BANK OF NEW ZEALAND

Evening Star, Issue 19894, 16 June 1928, Page 2

BANK OF NEW ZEALAND

THE ANNUAL MEETING STATE'S LENDING OPERATIONS (Pbb U.viikd Press Absociattom.] WELLINGTON, Juno 15. .U ilio Lank of New* Zealand annual meeting, Mr 15. W. Gibbs, the shareholders’ director, in returning thanks for his re-election, said ho appreciated very much their confidence in confirming liis appointment for a further period. “The bank and I have been fast friends for many years,” ho said; “in fact, for well over half a century. We both first saw daylight on this troubled sphere in the same year ; both managed to survive early infantile troubles. Sixteen years later we first made one another’s acquaintance. We both had our share of ups and downs, and have not avoided the trouble which is the Jot of institutions as well as humans. I think, lifawever, I can claim that we looked aftet each other’s welfare fairly well, and all along have been good chums. From what I know of my old companion’s virility and sturdy constitution to withstand shocks, I am confident that in the course of time, when we have bid one another adieu, my old associate will still prove to bo in the heyday of youth, and will be going, strong when most of us present are forgotten. In the meantime, gentlemen, I thank you for letting two old cronies remain together to work in the interests of all concerned.”

Mr T. S. Weston, in moving a vole of thanks to the directors, said he considered that the difficulty now facing formers in getting accommodation was only temporary, and was fast passing away. It was inadvisable to make amendments in the general principles of taxation in order to deal with a temporary difficulty. With reference to intermediate rural credit he ventured to think that the committee of the lower House did a wise thing when it added a clause enabling the applicant for an advance to fortify bis security by the guarantee of a personal friend. He spoke in high terms of the officers of the bank, both in London and here.

Sir George Eliot, in returning thanks, assured the shareholders that the managers of tho various brandies were not forgotten. “So far as their salaries are concerned,” ho said, “T think they are well taken care of.” He agreed with Mr Weston’s remarks on rural credit. Sir Robert Stout, alluding to the suggestion made in some quarters that the time had come for the starting of a State bank, said that such a proposal seemed to him to bo peculiar in view of the present position and the _ fact that tho Government had appointed four directors and London and New Zealand auditors. In his opinion the Government had quite enough to do carrying out tho work it already had in hand. Ho referred to the large increase in tho number of Government officers and employees compared with the numbers in years gone by. Jt' things went on in certain directions (ho was not blaming tho present Government individually) the Government would be crushed on' complaints made of high rates and mortgages. Ho mentioned that when ho cam© to New Zealand over sixty-four years ago the rate on mortgages (he alluded specially to pastoral tenants) was 171 per cent. (Laughter.) That had been gradually reduced to the existing rate. Was it the duty of the Government to destroy private enterprise and become a money-lender? If it was, it ought to lend to other classes besides the farmers. There were many poor people in tho community who had to borrow money Why should not assistance also be given them? Sir Robert remarked that the speech of the chairman was a very able one It gave thosharoholders a great deal of information, and ho hoped it would be carefully read and digested. Mr Buckleton, m responding, thanked tho shareholders for the vote. Tho increased scale of pay and other improved conditions in tho service, which wore inaugurated some years ago, had borne good fruit. On the whole tho hank had a competent and contented staff, and shareholders might rely on good service being rendered the institution It was no easy matter to keep tho fifty millions of assets held by the bank safely and profitably employed. Fortunately ho had closely associated with him in the executive work of the head office capable, zealous, and industrious officers •who, when his time came to retire, would be found in every way competent to continue tho conduct of the bank’s business on sound and high-class lines. In tho managers of tho more important of the bank’s brandies, where the greatest portion of the profits was earned, the bank had officers fully equal to their duties, and amongst the remaining members of tho staff there were many young men of much promise.