FIFTY YEARS AGO

Evening Post, Volume CXXVIII, Issue 103, 28 October 1939, Page 9

FIFTY YEARS AGO

ITEMS FROM THE "POST"

BANK OF NEW ZEALAND

"A general feeling of commercial relief was undoubtedly felt yesterday afternoon when it became known that the Bank of New Zealand had maintained the dividend of the previous half-year, and was able to show a fairly satisfactory rate of progress during the interval," remarked "The Post" this week fifty years ago. "As the chairman remarked, the report set forth was not a particularly brilliant one, but we agree with him that itj disclosed a reasonably satisfactory condition of affairs. In view of what, has happened in the past, it is impossible for anyone to feel confidence in a Board of Auckland directors, or iri the management of a financial institution directly subject to Auckland influences. But because Auckland has been tried and found unworthy of the position, we cannot admit that the rest of the colony is subject to similar imputation, or that any necessity exists for the removal of headquarters to London. We should deeply deplore any such removal. It would utterly destroy the distinctive character of the bank as a colonial institution., With its headquarters in London, the very name would be a misnomer, and the bank would be to all intents and purposes a foreign one. It would be no more in touch or sympathy with the colony and its interests than other foreign banks are, and, like them, it would be managed by directors possessing comparatively little knowledge of colonial circumstances, or the requirements of colonial commerce. It would be a distinct loss to the colony to have the headquarters of the Bank of New Zealand removed to London, and New Zealand shareholders should strenuously resist the proposal. No doubt, the headquarters must be removed from Auckland, but it should be to Wellington, Christchurch, or Dunedin, we care not which, so that it is not beyond the limits of New Zealand." PURCHASE OF ROTQRUA. "The latest land purchasing exploit of the Native Department is not one with which the country will be satisfied, or of which Parliament will be likely to approve. It is the acquisition of the land surrounding the mineral springs of Rotorua. This land is already held.under lease to the Crown for 99 years, and it is therefore difficult to understand why the Governrhent should have coveted the freehold. In all human probability the Arawa tribe, to whom the land belongs, will have ceased to exist before the lease falls in. It must at any rate, we think, be perfectly evident that no urgent necessity: existed for altering the tenure, and we think that at the present time the; £9000 which has just been paid as purchase-money might have been much more usefully expended, The land acquired is simply admass of pumice stone, of no valued-whatever exception; account of scenery'and the volcanic springs which abound. At any riioment this land may; be overwhelmed by a convulsion of Nature and disappear in the great lake, which has since the Tarawera eruptions considerably enlarged its borders by en; croachment.. But evert if tlie;-purchase of the,Jand^as; hecessary we Jiold ffiaTff mblf 'extW&a'ttf ]W has been paid for it, and: we object most. strongly to the manner in which the negotiations have been conductedAn army of bank clerks, policemen, and others 'accompanied the Native, Minister and Under-Secretary to pay over the £9000 "in gold for a few acres of pumice stone, and the operation was performed to a joyful VKapais. Altogether it is believed that the purchase will cost the colony some £11,000. It will probably be recollected that some of the Rotorua land was laid out as a township, and, strange to, say, the allotments were let on lease at high rentals, many of the lessees, we believe, being members of the Legislature. The bargains proved very bad ones. The land was not of the slightest use, and we doubt very much if the rents have been paid. That there are large arrears, we are quite sure. We shall now be quite prepared to hear that the Government, having become the ground landlord will proceed to cancel the existing or to reduce or remit the rents. This will, no doubt quite suit the lessees, but we regard the whole transaction as one which will hot suit the taxpayers of the colony, at whose cost it has been effected. NEW PLYMOUTH HARBOUR. "Sir John Coode's latest report on the New Plymouth harbour sounds the death knell of the hopes of a permanent harbour being created there. Sir John Coode does not think the sand is drifting, but this , opinion is certainly opposed to the views of all people who have recently visited the harbour works and have seen for themselves. But whether the sand is drifting or not, Sir John Coode deems it-necessary that a dredge, costing in itself £11,000, with an added £4500 a year thereafter, should be procured. It is all very well to recommend, the purchase of a dredge, but where on earth are the funds to come from? The colony will certainly not undertake such a liability for the purpose/of trying to keep the harbour at New Plymouth open. We say 'trying' advisedly, because it is by no means certain that the dredge would be able to keep the harbour oven H, as there is reason to believe Sir John Coode is wrong about the sand not drifting, the dredge would be of very little use indeed. It could never cope with the drift which is believed to be going on. .We are sincerely sorry for our New. Plymouth friends, although we have never believed in their attempt to construct a harbour in defiance of Nature. They hive thrown, away an enormous amount of money, and hampered themselves with a very heavy and aCst unbearable debt. Their last state is undoubtedly worse them- their first, but the wisest thing that they can now. do is- to accept trie able • and let the whole thing drift, whether the sand does or not. They would be foolish to throw good money after had, even if they could get^it, which we do not think they can.