NATIONAL BANK OF NEW ZEALAND.

Otago Witness, Issue 2842, 2 September 1908, Page 58

NATIONAL BANK OF NEW ZEALAND.

MEETING OF SHAREHOLDERS. | LABOUR PARTY~AND SECURITY. | (From Ora Own Cohbespondint.) i LONDON, July 10. On lue.sd.iy a meeting of shareholders in the National Bank of New Zealand was held. Mr R. Logan was in the chair, and among those present I noticed Mr Duthie, of Auckland. In moving the adoption of the report I and balance sheet, Mr Logan said that | the past year had been in some respects j less favourable for New Zealand than its i predecessors, partly as the result of the not and dry summer and partly because of the upset caused in the world's markets I by the American crisis. The United i States were large buyers of wool and ' hides, and consequently the exports of j the Dominion showed a decrease from 1 £19,750,000 sterling to a little over ! £17,750,000 sterling. The check would 1 undoubtedly be beneficial, as it would , deter undue /speculation 'in land in the ' Dominion. Money would probably be dear there for some time. " There had '' been undoubtedly a set-back which could not but have an adverse effect on the I high prices recently paid for land in the I Dominion. With regard to the operations of the bank, the chairman said that for the first time the accounts showed a ! disposable balance of over £100,000, and i the board was able, with perfect ease, , to maintain the dividend on the increased capital at the very satisfactory rate to which the shareholders had been accustomed for several years — 10 per cent, per , annum and a bonus of 2 per cent. He moved the adoption of the report and the ' declaration of the dividend and bonus \ named. i The motion was seconded by Mr E. C. j Morgan, and unanimously adopted. ; In the course of the subsequent disj cuesion, Mr W. Acton Adams said he had | seen a good many banks come and go in New Zealand, and he thought there were, so f^ar as he could judge, smoother seas before them than ever they had had I before. They were not likely to have the same troubles in tlie future as they had had in the past. The directors and managers had more experience in dealing with colonial banking problems than I they had had 30 or 40 years ago. New i Zealand had a strong and able Government, led by a very capable financier. Sir Joseph Ward, who would never allow the Bank of New Zealand to be shaken. ! The main part of tlie Australian banks' assets were in Australia, and he did -not think there was any defect in the National Bank of New Zealand. So the banking .position in New Zealand was very strong. I With the 6ettled and cautious policy of | the directors they had this year a quarter i ot a million more loose cash at their die- [ posal than they had had in former years, i and, considering the difficulty in transporting specie from England to New Zealand, it was. wise, he thought, of the board to provide themselves with considerable cash reserves in the Dominion to meet any possible demand by depositors. That was a great source of strength to the bank. A Shareholder asked what effect the Labour party was going to have on New Zealand. There had been ominous news lately of the demands of that extraordinary party, and the chairman might perhaps give them a littJe information as to the security of property in the future. The Chairman said there was no windowdressing in the balance sheet. As to the Labour question, he was not a politician, but New Zealand seemed to prosper extremely in spite of all the domestic questions which occasionally cropped up there. He did not think the prosperity of Yew Zealand would be affected to any considerable extent. The report was then agreed to, and the dividend and bonus were declared. ■ Mr A. M. Marks moved the re-election of Mr Logan as a member of th© board. H« (Mr Marks) had lately vieited New Zealand, and had learned in what popularity the National Bank of New Zealand stood ; also the way in which the officers and managers were trusted and respected. He had had the pleasure of meeting Mr Coates and Mr Duthie and other officers, and he could confirm , all that had been said regarding them. And the new premises at Wellington would be a credit to London. The motion having been eeconded, carried, and briefly acknowledged, Mr Acton Adams proposed a warm

vote of thanks to the directors, the general manager, and the staff, Both in London and New Zealand. He referred to th> commendable cautiousness of Mr . Coates and to the ability and courtesy of every official. v Mr A. B. Donald (Messrs Donald and Edenbore, Auckland), in seconding the proposal, endorsed every word that- had been said. He had -been for 50 years r resident in New -Zealand, and long a customer of the bank, and so he could speak with knowledge. Shareholders need not trouble about Labour difficulties iij New Zealand — he knew what he was talking about, and general labour questions were pretty safe there.