THE BANK OF NEW ZEALAND.

Auckland Star, Volume LX, Issue 133, 7 June 1929, Page 6

THE BANK OF NEW ZEALAND.

Not only the fortunate holders of Bank of: New' Zealand shares, but the Dominion as a -whole, may be congratulated on the splendid success that has attended the operations of our premier bank during the past financial year. Its balance-sheet totals and its profits for the year, both gross and net, are all "records," and after declaring the usual substantial dividends it is able to add over £300,000 to its reserve fund._ There is evidently nothing wrong with the* bank, and the rise of deposits to a total of £34,000,000 indicates that there is nothing financially wrong with, the country. But all these manifest proofs of financial prosperity naturally suggest that we ought to have here a liberal supply of cheap money. So far, however, neither bank rate nor the charges for the bank services have shown any pronounced downward tendency. It is a significant fact that the Bank has funds in London to the amount or £12,500,000, mostly in liquid form and largely invested, as usual, in short-dated loans which give a handsome return. This is certainly good for the Bank and its shareholders. But as these large London holdings mean a relative scarcity of ready money here, it seems to us that the commercial and investing public on this side of the world has a just grievance on this score against the Bank's policy.