SHAREHOLDERS AROUSED
EXCHANGE ON DIVIDENDS PROTEST FROM LARGE MEETING. APPEAL TO THE GOVERNMENT. By Telegraph.—Press Association. . Christchurch, Last Night. A Meeting of shareholders of the Bank of New South Wales was held at Christ-church-this afternoon, about*loo being present and several apologies being received with accompanying letters saying the writers would be willing, to support any action taken by the committee. The following resolution was carried: That {his meeting of Christchurch shareholders of the Bank of New South .Wales strongly protests against the action of the directors in their proposal to pay future dividends from Sydney, on the following grounds: (I) That the deed of settlement provides for payment of the dividend at the office of the local register, -which provision to the ordinary shareholder is obviously intended to ignore exchange differences; (2) the Bank of New South Wales is as regards its New Zealand capital and business really domiciled in New Zealand; (3) profits made from its New Zealand business would be available for payment of the quarterly dividends without any reductions; (4) the deduction of the present arbitrary rate of exchange of £lB 12s 8d would inflict on New Zealand shareholders a grave injustice, involving them collectively in no less a penalty than £15,092,034 per annum, based on a 9 per cent, dividend and the present rate of exchange.
A further resolution that a committee be appointed to draw up a request to the Government that it consult the Crown Law officers with a view to investigating and introducing a clause in the Companies Act compelling any companies trading in New Zealand and with New Zealand registers to pay their dividends in New Zealand currency, and also that the same committee take further steps to forward the protests passed at the meeting, was carried without dissent.
Dr. A. S. Sandston (convenor) and Messrs. George Gould, T. N. Gibbs, W. S. Newburgh, C. G. McKellar and J. D. Hall were elected the committee.
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Taranaki Daily News, 24 February 1931, Page 9
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323SHAREHOLDERS AROUSED Taranaki Daily News, 24 February 1931, Page 9
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