ON THE OLD SITE

Dominion, Volume 26, Issue 183, 1 May 1933, Page 13

ON THE OLD SITE

Bank of Australasia

NEW NAPIER BUILDING

Ou ft site in Hastings Street. Napier, which it has occupied for over half a century, the Bank of Australasia opened last, week a handsome ucw banking house, built to replace the old premises destroyed by lire at lite time ol the great earthquake. Designed by Al kins ami Mitchell, ot Wellington, lhe new building, which is of ferro-concrete, is a single-story structure 'with au unusually high elevation, ami architecturally is a notable addition to the business section of the new Napier. The Bank of Australasia is’ tlie tirst of the banks to reopen new premises ou its old site in Napier. Established by Royal Charier in 1835. flic Bank of Australasia will celebrate its centenary in two years' time. Its history for lhe last 98 years is closely interwoven with the very early settlement and subsequent development of Australia and New Zealand. The bank extended its operations to New Zealand early in lhe sixties of last century. The Bank of Australasia now has 28«> branches and agencies in Australia anil New Zealand, nearly all of them conducted in its own freehold premises. The paid-up capital of the bank when incorporated was .£200,000. This Ims been increased from time to time, till it now amounts to £4,500.000. The reserve fund stands at: £1,475,090. The bank’s position to-day is one of great stability. Capital, and reserves are no less thau 20 per cent, of deposits, and liquid assets are 30 per cent, of liabilities. Bauk premises in Australasia ami London have been written down to the nominal amount of £278.000. Their actual value is well over £1.000.000. it is noteworthy that, except for the years 1817 ami .1848, lhe institution lias never failed to pay dividends, a wonderful record indeed, particularly as it commenced operations as a pioneer bauk in a new ami undeveloped country. Trade aud limuice were buoyant up to 1840 and the bank made good progress. Then came a sharp reaction, ami the years following, sometimes referred to as the "hungry ’forties," were very difficult ones for al] financial and trading concerns. The directors’ report of June, 1844. contained the following: "It is with feelings of disappointment and regret that the directors have to inform the proprietors that the severity of the pressure has augmented to au unparalleled degree, shaking the credit, and involving Hie ruin of large classes of the community." Fortunately Hie Bauk of Australasia, owing to the substantia) reserves accumulated in the earlier years, emerged unshaken from this period of stress. , During the financial crisis in Australia in May, .1893, Hie Bank of Australasia did not conform to I lie Government proclamation of a live days' bank | holiday, hut kept its doors open for I business throughout: the "run." Tile | manager of the bauk in Melbourne uoti- I fled its customers of its intention by the following statement: —“In consequence of the Government proclamation of a bank holiday until Saturday next, May 6. without consulting this bank, and against its wishes, the bank is very reluctantly precluded from | carrying on the whole ol: its usual bank- j ing business; but for Hie convenience I of customers it will pay to I hem per- i sonally cheques drawn against, credit i balances, also all notes, drafts, and ; fixed deposils which may be (hie." , I BANK OF NEW SOUTH j WALES | New .Premises at Napier j \ • i A contract, lias been signed tor tlnereel ion of new premises for the Bank of New South Wales at Napier at a price of just, under £lO,OOO. The successful tenderers are the Fletcher Construct ion Company. and the architects are Messrs. Crichton, McKay, and Haughton, of Wellington. !