Ashburton Guardian Magna est Veritas et Prævalebit. FRIDAY, JUNE 13, 1914. BANK OF NEW ZEALAND.

Ashburton Guardian, Volume XXXIX, Issue 9633, 13 June 1919, Page 4

Ashburton Guardian Magna est Veritas et Prævalebit. FRIDAY, JUNE 13, 1914. BANK OF NEW ZEALAND.

Tlie Bank of I^ew Zealand's annual report and balance sheet in usually a reflex of the Dominion's financial position generally, and in this respect, the vejy flourishing 1 character of the report of the past year's operations, presented at to-day's meetin »• of proprietors, affords cause for national as well as share-.. holders' satisfaction. Enormous profits; were made, high dividends are to be distributed, and the amount of the reserve fund now practically equals the paid-up capital. The question naturally arises whether it is in the real | public interest that banking" ventures should be so remunerative. What would be said of the ordinary trading' concern that, obtained such great returns? Those who are in favour of the establishment of a State bank will probably believe that' the balance sheets of the various private banking 1 companies form the best argument for a State venture, especially as new means of revenue-raising" are . increasingly necessary. Mr Harold Beauchamp's address gave evidence of careful preparation, and most of

his sentiments will be re_dily endorsed. He refers to the primary producers' • "handsome profits," but again strikes a note of warning that the future will be less roseate unless greater production is secured. Mr Beauchamp was prudent rather than pessimistic, and evidently he has little fear of later disaster, if the facts _ are courageously faced, and wisely prepared for. It is Mr Beauchamp's business to know what is likely to happen, and primary producers should take serious note of his comments on the price of land, methods of accountancy, and the need for modern equipment. Few will dispute Mr. Beauchamp's advocacy of a saner Government policy regarding roads and railways, but little effective reform is probable whilst the political aspect is so pronounced. Mr Beauchamp also pleaded for relief to the income tax payer, and certainly something" is due to the poorer section of income-tax payers. The diminished value of the sovereign has been felt by no other class so much, and although it may be impracticable to raise the exemption limit, greater deductions should be allowed for young children. Perhaps the most interesting of Mr Beauchamp's reflections were those relating to the future relations of capital and labour. Common sense sug-i gests amity, but it would be "futile to pretend that it actually exists. Mr Beauchamp's condemnation of the go-slow policy and reduction of output tactics by labour was well-founded, but as lie admits, the fault is not-all on.one side. He supports the establishment of an Industrial Council, but no number of new organisations will be efficacious unless there . is mutual trust between the parties, and a real desire to work for the common good.