THE BANK OF NEW ZEALAND.

Wanganui Chronicle, Volume L, Issue 12245, 19 June 1909, Page 6

THE BANK OF NEW ZEALAND.

(Continued from Page .2).

amount of unskilled labour. With respect to Hemp, much relief would be obtained if there were a re-adjust-ment of labour conditions and royalties payable to owners of flax-grow-ing land. Under the rates fixed by the Arbitration Court, Hemp cannot be marketed at a profitable figure.

The Wheat market provides a cheerful note. New Zealand has a surplus of about two million bushels of wheat, and, with the Mark Lane quotation at 43s to 44s per.quarter c.i.f., the wheat growers of the Dominion should make money.. It is to be hoped that farmers will not gamble on market prospects, and hold wheat in the hope of getting higher prices, which may, or may not, be realised. In another month or six weeks, Europe and' America will be harvesting a new crop, when a readjustment of values is bound to take place.

The conditions existing at the moment, while not as satisfactory as one could wish, are not so discouraging as they might be. By the practice of thrift and economy, the financial equilibrium in this .Dominion, with its large and varied resources and favourable climate, will soon be restored. Already there are indications of an improvement which is almost world-wide in character. The United States of America were responsible for the financial collapse, and we must look to that point of the world for the first signs of recovery. It is pleasing to observe that trade is reviving in America, and the surest indication of this is afforded by the Bank clearings, which, for the March quarter of this year amounted (calculating 5 dollars to the £), to £7,583,572,930, as against £5,991,664,780 for the corresponding quarter of last year— showing an increase of £1,591,908,150. Another safe guide is the Railroad earnings. The nett earnings for January, 1909, totalled £9,980,098, as against £8,168,259 in January, 1908—exhibiting an increase of £1,811,839. The improvement must continue, and, with the settlement of the " Payne" tariff, the trade of the country should move forward at an accelerated pace. The hope that wool would find a place on the free list has not been realised, but some slight reductions have been made on Wool, Hides, and Leather. However, it is impossible to say what the Tariff reductions will ultimately amount to, as the Tariff Bill has yet to pass the Senate. The Tariff Bills of 1894 and 1883 were almost torn "to tatters by the Senate, and the substituted Schedules again so altered in conference between the two Houses that the Bills, as finally enacted, on each of these occasions, bore very slight resemblance to the original proposition*B.

If we turn to the United Kingdom, we see some satisfactory movements making for an improvement in the industrial life, of the country. The shipbuilding industry is more active, the bookings by the Clyde shipbuilders showing a welcome increase during the March quarter; and the British Navy contracts —on the large scale of building contemplated—must further * stimulate this industry, which, in turn, will give a fillip to all the allied industries.

Finally, we have the testimony of that very safe barometer—Pig Iron. The price of the metal has recently shown a steady improvement, indicating that there is a better demand, and that the Engineering trades are becoming active. Our own position depends almost, entirely on the measure of improvement shown in Great Britain, for that is our > chief market. We can help to restore the financial equilibrium by pursuing a reasonably conservative policy. "Economy " should be the watchword of the people.

Share Register.-—The Board has recently had under consideration the question of extending the limit of the London Share Register, and it has been decided to extend that limit to 65,000 Ordinary Shares.

The Board will not, however, meantime, consider applications for transfers to the London register except in respect'to shares acquired by the holders thereof, whose names appear on the New Zealand or Australian Registers as at 31st March, 1909.

It was further decided that, in respect to all applications for transfers of shares from the New Zealand or Australian Registers to the London 'Register, the Board would exercise its discretion as to whether or not such transfers should be allowed.

Directors.—l have to announce that Mr. W. H. Quick and Mr. J. B. Reid were Nre-app"ointed by the Government Directors of the Bank "for a further term of two years, as from Ist April last. In December next, Mr. Martin Kennedy—one of your representatives—retires, and lie intends offering himself for re-election. I may mention that Mr. Kennedy has been a member of the Board since 1894.

We desire to again record our indebtedness to the members of the London Board, for the attention and care, bestowed upon the Bank's business in London.

Staff.—-The past financial year has been a strenuous, and somewhat anxious one, for all connected with banking, and added responsibilities have been cast upon our General Manager, Mr. W. Callender, and the members of the Staff in New Zealand, Australia, Fiji and London. It affords me great pleasure to testify as to the ability, earnestness, and zeal, with, which he, and they, have carried out their onerous duties; and I feel sure that you will accord to them the customary vote of thanks. The Board has already shown its practical appreciation by paying the Staff a bonus of five per cent.

I now formally move the adoption of the Report and Balance-sheet. If this resolution be carried, the dividend and bonus proposed—namely, 3 % per cent, on Preference Shares, making 8% per cent, for the year, and 7 % per cent, on Ordinary Shares, equal to 12% per cent, for the same period—will be payable in "Wellington on Monday 21st instant, and at Branches on receipt of advice.