The Colonial Bank of New Zealand.

Oamaru Mail, Volume XIX, Issue 5904, 28 March 1894, Page 1

The Colonial Bank of New Zealand.

[by telegraph.] (feoji our owu correspondent.) Dunf-bin, March 27. The Hon. George M'Lean, in moving the adoption of the report at the Colonial Bank's half-yearly meeting to-day, after commenting on the salient points of the balance-sheet said : "As was the case with other banks, when the Australian banking crisis occurred we lost some deposits. This experience, however, confirmed the soundness of the policy adopted by the directors and carried out by them for some years past in restricting the amount accepted on deposit in London —a policy of which we are now reaping the benefit in a comparatively small disturbance caused to our business by withdrawals. The total amount of deposits now hold by us in London is under L 400,000, distributed in small sums payable over tho next five years. As our colonial produce meets with better markets, to which end strenuous efforts are being directed, we may look for a steady increase in deposits here. Business throughout New Zealand is fairly sound, bub wo cannot ignore the fact that the great farming industry has, this year, had much to contend with. In most districts the harvest season has beeu bad, consequently tho yield has been deficient. Added to this,- the prices obtainable are low, and out of all proportion to the cost of production. Kauri gum, our staple product in the north, has, in sympathy with the depression in the American markets, suffered a heavy fall in value, and the price obtained this year for wool, both locally and in London, has not been equal to expectations. On tho other hand, the strides that the frozen food trade is taking give assurance of tho constant progress "of tho colony. The large amount of Homo capital now invested in the improved class of refrigerating steamers which find constant employment in the trade between this colony and Endand shows that others have confidence in the frozen meat trade, and, with us, think it capable of still further development. Now Zealand, like other colonies, will have her ups and downs. Better seasons, however, will come, and, peopled as sho is with a courageous and energetic race, her immense power of production will always keep her in the foremost rank of exporting* colonies ; and this bank, with its entire interest in New Zealand, is cvor sure to sharoln the general prosperity."