THE COLONIAL BANK.

New Zealand Mail, Issue 995, 27 March 1891, Page 26

THE COLONIAL BANK.

HALF-YEARLY MEETING. (per press association). Dunedin, Maroh 24. The thirty-third half-yearly meeting of the Colonial Bank was held to-day, the Hon G. McLean presiding. The report and balancesheet, declaring a dividend of 7i per cent, was adopted without discussion. The Hons. McLean and W. D. Stewart were elected directors, and Messrs K. Ramsay and vY. Hislop were appointed auditors. The Hon G. McLean, in moving the adoption of the report, said:—“ From the report you will have observed that, as has been usual with us of late, a satisfactory increase in our business is apparent. The progress the Bank ismaking we feel confident will continue. Its earning power is slowly but surely increasing, despite the fact that in these days competition is so keen that banking profits are not what they once were. Indeed it seems to be getting the custom in this country for banks to undertake some transactions without getting any profit at all, and it is a well-known fact that advance rates m Dunedin have of late been cheaper than in Melbourne or Sydney, although the deposit rates were lower there than here. Still, as I say, our earning power is holding its own, and holding it well, too ; and we are etiead'ly increasing a very satisfactory class of business. Some people are fond of decrying Now Zealand, but we ought to feel proud of this Colony of ours, In which all our business is centred and conducted—-a colony that exported last year nine millions sterling of produce, and this year ten millions, or between three and four millions per annum in excess of its imports. Any colony that can do that has a great future before it. I can with more confidence say the future of the Colony, as since I last had the pleasure of meeting you I have paid a visit to America, and although my stay there was short and I had not the time to travel much, still, being naturally an observing man and not idle in my enquiries, I can with satisfaction say that the contrast in the condition of the settlers of both countries is much to the advantage of New Zealand. In the prospect there is every indication of a fuff share of the futuve prosperity coming to us, having the careful management we now possess and identified aB we are with the Colony.” -