Bank ot New Zealand.

Manawatu Standard, Volume XXXVIII, Issue 6625, 17 February 1900, Page 3

Bank of New Zealand.

(Per Press Association.)

Wellington, February 16. At the half-yearly meeting of the Bank of New Zealand about a dozen were present. Mr J. R. Blair presided. After referring to the resignation of Mr Tegeftneyer, general manager, and the appointment of Mr Enabling as his successor, he said the business of the bank during the half year had been prosperous and it was singularly gratifying that while other parts of the world were feeling the financial distress, the colony was free from trouble. He took this to mean that the position of the colony was sound and had never enjoyed arnore prosperous time. With exception of the dredging works now in progress there was nothing in the shape of speculation business in New Zealand and in this the dredging returns on the whole will more than meet the interest on the capital, so the colony is not likely to be the sufferer. One disturbing influence which might tend to affect an institution of this kind was the Transvaal War, but so far as he could see it was going to stimulate trade in New Zealand. When the war is over trade with the Transvaal and South Africa generally would be largely developed and more than recompense the colony for any money we were expending in connection with it.. In addition it would be a splendid advertisement for New Zealand. Though a successful half-year's business had no great significance for shareholders, he hoped the time would not be far distant when they would participate in the bank's prosperity.

Questioned on statements which appeared in a letter in a local paper of the Ist inst., the President said he was not prepared to give an answer as often such letters were written for political purposes and certainly not with the intention of aiding the bank. All he would say was that the Bank was doing a large and profitable business, and it was a pity that institution in former days was not in the hands of those who could have conducted it properly.

Mr Kebbell, a shareholder, spoke of the Premier being in the position of seller and buyer—" seller" as a member of the Assets Board, and " buyer" as head of the Government.

Mr Blair replied that the Assets Board was doing good work, one estate alone realising recently £10,000 over the estimate, and he said no person in New Zealand was more anxious than the Premier for the success of the Assets Board in its connection with the bank.