THE Evening Star. PUBLISHED DAILY AT FOUR O'CLOCK P.M. Resurrexi. THURSDAY, OCTOBER 28, 1875.

Thames Star, Volume VII, Issue 2127, 28 October 1875, Page 2

THE Evening Star. PUBLISHED DAILY AT FOUR O'CLOCK P.M. Resurrexi. THURSDAY, OCTOBER 28, 1875.

The half-yearly meeting of the Bank of New Zealand was held ou Tuesday, when a dnidend of ten per cent, per annum was declared, and a bonus of five shillings per share, equal to fifteen per cent for the year. The shareholders of this institution have reason to congratulate themselves on the success which has marked its operations during the fourteen years it has been in existence. Few associations have enjoyed such an unexampled career of prosperity, and it speaks well for the management that they were able to present such a favourable balance sheet, considering the fact that there have risen two local institutions which might fairly be supposed to divert some portion of the profitable business hitherto mono■polised by the Bank of New Zealand. Bat the new institutions do not appear to have affected tho business at all, and they must therefore have seriously interfered with the foreign agencies doing business in the Colony. It is true that the Bank of New 2J.ea.jand lias for some years enjoyed a monopoly so far as the Government accounts are concerned, but it is probable that this monopoly will not long be suffered, as a Select Committee of the House have recommended that notice be given of the termination of existing arrangements, and that tenders for the Government account be called for. The recommendation will no doubt be acted upon, and it remains to bo seen whether any other corporation can offer better terms than those offered and conceded by the Bank of New Zealand. As a purely local institution the latter has possessed advantages which no other institution could possess ;,and we shall be quite prepared to find that in the competition likely to arise through the recommenda-; tion of the Public Accounts Committee the Bank of New Zealand will be able to enter the lists against all comers. Even now the directors are alive to the requirements of the situation, and it is proposed to increase the capital hy the issue of 10,000 new shares, which will be offered to preseufc shareholders at £o premium. This will place the Bank of .New Zealand in funds to the .amount of .£130,000,

£100,000 of which it to bo used as capital, and £60,000 to be carried to the reserve fund. The paid up capital of the bank will then bo £700,000, with a reserve fund of £230,000. With such a capital, and such a position, competition will hare to be very keen on the partpf other banks to affect tho business of the Bapk of New Zealand. ;■: ' ■