The Hawke's Bay Times, Published every Monday and Thursday. THURSDAY, 10th MAY, 1866.

Hawke's Bay Times, Volume 7, Issue 375, 10 May 1866, Page 4

The Hawke's Bay Times, Published every Monday and Thursday.

THURSDAY, 10th MAY, 1866.

"NUIXnrS ADDICTUS JCKAHB 1I« VERBA StAGISTBI."

Amidst the constantly recurring complaints of the burthens imposed upon the Colony by the mismanagement of the Native Question and the interminable war consequent thereon, the heavy weight of taxation that already presses upon the people, and the additional burthens threatened by the Government, —it is with feelings of much gratification that we are enabled to turn to a subject that proves beyond question the wonderful elasticity of our resources, and the soundness of our financial and commercial condition, by the progress which has been made by the purely Colonial institution— the Bank of New Zealand —during the few short years of its existence.

It is scarcely four and a-half years since the Bank of New Zealand was established in this Colony, and we venture to assert that its progress has been one of a success entirely without parallel in Colonial history, as it has been beyond the most sanguine antici-

pations of its projectors. No doubt thi s flourishing condition has been attained mainly through the zeal, judgment, and ability of Its manager, and the efficientbusiness qualities of its Board of Directors and Officers; but it likewise shows, as we have above said, the solidity of the basis upon which the Colony is founded.

We have much pleasure in referring to the report for the ninth half-year, which was presented to the shareholders by the Directors of the above institution, at a meeting held in the banking-house in Auckland, on Friday, the 27th of April last, which - details the spccessful results of the past half-year’s operations. In brief, we may remark that the deposits have amounted to over a million and a-balf sterling; the net profits of the half-year to upwards of <£52,000. That there is a balance available - for division of £55,760, which, after allowing 2210,000 to be placed to the Reserve Fund, and ,£SOO to the Guarantee Fund, leaves available for actual dividend no less than 17 per cent, per annum to the shareholders.

It is necessary to bear in mind that this is by no means is the only banking establishment in the Colony; there are, indeed, not less than four other establishments, each of which seem to be following a similar course of prosperity to that of our Colonial institu ticn; but as colonists this has a more peculiar interest to us than the others, and we accordingly are the more gratified in being able to chronicle its success.

In relation to the Reserve Fund, we may remark that it is to consist of a sum equal to three-eighths of the paid-up capital, or .£150,000, and that the amount now transferred to it from the last half-year’s profits (£10,000) brings it to within £7,000 of that sum. It is reasonable to suppose that the next half-year will suffice to complete the sum required for this fund; and should the institution continue to progress at its present ratio, shareholders may confidently look for future dividends averaging over 30 per cent, per annum—a pretty sure sign that, notwithstanding temporary depression, the Colony of New Zealand is financially in a sound condition, and well able to come out of all its now embarrassing difficulties, and show itself as holding a first position amongst the Colonies of Great Britain.