BANK OF NEW ZEALAND

Dominion, Volume 12, Issue 62, 7 December 1918, Page 9

BANK OF NEW ZEALAND

HALF-YEARLY MEETING INTERIM DIVIDEND OF SIX PER CENT CONDITIONS REVIEWED The half-yearly meeting of the Bank of New Zealand was held at the Head Office yesterday morning. Mr. Harold'. Beauchamp occupied the chair, the directors present being Messrs. IV. Watson, J. H. Upton, E. W. Knne./W. lieece, and D. J. Nathan. The chairman said that as this was the half-yearly meeting of the bank, the business was confined merely to the declaration of an interim dividend and the election of one director. I "Although we are not -submitting any accounts to-day," said Mr. Bwuchamp, "it will interest the shareholders to know that the results of tho bank's working foT tho half-year have been satisfactory, and that the board Ims been eble io declare the usual interim dividend of 6 per cent. The dividend will be payable in Wellington on Saturday, and at branches on receipt <f advice." Board of Directors. ''Mr. W. Watson, one of jow representatives on the board, retires 'by rotation on March 31 next, and having given due notice of his. intention to seek reelection for a further term, and there being no other candidate, I have much pleasure in declaring him duly fleeted. In this connection, I may mention that ,3lr. Watson has been connected with the bank for over twenty-four' , years, for twenty of which he has had the honour J of representing the shareholders continuously, and during that period has rendered eminent services to the bank. Local Conditions. "The past winter was an f-xceptionally severe one and the spring months were cold and wet. Farming operations, in consequence, are somewhat backward. Lambing generally has suffered, and it is feared that in some of the high country in the South Island a .series of late snowfalls has caused losses of stock. Tho dairying industry has also been adversely affected. Better weather, however, is now being experienced, and having regard to the high prices ruling fra our staple products, the season gives promise of being on the whole a good . one.. i The Epidemic. ■ "It is unfortunate that at the time when the glad tidings, of the signing of the armistice reached the Dominion we should have been suffering from one of the worst and most far-reaching epidemics that the country has ever experienced. The disease—influenza, in many cases attended by complications—was, there is little doubt, introduced toy returned 6oldi«rs and visitors from overseas. Unhappily, a lo,rge number of . deaths have taken place, and business ■ has been more or less disorganised throughout the length and breadth of the Dominion by the universal sickness. The Minister of Public Health,'ably seconded by the Mayors of the various cities and towns, and by a host of voluntary workers, has been doing- all he can to grapple with the epidemic; and it is i hoped that by the prompt and effective measures, which have been taken it will be stamped out at no distant date. "When the ravages of the disease had Teached their most intense stage, the staffs of the various 'banks (already seriously reduced through so many officers I being absent on military duties) were affected to such an extent that it was impossible to carry on businese as usual; and with the sanction of the Minister of Finance, all bank offices wore closed for one week from November 20 to November 26, both inclusive, the object being to give the incapacitated officers an opportunity to recuperate and the attemv ated staffs a chance of overtaking theiv work and pulling up arrears. Moreover, , banks are places where, on occasions, the public congregate, and the congestion at tho counters is sometimes considerable,, particularly when there is an insufficiency, in the..staff of tellers. - Closing . was therefore also desirable with a view to assisting to check tho spread of the disease 'by reducing the number of places of public assembly where contact with infected people might take place and the disease be propagated. The Great War Ended. "When last I addressed you the great war was still in progress, and the outlook was one of anxiety to the Allies. The German offensive, which began towards the end of' March, was being prosecuted with vigour, and Marshal Foch, who had a. week or two previously been appointed Coramander-in-Chief of the Allied Armies, had scarcely made his dispositions for meeting it. The British Army was being pushed back by overwhelming numbers, and the Channel ports were in danger" of being captured by the enemy. Paris was for the second time in danger. Anxiety continued until towards the middle of July, when Marshal Foch launched his attack near Soissons, whioh proved to be the turning of the tide and the beginning of the end of the military power of Germany. In about four months from the time when he was ready to take the offensive Marshal Foch has brought the Germans to their knees and has compelled tnem to eign a humiliating amis- - 1

