West Coast Times. TUESDAY, MAY 7, 1895.

West Coast Times, Issue 10102, 7 May 1895, Page 2

West Coast Times. TUESDAY, MAY 7, 1895.

1^ discussing the banking returns for thi Cplony on March 31st we come to these figures which have the greatest for all— the relations of the banks to their custo ra'ers. To do so we extract the figure showing what they owe to those who dea with them and what is owing by thi public. The figures are : — Liabilities.

£ Notes in circulation 928,32: Bills „ „ 51,33] Government deposits 64§,21J Qpen accounts ... .., ... 4,619,56! F ( ixed deposits 8,756,93' £15,002,37 c Assets. Notes and bills discounted ..; 1,867,49 c Oolomal Government securities 358,611 Other funded securities ... 51,464 Advances* „, 9,644,104 Other securities „, .. 2.216,144 £14,137,816 From this it Avill be seen that the balance on the side of the customers is £864,557 — nearly a million of money. As against this they hold assets as follows : — £ Coin 3,169,884 Bullion 115,753 Landed property 528,682 £3,814,319

Which should leave an ample margin for any urgent requirements. It is not our intention, however, to discuss the financial strength or position, which no ono is able to do without an intimate knowledge of the working of each bank, and we merely give their stated assets lest an impression should arise in the public mind that the large balance owing to their customers was not amply covered by cash. Dissecting the statement of assets and liabilities, but without giving the details, which are scarcely necessary, we find the positions of the individual banks to be as follows :—: — Bank of New Zealand.

£ Owing to customers 5,736,310 ' „ by 6,397,271 Balance owing by customers £660,961 Union Bank of Australia. £ Owing to customers 2,881,014 „ by „ 1,439,945 Balance owing by bank ... £1,441, C69 Bank of Ni:\v South Wales. £ Owing to customers 2,165,377 „ by „ 1,888,837 Balance owing by bank ... £276,540 Bank ov Australasia. £ Owing to customers 1,282,555 ii by „ 1,172,318 Balance owing by bank ... £110,239

Leader, part 2. National' Bank op New Zealand. £ Owing to customers ... 1,297,843 • „ by „ ... 1,345,203 Balance owing by customers £47,360 Colonial Bank of .New Zealand. £ Owing to customers ... 1,639,276 » by „ ... 1,894,235 Balance owing by customers £254,959 Summarising these figures wo get the following results :—: — Balance in Favor or Banks. £ Bank of N. Zealand ... 660,961 National Bank ..-. ... 47,360 Colonial Bank 254,959 £963,280 Balance in Favor of Customers. £ Union Bank ... „, 1,441,039 Bank of N. S. Wales ... 276,540 Bauk of Australasia ... 110,239 £1,827,848

It will thus be seen that though the New Zealand banks have lent their customers nearly a million more than they have borrowed from the.n, the Australian banks have been leaning on the Colony to the extent 6f one million eight hundred thousand pounds. The total of the other assets of these banks in the Colony, in the shape of coin, bullion, and landed property is £1,936,720, leaving the very small balance in their favor of £109.072. In other words, were the tvhole of the assets of the Australian banks in this Colony realised aIL their accounts got in without a penny of loss, and all their landed property sold at their own valuation, they would only have a hundred thousand pounds to take away Ayith them. The paid up capital and reserves of these banks amount to £7,950,551 and of this vast sum they only invest £100,000 in Kew Zealand, an amount which doss not represent their yearly proflta in the Colony, With re* forence to th'o mm of £66Q,&51, being the balance owing to the Bank of New Zealand by its GU9tcmer3 ( it must he borne in mind that un&et tho heading " other securities ' is included the amount owing to it by the Globo Assets Company whioh should not Lo classed as owing by its customers in Now Zealand, 5 so thao in reality it owes its New Zealand ! customers £1,200,000 more than it lends them. The information the March banking returns give us is that the customers J are of far greater assistance to the banks than the latter to the former.

Mr M'Whirter was to have left Wellingtxm for h^me yesterday. In a wire to the County Clerk yesterday afternoon he stated that the £500 vote for the Whitcombe Valley track had been transferred to the South Road ; that orders had been given to commence the Woodstock Road, South Hokitika ; that if the storm damage exceeded £50, a grant will be made <to the Council, aud> that the Local Government Bill was being drafted, t T,he reference ,to. the, Whitoombs Valley i vote does not fit in with the promise made by the Premier to the A. & P. Association in tho telegram published last week. If the ( money- has been tran*£oiTcd as above indicated it is nothing less than a grass breach of faith, and ■ it is a discredit to whoever is responsible for the action. Seeing the desire of the locality for the work, represented to Mr Seddon and the Lands Department, by the Westlaml Tourist Association, A. & P.. Association, and County Council, by repeated telegrams and letters, which have gone unheeded, (the head ot a department apparently blocking the way)> we do not think the motion of Mr Sfcainos' to be moved at to-morrow's meeting- ■ of the Council half strong enough to meet the casev The member for- the district has apparently shewn gross neglect of his duty to his constituency, when he has allowed such an important vote to be transferred ! as has been done. j

The Ladies C.E. Society met last evening in the vestry of the Presbyterian Church, when it was resolved to allocate £15 of the proceeds of the recent Sale of Work to mission and charitable objects. Votes of thanks were passed to the retiring President, Treasurer, Secretary, and work-bookkeeper; also to the Concert Committee and those friends who kindly assisted at the Concert. The results of the sale were considered highly satisfactory.

