BANK OF NEW ZEALAND

New Zealand Herald, Volume I, Issue 144, 29 April 1864, Page 3

BANK OF NEW ZEALAND

Of all the local institutions which have been established in this colony, the Bank of New Zealand has been, perhaps, the most successful. Established only two years ago, the capital invested has yielded an annual interest of ten per cent., while a sum of over ,-£95,000 has been carried to the reserve fund. Marked, however, as lias been the success of this Banking Company from its commencement, the report for the past half-year which was adopted at yesterday's meeting shows a rapid increase of prosperity. After defraying the whoie expenses of tin* establishment, setting apart a sum to meet bad nr doubtful debts, and a further .sum of £205S -Is. 3d. towards reducing the cost of the Bank premises, the profits of the half-year amount to 110 less a sum than £ 10,580 10s. fSd. The prosperity of this local institution tells well for the general commercial prosperity of Auckland. But few, very few bud debts have been contracted by the Hank, and though a large amount of business is done in paper, trade has, so far, been confined within reasonable bounds, that good rather than evil has been the general result. At the meeting which took place yesterday, we were pleased to hear a suggestion from Mr. AValton that in these dear times, when the prices of rents and provisions have already risen and are likely to rise still further, the salaries of the officers of the Bank should be proportionately increased. Such a step has been already taken by the General Government with respect to their employees, and we think that in the case of the Bank of New Zealand such a course is even more to be pursued, for no one can take up the last half-yearly report, and note the unprecedented success of this Colonial Banking Company, and not come to the conclusion that much of this success is attributable to the energy and perseverance and attention to their duties, which has marked the wliole establishment from the Chief downwards. Jf any class of men is deserving of liberal salaries it is those who are engaged in responsible situations in such an establishment as a Bank, and we trust, that the directors will be influenced by Mr. AValton's suggestion which but echoed the opinion of many others present. The dividend of ten per cent, which has been declared will be payable in Auckland on the :Jrd proximo.