Page 14 Advertisements Column 2

New Zealand Tablet, Volume XI, Issue 2, 4 May 1883, Page 14

the branches with the statements in the foregoing balance-sheet, and have found the same to be correct. (Signed) Benj. Tones ) AnAU . Mm Wm. Innes Taylor f Audltors - The Chairman, in moving the adoption of the report and bal* ance-sheet, said : Gentlemen, the report and balance-sheet just read will, lam sure, commend themselves to shareholders. The figures in the balance-sheet, while awaiting evidence of the extent of the Bank's business, do not materially differ from those in the previous statement, the most noticeable feature being a satisfactory increase in the deposits and other The other items do not call for special remark. When I last had the privilege of adaddressing you from this chair I expressed the anticipation that the in* flation of imports to the Colonies would increase the demands on the local resources of the banks; the experience of the last six months throughout the Colonies fully justifies the forecast I then made. The ' demand for money to meet the increasing requirements of importers has been so great that a 6 per cent, rate for 12 months' deposits has become general throughout the Colonies, and in some cases where ■ pressure has been more marked even higher rates have been given by some of the banking institutions. Such excessive rates for money would fully have warranted a corresponding advance in lending rates, but recognising the burden which mbst importers are now carrying, our policy lias been rather to suffer a temporary dimunition of profit than to insist on rates which would unduly press on commerce. Our profit and loss account, consequently, does not show as favourably as it otherwise would, as we have been obliged to allow current rates for deposits, with no compensating alteration in our lending rates. While offering this explanation, you must not understand, that I am in any way apologising for a report which gives yon a dividend of 15 per cent., and carries foiward the handsome sum of £24,451 88— a resnlt which I feel assured will be generally regarded as most satisfactory. It may reasonably be expected that as the brake has long since been put upon importations to the Colony, an easier condition of the money market will ere long result, but I cannot hope for much progress in this direction during the current six months. Importers have not been singular in having their calculations upset. I regret very much that the "Agricultural interests have suffered in some degree from heavy rains damaging a portion of what otherwise would have been an exceptionally good harvest ; but, notwithstanding this misfortune, I believe that in a great majority of cases the farming operations of the past season will show a profit. Our genial climate and the fruitful character of our soil are attracting increasing attention, and evidence is not wanting of a growing desire on the part of agriculturists in the adjoining Colonies to cast in their lot with us. Apart from this encouraging feature, the rapid development of the export of frozen meats and of dairy factories opens up a prospect for agriculture which I have every confidence will largely influence the value of all improved lands, and the rapid settlement of the waste lands of the Colony. With these remarks I beg to move the adoption of the report and balance-sheet as read. Mr. Thomas Russell, C.M.G. : By your leave, sir, I second the adoption of that report, and I take this opportunity of expressing the pleasure which I feel on being permitted again to address the shareholders of this institution in the place where so many years I have, in concert with my colleagues, so often represented this great institution, and at the same time of conveying to the directors and shareholders the satisfaction which I feel in noting the progress of the Bank on the safe lines on which it continues to be conducted ; and to adding my testimony to what I have ascertained since I have come to the Colony, of the great popularity and usefulness of this institution in promoting the material interests of the Colony. I have been very much pleased, in travelling about New Zealand, to find how much the settlers recognise the material benefit conferred by the Bank on those attached to the soil and commerce of the Colony, and the advantage they have in dealing with a liberal and powerful institution, locally represented. And as I think you will not consider it any deviation from the objects of the meeting, I shall briefly refer to what I have observed of the progress of the country since my return to New Zealand. A period of six years has elapsed since I last resided amongst you, and although in constant communication with the Colony by every mail, and fully posted in its progress, and, moreover, a careful reader of every scrap of news from the Colony, I have been very much struck with the rapid progress made during my absence, far exceeding all my expectations. Local industries have sprung up everywhere, and in the development of which I see the greatest energy and ability displayed. All around in every part of the Colony are to be seen the most marked and solid signs of advancement and prosperity, 1 see every where satisfaction with the progress of the past, and a confident expectation in the future. {This condition of affairs in the country is, I think, a source of satisfaction to us as sharehalders in this institution ; for, as we have to deal with a prosperous condition of affairs, the results must be more satisfactory to us and to our custamers. The outlook I believe to be equally good. I do not think it needs a prophetic eye to discern that the immediate future of the country will be satisfactory. Coming events are, indeed, casting their shadows before, and I believe that New Zealand, by leaps and bounds, will very shortly attain a degree of prosperity that many in the Colony fail to realise. (Bear, hear.) Our great want in the past has been an outlet for our agricultural produce. You may build up fine towns and trade and commerce, but they will be ephemeral, and success will not be permanent and lasting unless the great agricultural interests are assured — unless the cultivation of the soil of this Colony is made profitable, and its products are payable. You have Poil that cannot be surpassed for fertility ; a climate unrivalled in the world, and scenery the most beautiful ; you have everything to attract population ; but we just lack one thing — a payable result for the capital and labour of the farmer. The great want — the want of a market for the over-production of the soil— l believe is shortly about to be realised. By the refrigerating process we shall be able to export the splendid surplus produce to a market without