THE COLONIAL BANK.

Auckland Star, Volume XXV, Issue 74, 28 March 1894, Page 2

THE COLONIAL BANK.

HALF-YEARLY MEETING,

THE CHAIRMAN'S SPEECH.

(BY TKf,EGRAJ'H.—OWN CORRESPONDENT.)

Dunedin, bhis day. Mr McLean, in moving the adoption of the report ab the Colonial Bank's half-yearly meeting yesterday eaid.aftercommentingon the salient points of the balance-sheet, "As was the case with the other banks when the Australian banking crisis occurred, we lost some deposits. This experience, however, confirmed the soundness of the policy adopted by the directors and carried out by them for some years past in respect to the amount accepted on deposit in London, a policy of which we are now reaping the benefit in a comparatively small disturbance caused to our business by withdrawals. The total amount of deposits now held by ue in London is under £400,000 distributed in small suras payable over the nexc five years.' As our colonial produce meets wibh better markets, to which end strenuous efiorbs are being directed, we may look for a steady increase in them here. Business throughout New Zealand is fairly sound, but we cannot ignore the fact that the great farming industry has this year had much to contend wibh. In md%t districts bho harvesb season has been bad, consequently the yield has bßen deficient. Added to this the prices obtainable are low and oub of all proportion to the cost of production. Kauri gum, our staple production in tho North, has, in sympathy with the depression in American markets, suffered a heavy fall in value, and the price obtained this year for wool, both locally and in London, has nob been equal to expectations. On the other hand, the strides that the frozen food trade is taking give assurance of the constant progress of the colony. The largo amount of Home capital noW invested in the improved class of refrigerating steamers which find consbant employment in the trade between this colony and England shows that other shave confidence in the frozen meat trade with us, and think it capable of still further development New Zealand, like other colonies, will have ups and downs. Bebber seasons will come, and peopled as she is wibh a courageous and energetic race, her immense power of production will always keep her in the foremost rank of the exporting colonies, and this bank with its enbire interests centred in New Zealand, is ever sure to share in tho general prosperity."