THE BANK OF NEW ZEALAND.

Wanganui Chronicle, Volume XXXVIII, Issue 12122, 25 October 1895, Page 2

THE BANK OF NEW ZEALAND.

(Per Press Association,)

Wellington, October 24. Ihe following report, by Mr W* Wat* §on, President of the Bank of New Zealand, was laid on the table of the House to-night, by the Premier ;— ('Sir,— As requested, I nave now the honour to report as under on the agreement between the Colonial Bank and the Bank of New Zealand, for the purchase by the latter of the Colonial Bank's assets. (I) The amounts of asseta referred to iu the 'a ' Ist and to be taken over ib .£926,197, in the 'b'Jisb .€604,695, in the 'c r ' list £98,881. (2) .The total amount of assets to be purchased as good by the Bank of New Zealand, is .£2,643,190, and the total amount of liabilities to be taken ovor is .£2,609,284, the difference between these amounts is £133,906, to be paid in cash to the Colonial Bank. (8) As stated in the agreement, the Bank of New Zealand is to hold the'Eum'of .£327,305 (being part of, assets "shown in : tbe books of the'polonial Bank) pending tho taking oyer of"the realisation or adjust; ment of certain 'accounts set forth ip 'b ' and 'a ' lists. (4) The assets mentioned in list *d' arnonnt te .£102,274 they are ilot tp ba purchased by the Bank of New Zealand, but' a-e eliminated in accordance with the Acr; (6) The Colonial Bank, directors and staff, afford every facility to the purchasing Bank for a thorough investigation of their business, The examination by the directors, auditor and officers of the Bank of New Zealand was of a most searching and exhaustive character. I may hero Btate that the directors of the Colonial Bank anticipate that in addition to the .£133,906 agreed to be paid incash. They will receive in addition to the .£827,305 a further sum for distribution amongst their shareho'dars. I am of opinion that the Bank of Hew Zealand will receive sound value in assets, aggregating .62,643,' 90 it haa undertaken to purchase, and tbat with prudent management on the part of the purchas* ing bank increased earning power from this source, as stated iu the report of the banking committee shonld bo fully realised; ateo'that purchase on basis of agreement will be benefic'al to the in« terests of the colony' and tp thesbar6*holders of the Bank of New Zaaland,?''