock could have been underwritten at 1 per cent., but the directors decided not to accept this and' proceeded bv negotiation with the holders to renew thc stock, £528,988 being renewed without cost to the. Bank. -.The- report was adopted.