Page 2 Advertisements Column 6

Dunstan Times, Issue 892, 23 May 1879, Page 2

to continue increasing the reserve fund, the Directors considering the augmentation of this fund as of more importance than the payment of increased dividend. It will no doubt interest you Co know that the late mischievous competition among the banks for deposits has ceased, an understanding as to rates having recently been arrived at, and it may ho hoped that the experience of the past may prevent a recurrence of a course of procedure which must be regarded as alike impolitic on the part of the banks, as it was subversive of the beat interests of the Colony. The scarcity of money now prevailing throughout all the Colonies must he well known to you all. Various causes have arisen to produce this, notably overspeculation in land, over-importation, losses in stock from the severity of last winter and subsequent floods, short crops from protracted drought during summer, and chiefly, the great fall in value of our staple products. The financial pinch has no doubt proved severe, but it may be hoped that, like other disagreeable corrective remedies, the after effects may prove salutary and more than compensate for the present inconvenience. It is to be regretted that a more cheerful picture of the present aspect of business in the Colony cannot he drawn, hut do not suppose that I take any gloomy view of the future. A repetition of such a combination of adverse influences as I have recounted need not he apprehended. On the contrary, there are manifest signs of progress in many directions, for population and settlement are rapidly increasing, and the resources of the Colony are being steadily and securely developed. Let ns have hut a moderately good season, with that recovery in the value of our products which may he reasonably expected— let the Government exercise a judicious and careful foresight in prosecuting the Public Works policy, a policy which has achieved an unprecedented advancement in our material wealth by the development of onr agricultural and pastoral resources, and the Colony, with that vitality and recuperative power which has ever distinguished it, will soon recover from existing depression, and taking to heart the salutary experiences \vc have just passed through, there is no reason why our prosperity in the future should not he as great as it has been in the past. With these remarks I beg to move the adoption of the report and balancesheet as read.

The Hon. James Williamson seconded the resolution, and said : I have much pleasure in seconding the motion for the adoption of this report and balance-sheet. I think that, all circumstances taken into consideration, we have a right to he proud of it. As to the depression that has existed here for some time, the Chairman has explained the cause of it, and wo look with good faith and hope for the renewal of prosperity in this place. 1 have seen a great deal of the interior of the country here, and 1 do a good deal myself towards bringing it into a state to produce the necessaries of life without having to send of the Province for them. What is wanted to ensure the rapid prosperity of this part of New Zealand is the completion of public works undertaken some years ago. Our railways cannot be expected to pay unless they are connected with the rest of the country. I think that with a vigorous prosecution of these public works towards completion—to make us, at all events, connected with Taranaki—would in itself create a remarkable effect in promoting the prosperity of this country. Our Chairman has gone so fully into the subject before the meeting, that 1 feel it to be unnecessary I should say anything further upon it, and will content myself with formally seconding the motion for the adoption of the report and balance-sheet.

The motion was agreed to unanimously. Colonel Fraser : After the very satisfactory report we have received, consi during these ’depressed times, I think we cannot do better than return a vote of sincere thanks to the directors and officers of the Bank for their services during the past halfyear. Captain Baldy : I second the motion with great pleasure. I feel confident that the report which has been read here to-day will disperse many a cloud that had begun to gather about the prosperity of the country. For a very long time there has been no such important report emanating from tiie directors as that wc have received to-day. This result is to bo attributed entirely to the directors and officers of the Bank.—( Hear, hear.) The Chairman returned thauks on behalf of the Board of Directors. Mr D. L. Murdoch (general manager) returned thanks for the staff. lie said: The Chairman has alluded to the troubles of the past season, so to speak. I may say that there has been a good deal of rowing against the stream. Yon may therefore understand bow welcome it is to hear from you a word of encouragement. 1 am sure the officers ■w ill receive your vote of thanks with great pleasure, and that it will stimulate them to still further exertions on behalf of this institution. This concluded the business of the halfyearly meeting. The draft minutes were read, and the proceedings terminated.