THE BANK OF NEW ZEALAND.

Waikato Times, Volume XXXV, Issue 2829, 30 August 1890, Page 2

THE BANK OF NEW ZEALAND.

FURTHER REDUCTION OF CAPITAL. (BY ELKCTKIC TKI.EORAI'H.-copyright.) London, August 27. Tim Bank of New Zealand half yearly meeting held to-day passed off satisfactorily. The policy of the directors received hearty and unanimous support, and the action of Mr Buckley was universally condemned. The report adopted provides fur tlie reduction of the capital by £300.000. New shares (£10) are to be reduced 50s ; and old shares 35s ; and a call of three pounds is to be made upon the new shares in the colony, bringing them up to the same value as the English issues. Col. Glynn was elected president of the batik. Later. At the half-yearly meeting of the Bunk of New Zealand shareholders, Sir J. FerPresident, said the formation of the New Zealand Kstat.es Company liberated large balances which would recoup the shareholders' sacrifices which they had been obliged to make. There was a great improvement in the colony, but Mr Buckley's rash and reckless attacks had impeded a corresponding improvement in the affairs of the Bank, and they were suggestive of an intention to destroy it altogether if possible. The resolutions were passed unanimously.