BANK OF NEW ZEALAND.

Taranaki Herald, Volume LXIII, Issue 144709, 18 June 1915, Page 7

BANK OF NEW ZEALAND.

.ANNUAL MEETING. PER PRESS ASSOCIATION* ■WELLINGTON. Juno IS. At the annu il meeting of tho Dank of Now Zealand, held to-day, tho chairman road his report (which appears on paco 5) and moved its adoption. Mr. Martin Kennedy seconded tho adoption of tho report and balance shoot, dc commented specially an tho fact that tho reserve fund had reached the two million mark. At one time ho was opposed to the Government being permitted to take up shares in tho bank. Circumstances bad made a radical change in his views in this respect, and ho was new prepared to admit that tho combination with tho Oovorr.ment was calculated to achieve tho best results. . , , . Mr. S. Kirkoaldio criticised tho balance sheet with particular reference to tiie failure of iho directors to renew tho one million guaranteed stocky Air. Donuehnmp. replying, said it would hnvo been bad business to pay •1 per cent, per annum for guaranteed stock when the ruling rate on the London market for money at short call amounted occasionally to only 1 per cent. The whole amount of guaranteed stock could have been underwritten at 1 per cent., but the directors decided not to accept this, and proceeded by negotiation with holders to renew the stock. Of this £528.9?S was renewed without cost to the bank. Tiie report was adopted. [Xoic. —In the printed report of the chairman’s address tho reference to quarter’s Customs receipts should read; “The Customs revenue for the quarter is said to amount- to only £737.000 as against £935.000 for tho quarter ended March 31, 19U.”]