BANK OF NEW ZEALAND

Southland Times, Issue 25312, 15 June 1935, Page 7

BANK OF NEW ZEALAND

ANNUAL MEETING.

TRIBUTES TO DIRECTORATE.

(Per United Press Association.)

Wellington, June 14.

The annual meeting of the Bank of New Zealand was held to-day. The report and balance-sheet were adopted. Mr Len McKenzie proposed a vote of thanks to the directors, the management and the staff. This was seconded by Mr E. A. Kellow and carried with acclamation. The chairman, Mr William Watson, replied on behalf of the board and Mr Dawson, general manager, on behalf of the staff.

Mr A. T. Donnelly said: “I am among you as a layman and an average representative of the community. May I pay a tribute to the trading banks, to their system and policy, their present management, and their past prudence in the assembling of their resources. In the hard and bitter years now behind us these resources, hidden and disclosed, have been used to soften when they could no . longer avert the shock of the depression upon the nation as a whole. I congratulate you upon the strength and soundness of your bank and in the absence of any catastrophe we can look to the future with security and confidence.

Mr Len McKenzie said the report and balance-sheet showed unquestionably that the country was emerging out of the dark woods into brighter daylight and certainly should give very much stronger confidence in the finances of New Zealand. ... I think we owe a- great deal of thanks to the directorate and the management of this bank that they have stuck to the old banking principles of England—principles that have not been the work of any man, but an accumulation of the judgment, thought and care of bankers of very many generations.”