THE BANK CHAIR-MAN'S SPEECH

Hawera & Normanby Star, Volume LXIX, Issue LXIX, 18 June 1915, Page 4

THE BANK CHAIR-MAN'S SPEECH

The speech delivered by the Chairman of the Bank of New Zealand at the annual meeting of shareholders this morning, of which the text is printed in this issue, is a full and interesting review of the general financial position. So far as the affairs of the Bank are concerned it will have been gathered from information previously published

\fKgfct,iiifi year's .operations Jwtlti b^jttj 02$?: The\ Ban 4 has .<jb^ S^lne| tfi^'a^dttiipn^.capi^J «ifc been quite satisfactory. Going further afield, Mr Beauchamp has reviewed the trade returns of the Dominion, some phases of the Tvar, the influence of the war on trade and finance so far as it has yet made itself felt, and iiKe effects likely to be 'experienced ■ in' the immediate; future. . His, observations are generally of an encouraging character. The trade of the Dominion, thanks to the splendid work of the navy in keeping the seas open to our commerce, has been carried with comparatively little interruption, and the markets have been extremely good, while exports' have materially increased both in volume and value; and as the imports from various causes have been somewhat restricted for the time, the balance 'of trade during the year has been largely in our favor. These conditions have led to the accumulation of capital or credit, as shown by the deposit returns, and the public is in a stronger position with the banks than it has been for some years past. But the warning ia given that to some extent the increase in deposits is due to the unwillingness of capitalists to invest freely just now, and Mr Beauchamp points out that this aspect of the position is not without disadvantage to the commercial and labor interests of the community. However, in'his judgment the outlook, taking it generally, is quite satisfactory. The Government of the ©ountry is being carried on efficiently and economically, New Zealand is doing its part in the great crisis, people are living economically, and though demands for fresh taxation are looming up, the country is in a strong position to meet them. It cannot be expected that the* war will, pass over without causing trade disturbance, or that .when peace comes the position yvill be entirely, free from "difficulty. But 'Confidence is expressed that New Zealand will not suffer serious .embarrassment, and that on the whole the rearrangement of international trading relations is likely to ! be in her favor. The speech contains ! a good deal of valuable matter, and! will be read with interest I