News from the Capital.

Mataura Ensign, Issue 212, 7 November 1896, Page 4

News from the Capital.

(Wellington^Correspondent.) ! THE BANK OF NEW ZEALAND. j What was called by courtesy the . annual meeting of the Bank of New Zea- j land was held on Thursday afternoon. The function was an adjournment of a meeting in April last, on which occasion it was not deemed desirable to let the few persons present, whose interest in the Bank consists ' only in their liability to pay calls as long as they are able, know how their property stood. The balancesheet was subsequently, in June, laid before Parliament showing that the bank had. made a profit for the year, including balance brought forward, of L 52,575, but it was discovered subsequently that -- L 12,492 had t;o be deducted from this for "bad debts. which cropped .up in a promiscuous sort of way. Altogether L 56.901 . had to be written off for .the year, and it was explained that most of this sum represented " the d/egs of Australian busi- • ness." The more" we get . behind the . scenes in this State - owned concern, the clearer it becomes that the sooner we allow the Australians to do. their own banking. the better it will be for us. Our bank is doing discount business in the other colonies at 3£ per cent., while our own traders are graciously accommodated at double that rate, and' then more than half the profits disappear in Australian dregs. 16 may be a ,step towards Federation, or some other new fangled plan for • preserving the unity of the Empire, but whatever the reason or object, it is altogether too expensive for us to keep up in our present deplorably impecunious condition. The profits remaining, JE40.083, were disposed of as follows : — Payment of interest (called dividend) on the half million preference shares owned by the colony for three months . . . . £4,375 Payment to the Asseets Relisation Board . . . . „ 35,708 £40,083 But by Statute the Bank has to pay out of profits L 50,000 per. annum to the Bealisation Board to enable it to keep its head above water, and pay Mr Seddon and the others their salaries. Of course if the bank can't make the money it can't pay it, therefore the farmer and the miner and the co-operative contractor will each have to contribute his quota to fill up the gap. President Watson, however, takes a very cheerful view of things. Most men would when paid L 2250 a year with a ten' year's agreement. The pity of it is that his sanguine prognostications do not carry conviction with them. He says the obligation to pay the L 50,000 referred toprevents the writing down of the over valuation of the properties and good will bought from the Colonial Bank, but he hopes at an early date to do so. Hope has so often told a flattering tale in connection with the Bank of New Zealand, that the average student of its balancesheets has long ceared to take them as morals to wager on. Anyhow, it is admitted that the landed properties and the - good will still stand at book-value, which means that for every, pound in the Ledger there is probably only five shillings of reality. However, it is a poor heart that never rejoices, and Mr Watson was good enough to inform the 20 unfortunates who attended that "as a last cheering word, I may state that our half-yearly balance of 80th September last has shown a satisfactory profit." This being so, the question which naturally arises is, "Why was it not produced and read ?" It is a month old, and, if so cheering, why is it kept dark ? Physicians tell us that joy kills equally with sorrow. Probably Mr Wateon felt that the shock of finding that B.N.Z. was able to scramble along without appealing to Parliament next year for another half-million caused him' to re--1 frain from too suddenly announcing that things were unexpectedly looking up. Putting aside the trustful language of the report, and viewing matters from a cold, critical standpoint, what the bank requires more than anything is an in- • crease of customers. But the history of last session, the threats used of investigating private accounts, and the general fear of Ministerial interference has drawn customers away from the doors, and it will be a difficult matter to get them or new ones to deal at an institution where there is no security for keeping their . affairs secret. The Seddon Government may bs the best Government the country ever had, as was alleged by the head of it at Petone the other night. No doubt the hangers-on, who have been so well rewarded, are convinced that no other Government could possibly perform such marvels of statesmanship, but they are not the class to be of service to a ' bank any more than plungers are, given an extended clientele among the mercantile people, who discount safe bills and are a source of profit by reason of exchanges, then there' is little fear that the bank will cease to be a burden on the colony, but until such profitable customers are nssured that the bank is not, or, likely to become, a mere political machine, that class of customers will keep discretely clear of it, and the colony will have to foot up the losses. Every man in the colony is a shareholder now, and he may rest assured that so long as Mr Seddon is in power everyone of us will have to pay to keep the bank afloat. THE ELECTIONS. Strange as it may appear, the seat of Government is the only electorate which has not a definite choice of enndidntes. The only two who may really be said to j bo in the field as yet are Sir liobert Stout and Mr Hutchison, the chosen of the ! Unions, the Women's Social and Political League and Mr Seddon. The reasons ■why are various. The first one •which | occurs is that Wellington being a very ' commercial centre, the business people are desirous of getting over the fourth of the month before entering into the maelstrom of a general election. When l the fateful fourth has come and gone, they will roll up tbeir sleeves in earnest. The next reason is that, no matter who | puts up, the Ooposition will win with ' their candidates despite any promises Mr Seddon may make of cottages and twoacre farms for everybody. Even if he threw in a cow and a piano it would not help him much. Nor -will his assertion that it is all owing to his Government that 82,676 more people go to church now than under the Conservatives convince many Wellingtonians that our moral tone has improved because of his good example, as it is only too well known that it is his office and not church that his portly form I graces on tho Sabbath day. The names will be announced next week, and then ! the fun will begin. In the subm-hp, both candidates, Messrs Hislop and Hilford, are hard at work every night, Mr Seddon aiding the latter with his voice, the light of his countenance, and assistance in other ways. Mr Hilford catches on with the footballers and young follows generally. He has the great gift of being able to adapt himself to his audience. At Petone or Kilbirnic, ' where hotels exist, he is the bold champion of Brother Bung, and the right for everyone to do as he pleases. At Brooklyn and other more secluded places he is either silent on the liquor question or declares himself almost a Prohibitionist. On the other hand, Mr Hislop, a seasoned old politician and ex-Minister, is making sad havoc of Mr Seddon's recent speeches, and getting heavy support in all quarters. In the Wairau, Mnssrs Buick and Mills are making mincemeat of each other. Tho former will score an easy win by the appearance of tho combat just , now. In a spoocli, tho other night, he predicted that f.lio young Now Zealanders would be the Ministers of the early future, ?■ apd mentioned Messrs McXabj G. J. *./•• Smith and O'Began as shining lights, £,~": winding, up with the following slab o. . - ■ ;

. oratory : " These followers of the forest, ' ; these sons of parents, who in the early i dnys rescued this otljny from the wilder- ! ness, would fee the statesmen of the future. From among the products of our t ) own country will spring the Party of ' the futare, ladies and gentlemen, and with j your permission, I intend to take my j ' place among them." Fancy that, now I | I ' i