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New Zealand Times, Volume LXVIII, Issue 3505, 6 August 1898, Page 2

A good deal of adverse criticism has been levelled at the president and tbb directors of the Bank of New bank of Zealand with respect to the new estimate of the earning power ZBALAND of the institution which was PBOFiTS. submitted to Parliament iu 1895, and which led to the passing of the banking legislation of that year. The estimate was given at 4135,000, , but the critics overlook the fact that this implied the gross earning power, that is, before providing for “ bad and doubtful"; furthermore, sufficient allowance ds never made for the great reduction in the rates of interest which has taken place since the estimate was made. If duo allowance be made for all this it will be seen that the estimate has been more than justified during the past two years. For the 13 months ended 31st March, 1897, the profits amounted to about 4125.000, and for the year closing with last March the profits were 4121,000. If from the estimate of 4135,000 the sum of 414,000 is deducted for London inscription business which was not given to the bank, the estimate of .£121,000 has been reached. The president (Mr Watson) was, we thing, justified in bringing this point wider ’ the notice of the shareholders at the meeting on Thursday. In the past year the profits were less by 44000 than in the preceding year it is true, but if the prevailing circumstances, as suggested by the president, are taken into consideration the decrease is easily accounted for. Furthermore, there is very little doubt the profits were diminished through the flotation in London last year of 4750,000 of the Assets Board debentures. Such an operation involves expense, which has probably come out of the profits. The directors* estimate of the earning power of the bank has been realised, however disagreeable the fact mvy be to parsons opposed to the banking legislation of 1894 and 1895.

Advanced methods of improving the social condition of the mass-of the B0CIAI) people are steadily coming (EQisifATiOl? into favour and use in Great in Britain. Although the J)eBBiTAZN* partmental Committee appointed to inquire into this subject failed to agree on a workable scheme, the question is not to bo allowed to drop. That 120 members of the House of Commons should petition the Government to introduce legislation to provide a sphem® of °id ago pensions, and : that ill so they simply asjf for fulfilment pf Ministerial pledges, are significant signs of the times. ,In point of fact, though some politico? economic" philosophers ” rail against such a development of, whit they call mistaken hamanitarianism, this idea of pensions is warmly supported by many British and European statesmen. Notably Mr Joseph Chamberlain is in favour of it, and the Ministerial pledges given on the subject were his, we believe. The Imperial Parliament is really a strongly conservative body, moving very slowly its wonders to perform; It is, for example, far behind the (German parliament in making provision for workmen’s insurance. But we find ■ tiie House of Lords passing the Deceased Wife’s Sister’s Marriage, Bill, and both Chambers seriously and practically considering workmen's compensation and liberalised employers’ liability provisions. Small wonder, then, that so considerable a ‘section of the House of Commons is urging 'the establishment of an old age pensions ■scheme.