THE BANK OF NEW ZEALAND.

Auckland Star, Volume XLVIII, Issue 137, 9 June 1917, Page 4

THE BANK OF NEW ZEALAND.

The annual report of the Bank of New Zealand records another year of extraordinary progress. The profit for the year, £305,489, is £80,000 more than the amount realised during the preceding twelve months. This is, in large measure, due to the general prosperity of the country, but the predominant cause will probably be found in the facilities existing for profitable investment of capital in London, where the Bank holds funds to the large amount of £11,476,002. The interest derived from advances at short notice in the Metropolis is at least 1* per cent higher than during normal times. The scarcity of shipping hascaused large claims to be made upon the Bank's resources for goods held up in store. Advances on this account amount to £4,000,000. The prosperity of the country is reflected in an increase of 5J> millions in the deposits, which now amount to the enormous total of £29,052,790, a large proportion of which is non-interest bearing. The appropriation of £72,858 from the past year's profits to the reserve fund brings up that total to £2,135,000, and this, with the share capital, provides resources amounting to £4,526,583. It is worthy of note that the Bank of New Zealand now ranks second among the banking institutions of Australasia, being exceeded only by the Bank of New South Wales. Such a splendid position is a testimony to the care and judgment with which the Bank's affairs have been administered by the directors and the official staff, and gives special cause for gratification, in view of the difficulties that had to be contended with when the Bank was reconstituted after the crisis through which it passed when Mr. Seddon's Government came to its assistance. The best testimony to the wisdom of that bold and statesmanlike act is afforded by the figures which we have just reviewed.