tice, severe in its terms but nevertheless unquestionably just. The Kaiser, tho Crown Prince, and most of the minor royal personages of the German principalities are fugitives, seeking the protection of neutral States. The war is practically at an end, and the,fact comes as an immense relief to the whole wormfirstly, because the ideals of national liberty have been preserved; secondly, because the German thesis,that might is right' has been disproved; and, thirdly, because an end has been put to tho destruction of human lifo. The Navy and the Mercantile Marine, "Efforts will no doubt be made to estimate the valuo of the services rendered by tho several Allies, and the factors that hnvo directly contributed,. to the Allies' success. In nny such estimate or comparison the services of Great Britain and her overseas dominions must receive adequato recognition,'and above all Hue credit must be given to the British JNavy. When tho war began Britain had tne most powerful Navy in the whole worldas powerful as the next three navies combined. The whole issue of tho war depended upon the Navy's alertness' and vigilance; and it is gratifying to note that at no period of the four years of hostilities was our Navy ever found to be wanting. It constantly maintained its supremacy, fully justifying fidenco that Britons havo always placed in it, and the Germans' hones of victory wero consequently always impossible of realisation. The record of its expansion and of the work it has accomplished is a marvellous one. At the commencement of tho war tho British Navy represented a tonnage of two and a halt millions; now it is eight millions. Every trade route in the world has been carefully patrolled by its' ships, and, notwithstanding tho most determined and unscrupulous efforts of our enemies, the sea has been kept open to- nil the commerce of the world. In the month of June last die shins of the Navy steamed eieht million miles. "The number of men required to man and maintain the Navy and.the mercantile marine during the close period of the war was at least one and a half millions, of whom from eight to nine hundred thousand men were men of military age. "Wo in New Zealand should specially appreciate the invaluable services rendered bv the British Navy. Our trade routes wero menaced, but never blocked, by the enemy; and at no time during the whole period of the war was our produce held up through direct enemy action. It is uleasing to note that the wool-growers of New Zealand, in order to show their ap-preciation-if only in a modest way-of the debt they owe .. to the mercantile marine, which, like' the Navy, has rendered such magnificent service throughout the duration of the war, have assigned half their surplus profits from wool tor the benefit of our gallant sailors. (Hem, hear). The Dominion's Share,

"When we turn to review Britain's efforts on land, the fact should, be emphasised that we were never a military nation, in the sense that the nations of the Continent-and especially Germany--were and Britain had no recent experience of conscription. The British Army was the smallest army maintained by any Great Power in Europe; and, m any pre-war discussion on the matter, there' was never any idea that Britain would ever bo able to employ a greater force than eix divisions. Britain, .however, raised for her Army and Navy 6,250,000 men-most of them by voluntary recruiting. In order to give some idea of whut this, means, I may say that if .tho United States of America had called to the colours, the same number of men in proportion to population, it would hare meant an army of, very nearly 15 000,000 men. The dominions contributed about 1,000,000. and India about 1 '50,000 men, since the beginning of the I war. ThQiigh admittedly not a military Power at the opening of the war, it will be seen from the foregoing that Britain certainly became one shortly afterwards. The six divisions sent to Prance in the early days of the war, which were slightingly referred to by the -Kaiser as • General French's contemptible little army, punished the Huns mercilessly at lions, Le Cateau, and on the llarne; and the Kaiser's "royal imperial command to his troops to "march' over" them was never carried out. They now "lory in the title of 'The Old Contemptibles. "Britain's Air Service was negligible in 1914; it is now, one of the largest, and probably,the most efficient, in the world, and British" airmen have played a very prominent part in tho war. "Partners!" "The effects of the war on the British Empire itself have been in many ways beneficial. Its constituent dominions and dependencies have been drawn to the Motherland and to each other in a way that nothing else could have accomplished ; and a welding of interests and sympathies has taken place that will, I believe, endure for all time. The dominions have been acknowledged as partners in the great British Empire, and (hey will, in the .immediate future, exercise an influence in shaping its destines. Surely we raay: ( now look for a relationship more intimate than heretofore between the Motherland apd the dominions—a relationship that should assist in the attainment of that era of peace, happiness and prosperity for which we all so fervently long. And in the eyes of the world, the prestige of the British Empire is greater than ever. (Hear, hear.) "But the development which I regard as of tho highest importance and as the occasion for the most profound thankfulness is the rapprochement which the war has brought about between the two

