The Bank of New Zealand.

Wairarapa Standard, Volume XVIII, Issue 1754, 2 November 1885, Page 2

The Bank of New Zealand.

Auckland. October 30. At the meeting of the Bank of New Zealand to-day, the General Manager, Mr Murdoch, said it had been long apparent to the Board that the large and increasing resources and operations of the Bank necessitated, in the Bank’s interest, a wider field than Mew Zealand offers, and with this view in mind, many years ago they opened in Sydney. They afterwards opened in Newcastle, Melbourne, and more recently, Adelaide. Looking at the large amount of assets of the Bank, £1,480,000, it was obvious that it could not be fully employed in New Zealand, but when he told them that they had over two and a-balf millions sterling of assets of the Bank employed in Australia, and when they reckoned this in addition to what was in London and the colony in coin and its equivalent, viz., about four millions sterling alniie. they had over seven millions sterling not n. 1 presented in New Zealand, or, if rcpresei.t<-<i, only in coin. He offered these remarks not in the least doubting the thorough stability of this colony, but lor the benefit of alsiiit shareholders who did not know the ciicumstanoes or understand the extent to which they were trading with these fourteen millions sterling. The Chairman, referring to the present depression in the colony, said lie felt no uneasiness on iha* account. It had been a matter of wonder to him l.ow quickly colony recovered from periods of depression, ' and notably from the very severe ono of 1876-77. He haU every faith iu the colony overtaking the present depression and getting once more into the tide of prosperity. The population iu the old country was now getting so dense that people must have an outlet, and with the gieat improvements now effected in the movements of population there was no doubt that in a very little time wc would see in these colonies a continual influx of good immigrants from the old country seeking to establish new homes. He looked upon that as one of the surest guarantees for the return of prosperity to the colony.