THE BANK OF NEW ZEALAND

Timaru Herald, Volume LXII, Issue 2888, 13 December 1898, Page 3

THE BANK OF NEW ZEALAND

» Per Press Association. WELLINGTON, December 12. There was only a moderate attendance at the special general meeting of shareholders of the Bank of New Zealand this afternoon for the purpose of electing two directors under the Act of last session. Mr William Watson and Mr Martin Kennedy, who had given the necessary notice ef their candidature, were unanimously elected. Mr Watson m returning thanks said that his election by the shareholders was especially gratifying to him at the present time. It might be thought that their election was due to the fact that they were the only persons eligible for election, but there were others eligible. Mr Kennedy also expressed his thanks. A vote of want of confidence m them had been passed on them by Parliament, but they challenged any one to show any reason for it. If any reflection could be thrown on them, he felt certain that no one member of the Board against whom it was thrown, would seek re-election. The interest of the shareholders and the colony m the bank should not and did not clash. It waß understood that the shareholders were to have a dividend, but the legislation passed had prevented this. He would be glad to see all the present directors of the bank returned to their positions. They could not get better members. Those who knew them would have to be very critical indeed if they wanted better, but the matter of course rested with the Government, who had practically endorsed the bills of the bank. The colony had put no money into the bank, and all the writings down had been of the money of the shareholders. Were^he asked, the shareholders m any better position than they would have been if the bank had gone into liquids-

a tion ? He thought that many of then: r , would have been better off if the ban! i had not been assisted by the Govern i ment. It was not the shareholders sc i much as the colony generally that ben^ s id ted, and many of those business peopl( i who now attacked the bank were -among - those who had benefited, t •■ ■■■•'•