COURTS AND OFFENCES.

Hawera Star, Volume XLVI, 18 June 1926, Page 9

COURTS AND OFFENCES.

LONG TERM LOAN PROPOSAL. ASSISTANCE TO FARMERS. (by TELEGRAPH PRESS ASSOCIATION.) WELLINGTOX, June 18. At the annual 'meeting fo the Bank of New Zealand, held to-day, Sir George Elliot moved the adoption of the report and 1 balance-sheet. Mr Weston seconded the motion. Speaking in regard to the proposed long term loans, Mr Weston said that by reason of its numerous branches m touch with farmers the bank could undertake work at very much less cost than any new institution. The return to the bank could be considered less than six per cent, and it would, have to depend to a certain extent on its reserve fund. In entering into this branch of business the bank was considering more the welfare of the Dominion than the narrow interests of the shareholders. The bank’s present position was mainly due to exceptional profits made during the war, in common with almost every manufacturer, but in consequence of the wise policy adopted hv the directors the hank had been a tower of strength to the men who were in trouble in 1921, and the present balance-sheet was, to a. large extent, due to that policy., In view of the additional tax on directors, he wished to propose that. legislation include provision for an increase in the directors’ fees by £ISOO. Mr Millward seconded the motion, which was carried.