THE COLONIST. PUBLISHED DAILY—MORNING. NELSON, WEDNESDAY, JULY 24, 1907. THE BANKING RETURNS.

Colonist, Volume XLIX, Issue 11996, 24 July 1907, Page 2

THE COLONIST. PUBLISHED DAILY —MORNING. NELSON, WEDNESDAY, JULY 24, 1907. THE BANKING RETURNS.

The banking^returns for the June quarter have now been published, i and they not only disclose the gene- j raljjrosperity of the country, but also indicate an increase in enterprise. At Kie 30th June last the deposits in five commercial Banks totalled £21,8-12,965, while the advances and discounts combined amounted to £1§,6'i0,514, so that the money deposited was larger than the sum required to provide advances to the customers of the Banlcs^by a sum approaching four millions, or, to be exact, by £3,822,451. At the same time the coin and bullion held by the Banks had increased by about a hundred thousand pounds in the year, and amounted to £4,755,807, while the notes in circulation represented £1,694,328. Since June, 1006, the excess of deposits over advances has decreased by over half a million sterling, for then the surplus amounted to £4,459,784, notwithstanding the fact that, deposits increased within the year by £1,242,984, for the advances and discounts were larger by £1,880,317. Having regard to the fact that the Banks generally observe strict caution in making advances, it is evident that the increased amount of these is only to be accounted for by growing enterprise. Naturally the comparatively low rate of interest obtainable for money invested encourages the utilisation thereof in enterprises that promise to yield larger returns, and the larger amount advanced by the Banks wueo so utilised must be of genornl advantage, inasmuch as more employment is provided. The improvements in our towns, the growth of industries, and the increased utilisation of country lands are to sonve extent tbe visible signs of progress ett'octod by advances; though they are, of course, largely due to the utilisation of capital that might otherwise swell the total of deposits. It is very noticeable in the roturns under notice that while the free deposits, the credit balances of the customers of the Banks, and which balances do not carry interest, advanced from £10,732,708-at the end of Juno 1901, to £12,213,939 a r year later, an increase of no less than £1,481,231, the interest bearing deposits, those made for a fixed term, decreased by £238,267 to £9,629 026. Profitable business is indicated by the increased amount standing to tbo credit of those doing business with the Banks, while the falling off in the fixed deposit! shovs that more profitable investments are beinpr fonnd. ' Municipal and local government borrowing enable many to invest their money at a higher rate than the Banks pay, for they only give three and a half per cent for deposits fixed for two years, three per cent for twelve months' deposits, and two per cent for six months, whereas four pei cent is obtainable on local government loans, and also on Government debentures. Of late years, too, Building Societies have to some extent entered into competition with the Banks, and some of these offer three per cent for deposits fixed for six months, and four per cent for twelve months' deposits. In face of this it is not surprising that fixed deposits show a falliogoff ; but, in addition to this, the Post Office Savings Bank attracts investments that might otherwise be secured by the commercial Banka,*for depositors in the Post Office Savings Bank are aid three and a quarter to three and a half per cent interest. The Post Office Savings Bank deposits at the end of last year totalled £7,907,154, having grown by £1^281,410 in twelve months. It would be interesting to ascertain the amount deposited with Building and other Societies, and also to ascertain the vaLie of general and local government bonds held by private citizens of New Zealand, but evidently the amount is considerable. Without that, however, we have deposits in the commercial and savings Bank aggregating £29,750,119. The actual advances made by the commercial Banks at the end of last month amounted to £16,033,352, an inorease over the amount at the 30th June, 1906, of £1,924,787, while the discounts decreased within the two periods by £44,470. Deducting the total advances, including exchanges, from the deposits, including those in the Savings Bank, there is a surplus of £11,729,605, and to that has to be added advances made to other institutions.

