THE BANK OF NEW ZEALAND.

Press, Volume LXVII, Issue 14073, 19 June 1911, Page 8

THE BANK OF NEW ZEALAND.

ITS EARLY DAYS IN CANTERBURY

Tho jubilee meeting of tho Bank of New Zealand gives an opportunity of recalling the early clays of the Bank in Canterbury. It is a story of small beginnings and of an eventful, even '.iromantic, career. It was told by Mr ,W. H. Hargreaves, an old and respected resident of Christchurch, to a representative of this paper. Mr Hargreaves is one of the oldest clients of tho Bank in tho Dominion, and certainly its oldest Canterbury client.

Mr Hargreaves said that the Bank was instituted in Auckland in 1861, but it was not until the latter part of that year and in the beginning of 1862 that branches were opened in the South Island. To tho best of his recollection, the first branch opened in the South was at Lyttelton, under the control of Mr Coster, a young but very capable man. At that time Mr Hargreaves had been about twelve months in the colony and was at Lvttelton with his brother, tho late -Mr E. A. Hargreaves, who was well known in commercial affairs. Mr Hargreaves was attacked by a serious illness towards the end if 1861, and when he was able to resume business, early in 1862, he found that the Bank had been «-stablished, and that his brother had beconio one ofMts clients—probably the first client of the Bank in Canterbury. In those days, Mr Hargreaves continued, Lyttelton was the commercial headquarters of tho province. There was no tunnel and no railway, and tho head offices of tho principal merchants were at Lyttelton, though many of them had branch offices in Christchurch. Ho could recall the names of some of the largest firms, such as Miles and Co., Dafgety. Buckley and Co., Cookson, Bowler and Co., and J. T. Peacock and Co. The only bank doing business at the time, prior to the opening of tbo Bank of New Zealand, was the Union Bank of Australia. Tho second branch of tho Bank of New Zealand was opened in Christchurch about March. 1862. It was opened in a little bit of a shanty in Cashel street, nearly opposite tho promises now occupied by Mr Sandstein tho jeweller, A right-of-way ran down one sido of the shanty, and people seeking the private entrance to tho manager's office had to go down tho right-of-way. When Mr Hargreaves - recovered from his illness, he decided to stay iv Christchurch and start on his own account. He commenced husiness in tho same month -that the Bank opened, and became ono of the first customers of tho Bank in Christchurch. The branch was taken charge of by Mr Frank Stewart, who at tho present time is connected with a big.commercial firm in New South Wales. He was succeeded by a Mr Ferguson, who remained in chaVgo for only a short time. In tho course of a few years the. Bank acquired the hlock whero it how stands—at tho corner of Hereford and Colombo streets, and in 1865 found a. permanent location in the present Bank premises. There wero changes in tho managership, Mr J. L. Coster (who ,had been in charg© at Lyttelton for some years) taking charge at Christchurch. and remaining in charge till about J 876. He was*succeeded at Lyttelton by Mr John Kissling.

; The conditions of the nioney market and of finance • generally, contrasted with thosd of the present day, were as widely apart as the poles. Money was not always scarce, but it was very diffi-cult-to get. Nearly all commercial transaction were carried out by -bills. The conditions were very trying indeed .to the new institution, and very heavy ■responsibilities had to be faced by tho successive managers.:';;'. Mr Holt, the successor to Mt ; Coster; carno at a verycritical time, indeed..v.'..:.-Tho Hank, in common with tho other banks, had made very large advances, discounts had; increased and times were "very bad indeed. Retrenchment was gome on, and -the withdrawal of accommodation in a good many cases was rather disastrous at the time. •",.'

i Tho original bank premises at Lyttelton were also very unpretentious, a shanty in London street, nearly opposite what was then the Universal Hotel, fulfilling tho functions of a bank chamber. When the big firo devastated tho port.in 1870, the Bank was among the buildings destroyed, hut the bullion and papers were saved by tho then manager, Mr A. Cracroft Wilson, and ins assistants. Subsequently tho Bank opened temporary premises at Norwich quay, nnd , occupied those until tho present building was erected. 'Mr Hargreaves referred to the successful managers of the institution as ho remembered them—'Mr Watt, Mr Law, and Mr Embling. Mr Law, who came from Newcastle, was manager for several years, and managed to do n great deal of straightening out and legitimate bank business.- Mr Hnr'greaves added that his' relations with the Bank had always been of the mast pleasant and cordial character, and he owed a great deal to the support nnd cmcoiiragoment ho got from it in what he might describe as legitimate trading. Through all tho p«riod he had not come 'off soathless. In addition to carrying ■on the business of an auctioneer and general merchant, ho in those days carried on, a large timber business. Then, as now, ono of tho first industries attacked in tim© of trouble, was the building trade, and it was' in that trado he mado his heaviest losses. The wounds of tho past .having closed, Mr Hargreaves was able to smilo as ho said that during his first forty years of hi"! business career in Christchurch ho had contributed in losses somethmc like £30.000. Ho is only too thankful now that ho had it to lose.