Page 2 Advertisements Column 5

Tuapeka Times, Volume XVIII, Issue 1142, 6 May 1885, Page 2

fidence that there would be an eaijy and marked improvement in general business, and though this has in some measur« been verified, there have been adverse compensate ing influences which have, in a great msamre, nullified this improvement. Bountiful crops have been partially damaged by we thit and prices have continued to rule wry low. Increased shipments of wool and -frozen mutton have also been subjeot to the present longexisting wave of low prices which appears to affect every industry; but though at the moment it is difficult to fee from what source improvement is to arise, it would b j against all past experience to believe that products can long remain saleable at only a little over the cost of production, and I can but express a hope that it will nob he long bejore you are congratulated from this chair on a marked | ohange in the beneficial results of busineu. The Colony meantime continues to make steady progress in public works and in settle* ment on land, and is evidently attracting increasing attention of English capitalists as a desirable field for investment. With these remarks, I beg to move the adoption of the report and balance-sheet.

Sir F. Whituker, M.L.C., said : Mr Chairman and gentlemen, — Under the circumstances I think the shareholders are to be congratulated at the result of the last halfyear's operations, and I think they must be well satisfied with the report and balancesheet which have been presented to them ; I say, gentlemen, under these circumstances, because we all know that trade throughout the world has been in a very disorganised and most unsatisfactory stat". We know, also, that our products of the Colony have been in « state which has apt been remunerative to the producers. 'When we look round us and see that wheat and other produce cannot at the present prices, except under very special circumstances, leave much margin for tha producer, we must he satisfied that banking, like everything else in the community, must to a certain extent suffer. But I have to congratulite you, gentlemen, with this fact at all events, that we have stood our own as regards the banking business of the Colony, and stand in as high » position now as at any past time, and I believe in the future we shall* maintain that position. Gentlemen, when we look around and see that we are progreising so far as our manufactures are ooncerned, and numbers of new industties are springing up in every direction, we have really a reasonable hope that from this source alone there is much to expect. There has been latterly—for a year or two past— a very considerable depression, hut that depression must sooner or later pass away. You know we are subject to then depreesions periodically, but they are always followed by a revival. It is difficult to say at the present time from whence that revival may come; but that it will come we know from experience, because if we are to judge of the future by the experience of the past, we know that depressions have taken place — take place periodically, not only in New Zealand, but in every other part of the world, and we know that these depressions are always followed in reasonable time with an improvement. Now, I think, under all the circumstances, we may fairly expect that improvement daring the next half-year, under ordinary circumstances, to take place ; but we must bear in mind this, that we may have a different state of things and different circumstances altogether to deal with. Looking at the telegrams of the morning, and looking at the position of political affairs, it appears to me we are now on the eve of a great war. It may be, however, averted, and I trust it may be averted. What the result on trade may be it is very difficult to say. We know perfectly well our produots to a certain extent will be more valuable ; but great disorganisation must result in the business of the world ; and we know also that at the conclusion of war there must be a reaction and great depression. But as regards the Bank, we feel ourselves in this position, that we have very large -resources ; and looking at our position, I think we are in such a way that we shall be able at all events to take advantage of any opportunity that occurs of increasing our business. Gentlemen, I think we may look forward with satisfaction to the future — I mean so far as banking business is concerned. I rose for the purpose of seconding the report, and, a< I said, I think the report and balance-sheet must be satisfactory to you ; therefore, I will conclude by seconding the proposition of the Chairman that the report and balance-sheet be adopted.— (Cheers.) The motion for the adoption of the report and balance-sheet was then put and carried unanimously. The usual votes of thanks to the Directors and Officers dosed the proceedings.