EMPIRE FINANCE.

Northern Advocate, 9 December 1916, Page 1

EMPIRE FINANCE.

THE OUTLOOK REVIEWED.

SIR JAMES MILLS' OPINION.

WELLINGTON, December 8. At the half-yearly meeting Of the shareholders of the Bank of New Zeeland to-day the chairman (Mr H. Beauchamp) welcomed Sir James Mills, a member of the London Board of Directors, and expressed appreciation of the services of the Board in this time of crisis. Sir James Mills, replying, said the position of the London Board was an anxious one for some time before the war and for a short time afterwards uutil the Imperial Government formulated a scheme to relieve the money market. The Bank of New Zealandwas in a very satisfactory position, and, had affairs become worse, it would have been as well able to meet difficulties as the older banks. Sir James Mills went on to say that the chairman's remarks regarding trade balance were very reassuring. He quite endorsed Mr Beauchamp's views that, notwithstanding the present clouds, we could look forward with confidence that British staying power would bring the conclusion we counted upon. After the war there would be a difficult position before commercial and banking institutions. They would be faced, with the task of recovering trade lost or scattered while their attention had been occupied vr.th war, and would have to meet the competition of Germany and neutrals which had accumulated reserves and stocks. The position would call for better organisation and co operation between banks and commercial houses, somewhat on the lines pursued by Germany in peace years; also for better commercial education.