The Banking Enquiry.
(Per Press Association.) Wellington, Tnis I/ay. T. M. Butt, Colonial Auditor of the Bank of New Zealand, was examined by Mr Seddon. Witness was examined at considerable length respecting the position of the Bank in 1888. He stated that since the institution of tbe Bank of New Zealand till the present time the amount of the writings off had been over four millions sterling. He considered it would not be an under estimate of the Bank's losses, for the past at from .£40,000 to i-50,000 yearly. He hoped, now the Bank was being more strictly managed, these losses would be reduced by one half. Owing to the fall in the value of money since last year deposits with the Bank were losing favor as the depositqrs got so little for them. Tbe Bank, at present, had to accept lower rates fop advances ana hsd to keep more funds at short call. Tbp Government's action in assisting the Bank bad benefited not only this but the Australian Colouioa, where the effect would have been bad if tbtj Bank bad closed its doors, as coundeuco was just then beginning to be restored.
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Bibliographic details
Feilding Star, Volume XVIII, Issue 65, 14 September 1896, Page 2
Word Count
193The Banking Enquiry. Feilding Star, Volume XVIII, Issue 65, 14 September 1896, Page 2
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