BANK OF NEW ZEALAND.

Sun (Christchurch), Volume III, Issue 883, 8 December 1916, Page 11

BANK OF NEW ZEALAND.

v 1 SHAREHOLDERS' MEETING. V AN ANXIOUS TRIE. Press Association. WELLINGTON, December 8. At the meeting of shareholders of the Bank of New Zealand to-day the chairman, Mr Harold Beauchamp, welcomed Sir James Mills, a member - of the London Board of Directors, . and expressed appreciation of his j services to the board at a time of crisis. \ Si" James Mills, replying, said the position for the London Board was - an anxious one for some time before . the declaration of war, and for a short while afterwards until the Im- [ perial Government formulated the : scheme for the relief of the money market. The Bank of New Zealand 1 was in a very satisfactory position, " and had affairs become worse it 1 would have been as well able to meet - the difficulties as the older banks, i The chairman's remarks regarding > trade balance were very reassuring. - He quite endorsed Mr Beauchamp's > views that notwithstanding the preT sent clouds we could look forward ) with confidence that British staying ; power would bring the conclusion I we counted upon. After the war i there would be a difficult position t before the commercial world and t banking institutions would be faced i with the task of recovering the trade > lost or scattered while the!" atten- ; tion was occupied with the war, and i would have to meet thp competition j of Germanv and neutrals which had ' accumulated reserves and stock. I The position would call for better , organisation and co-operation between the banks and commercial , houses, somewhat on the line pur- , sued by Germany in peace years, ~ and also for better commercial education. ', The meeting endorsed the action nf the directors in appointing Mr B. W. Kane to the vacancy on the board " caus"d through the death of Mr Mar- , tin Kennedy. TA full report of the chairman's address will he found on page 8.)