THE BANK OF NEW ZEALAND

Otago Daily Times, Issue 21982, 17 June 1933, Page 10

THE BANK OF NEW ZEALAND

The report of the directors of the Bank of New Zealand, which has now been issued for the twelve months ended March 31 last, exhibits a result tha{ does not differ greatly from that produced by the operations for the preceding year. The effect of the depression in trade, is manifested in the fact that the bank’s profits remain at a figure substantially lower than they were two years ago. The profits last year were lower than in any year, with one exception, since 1920. On this occasion an improvement upon last year’s result is shown but only to the extent of a few thousand pounds. In the following table we have grouped the figures for successive quadrennial periods prior to 1921 and stated the ' net profits for each year subsequent to that date: —

1901-4 (average) .. .. £210,890 1905-8 (average) .. .. 300,016 1909-12 (average) .. 318,497 1913-16 (average) .. 349,077 1917-20 (average) .. 427,291 1921 827,255 1922 682,043 1923 .. 553,639 1924 753,831 1925 .. 819,286 1926 912,160 1927 .. 847,671 1928 1 841,873 1929 912,954 1930 948.534 1931 • .. 845,813 , 1932 587,023 1933 594,270 The indications for more favourable conditions are generally hopeful at the present time. The advance in the prices of the product? of the Dominion may not yet have been sufficiently great to justify the belief that the tide has turned, but it has been, an advance so steady as reasonably to admit of confident-expectations of a restoration of conditions under which the producing industries will be profitably prosecuted. If these expectations are realised the economic recovery of tiie Dominion will be reflected in the results of the operations of the Bank of New Zealand for the current year.