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THE BANK OF NEW ZEALAND.

Mr Buckley's curses against the Bank of New Zealand are being turned into blessings. It may be that Mr Buckley intended that they should be so, and that his sole desire, after having secured himself by selling. out his own shares, was to open the eyes of the remaining shareholders to the true position of the Bank. If this was Mr Buckley's intention he has succeeded admirably, as the much-depreciated Globo Assets have been taken over by a Company, who seem wonderfully well-pleased with the bargain. The Bank shareholders, after all that has been urged against the Globo accounts, are well pleased to be rid of them, and the financial company is equally well pleased to take them up. Everyone is thu* happy, and, as a consequence, Bank shares have gone up considerably, and the hearts of many poor desponding shareholders have been made glad. But there is room also for more ejfr tended rejoicing. The good name of the colony is inseparably bound up with the Bank of New Zealand, and any imputations against the soundness of the Bank are construed by people abroad to be also reflections upon the colony. Therefore the emergence of the Bank from the dark cloud which has for some time overshadowed it will be greeted with satisfaction by every one who has a stake m the country, be the stake large or small. It may be o#£)?- to question whether, m the light of recent ssyelations, it is advisable to permit private financial institutions to advertise thoir business by appropriating the name of the colony. If these institutions conduct their on sound business principles no «ejious objections can be urged, but when reckless financing and speculation is indulged m, this phase of the question assumes some importance, as the credit of the colony n-ij*y suffer through causes over which there is not hh& slightest public control. In the case of tji© B,ank of New Zealand, there has no doubt bsen bad und indifferent management, but it is satisfactory to know that the consequence $m not likely to be so serious as a number of. (enemies of the institution would haye the public believje. Fortunately it has been put beyond the power of those who made use of this powerful institution for selfish end* to do so any longer, and the first fruits of the removal of the head-quarters of the Bank to London are observable m. the rise j,n yalue of shares.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/AG18900728.2.5

Bibliographic details

THE BANK OF NEW ZEALAND., Ashburton Guardian, Volume VII, Issue 2476, 28 July 1890

Word Count
414

THE BANK OF NEW ZEALAND. Ashburton Guardian, Volume VII, Issue 2476, 28 July 1890

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