THE COLONIST. Published Daily—Mornings. Nelson, Friday August 27, 1897. THE BANK OF NEW ZEALAND.

Colonist, Volume XL, Issue 8958, 27 August 1897, Page 2

THE COLONIST. Published Daily—Mornings. Nelson, Friday August 27, 1897. THE BANK OF NEW ZEALAND.

In another column is published a telegraphed report of the disclosures made at the arinvial meeting of the | Bank of New Zealand, held in Wellington yesterday afternoon, when the President, Mr Watson, said that the Bank had now entered on a promising j career, and had fulfilled the expectations of those who took charge three years ago. When the full report is to hand it will be possible more fully to criticise the position, but the affairs of the Bank of New Zealand affect the people of the Colony so considerably that it is desirable to make reference to the position as disclosed in the telegram before" us. In the first place it will be observed that the President states that the actual earnings for the year which ended with March last were £125,336, put of which, apparently, £17,600 was devoted to the payment of dividend or interest at the rate of El£ per cent on guaranteed stock, £68,475 went to wipe off bad debts, all of which, with the exception of less than £4000, formed a legacy of the past, and there was thus £89,861 left towards the statutory payments by way of contribution to the Assets Realisation Board* Which should be, we believe, £50,000 a year. Comparing this record with last year's, it would seem that the earning power of the Bank has largely inincreased, inasmuch as in the statement delivered on the 29th October, 1896, the net profits for the year ended with the 31st March) 1896, appeared to be £96,201 after making some requisite adjustments. Of that amouut something over £4000 had to be devoted to the payment of dividend or interest on guaranteed shares, over £56,500 was used for wiping out bad debts that were stated to be " chiefly the dregs of the Australian business," and £85,708 was allocated as payment to the Assets Kealisation Board. Thus, in the last year the profits! were £125,383, as against £96,200 in the previous year — showing an improvement in the earning capacity of the Bank of over £29,000, for though it is true that Mr William Booth, speaking in October last, as a director of the Bank, said that the decision of the Appeal Court in regard to interest on the Colonial Bank accounts would probably secure to the Bank of New Zealand a further reserve to strengthen its position in regard to those accounts amounting to between thirty and forty thousand pounds, he evidently regarded this as a saving, and not in the light of a profit made. The interest on preference shares last year involved an increased expenditure of over £11,000. Apparently the provision for bad debts last year was some £12,000 more than in 1896, and yet the payment to the Assets Realization Board was larger in the last year than during that which ended with March 1896 by something like four thousand pounds. In two years the Bank has failed to provide the total amount of its obligation in respect to |the JAesets Board by the sum of over £24,000, but, as the President pointed out yesterday, the institution would have been able, not only to meet the full payment, but to set aside a reserve, had it not been for the necessity of making provision for old book debts. The earning capacity of the Bank seems thus to be well assured, but it may fairly be asked why these old " bad debts " continue to crop up and swamp the earnings. Last year excuse was made that these debts were chiefly the dregs of Australian business. Now the depressing burden is declared to consist of debts owing prior to 1894, save in respect to a comparatively email amount. The question arises, Are there any more of these surprises to be sprung upon us ? If there are, the position will, in time, become more than unsatisfactory, but if there are not, it seems that the Bank is on the eve of a period of prosperity, and we heartily hope that developments may prove that troubled waters have been passed.

Locally Bred St. Bebnards.— Mr F. N< Jones ef this city has just received word that I two St. Bernard puppies that he bred from his prize bitch " Violet " and which were sold last January to two Dunedin residents, have secured first and second prize at the recent Dog Fanciers Show, held in that city"* There were a large nnmber of entries. Proceedings fob Libel. — We are informed that Mr Connell, acting on the advice of Messrs Skerret and Wylie, of Wellington, is about to commence proceedings for libel in connection with certain statements that recently appeared in the columns of our evening contemporary* Thb BEPB'gixTATivE Tham.— At a meet'ng of the rapr ssntative team last night, Mr M. Bonar was electid oaptain of ths team. Mr Stiles goeß with ths team as manager. The team haa been altered somewhat, and H. Papps playa fall baok in plaoe of N. Levien wno goes up to wiDg. The team leaves at 7 this morninp, and being a very good combination should give a gjod aoooaot of itself. Enquiby.— "A Subscriber" wishes us to state when and where the unfortunate steamer Tasmania was built, in order to settle a questidii; The following quotation from .the Canterbury "Press" furnishes the desired information: — "The Tasmania was a steel sorew steamer, built, in 1892 by Messrs Swan and Hnnter, Wallsend on the Tyne, Newcastle. She had triple expansion engines, and was able to steam 15 knots an hour. * * * The vessel was named by Mrs Huddart. After a trial trip, which averaged !4J knots an hour, she was put into the New Zealand-Australia trade in November, 1893." Colonial Manufactures. — Jubilee Presents. — We were yesterday afforded an opportunity by Mr Chisholm, representative of the Mosgiel Woollen Company, of inspecting duplicates of the specimens of that Company's manufactures forwarded to Her Majesty the Queen, the Marquis of Salisbury, and the Eight Hoii; Joseph Chamberlain, presents which the cables have informed us nave been accepted by the Queen and the distinguished statesmen. Mr Chisholm has one only remaining of 20 rugs which were manufactured for the purpose of selecting two to send to the Qiteeri; These are very fine merino reversible rugs showing on one s'de the showy " Victoria " plaid, the reverse side exhibiting a. different surface pattern, the latter being the Mosgiel check on royal blue ground. As stated two of these were sent to Her Majesty and others sold, but the remaining one will be kept by the Company, though copies will be made to supply the many orders being received; There were also forwarded to Her Majesty two pairs of finest white bljtnkets with royal blue border, and bound with royal blue silk, and one hundred yards of the finest flannel. These were accompanied by elaborate addresses worked in gold upon red morocco. The rugs for the statesmen named are different in color, though of the same textre and pattern arid these two are reversible. These have a very handsome appearance, and the quieter shades should make them more popular than the " Royal " pattern. The Orphanage Band.— On Sunday afternoon the Stoke Orphanage Band will, weather permitting, give a promenade concert in the Botanical Gardens) Keserve, when the following programme will be presented !-i" Stella " (sacred) ; " Creation" (sacred march) ; " The Village Blacksmith"; "Kyrie and Gloria" (Mozart's 12th) ; ' Spirit of the Night' (march* ; " Adeste Fideles " (Air Varie) ; " The Village Festival " (fantasia) ; " Hibernia" (selection) ; " Don Crcsar De Bazan " (fantasia). Nelson Asylum. — Last night the usual weekly, entertainrrient \fats enlivened by the attendance of Mr Nevßnas, aceb'mpatiied by the Misses Bethwaite, Larkins, and McAcher and Messrs Snodgrass and T. Hall, who one, and all sang some well selected songs, which were much appreciated by the patients and visitors. Mr Morrison thanks them most heartily for their kindness in attending and contributing to the enjoyment of the patients.