BANK OF NEW ZEALAND.

New Zealand Herald, Volume XLI, Issue 12609, 25 June 1904, Page 4

BANK OF NEW ZEALAND.

M annual report of. the Bank of New Zealand, submitted to the ordinary general meeting held yesterday at Wellington, is entirely satisfactory reading. The past year has actually been the most successful in its history, a result of national importance, for the Bank is not only identified with the Commercial interests of the colony but owing to its relations with the Government is a distinctly; public institution. The earnings last year did not fall greatly short of hfrlf-a-million sterling—'to be exact, they were £4*74,652 OS 3d. This alone is excellent, but it is made of particular value by. it* .hewing been reached by prosperity in ■ every ■ branch ■ of business* :: ■:,• We may : ■ therefore l ■ assume ':■. With'' confidence that future reports will be as satisfactory as the present, which is clearly due to good management and sound financing, and to that steady development of the colony in which the Bank so greatly assists, and in the fruit of which it naturally shares, It is worthy of note that private deposits are £lfio,ooo in excess of the previous balancing, a good indication of the general prosperity of the colony and of the popularity of the Bank of New Zealand. The Bank staff has been accorded a share in the general satisfaction by means of a well-earned and heartilygiven bonus, the shareholders have received 5 per cent., and over £179,000 has been handed to the Assets Board—bringing estimated deficits to well within two more such annual paymentsalthough the relatively small sum of £50,000 per annum is the statutory payment. In regard to the Assets Board, whose balance-sheet was submitted in the usual course with the Bank report, we must again protest against the way in which its properties are being held off the market, or allowed to be cOmpulsorily acquired by the Government, as in the case of Matamata. There has been a slight turn in land values. The same prices cannot be now obtained that were freely offered two years ago, nor is there any immediate prospect of any marked rise. Yet the Board holds

to property ias ■ though life-long; ••■ administration..; was/. its 1 , sole function, on > foe- plea that by bo doing ]it 18 conserving the interests of the Bank shareholders. Had it taken onr petsi stent advice In sell desirable dairying properties white ptbduee Was 10 high, land greatly in demand, arid land prices? at flood watermark, the Bank shareholders would have profitedj and the agricultural development of the province been considerably -assisted. ■>■'