FIFTY YEARS AGO

Evening Post, Volume CXXV, Issue 100, 30 April 1938, Page 17

FIFTY YEARS AGO

ITEMS FROM THE "POST"

BANK OF NEW ZEALAND

The forthcoming half-yearly meeting of the shareholders in the kank of New Zealand, which is to be held in Auckland, is awaited.' with interest, mingled with a not inconsiderable proportion of anxiety, by financial and commercial cic<iles," remarks "The Post" of this/Sate fifty years ago. "The fact that.lio dividend was declared at the last lialf-yearly.meeting came like a thflhder-clap on the public, and at fir^sl created a most uneasy feeling, .•Which fortunately did not develop into a panic. • The effect at Home was at first \ decidedly injurious to the colony, but reflection ■ and examination soon dispelled any feeling-of grave uneasiness and showed that the directors had adopted a wise and prudent course in passing the dividend and bravely facing the position. The question now is whether the dividend will again have to be passed, and the answer is naturally awaited with some anxiety. We do not attempt to guess what the answer will be, but we are quite sure that the wisest course will be not to declare a dividend unless it can be demonstrated beyond doubt that it has been fairly earned by the transactions of the past half-year. The balancesheet- is sure to be carefully scanned, and any declaration of a dividend out of. reserve, or which has not been tamed, would be fair more detrimental to the interests of the institution and of the colony with which it is so intimately associated than the passing of a dividend altogether. The latter, of course, would be very hard upon the proprietors who. depend mainly or largely on their investments in the bank stock to supply their income. The number of these is considerable, especially in England, but whatever inconvenience it may entail, the directors must, and we have no doubt will, maintain the bold straightforward position they assumed at the last half-yearly meeting. If a dividend has been earned, and can be fairly declared, so much the better; but if it is again deemed necessary to pass it the fact need create no alarm." ; ■

The profits for the half-year ultimately proved to be £54,000, a sum equal to 10 per cent, per annum of the company's capital, and a dividend of 7 per. cent, was declared. DIRECT MAIL SERVICE. "The Postmaster-General, actuated by a desire to meet the convenience of New Zealand shippers, more especially the shippers of meat cargoes, has decided to effect an alteration in the direct mail service'between the colony and London. The feature of the new arrangement is that it provides for the Homeward mail service being undertaken by the Shaw, Savill Company's steamers every fortnight. : The. first mail steamer to be dispatched under the new regime will leave" New Zealand on the last Saturday in June, and the mails will continue to be dispatched every other Saturday. The New Zealand Shipping Company's steamers will still continue to perform the outward service from Plymouth'as heretofore. The change has been made mainly with a view to enabling meat cargoes to be landed in the Thames regularly .every fortnight instead of steamers leaving here and following each other at very brief intervals, as is the case sometimes under the existing, mail service. Under the proposed new arrangement a fortnightly direct mail service from the colony,-mil:be secured, -asrwell as a fortnigthly service from London. It ■will be a great convenience to know definitely beforehand when English mails by the direct route will be leaving and arriving." •. ".""»s .;;-. r- ■ NATIVE POLICY. "Owing to the large number of petitions sent in by the Maoris of all parts of the North Island condemning the Native Lands Administration Act of 1886, it is the intention of the Government to repeal it immediately Parr liament reopens.' This having, been done, a new Bill will be introduced. It will have comparatively few provisions, one of the chief being free trade in Native lands, giving power to the Maori to sell or lease his land at his own discretion. The Act wi^prohibit any negotiations for land until three months after the investigation of the Court, and payment made before the expiration of that period will be illegal. Where there are more than <su owners in a block of land, such land must not be sold until it is subdivided into portions owned by not more than 20 There will also be stringent mouiries made to see that a Native when parting with land still has sufficient to maintain him, the duty of the Government being to look after the.interests of the Natives. Lawyers will not be allowed to appear in the Native Lands Court. The Government feels confident that these provisions will meet the wishes of the majority of Native chiefs, and-that the new Bill will go a long way towards removing the causes of friction between pakeha and Maori. The Bill is to be printed m the Maori language and widely circulated amongst all Natives.

BUS AND TRAM COMPETITION. 'The keen competition which is at present being carried on between the tram and bus proprietors of the city is resulting in -a distinct gain to the public through the cheapening of fares and improvement in the class of vehicle provided. The manager of the Tramway Company recently sent orders to New York by cable for four new cars, similar to the last new ones placed upon the lines, but furnished with any improvements of importance that inventors may have designed within the last few months; also for four new cars of the kind popularly known as double-deckers, which will carry outside passengers in favourable weather. The order also included complete sets of under-gear, of the most modern pattern, which it is intended to adapt to the cars which are already plying in the city, besides sets of harness sufficient for 100 additional horses. The new plant is expected to arrive in Wellington within six months." PROPERTY SALES. "The now celebrated auction sales of the Wellington and Manawatu Railway Company's lands are to beresumed. The next sale is to be held next week, when the township of Paraparaumu, situated on the company's line only some 33 miles from Wellington, will be sold, together with the fertile pastoral lands adjoining, comprising some 4000 acres, subdivided into convenient farm blocks.X "At the property sales to be held m the Athenaeum Hall shortly there will be offered a number of business sites in the city, as well as suburban and country township residences and sections. In Cuba Street there are but few building allotments left, and the properties to be offered there are so close to the central portions of the city that they should command keen competition. The residence of the late Mr. W. B. Holmes at Island Bay should also attract attention, and the Ellice. Street sections bordering on the Town! Belt should be sought after.by those wishing a retired position." .<