The Banking Enquiry.

Feilding Star, Volume XVIII, Issue 25, 29 July 1896, Page 2

The Banking Enquiry.

(Continuation.) (Per Press Association.) Wellington. July 28. He (Mr Bootb) bad no hesitation in saying that the experience of the Directors of the Bank of New Zealand since making the purchase of the Colouial Bank had justified the arrangements, and had assured the Directors they had made a good bargain for the Bank of New Zealand. Complaints have been made against the bank carrying on trading concerns, but be believed they were entirely without foundation. The Bank of New Zealand had been able to retain nearly the whole of the business of the Colonial Bank. The position of the Bank of New Zealand was now one of complete safety with adequate and prudent management as compared with is position before legislation. He believed they would meet their arrangement with the Assets Realisation Board. The Directors felt the Bank should as soon as possible withdraw Irom business in the other colonies. The Newcastle branch had been closed, and he hoped soon to close the Adelaide branch. In fact the Bank had been for some time withdrawing from the advance business in Australia. The Victorian business was a satisfactory one at the present time, but the condition of affairs there indicated the prudence of withdrawing. The Bank had experienced heavy losses in Australia. In years past the Bank's business in New South Wales was a fairly profitable one, but it had a great load of misfortunes to carry on its shoulders. All the bad and doubtful accounts in Australia had been provided for. The Bank was carrying on a fairly large, safe, and profitable buainess in Fiji. The Directors were realising upon the Australian trading concerns in their hands as quickly as possible with results fully up to expectations. The trading concerns carried on by the Bank in New Zealand were doing very well, and the whole value of shares taken over was only about £8,000.