BANK OF NEW ZEALAND.

New Zealand Herald, Volume LII, Issue 15948, 19 June 1915, Page 6

BANK OF NEW ZEALAND.

The address of the chairman of tho Bank of- Now Zealand, delivered at yesterday's maeting of shareholders, is characteristically interesting and instructive. Mr. Beauchamp was able to show that the bank is in an exceptionally sound position. Tho profits at the close of a year covering eight months of the war period showed an increase over those of the previous twelve months, and the dividends and bonuses paid and payable to shareholders are the same as in the. recent markedly prosperous years of the institution. The feature of the balance-sheet is the large transfer to the reserve fund, which now stands at £2,000,000. This has been made possible by the large receipts in premiums on new shares, which exceed the net profits for the year. With £84,464 taken from profits, the total transfer to the reserve is £450,000, an addition which must command unshakable confidence in an already strong financial institution. Nothing need be added to Mr. Beau champ's review of the monetary situation in the Dominion except to emphasise his timely warning as to the possibility of the after-war demand leading' to a hardening instead of an easing of interest. A notable feature of the discussion that followed the chairman's speech was the announcement by Mr. Martin Kennedy of his change of view regarding the Government's continued partnership in the bank. This was a subject of strong controversy in which a body of shareholders led by Mr. Kennedy were, as life' now frankly admits, happily dofeated in their effort to sever the state's connection with the leading banking, institution in the Dominion.