BANK OF NEW ZEALAND.

Stratford Evening Post, Volume XXXIV, Issue 84, 4 December 1912, Page 5

BANK OF NEW ZEALAND.

♦ u HALF-YEARLY MEETING

(Per Press Association.) Wellington, December 4. At the half-yearling meeting of the Bank of . New Zealand to-day, Mr Kennedy (chairman) in his address, said that Mr Win. Watson, the only candidate, had been re-clected director. A dividend at the rate of six per cent, had been declared. The hardening tendency of the money market had been accentuated, rnd money to-day was exceedingly scarce. He thought there were signs of an even greater stringency ahead. In view of this the Board had been considering the advisability of increasing the Bank’s capital, for which legislation would probably be sought; also for renewing the million pounds guaranteed stock maturing in eighteen months hence. The Dominion’s trade appeared prosperous, and prices of staple products were highly satisfactory. Exports in the year ending September, 1912, showed an increase of £801,939 over the previous year, and imports showed an increase of £1,000,321. Owing to the general European unrest, the London money market has been practically closed to* us for the present and probably it would be sane time before loan propositions of any of our local bodies would meet a lavon ruble reception there. Mr Watson, after returning thanks for re-election, said the ordinary shareholders, allowing for capital and reserve liability paid up and written off, had paid in £2,733.173, so they wore only receiving £2 Ms Kid per cent. Such was not sufficient. In Australia,, when hanks had passed through had times, they had been allowed to restore lost capital to shareholders, and the same should he done here. He thought guaranteed stock should be continued, ami not redeemed, in the later course might mean having to curtail good business.