BANK OF NEW ZEALAND.

Gisborne Times, Volume XXV, Issue 2121, 2 July 1907, Page 2

BANK OF NEW ZEALAND.

ITS ENGLISH INVESTMENT. OUTSPOKEN CRITICISM. Press Association. A AVHANGAREI, last night. Commenting on the recently-issued balance-sheet of the- Bank of N.Z., the Northern Advocate in its leading article says:—“lt is an astonishing fact that the bank in order to make the large profit of £310,880 for the year had to go on the London market with 5,000,000 of,colonial money. A leading authority quoted the loss by the fall of British Consols and other securities at 1000 million pounds. To assist in averting- the oncoming financial crash which seems inevitable in London,, the Bank of New Zealand planked down over five millions. Certainly this earned big profits for the time being, but we never shall feel assured_banking matters are on sound lines~in-»this_c&un-try so . long as our money is usfid' 13,000 miles away, from" the real owners, .4 The Bank of-New Zealand being guaranteed for such a large sum by the people of the-colony, and being practically, a State bank, might, if from no other. consideration than its own .'interests, choose rather to niakei advances to struggling but staunch and solid settlers ‘in this country,than ;to assist in swelling the paunches of financial magnates in London.”