The interim secretary of the Committee appointed by the public meeting last Saturday evening-lost no time in going to work. Tho lists for the canvassers iu°the country districts were issued yesterday and immediate steps will be taken throughout the district to finally ascertain whether a sufficient number of cows can be guaranteed by our farming population. It is asserted that the majority of the Arahura farmers are averse to the idea of a factory. If this is correct it is a matter of great surprise as the Arahnra farmers generally are a shrewd lot and their present attitude is not in accordance with their reputation. The Arahura farmers should bear in mind that if they fail to join on the present occasion they will for ever be compelled to bear tho drudgery so eloquently condensed by Mr Be*van. In the event of the Arahura standing out the factory will of course be erected at the Kokatahi, in which case the capital required should not exceed £1400, as the cost of two creameries and the transit of the bulky cream tins would be avoided. Mr Sawers, who left for north yesterday morning, has promised to immediately forward, on his return to Wellington, ail necessary documents, relating to^tho initiation of a factory. During his stay here Mr Sawers has shown that he is the right man in the right place. He grasped tho situation at a glance and his advico should bo acted upon as his experience in erecting factories is very large. He has made a host of friends during his stay here who will be glad to see him back to inaugurate the new factory.

Mr Douglas, faroleu, of Arahuya^who has a local reputation as a\ forneyr , perpe-fcrate'd-a, joke on Saturday/, nigtit at-jtfce expense of Mr Hudson, . MMr Qhairmftn, do I understand," he said in graVeynot to say angry tones " that Mr Hudson bought buttsr in Taranaki at 3d a pound. " Yes" said the Chairman " that is what he said."

"Then, Mr Chairman," remarked our s friend, " all I can say is he should be 1 afraid to go into the paddock and face i the cows afterwards." There was a g general laugh, in which Mr Hudson joined. ( The Hokilika Harbor EJoard meet this evening at half -past seven. The ovdinaiy monthly meeting of the j ?acific Lodge, E.G., will be, held, in the Lodge room, Masonic Hall, this evening at half -past seven. A very serious accident happened to ill". Tames Thompson. sem\, of Arahura, the well-known contractor and Government overseer, yesterday. Ifc appears he was sitting by the side of the i*oad near Mitchell's claim, between Stafford and Goldsborough, eating his lunch, when some men threw a few pieces of wood over the high terrac3 behind him. Thompson was then observed, but too late, for the injury had been done. On getting to him they found his leg was broken and he was otherwise injured. He was brought to the hospital last evening and Dr Kendall found he had sustained a bad compound fracture of the right leg below the knee and ono of the left ribs brokenSeeing that he is a very old man, over 80 years of age, and had lost a great deal of blood, it is feared the injuries will prove fatal. We cannot sufficiently condemn the carelessness which led to this distressing accident. , The sale of Clarke's land at Lake Poerua and the Crooked river has now been finally settled. Mr M'Kerrow reported in favor, the Land Purchase Board recommended, and the Government have approved. The area is 3330 acres, and the sum paid 20s pej acre. So far as we are able to gather the Government have made a good bargain and the district will make a decided gain. We expect soon to see a thriving population in and round Te Kinga and Mount Alexander. Some months ago it was announced ' that negotiations were being carried on 1 by a large Japanese company with a view t to running a direct steam service between Australia and Japan. It is quite probable that New Zealand will share in the ■ venture, as a gentleman intimately ( connected with the commercial community of Japan has been deputed to make enquiries in this colony as, to the prospects [ of such an undertaking. This gentleman, , who is at present in Australia, is expected to visifi Now Zealand q.bo.ut the ' end of May, but tov> obvious reasons his . mission, has bt»an and • will ba- managed , very quietly, and no -particulars as to- his tinio of arrival are defliiifcely kno#n. } . • i ■ ■/ t A " chilling " aot of retrenchment has ' been resolved upon by the "Victorian t Treasurer. By hi 3 direction circulars . have been issued by the various heads of the public departments intimating s that " fires are to be lighted in the office , during ihe months of June, July, and I August only, and not in ]&ay and September as hitherto unless in ex3 ceptionally cold weather." ■• ,

: The Hawiok Go-op^Baiivfl^'^okjr^g annual returns have been, published,-and show a net,, profit rfoifj the t^fei v >^f £ 16,6 9 5. The Membership is n0w '3392. In Edinburgh ,' the' members; at the St Cuthbert's Co-operative Association held their annual soiree the other night, when the president, Mr John B. Keir, said that during the past year there had. | been divided among them no less than £74,000,orjustabouthalf the accumulated share capital. The Rev John G-iasse, of Old Groj'friars Clrarch, said that the distributive movement in co-operation in the United Kingdom began in 1844 on a sum of £28, while it now had increased} he believed, to £15,000,000 of capital.

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