BANK OF NEW ZEALAND

Hokitika Guardian, 19 June 1923, Page 4

BANK OF NEW ZEALAND

WELLINGTON, June 15. At tlie Bank of Now Zealand meeting alter the ('hairmau’s address had been given, Mr Watson in seconding the motion for adojition of the report and balance sheet, congratulated shareholders on the strength and continued 1 rnsperity of the hank, which had warranted the hoard in resolving to increase the capital. Tite shrinkage in advances since last year must not he taken as a decrease in the general business of the hank, for advances last year were unduly swelled by unusual and high priced importations of minds, which were being gradually got rid of. What really mattered was that the general operations of the hank

1 were steadily increasing and must eottJ untie to increase with tlie population =J of tlie Dominion. It was from these = | that the profits of the bank were made. I ,md he wns cotiiident that unless some II ,‘infi teseen m’lisnnl (/ilamity should J error, the future working would permit i f tlie same rate of dividend as helotv lieiug made on the increased capital, as ] will as regular additions to reserves _f Tbix opinion was leased on his knowJ ledge of the soundness of the assets, =| tae careful jiolicy of the hoard, the exJ cellence of the general management, j and staff and the very valttahle goodj will, to which might lie added the confidence engendered by twenty-nine year-’ experience of the progress ol S the institution. Of course what he 1 said must be taken as bis own upinR inn solely, and in no way as rommit--3 ting the board, whose views tite cliaii- | alone was entitled to express. Me j; added that he would retire by rotation | next March, blit would again be a £ candidate. § The report and halance-sheet were £ adopted. jj CONGRATULATIONS. I Sir George Elliot and Sir Harold S Beauchamp were congratulated on their knighthoods, and a vote of crmgi af ul i- | tinn was proposed by Mr .1. .Mill. B In seconding it Mr T. Slmiler I\csp ton spaike highly of the part Sir Harold $ ilcauchamp had played ill tile devehpI m. nt of the bank, which now held a $ I'o it uni -iiuilar to that which the Yok<>1 llama Specie Bank of Japan holds, and I we . almost, oil terms of equality w ith i the live big English hanks. During * the lasi great crisis the Vin k o. past | i yeni . Inn! been thoroughly tested, and 8 j although there might have Icm some ;eift i ■ oi judgment in t he past. yet , ! ei . I'm in- vie liable to make some error i if it'oh.'meui, and it was inevitable that [ e\. n big men should make -nine niis- ; take-. Still he thought one could say i this : ( .mipaiiug tin- as-i.-tame which i M l Bank of New Zealand was to this ! 'oitntrv In our tunc ol stress with the j If- - i -si a nee rendered by the C'ommon- | v'ealt |i Bank i f Australia one could -ay that the comparison was altogether i in I'm our oi that veidered by the Bank i of New Zealand to this country, ill j fact in some res; eels the Bank of New | Zealand, had been of assistance 1,1 j Australia, notably in the matte!: oi n<j. s|-Mug in regard to exchange. lie ‘ • was sure they all hoped that Sir llar- ! old Beauchamp would live long to cii- | joy tlie honours which had been < oii- ! terred upon lum. \s to Sic George I'.l- ---■ hot. Ins honour had- come to him .:!- j inr.-t at. the I eginnijug of 1 1 is career. ! The speaker a|ludyd| to the work il j Sir George Elliot in connection with | Samca and as a member of the Ifailj way Commission. The honour iimtorred upon him must he also regarded as ! r.u honour to the ban!-:. Tin sc vho had It. rtil Ids speech that day must reeng- ! ni-e that the nlfairs of the bank were j m the hands of i-x.-cjd icnal ability, j The word-- of Ills address ware pregnant j wit:l l meaning. and ids remarks sln>vjed that h ■ w . r ■i.ll n hi had lha (•oiu-agi- ol 111- c p1 11i 11 1:-. Mis i-i-'eieai e | t- * the fa '-ini'! ■ and to the i.-n il il ies as j t • credit which had heelt affenied I i 1 them might, no doubt. I e unpalatable I to siime. Mut wild had I an .-aid was j in the interests :i the Demiuicii. and ■ m ire i spcciall.'. : f ih" .sound : ml M -ble i farmci hini-'eli. j The i.loti.ei w.i, carried 1 1 \- aid.maj te n. j Y< iTE's Oi- 'I HANKS. Veil- if i i !:> li also were given to the directors, general manager and the still, in ack now !> dgh g wnich, Mr Bueklelon lOidoi-el v. In I led l.e-u slid a- to the trying liilics y. hi h dining Die last lew' years had Men gone lb; imgli, pat tienln rly by blanch tna.n- ---} eg T-. and ills:; l.y . ■ uiar I ffieet s a t lie ifal Otlice. Me (..minded by : - suritig tlu.se pre-eut that the ( lib - . - of the hank, would do all in their po ver to ...lvalue the lota rests „f share-!" ble, . si t u:i|aCs "Rre-s'’ say •: Tull aid-; the 1 nil of last u eck Bank .if New Zeal :n:l ,'luires changed hands: at C.2 , and tils '.hi. ..ml rally in the nivs. nl iv. ek 11 1 : 1 1 e uere ai" . at 01-'. S.n.e then there has: keel! an improvement to hi.sin.-s at 01 s Oil. (i'-’s, and O'ha Hi hank lms anneumed the issue ■'f £J. 125.0011 oi new etipit.i], of w hich C;!7-*.O'.H) is to be offered fer Mib-crip-ti m to in.' Government. Tite remaining er.AO.G-OO '.-ill I e offered to the .ir-d-tiaty -‘larch..idci'S, in ] roportinn as lien, us may he to cue new .share lo three existing shares, at par, Lite purchase money being, payable ill October Ist, 1 hips. Si live the announcement wns made the shares have 1 cell quoted cum tlie lights to the new shares in addition t.i being cum a dividend . f I s Id per .share payable within the next day i or two, and sellers have offered at O-'K I .id. with buyers at 0-s <id. Buycis hale oli'ered .'llls for the rights with sellers at ».js.