73 YEARS ON

Dominion, Volume 27, Issue 18, 16 October 1933, Page 8

73 YEARS ON

Bank of New Zealand Anniversary REMARKABLE GROWTH To-day the Bank of New Zealand starts the 73rd year of its existence, having opened for business at Auckland on October 16, 1861. The M ellington branch was opened on January 15, 1862. The first balance-sheet of the bank, at. March 31, 1862 disclosed assets of £555,979. At March 31, 1933. these figures had grown to £52,762,903. According to the prospectus of the Bank of New Zealand, issued in June 1861. capital was to be £u06,000 in shares of £lO each. It was proposed to call up one-half of the subscribed capital only. “11 e are happy to hear that nearly 3200 shares have been taken up in Wellington” said the “Independent” of August 2, 1861. ‘ Not less than 4000, however, will give this community the power of electing their own directors, and it is to be hoped that the list will be filled up to this extent at an early date.” Six weeks later it was announced that Wellington had done its part by taking up 4000 of the 5000 shares apportioned to it. Various sites for offices in Wellington were offered, “some at the head of the bay, others in the neighbourhood of Clay Point. We may, perhaps, be excused for suggesting that, as the head of the bay is already well supplied,” said the “Independent,” “it be desirable to locate the new bank somewhere in the neighbourhood of the Deep Water Wharf”—the present Queen’s Wharf. The bank opened for business “in those premises formerly known as the ‘Steam Packet Hotel/ Lambton Quay”—approximately the site of the present Empire Hotel. Later, the bank acquired the site of its present premises., the first building being of one story. The following comparative statement graphically illustrates the growth of the business of the Bank of New Zealand during the last 72 years:—

During the year ended March 31, 1933, the Government of New Zealand, which is a vei*y large shareholder in the tank, derived a total revenue in dividends and taxation of £650,958. Sir Henry Buckleton, general manager of the Bank of New Zealand, will, on December 16 of this year, have completed his. fifty-fifth year of continuous service with the bank, which he joined at Sydney in 1878. On the occasion of his golden jubilee in December, 1928_. Sir Henry was presented with a portrait of himself, in oils and other gifts from the staff of the bank. It was recently announced that Sir Henry is shortly to retire from the position of general manager, which he has held with great distinction for so many years. His successor will be Mr. F. W. Dawson. The oldest continuous customer of the Bank of New Zealand is Mr. P. Le Quesne, of Hamilton,- who opened his account in 1866. Mr. Le Quesne celebrated his ninety-seventh birthday on October 7.

1802. £ , 1933. £ Paid-up capital 108,785 6,858.113 3,000 3,575,000 Notes in circulation .. 62,014 4,338,747 Bill payable, etc 6,288 3,529,577 Deposits 334,097 32,573,238 Banded property, etc. '9,961 632,771 Total assets 555,979 52,762,003