TRADING BANKS

Northern Advocate, 15 June 1935, Page 10

TRADING BANKS

DIRECTOR’S TRIBUTE. “STRONG AND SOUND.” .• - ■ (Per Press Association. — Covyrlght.y WELLINGTON, This Day. In seconding the motion for the adoption of the report and balancesheet at the annual meeting of the Bank of New Zealand, the new director of the bank, Mr A. T. Donnelly, K.C., said: “I am among you as a layman and an average representative of the community. May I pay a tribute to the trading banks, to their system and policy, their present management, and their past prudence in the assembling of resources? In the hard and bitter years now behind us these resources, hidden and disclosed, have been used to soften when they could no longer avert the shock of the depression upon the nation as a whole, I congratulate you upon the strength and soundness of your bank, and in the absence of catastrophe we can look to the future with security and confidence.” Mr Len McKenzie said the report and balance-sheet showed unquestionably that the country was emerging out of dark woods into brighter daylight, and certainly should give very much stronger confidence in the finances of New Zealand. “I think,” said Mr McKenzie, “that we owe a great deal of thanks to the directorate and management of this bank that they have stuck to the old banking principles of England, principles that have not been the work of any man, but an accumulation of the judgment, thought and care of bankers of very many generations.”