Magistrate's Court. — • Yesterday, Mr Kenny, 8. M., gave judgment for the plaintiffs in the undermentioned cases :-~W. A. Rpughton versus H. Davy, balande £i. 6s due, with costs 12s, Mr Moore for plaintiff; Snodgrass and Sons versus J. Way, claim £6 8w sd, with £1 3S"6d costs, Mt Maginnifcy for plaintiffs. Two cades were adjourned; four struck out, and in two the summons had not been served. Nelson Oribbage Association. —The following players will represent the Fire Brigade in their match against Sihe Rdchabites at the Brigade's Hall fco-nioi'row evening, at seven o'clock sharp: — Messrs Lucre and MacDonald, Whiting and Stewart.Woodward and Sowman, liipspornbe and Wimsett, Deo and J. Swindale. Wharfage Extension at Nelson.— Mr Grahr.ni bag asked the Government whether they will make definite provsion in this year's Estimated to ettabie the work of wharf extension at Nelson. , to be proceeded with; or, in the alternative, hand over t.be control and management of the wharf to the Harbor Board(most wharves in the Colony being now under the control of Harbor Boards) with authority to undertake this very urgently required work without further delay, (Note. —The necessity for the worit has been loqg recognised by the Department that now possesses control of the wharf. The present accommodation is also recognised as beitig entirely inadequate. The work has been promised for years, and approved plans have long been prepared. A vote of ever £5000 appeared on last year's Estimates, which the representatives of the district were assured was for the purpose of proceeding with this work, which, however, has not been done, wiith the result that, in addition to intolerable inconvenience to shippers and shipping alike, the Government is losing a very large proportion of wharfage revenue, which is diverted to jetties rented by the Government to private persons at a mere fraction of the private profit derived therefrom. ) Golf. -~Follo wing are the handir caps for the Ladies^, Fouith Medai Round :-.~A Class: Mrs BUrnes (.10) plays Miss L. Ledger (8) ; Miss Buchanan (owe 2) plays Miss Booth (8) ; Miss Dalziell (10) plays Mrs Dodson (10), Mrs Lewis (8) plays Mrs Sharp (owe 5) ; Miss Glasgow (10). B Glass: Miss Bell (4) plays Miss D. Booth (9); Miss .Hudson (5) plays Miss Clarke (9) : Miss Leggatt (5) plays. Miss Nevin (9); Miss Hodson (8) plays Miss S. Blackett (12): Miss E. Ledger r (2) plays Mrs Bigg-Wither (3); Miss Bamford (scratch). .C Class : . Miss Gilkison plays MissM. Cock; Mrs Price plays Miss L. Tomlinson ; Miss G. Clarke plays Mies Vt Bamford; Miss Uoulker plays Miss Coster; " lisa Thorpe plays Mi3S Haggitt; Miss Ellis plays Miss Gilkison ; Miss G. Cock plays Miss G. Bisley. Death of an Old Settler.— Our Picton contemporary . report? the death of Mr Jamgs I^ulleiS senior, fit the age of 7t> eyars. Deceased, his mother, _arid two sisters,, came from Victoria to Nelson in 1855, arid in November of the same year they removed to Pictoii. Mrs Fuller and her daughters were the first European ladies to set foot in Picton; A Mrs Bell arrived some time afterwards, but she did Bot remain long; the loneliness and wildness of the place frightened her. It was two or three years before Mrs Memory, an old lady, joined the lady members of the Fuller family in their solitude. Mr Fuller and his mother commenced business in a store in Wellington street, and he afterwards undertook contracting work. Then he joined the firm of Messrs Kummer and Co., and when they sold out to Messrs J. A. E. Greensill and Co., he retained the position of trust which he occupied with such credit to himself and to the firm. He was connected with Mr Greensill for upwards of thirty 3'flafSj and only left him when ho felt he was entitled to rest from his labors and quietly enjoy life for the remainder of his days. He leaves a widow and nine grown-up sons and daughters; The Old Harbor Entrance.—" Fair Play" write**: — In your issue yesterday" a correspondent wrote regarding the assertion made recently that it would have been impossible to have brought in the steamer Te Anau by way of the old harbor entrance, and he draws comparisons between the lengths of this steamer and the cable steamer Sherard Osborno( which was brought through the old entrance several years ago), whioh go to show that the latter is four feet longer than the Te Anau. He goes on further to state that it is very bad taste to be constantly depreciating the value of the old entrance which has served our needs over sixty years pretty faithfully. If your correspondent had read the reports presented to the Habor Board by the fl rbormaster each month, he would have noticed that there has been a gradual shoaling" on the bar since the harbor works were commenced, and that conditions near the old entrance are constantly changing. Moreover in instituting comparisons your correspondent omitted to mention tbat the Sherard Osborne is a twin screw steamer, which enables her to turn practically in her own length, and that the Te Anau is a single screw steamer; also tbat the steamer Sherard Osborne, when she was brought in through the old entrance some years ago (when the water on the bar was deeper) she drew fourteen feet six inohes, as against fifteen feet five inches drawn by the Te Anau last week. Is it cot also a fact that the shoaling of the bar made it absolutely necessary to have new haibor works ; and was not this one of the chief reasons advanced for the necessity of a new cut? To-day, at their Richmond Stock yards, Messrs Bisley Bros, and JCo. will hold their usual weekly auction sale, when they will offer 1,500 sheep as follows : 200 fat and forward wethers, 750 ewes in lamb, 150 woolly and shoro* hoggets, drafted and sold in lots to suit pur-! chasers. 3 Valedictory. — In connection with ! the departure of Mr T. H. Bannehr j from Nelson, a meeting of oitizens wilFbe held in the Norwich Union Chambers this"evening to take steps to mark in some appropriate manner his efforts to advance the " interests of .thefiity and the district. Old English Fair.— lt ie proposed to hold an Old English Fair on an extensive scale in aid of the building fund of the Nelson Institute about March or April next year. Eover Football Club. — A dance in connection with the Eover Football Club will be held in the Oddfellows' Hall, Wakefield,on Friday evening. Messrs Tindill and Kinzett announce in this issue that they have commenced business in Haven Road as wood, coal and general produce merchants. St. Mary's Choir.— A concert, social and dance in connection with St, Mary's Choir will take place on Wednesday week. Enner Glynn Clearing Sale on Tuesday next at "10 o'clock. Positively no reserve. Cars leave Bisley I Bros, aud Cos Rooms; Is return j fare. 2498 Messrs W. Bout and Sons report having sold Mr W. B. Parmenter's interest in the Royal Hotel, Bridge street, to Mr Alex Sandel, late of the Golden Fleece Hotel.