NOTES OF THE DAY.

Dominion, Volume 3, Issue 839, 10 June 1910, Page 4

NOTES OF THE DAY.

The .balance-sheet of the Bank of New Zealand fur the year ended March 31, 1910, was circulated yesterday. The gross profits for the year amounted to £560,617, as compared with £G03,29G in 19C9, and £600,000 in 1908. The expenses- of management amounted to £24(3,231, against £235,145 in the previous year, and £230,087 in ISOS. The net profit after deducting £40,000 interest on guaranteed stock totals £274,385 155., and there was brought forward from the previous year £60,99S 13s. fid., giving an available balance of £335,384 Bs. 6d., ' which has been allocated as under: — £ E. <1. Written off bank premises, etc. 15,000 0 0 Dividend on preference shares, 83 per cent «,751) 0 0 Dividend on ordinary shares, 125 nor cent 62,500 .0 0 Reserve fund IEO.COO 0 0 Carried forward 61,134 8 6 £335,384 8 6 The net profits of the bank have been on a large scale for some years past. For the last ten years they were as under: — £ 1901 210.665 1902 ZG9.501 1903 210,591) 1934 212.E03 1905 268,950 1906 290,VU 1907 310.880 1908 329.923 1909 320,150 1910 .'.'Z 274,385 The reserve fund now stands at £800,000, and if next year a further £200,000 can be added, making this fund £1,000,000, the shareholders would then no doubt press jnore vigorously for increased dividends. Contributors to the Penguin Relief Fund will no doubfc read with interest and satisfaction the report presented at yesterday's meeting of the Executive Committee, which has controlled the distribution of the money. Through the generosity of the public, supplemented by a Government subsidy, a substantial sum was available for the assistance of those who suffered from the tragic loss of the steamer Penguin, and the distribution of this sum amongst so many people, widely scattered throughout the Dominion, necessarily involved.a great amount of labour, as well as the exercise of the utmost caro, in order to ensure justice being done to the claims made. That such satisfaction should have been given, and so large a sum still remain, must be taken as proof of the very thorough manner in which the committee, and more especially the honorary secretary, Mn. J. 11. Palmer, have done their work. While everyone would wish to see every reasonable assistance given in such cases of distress as arose out of the wreck of the Penguin; nobody desires to encourage a reckless distribution of such funds. The idea, of course, is to tide the sufferers over their immediate difficulties and to assist' them to adjust themselves to the altered conditions of their lives. It is satisfactory to note that at yesterday's meeting special mention was made of the services of Mr. Paljier. He has given up a great amount of his own time to the duties involved in the delicate and difficult task of distributing the funds subscribed, and thoroughly deserves the congratulations and thanks of subscribers for the manner in which he has carried out his onerous task. ( .

The latest phases of the Auckland by-election are .decidedly interesting. The position of the Labour candidates has become ludicrous. After failing in their effort to compel the candidate selected by ballot to stand down, the ''Central Committee," the dominating figures on which appear to be Messrs. T.' E. Taylor and D. M'Lahen, M.P.'s, put up against him a candidate of their own, Mr. Davis. This gentleman opened his campaign last night, and apparently was too nervous to make his speech. He broke down completely, and announced that he felt he was not cut out for a politician. Apparently he has been pushed forward against his own desires. Meanwhile the original Labour candidate, Me. M 'Knight, is lighting strenuously, backed by, his own section of Labour; while a third candidate Me. Eichaudson, is also finding ■ Labour 'supporters of official standing. The Labour vote is thus split into three sections —a striking illustration of the mnddlement caused by the interference of Messrs. Taylo'h, M'Laren, and Co. Truly Labour has much to fear from its leaders. The appearance on the scene of .an "unofficial" Opposition' candidate adds a fresh interest and further complication to this very mixed contest. At the first poll Mr. Myers is expected to poll very nearly as many votes as the rest of the candidates combined. Probably, however, with so many candidates in the field it will be necessary to hold a second ballot, in which case MR. Richardson seems most likely_ to bo his opponent. In that event it will be interesting to see how far Mn. Eichaedson can rally the supporters of his present opponents to his banner. Ho is a strong advocate of Labour claims, is opposed to tho Ward Government, and is a wellknown Prohibitionist leader. Those three factors should enable him, if given the opportunity in a straightout fight, to record a substantial poll against his formidable opponent.