BANK OF NEW ZEALAND

Gisborne Times, Volume XXVII, Issue 2532, 19 June 1909, Page 5

BANK OF NEW ZEALAND

ANNUAL MEETING. (Special to “Times.”) WELLINGTON, Juno 18. The annual meeting of shareholders in the Bank of New Zealand was Held to-day. The Chairman, Mr. H. Beauchamp, moved the adoption of the annual report and balance-sheet. He gave a lengthy address (which is published in full elsewhere in this issue). Mr. Beauchamp added the following: The Board has recently had under consideration the question of extending the limit of the London share register, and it has been decided to extend the limit to 65,000 ordinary shares. The Board will not, however, consider applications for transfers to the London register, except in respect to shares acquired by tho holders thereof, whose names appear on the New Zealand or "Australian registers as at 31st March, 1909. The past financial year lias been a strenuous, and somewhat anxious one, for all concerned with banking, and added responsibilities have been cast upon our General Manager, Mr. W. Callender, and the members of the staff in New Zealand, Australia, Fiji, and London. It affords me great pleasure to testify as to the ability, earnestness, and zeal, with which he, and they, have carried out their onerous duties; and I feel sure that you will accord to them the customary vote of thanks. The Board has already shown its practical appreciation by paying the staff a bonus of five per cent. I now formally move the adoption l of the report and balancesheet. The dividend and bonus proposed are 3s per cent on preference shares, making 8| cent for the year, and 7\ per cent on ordinary shares, equal to 12£ per cent for the same period.

(Per Press Association.) . Mr. Martin Kennedy seconded the motion. He said the result of the year’s operations as disclosed in the balance-sheet would be accepted as highly satisfactory. Referring to the bonus, he said it was less than many proprietors had been expecting, especially those who had suffered heavily in the bank’s failure; but he asked them to look to the act of the directorate rather than to the amount of bonus. It was an indication that as soon as circumstances would admit, the 2:[ per cent bonus would be increased to 5 per cent in future years. Ho did not favor any proposal to increase the capital, especially as they were building up the reserve so rapidly. The necessity for additional capital was not likely to arisx; before 1914, when the guaranteed million falls due. To issue new shares legislation would be required. One could never be sure what would happen to a. Bill in the House of Parliament. Air. John Mill (Port Qialmers) expressed the hope that a 5 Tier cent bonus would be paid next year. Replying. Air. Beauchamp said the Board was actuated by a desire to place tho affairs of the Bank on ai sound foundation. He did not wish it to be taken that the bonus of 2{ per cent this year was an indication that there would be another 2$ per cent on the top of that next year. Before increased capital would be asked for, an assurance would ho. sought from the. Prouder that the Bill would not- be subjected to alterations. It would be the Bill, the whole Bill, and nothing but the Bill. Owing to the cautious policy the Bank was pursuing, shareholders must not be disappointed next year if such good results were not shown as was the ease in the last two years. The meeting closed with votes ot thanks to the directors and staff.