THE Wellington Independent Tuesday, August 20, 1861. THE NEW ZEALAND BANK.

Wellington Independent, Volume XVI, Issue 1610, 20 August 1861, Page 2

THE Wellington Independent Tuesday, August 20, 1861. THE NEW ZEALAND BANK.

The deputation from Auckland, whose necessarily hurried interview with some of the merchants and others on Wednesday last, was noticed iv our Friday's issue, may be expected to increase the favor with which the New Zealand Bank is already regarded in this City ; and ou the return of the deputation from the South, we hope to find that the object of its visit has been successful in creating a support in Canterbury arid Otago, sufficient to warrant the commencement of banking operations there at the earliest possible date. One ofthe advantages of the^ longer stay which the deputation will probably be able to make here, on its return trip, will be the promulgation of such facts and figures as are at all times necessary to clear away the doubts which generally suggest themselves to prudent men, when a new field for the investment of capital is brought under their notice. The absence of any definite statements of this nature was much to bo regretted, when the desultory discussion on the advantages of having a Colonial Bank was originated by Mr. Tame in the Chamber of Commerce last month. This probably arose from want of notice, as a subject of such, grave importance cannot be properly discussed on the spur of the moment, and, when introduced in a formal manner, opportunity is given for supporting or opposing by an appeal to figures, in which merchants are very correctly supposed to delight. As the importance of the subject cannot be i properly estimated without figures, we now submit such as are within our reach. They are taken from the New Zealand Gazette of 6th August (inst), and to make them more compact and^avoid dis-j !

community* With reference to the proper time, that we may Say is the old procrastination argument, under which communities remain in a very dosy state, if not fast asleep. We confess when we hear it used, we always feel inclined to j stretch ourselves and say it is time and ! more than time that the New Zealand people woke, up, and set about a great many things quite within their reach, and which have been performed over and over again by communities much .smaller and younger than the population of New Zealand has long been. Perhaps those who are in favor of procrastination, will tell us how the shareholders ofthe Bank of New South Wales found it was the proper time to establish a bank in Australia, or how any of the shareholders, in the numerous banks which have been established, for years and years in the l numerous Colonies of Great Britain, found out that, the right time had arrived to commeuce. their several undertakings.. When we get this information we shall possibly be in a positive condition to judge, but, as we are not likely to, be furnished with this useful knowledge, we must do as they who have done before us, and as they who follow us will have to. do — act up to the best of the knowledge and belief of the day. There are two ways of augmenting capital — the one by the introduction of economising institutions—the other by an increased production and the re-application of its results. Both are desirable, especially at the present moment, but just now the former is more within* our power than the latter, ■ and it is well we should avail ourselves of the opportunity. Banks, and Insurance Companies are some of the many means ' yet to be applied here, by which we may l economise and so augment the power of of our capital, the concentration of the | people with the education and colonisation of the community. It has been said that the deposits are only temporary, but it is a notorious fact that nearly all, if not all, the banking business of this Colony has been conducted throughout I upon such deposit?, and these are reasons I why we should always have large deposits | awaiting opportunity for investment. We suggested in our article upon insurance that thousands would be saved by a I Company of our own, and a Bank would I lead to the saving of many more thou- ! sands now sent annually out of the Colony. Let economy and union of the Colony be the watch words here, and progress will soon be added to it.