THE Wellington Independent "NOTHING EXTENUATE; OR SET DOWN AUGHT IS MALICE." THURSDAY MORNING, 10th SEPTEMBER. THE BANK RETURNS.

Wellington Independent, Volume XVIII, Issue 1955, 10 September 1863, Page 4

THE Wellington Independent "NOTHING EXTENUATE; OR SET DOWN AUGHT IS MALICE." THURSDAY MORNING, 10th SEPTEMBER. THE BANK RETURNS.

The Bank returns which we vepublish fiora the Provincial Government Gazette, while originally intended by the Legislature merely as a check upon the Banks, are also capable of being aaed as a valuable contribution to the (social statistics of the colony. Indeed the latter is by far the most useful purpose that they serve, for as two out of the three Banks have their head-quarters and also their more important branches in the neighbouring colonies, it would be as unfair to attempt to deduce their position from these returns, as it would be to test the soundness of any particular branch in New Zealand, without reference to the operations and circumstances of the Bank a- a whole.

It would be quite possible for a particula branch to be in a most hazardous condition, while the Bank of which it is a part mijjht be perfectly sound, and it might even be wise to press business in one place far beyond the resources of the local branch, as the necessary supplies of coin could readily be obtained from other branches, where it was in excess. In the present article, however, we intend only to use these returns for statistical purposes, and, therefore, purposely omit anything that they disclose, relative to the private affairs of the Banks themselves. The figures we shall use will be the aggregate of the several returns, as though the three were branches of one Bank, instead of being independent institutions. As these are hanks of deposit, issue, and discount, the returns they furnish are so many indices of that portion of the public wealth which is known as "floating capital," while they also give some insight into the extent of commercial operations. The deposits show the capital which for present purposes may be called" unemployed;" the notes in circulation show the amount that is required for the transaction of ordinary business (in addition to the coin in circulation, which, however, will not alter the results deduced) and the discounts show the assistance that is required and afforded for commercial operations, — accordingly as these increase or diminish, the expansion or contraction of business will be indicated. It is but fair to say that as these returns include the whole of New Zealand, the largest propoition of the increase that is shown belongs to Canterbury and Otago ; still the increase is so great and striking that it proves an advance on the part of the Colony — notwithstanding the hindrances that the unsettled state of the natives, and actual warfare are presenting to the progress of the Northern Island — that is equally astonishing and gratifying. We first invite attention to the following Table, showing the aggregate amount of deposits of all kinds in the various banks in New Zealand for the four quarters ending June 30, 1863, with the amount for the four correspondent quarters in the previous years.

From this it will be seen that in less than two years, the deposits have increased from £902,354 I2s 10(1,10 upwards of two railliois sterling', while the average of the four quarters as compared with the average of the four quarters preceding, shows an increase of £468,060 14s 9d, or nearly 36 per cent. The votes in circulation, more than keep pace with the above. The returns of September 30 t 1861, showan aggregate of only £101,330 Os lOd, while those of June, 1863, show no less than £735,745 6s. Thus while the depasits are about 2J times the amount that they were, the note circulation is above 4£ times; showing that while the deposits prove an increase in the public wealth, the circulation is increased in a duplicate ratio. More money is deposited, yet vastly more is now afloat. The discounts also tell the same tale. In September, 1861, the modest sum of £705,668 17s Id, was all that the Banks had advanced, which in June, 1863, had amounted up to £1734,811 7s 9d. Here again, is an amount that is nearly equal to the former sum multiplied by 2£, again proving the expansion of the commerce and business of the community. If in this province we c&n only take a sort of reflected comfort from the above, still the figures unmistakeably tell of an advance in which we must eventually share. It is needless now to discuss the various impediments that have heretofore existed and still remain. They are only too patent, but still there is now a hope of their removal, and this once effected, will cause the increase of tbenext two years to be as great, or possibly greater than the past, while we shall have the satisfaction of feeling that a fair share of such increase belongs to ourselves.

QUAKTER ENDING. 1861—2. 18G2— 3. September 30th ... 902,354 12 10 1,551,181 610 December 31st ... 1,095,212 1 10 1,626,583 14 5 March 31st ...I 1,001,797 8 3 1,849,442 13 7 June 30th. ...' 1,606,221 11 8 2,050,620 18 11 £ s. d. Average of the year 1861-2 ...1,301,396 8 8 Do do 1862-3 ... 1,769,457 3 5