HEATHCOTE ROAD BOARD.

Globe, Volume XXIII, Issue 2257, 27 June 1881, Page 3

HEATHCOTE ROAD BOARD.

The above Board met on Friday last, at 10 a.m. Present—Messrs F. Jones (chairman), T. Bruce, J. O'Neill, W. Attwood, and Geo. Dryden. The clerk reported the receipts to be £lO7 13s lOd ; overdraft at Bank, £l4 10s Id. It was decided to call for tenders for carting stone at Colombo road school ; also to give Mr Silburn notice to stop cutting flax on any of the roads or reserves in the district until an arrangement is made with the Board; also, to write to Mr Kennio that a fetce is partly on the road. The following correspondence wag read and dealt with—From the Board of Waimakariri Conservators, stating that 1), per cent, would be allowed for collecting rates. Agreed to. From Messrs J. and A. Andereon, asking that site for Hargood'e road bridge might be cleared. Attonded to. Two applications for remission of rates were deferred to next Board day. From Mr F. H. Brittan, thanking the Board for allowing him to have clay from the reserve. From tho Drainage Board, enclosing sections of Drain road. The clerk to writ* stating that they are satisfactory if the width of the footpath on the oouth side is increased to ten feet. The foreman was instructed to see that all the contractors for keeping roads in repair did the work properly. After passing accounts for £I3C 3s lOd, the Board adjourned. *

THE BANKING- AVERAGKB OF THE SEVEN AUSTBALIAN COLONIES. [From the " Australian Insurance and Dunking Record " for Juno ] The latest; Banking averages of the whole of the Anntralaaian colonies are now complete. Elnowhero in our present issue will be found the separate sworn returns of thoao colonies whoso averages did not appear last month, and also a condensed summary shewing the s ßfi re ß ato results of the condition of bunking for the first quarter of this year in Victoria, New South Wales, New Zealand, South Australia, Queensland, Tasmania, and Western Australia. Our comparisons will he, as usual, rith the figures of the preceding quarter, and filno with thoso of the corresponding quarter of the previous year. Note circulation at the three periods stood thus; Mar-:}i 31, | December 31, | March 31, 1830. 1880. ; 1881. M.ZUijm I ,t 4,405,276 £7,593.0-21; The incrosao on th« quarter is thus £188,350, and on the year £348 033 The hulk of. the increase is in Vicroriii and in Nuw South Wales. Ail the ot'.or colonies chow a xlight increaeo except Tasmania, where circulation is about stationary. Deposits, we find, show very great expansion, thus : |Ma 31, Dec. 31. Mar. 3f, — | r. . 1880. 1881. Not bearing intcTe5t..i15,777,502 17,926,21'i 20,76'2,796 Bearing:interest ...134,645,733 34,95',,997 35,022,048 Total*_ ... ..._ ...'52,513,1507 54,999,331 58,933,163 discrepancy arises from Tasnrani&n returns not distinguishing interost-hearinfr from non-iuterest-bearing deposits, and that colony's deposits, therefore, only appear in the totals. Hero we find an increase on the quarter of £3 933,832, and on the year of £6,389,556. Wo do not think that so great a poroontage of increment has over occurred before i:. a like opace of time in the history of the Australasian colonies. Tho more obviouß cauies are a goneral prosperity arising from large products favorably realised. Superadded this is the inflow of British capital through the results of our Governments borrowing in London, and the operations of the mortgage companies introducing fresh capital. These factors have been noticed before, but the effect is now more strikingly shown than in any previous stock taking. Tho relative growth or decline of deposits in the several eolonies is shown in this annual comparison : I Mar. 31, Mar. 31, De- — | 1880. 1881. crease, crease Victoria ... 1G,644,017 20,364,980 3,720,963 New South Wales ... 18,157,03518,766,731 579.696 New Zealand... 8,102,333 9,293,4901,191,163 South Australia 3,547,128 4,536,524 989,396 Queensland ... 3,588,533 3,397,120 Tasmania ... 2,120,308 2,248,318 127,950 Western Australia ... 354,193 325,994 Of the nett increase of £6,389 556 by far the greater portion is shown in Victoria—indeed, considerably more than that of all the other colonies put together. The other* follow in this order of amount, viz., New Zealand, South Australia. New South Wales, and Tasmania. In Queensland and Western Australin there is a falling off. A year ago New Zealand lost in the twelve months an amount nearly corresponding with the present gain. It may be noted that the greater portion of the Victorian increase (say £2,392,279) occurred between 31st December, 1880, and 31st Maroh, 1881. Looking at the distinctive character of the) deposits throughout the colonies, it will be found that whilst the free deposits bearing no interest have increased during the twelve months by £4,985,294, the growth of those bearing interest has only boen £1,276,315. This to some extent modifies the view that tho greatly increased deposits are due to Government funds, as Governments always, we think, obtain some interest from their bankers. Advices afford this comparison : March 31, December 31, March 31, _ 1880. 1880. 1880. £61.247.973 £58.146.036 £58,542,457 The Banks' advances are thus larger on the quarter by £396.421, but they are smaller or* the year by £2,705,516; and it is to be observed that in the present advances there is included a large sum held by the New South Wales Banks of Government securities, say £1,681,228, or an increase on the year of £1,214,539, so that advances, in tho strict sense of the term, have fallen off in the yeareven more than is shown above. It is indeed curious to observe that the advances by the Banks are actually £390,706 less than the deposits held by them. But of this we shall have more to say after dealing with the coin statistics. Differentiating the year's business of the different colonies, we find theße results : Mar. 31, Mar. 31, - e-1880. ISSI. crease, crease. £ £ £ £ Victoria ... 19,894,476 18,215,708 New South Wales ... 16.560,157 17,219,232 659,075 New Zealand 12,371,473 11,504,880 South Australia ... 6,172,662 5,517,729 Queensland... 4,120,181 4,041,369 Tasmania ... 1,722,9*6! 1,596,227 Western Australia ... 405.035, 417,322 11,284 Here it will be found that the New South. Wales Banks have expanded their advances, but if their increased investment in Government securities be regarded, the result is practically a decline in money lent to customers. Victoria heads the list in the large decline of advances, followed in order of amount by New Zealand, South Australia, Tasmania, and Queensland. There is a trifling increase in Western Australia. Coin and bullion together compare thus:— March .]l, December 31, March 31, 1880. 18S0. l«58l. £11,611,450 £12,279,993 £12,419,746 The gain on the quarter is £139,753, and year £808,296. The fluctuation of coin in the various oolonies presents no very striking distinctive features. A clear understanding of the relation between the Banks and the seven colonies is obtained by stating the account at March 31st, 1881, thus : Dr. To n"tc circulation £4,593,52t> To bills in circulation 257,239 To deposits 58,933,163 £63,784,028 Cr. By coin and bullion £12,419,74*1 By landed property 2,316,816 By advances and Investments 58,542,457 £73,279,018 This indicates that of their own capital and reserves the Banks are just now employing in tho colonies, £9,494,990. At 31st December, 1830, tho capital and reserves of the Banks amounted to £18,410,682, so that £8,915,692 of this was at 31st March lost employed outside the limits of the Banks' Australasian returns. This is a considerable increase on the quarter ; as at 31st December last the Banks' resources employed or held extra-colonially were £4,804,293. The indications are of abundant capital for legitimate use, and that none with good security or good character need go away empty. The stimulus of cheap capital should tend to material development, of which there are many independent indications. The expenditure on railways will tend to reduce the amount of idle money held, but, on the other hand, the new emission of a two million loan in London by New South Wales will have a counteracting effect.