BANK OF NEW ZEALAND.

Auckland Star, Volume LVII, Issue 143, 18 June 1926, Page 9

BANK OF NEW ZEALAND.

ITS STRONG POSITION.

A POLICY OF PRUDENCE.

THE DIRECTORS COMMENDED,

(By Association.) WELLINGTON, this day. The annual meeting of the Bank of New Zealand.was held to-day, the chairman (Sir George Elliot) moving the adoption of the report and balancesheet. Mr. Watson seconded..

Speaking regarding the proposed long-'i term loans, Mr. Weston said . that, by I reason of its numerous branches, which ' were in touch with the farmers) the bank i could undertake the work at very much less cost than any new institution." The return to the bank would be' considerably less than 6 per cent, and it would have to depend to a certain extent on the • reserve fund in entering into this branch of business. ' The ' bank was considering more '..,the welfare of. the Dominion than the narrow interests of shareholders. The bank's present position was mainly due-• to the excep- ! tional profits made during''the war, in common with almost every manufacturer, i but, in consequence of the wise policy adopted by the directors, the bank had been a tower of strength to men in trouble in 1921, and the present balancesheet was, to a large extent, due to that policy. In view of the additional tax on the directors, he wished to propose that legislation include provision for an | increase in the directors' fees by £1500. j Mr. Millward seconded the motion, I which was carried.