A Prosperous Bank.

Gisborne Times, Volume V, Issue 40, 16 February 1901, Page 1

A Prosperous Bank.

[By Telegraph—Press Association.]’ Wellington, last night. . At the half-yearly meeting of the Bank of New Zealand Mr Blair presided. Tlic Chairman said that it being the statutory meeting, no accounts would be presented. He went on to say that the hopes held out by him at the annual meeting for the future of the bank had occasioned large purchases in shares, a result he had not anticipated, as lie only intended his remarks to be a hint to the shareholders not to throw away their shares. He intimated that from to-mor-row the transfer of shares, which had hitherto been executed free, would have i to bear the usual burden of 2s 6d each transfer. With reference to the bank’s position, he was glad to say his forecast at the annual meeting was likely to be realised.

Mr Blair, continuing, said the business had been extensive, and the bank was in a very prosperous condition. Ho could not give definite figures, but said during the half-year the public had shown every confidence in the bank,. the deposits having increased by over £600,000. Advances, too, had largely increased, probably by over £300,000. The colony, he said, was never in a more prosperous condition than now, and he referred to the increase of products, every pound of which left its influence in the stability of the colony as well as on the bank. The markets in South Africa offered a splendid opportunity for producers, which he thought would increase if they could only terminate the wretched war. He said that at i last meeting he mentioned that he did not think land values would be maintained, but experience did not support his theory. As showing the condition of the colony, he declared that a large amount of the bank’s business was now cash, where formerly it was on credit.

On a ballot, Mr W. Watson was reelected a director, and the meeting terminated. ....