THE BANK OF NEW ZEALAND.

Waikato Times, Volume XXXV, Issue 2827, 26 August 1890, Page 2

THE BANK OF NEW ZEALAND.

♦ (liV r.WCCTUU: TEI-EfiKAl'll.—COl'YUiailT.; Lon'don', August '23. Thk report to be presented to the meotinf of shareholders of the Bank of New Zealand nn the 28th inst. shows that the sales of properties belonging to the Estate* Company value £100,000, made since Mi' 1). Mean's report was submitted, have realised considerably in excess of his valuations. The lion. U.M. Wuterlxmse, formerly M.L.C.. of Wellington. suggests that the capital account of the Hank should be reduced by £300,000, and that the new Board of Directors insists on this being a condition of their taking office. It is understood that the directors contemplate the calling up of £3 per share. Out of the total issue of new shares of the Bank 123,000 are held in the colony. The proposals for reducing the capital of tlio Bank of New Zealand provide for writing off 35s from £7 shares and 50s from tho others, the profit derived from the sale of the globo assets supplying tho deficiency and leaving a balance of £33,000 to carry forward. ~,.-,. Bank of New Zealand shares, old, to to £6 ; new, £li 10s to £7 10*, no sellers. It is understood that the Bank will continue to administer the globo assets on behalf of the company. The company's debentures are lower, and are quoted at a, quarter discount to oar. The debentures of the Bank of New Zealand Estates Company are quoted at half per cent, discount.