COLONIAL OPTIMISM.

Auckland Star, Volume XL, Issue 272, 15 November 1909, Page 2

COLONIAL OPTIMISM.

"DIFFICULT" COUNTRIES FOR BANKERS. LONDON, October S. The optimism of New Zealanders and Australians Is rather einll/arrassinfj at times t> bankers, according to Sir Leslie Sandersun, who presiilc-d yesterday ILK-tober 7j at Lho half-yen i-Iy ucueruj nieetUig of tie Hunk of Australasia. •■Everybody." Mr Sanderson, "has a penr-ral knowledge of the fact that most of tin- large industries in Australia and New Zealand are subject to sudtleu and violent Umrruatior.s; but It is only when y..u come •., iook Into the actual" figures thai the mag-mtude of those nuctuations bwonu-s apparent." After qnutin? fljrures to show how the frozen meat industry hud fluctuated, lie continued; '-Tuo fluctuations have been equsUly prpat in many of the smaller but still important, industries, such, as wheat and butter production. For these reasons Australia nnd New Zealand axe, from a banker's point of view, difficult though Interesting countries to operate in, and this applies just as ranch in pood times as m bad. Oae characteristic of Australians and New Zofliand-ers is that they are optimistic. "This may have its but. ciinsM«rlUK the diiDmltles that have to be faced in flfrhUns drnujrhts, bush, fires rabbits and other misfortunes, to which AnstraHa is fn.m time to time liable, it is only what I may onll the modenr optimists who have enabled these ymiiisr countries to plk.w suen a rem-ark.iible record of material progress. Rut I admit—nad I speak as an Australian—that they are inclined. under favourable condition"!, to rarryttheir optimism tno far, and the dnnger that banks transact ins business there Bave principally to j_'urird ngainßt is doir."- anvthinpr ro pnr-oTirnc« the inflation of values whi.'h is apt to talre place when thiu-r? are irolnsr well. During the last five nr six vein? wp have had a ppeM of pn>speritv ■which I think has been well deserved, consinerins: the hard (struggle that Australia had from 1808—the year of the bank crisis —to n>o3, when the ions drought broke up To those who. like my»elf, were out there (l'irinfr the whole of that tryin:; period, the change that has now taken place Is very welcnrop, and I only hope that we learned enough during those ten years to prevent nny possibility of our being demoralised by Ui-e present prosperity." Pealing with the bank's business of the pnst six months, the Chairman Enid that the total net profits for the half year sho-w----ed n Teduction of about £13.000. caused principally by a decrease in the advances, and an increase in the d-e-poslts. Nevertheless, they were aMe to declare a satisfactory dividend and bonus tocether. amomutinir tn 14 per cent per annum, tax free. Reports generally from Australia were very sjirisfnctory. I>ord LrichfleW seconded the motion to adopt the report and accounts. Mr H. A. Beck asked why the accounts were not got cut earlier. The Chairman replied that nn enormous amount of figures had to be collected and audited both in London nnd on the other Bide of tho world. Tie motion was adopted-