BANK OF NEW ZEALAND.

Feilding Star, Volume III, Issue 745, 4 December 1908, Page 3

BANK OF NEW ZEALAND.

HALF-YEARLY MRfiriNQ. STATEMENT hT¥v£, CUAUIMAK. [7MB PBSSB ASSOCIATION.] Wellington, Deoe j'>er 4. Speaking at the half-yearly meeting of the Bank of New Zealand to-day, the chairman (Mr Harold Beauchamp) said the profits of the bank for the six months ending September 30 were exceedingly satisfactory, and there was good reason to anticipate that the oar rent financial year would compare favourably with its predecessors. The combined advances and discounts of banks transacting business in the dominion are the highet on record, being at September 30 £21,217,957, compared with £118,488,184 for the same date of last year, an increase of £2,719,775. Private deposits decreased by £1^44,995, and Government deposits by £887,193, making the total change £4,951,963. Altered relations between banks and customers was brought about by the sodden and unexpected faH in the price of wool and other primary products. High values had encouraged many wholesale and retail firms to trade beyond their meansj and there was also extravagances in living. With curtailing credit and economy in private expenditure, the financial equlibrium would soon be restored. There bad been a marked mprovemeni in the demand for wool in Europe, Australia,' and New Zealand; but we can scarcely look for a recovery in hemp, kauri gum, pelts, and frosen meat until trade revives in Great Britain and Amerioa. A wonderful revival in industrial activity was anticipated in America, which naturaly would" have a material effect upon our dominion. The time was not far distant when it would be desirable to consider the question of increasing the capital of the bank, ami thoa bring it more into line with other Banks represented in the dominion. A ballot of shareholders for a vacancy on the board of directors Resulted in Mr Wm. Watson receiving 55,384 votes and Mr Herbert Rawson 4074. Out of the profits of the past half of the financial year, the board declared an interim dividend of 5 per cent. on both preference and ordinary shares, the dividend being p&yatfe t/t Wellington on Monday next ana at branches on receipt of advice.