great English-speaking peoples—the United States of America and the British Empire. I may be classed as a visionary, but I hold to the view tbrvc the destinies of the world will lie in the hands of those two great democracies, which .will have to shoulder the responsibilities of preserving the liberties of the nations, large and small, of succouring Hio smaller nationalities, and of. policing the world. They have not sought this leadership, but it is theirs by virtue of their ideals of liberty, justice, and humanity. (Applause.) Germany Must Pay! In returning thanks for his re-election as director, Mr. William Watson said: "I thank the shareholders for again returning me to the board unopposed, and assure them that i shall endeavour not to neglect their iuterosls. The great changes ij the business of the bank brought aliout by tho Government commandeer and purchase of tho Dominion's principal products, the lack of shipping, tho absence of so many men, and the necessary taxation and removal of money for war oxponses, . havo undoubtedly affected banking profits and that expansion and growth of ordinary business which otherwise would have taken place. On tho other hand, the bank's funds have been kept well and safely employed during the period of the war, and overyone will admit that there has been no war exploitation on its part. -"It is important to tho bank, a 6 it is to you in your private capacities, that restitution, should be made by the country's enemies not only of the money of which we havo been depleted by thoir unprovokod war, but to provide the pensions and other demands consequent upon the deaths and other war casualties.. It is beside the question to argue whether Germany can, or can'not, pay those just claims. No such argument was entertained by Germany when she bled France white, besides taking Alsace and Lorraine from her in 1871. Neither was the Boxer indemnity remitted because China was unable to ipay; on tho contrary, her revenues wore taken as security. "It is nonsense' to say that milder measures should be adopted towards Germany with her large resources, and her people who, Socialists and all, supported the war and all its frightfulness with bravado as long as they hoped to gain by it, and only changed to whining after defeat. It would be extremely unjust that'we and our descendants should be saddled w-ith tho debts and taxation caused by the war, as well as having to enduro the : loss of those who can never be replaced. Let us trust that New Zealand's delegates to the Peace Conference will usq their best endeavours to Bee .that justice is done." (Applause.) Mr. G.' M. Kebbcll raised a question concerning, the action of the directors in not calling up the capital on certain (shares) stock, and yet this same stock was being advertised outside the Dominion as an , asset, when -it was really a liability. The chairman said that they were not discussing the accounts at the meeting, and it was with great reluctance that ho had to rule Mr. Kebbell out of order. Mr.-' Kebboll persisted. He wished to ask a question, and then, as he proceeded to make a speech, the chairman onco more stated that as tho accounts were not before the meetiug there was nothing to discuss. Mr.- Kebbell: That's all very well; you've had your say! Mr. Beauehampt'You can bring it up at the annual meeting, when the accounts are being discussed. Mr. Kebbell: I won't be here. I only wish to ask a question—it won't take three minutes... Some three or four years, ago,. when you wero not such a very happy family, you sent out a letter to shareholders with a proposal Hi at you should ipay off all slock. Mr. Beauchamp: I must call you to order. I'm very sorry—." Mr. Kebbell: You said the bank required that million for its business, and no bank would refuse to accept a million at 4.] oer cent. j\ voice: Close the meeting! . The chairman: There's nothing before the meeting. I declare Hie meeting closed! And the meeting closed.