HIGHER COSTS

New Zealand Herald, Volume LXXV, Issue 23061, 11 June 1938, Page 20

HIGHER COSTS

Overseas Directors

BANE OF NEW ZEALAND . •' • '' REVISION OF SALARIES /, 1 I • RATES AND TAXES INCREASE [BY TELEGRAPH —OWN COHUESPONDENT] ■WELLINGTON, Friday Items in the balance-sheet of the Bank of New Zealand were reviewed by the chairmau, Mr. A. T. Donnelly, at the annual meeting of shareholders today. As Mr. Donnelly was prevented by illness from attending, liis speech was read by Mr. William Watson, who presided in his place.

Deposits, said Mr. Donnelly, stood at £34*731,532, and showed a decrease of £904,580 as compared with the figures of a year ago. The reduction was mainly in fixed deposits. Bills payable and other liabilities wcro more by £497,464. Coin, Beserve Bank notes and deposits with bankers stood at £6,103,579, a reduction of £1,825,892. Money at call and short notice, Government securities and other securities in London, £5,554,518, were less by £1,567,902. The reductions shown under these two headings reflected the general change in tho banking and trade figures. New Zealand Government securities, £5,390,347, showed an increase of £764,253, due to the purchase of shortdated stocks. Australian Government securities, £2,239,634, were less by £756,266, sales having been made from time to time to replenish cash funds in Australia. Advances and bills discounted, £26,417,322, showed an increase of £2,753,374. Bates and taxes amounted to £379,341, ail increase of £56,052 over tho figures of last year. New Salary Scale

"Salaries and allowances have steadily increased annually and have risen from £508,988 at March 31, 1931, to £563,986 at March 31, 1938," continued Mr. Donnelly. "This increase is partly due to a growth in the size of the staff, partly to adjustments involved in legislation, and partly to tho review of other salaries which these adjustments made necessary.

"The voluntary adoption by the hank of a new 12-year scale, which has had the effect of bringing staff salaries more in line with recent Australian awards, will further increase the amount. It may be mentioned here that, in addition to these normal commitments on account of salaries and allowances, contributions are also made to the provident fund and to the bank officers 1 and dependents' benefit fund."

Following the death of Sir John Higgins, local director in Melbourne sinco 1928, Sir Harold Luxton, who -tvas well known in Melbourne business circles, had been appointed to that position. The services of the JjOndon board, the local directors in Sydney and Melbourne, and the staff irt New Zealand and overseas were acknowledged, li had been again decided to pay a bonus of TJ per cent to this staff for the year. The motion that the report and bal-ance-shteet he adoptdd was Seconded by Mr. D. 0. Williams and carried. A vote of thanks to the directors, general manager and staff was moved by Mr. Norton Francis, seconded by Mr. A. E. Mabin, and carried by acclamation. The general manager, Mr. F. W. Dawson, replied on behalf.of the staff, assuring the shareholdes that the officers had the interests of the bank at heart.