The Feilding Star. Published Daily. SATURDAY, SEPT. 30, 1893. THE COLONIAL BANK.

Feilding Star, Volume XV, Issue 79, 30 September 1893, Page 2

The Feilding Star. Published Daily. SATURDAY, SEPT. 30, 1893. THE COLONIAL BANK.

One of tbo most flourishing financial institutions doing business in New Zealand is The Colonial Rank. At tbc half yearly meeting of shareholders beld in Dunedin, last Wednesday, tbe report and balance-sheet were read and adopted. In moving tbe adoption of tbe report tbe Chairman said it was with no ordinary degree of satisfaction tbe Directors were able to produce a report so favorable that it enabled them to recommend tbe payment of tbe usual dividend of seven per cent, besides placing £i) 000 to tbc reserve fund, and carrying forward £6434 to the credit of profit and loss account. We agree witb tbe Chairnian tbat such a satisfactory state of affairs is a matter for congratulation. There is one part of the speech we differ with and tbat is where the Chairnian tbe Hon. George McLean, whom we know and admit to be a banker und financier witb few equals and certainly no superiors in New Zealand, approved of a Government audit of the banks doing business in this Colony. Unluckily for the contention of Mr McLean be quoted tbe American laws, in this connection, now in force. Well, if tbe collapse which has taken place in the United States banks lately ix auy criterion of the utility of such laws, we think this Colony will be much better without them. We have already stated ourobjectionstoanaudit by Government, und we bave yet to be convinced tbut we are wrong iv thorn. A more pleasant part of Mr McLean's speech was where ho said : " From a return laid before Parliament we find that we are very harshly treated in having to puy 40 per cent of the whole income tax collected from tho six banks doing busiuess in tbe Colony. This certainly shows that a radical change in tbo law is noceasary, for surely if any advautnge is to be giveu it should be ou tbo aide of an institution tbat is puroly a Now Zealand ono." In place of being a matter of regret we think it a matter for jubilation on the part of tbe eharer holdere that the Colonial Rank should I be so well and economically inauaged as to have an iucome capable of bearing such a burden. At the same time we agree in thinking some advantage should be given by the Gjvernment to an institution which is purely a New Zealand one. The conclusion of tho spoech is hopeful : " Witb rngard to tho stato of tho colony, it is upon the wbolo prnaporoua. The rabbit pest and tbe preferential demand for long wool hayo, doubtless, adversely affected somo interests, bijt the vast majority of tbo settlors bavo greatly benefited by tbo continued high prices of sheep aud tattle. When we compare these prices with thoso obtainable only a few years ago, before moat freezing superseded the boiling down of carcases for tallow, it is mauifest that grout praise uud thauks aro due to thoso who promuted aud carried to its state of

success the great industry of freezing, exporting and selling mutton and beef, these being products which New Zealand is so well qualified to produce.