BANK OF NEW ZEALAND

Evening Post, Volume CXVIII, Issue 91, 15 October 1934, Page 10

BANK OF NEW ZEALAND

SEVENTY-THIRD BIRTHDAY

Beginning business in Auckland on October 16, ISGI, tho Bank of New Zealand will tomorrow enter upon tho 74th year of its existence. The Wellington branch of the bank was opened on January 15, 1862, and in later years became the headquarters, as it now is, of that institution. The site occupied by tho present Wellington head office •and branch was under water or beach, and excavations now being carried on almost opposite will show the cliffs at the foot of which was the narrow beach, then an important thoroughfare of Wellington city, the Terrace being at the top of the cliffs.

The Bank of New Zealand is liow one of the great banks of tho British Empire, although it began in a humble way with a proposed capital of £500,000. In August, 1861, the Wellington "Independent" announced that "nearly 3200 shares in the bank havo been taken up in the city." The shares were of £.10 each, 2s 6d payable on application, 17s 6d on signature of deed of settlement, and 20s per share three months thereafter, and the balance as required at intervals of not less than three months. Wellington subscribed for 4000 of the 5000 shares allotted as its quota. The bank operating from Auckland soon extended to Taranaki, Dunedin, Wellington, and Nelson by January, 1562. A comparison of the leadiiig figures of i\\e Bank of New Zealand when it began business with those of this year make instructive reading and show how the institution has expanded, side by side with the growth of tho Dominion itself:— ]Bli2. IM-1. v £. Paid-up capital 105.75.-i (i.SHS.IIS Reserve fund 3.000 3,575,000 Notes in clrculatioa 62,014 4,259,119 Bills payable, etc 6.25S 3,355,784 Deposits 331,097 3-1,328,004 Landed property, etc. .. 0,901 0117,489 Total assets 535,079 54,350,787 Until the establishment of the Reserve Bank of New Zealand this year the Bank of New Zealand was the Government's bankers, and, in common with other banks trading in the Dominion, issued its own notes.

Other changes include the retirement of the former general manager, Sir Henry Buckleton, "after 55 years of earnest, unselfish, and devoted work in tho bank's interests" (to quote Mr. A. E. Mabin, a, shareholder, speaking at the last annual meeting of the bank). Mr. F. W. Dawson, assistant general manager, succeeded to and now holds the position occupied by Sir Henry Buckleton; and the present chairman is Sir Harold Beauchamp, who had formerly held that office for over fourteen years. He was first appointed a director of the bank in 180 S.

Mr. William Thomas', M.A., rector of the Timaru Boys' High School for tho past 22 years, today verbally announced to tho board of governors his retirement as from February 2S, 1035, states a Press Association message tgwHa TimaiiJa