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THE BANK OF NEW ZEALAND.

MR HEAN'S REPORT. IT IS VERY FAVORABLE. [per. press association.] Later. t The following is the text of Mr Heari's message to the London Board of the Bank of New Zealand :— "I make the nett deficiency L 165,000, namely, additional loss on ulobo assets at {December last;\'L349,Qoo ;;,^osS .on current "linsiness;' mainly on - old'-faccounts, as at> 24th February last, L 54,000; Sydney defalcations L 28,000. Against, this., there are—surplus on Bank premises, L" 150,000; at credit;; of sundry suspense Jtcqpunts,-; L 16,000 ; and a total of undivided profit, including the March half-_yearly : balance, of LIOO,OOO. " Fresh valuations have bfeen obtained of allocation properties; by per-; fectly independent'valuers, whose opinion' will carry weight in the colony. I have not obtained outside valuations* of' New Zealand, t<own. ,and suburban, properties, •but I 'liave personally examined many of them, and in all cases revised and/ where necessary, modified the 1888 valuation upon ; the evidenc -■ r-f o\v!''i' values., The Australian \-:- ■[■■•■\i ■• '. .■■■ all been valued . ( by . } outside, reliable " \ valuers. These amounts KavebeenWrnved at after. Ciireful investigation, and represent to the best of my belief the true, and- .-actual position of the Bank as far as it is possible to aspertain it."'] The .'current; 'business is/ sound and good, and the connection most vn I;:r,V i :.'.■} civiV-li": of/indefinite exten-, ■: ■:. •■■■ ■■;.■.'.:.:.■ '■■ sourcrs and efficient management." __5_T \>-■''; „'* \

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/AG18900517.2.14

Bibliographic details

THE BANK OF NEW ZEALAND., Ashburton Guardian, Volume VII, Issue 2432, 17 May 1890

Word Count
223

THE BANK OF NEW ZEALAND. Ashburton Guardian, Volume VII, Issue 2432, 17 May 1890

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