THE HAWKE’S BAY TIMES. NAPIER, THURSDAY, APRIL 3, 1862.

Hawke's Bay Times, Volume II, Issue 40, 3 April 1862, Page 2

THE HAWKE’S BAY TIMES. NAPIER, THURSDAY, APRIL 3, 1862.

Competition in each of the multifarious occupations and engagements of civilized society is now generally allowed to be prolific of advantage, not only to the community as a whole, but likewise to the rival parties themselves, in their efforts to obtain the public favor. During the past (comparatively) few years we have seen the ancient doctrine of protection completely exploded, and monopolies one after another swept away, and this with results of the most satisfactory nature, —often far beyond the most sanguine expectations of the political or social reformer.

The Port of Napier and district of Hawke’s Bay, perhaps more than any other in the colony, has been a sufferer from the period of its foundation, in consequence of its monetary transactions being confined to so contracted a sphere of operation as could be afforded by a single banking establishment; but it is a source of considerable satisfaction that this state of things is at length brought to an end, and this in a manner somewhat more to the advantage of the public than

was at first anticipated, as we have now no fewer than three of these establishments in the town ; and so great and sudden a change as this will probably he of greater advantage to the community than to the companies undertaking the business, though we doubt not there will be, after a time at all events, ample scope for them all, especially as we have observed that for some time past each of these three companies have had a branch establishment in operation in Wanganui, where we should not suppose more business could be done than in Napier. Yet, wo must admit that the present period, being one of extreme commercial depression, renders it rather an unfortunate one for banking operations and their extension. We hope, however, that this very extension will impart a stimulus to trade and commerce which .will tend towards the change so ardently and anxiously looked for by all who have the advancement of the Port and Province, as a section of the colony of New Zealand, at heart. That such a change is at hand as will be sufficient to establish each of the three corporations in our midst we sincerely hope, and in the meantime wish them, and all other things that may aid in promoting our commercial prosperity, God speed.