The Ashburton Guardian. Magna et Veritas et Prævalebit. MONDAY, SEPTEMBER, 1, 1890. THE BANK OF NEW ZEALAND
The half-yearly meeting of the Bank of New Zealand lifts been held at the
now head-quarters m London, and the results are most satisfactory. The new directorate have the greatest confidence m the soundness of the bank, and are setting themselves earnestly to work to inspire this confidence m others. That the latter effort is proving successful is apparent from the fact that, immediately following the meeting just concluded m London, shares have gone up with a bound. The removal of the head-quarters of the Bank beyond the influence of local control is therefore already bearing good fruit, and it will not be long before the confidence expressed abroad will also be felt at home, and this, notwithstanding the persistence of a certain faction m the colony whose aim appears to be to ruin one of the oldest and soundest of New Zealand commercial institutions. The curses of these persons, as we have remarked upon a firmer occasion, are being turned to blessings; as, instead of crippling the bank, they have been made the means of placing the institution upon a former foundation than has hitherto been possible. As a result of the exhaustive inquiries made by the new directorate and experts, the globo assets have been disposed of, the capital reduced, and every precaution taken to inspire shareholders with the fullest confidence m the soundness of their investment. Things may not have turned out exactly as Mr Buckley and his confreres have wished, but we feel bound to say that the news of the bank's improved condition will be hailed with satisfaction by every other well-wisher of New Zealand. It is the failing of some New Zealanders that they cannot speak well of the colony or its financial institutions, and their evil report m these particulars have done incalculable harm m the past; but it is satisfactory to know that, m one instance at least, these ill-meant comments have been rendered powerless to do much damage. The Bank of New Zealand has come out from a most trying ordeal stronger and better for the, m some cases, needless persecution suffered, and we earnestly hope, for the good name of the colony, it will go on flourishing. The lesson given to the Bank's detractors is a useful one, and should teach persons similarly inclined to beware how they attack a sound institution, as should a thorough investigation take place, as m the case under review, the outcome will not redound to the credit of the detractors.