WELLINGTON NOTES.

Hokitika Guardian, 18 June 1924, Page 1

WELLINGTON NOTES.

the: bank ok nt.w /haland. (Special to “fiuardian”.) WKLLIXGTOX, June Id The people of the Dominion liavo evoi'v reason to lie very proud ol the Bank of New Zealand, which is now one of the big banks of Australasia, being probably the second largest of such institutions, thu Bank of New South Wales being larger. Last week the Bank issued its balance sheet for the year ended March Hi, Ml'-’I, and a remarkably interesting document it. proved to he. The net profit for the year amounted to C7HG,<SU2, as coinpared with L'ddli,(i.')!» in the previous year, an increase of ,eIH2.I!iU or a little over HU per cent. The net profit is arrived at after making provision for all had and doubtful debts, provisions for the annual donation to the Provident Ktind, also bonus to staff and interest on the Guaranteed Stock, that is the stock guaranteed by the Government and amounting to JL'dSP,9SS. In addition to the net prolil earned during the veur the Bank niado a profit of this.ll“ oil the realisation of British Government .securities, and the sum of Cl-IS, Kir, was released through provision previously made for certain doubtful advances not now being required. The rise in wool is no doubt Li some' extent responsible foe 1 his item. In addition to the above amounts there was broughl forward from the previous year .9-121 .il.'i”. so that altogether the directors have had for disposal the huge stun of L'l.lf'O,U!i7. Out of this the State receives by way of dividend the huge sum of CIU7. !U:i on its capital of L'l.oOO.llfiO, and tin ordinari shareholders receive L'.'t 19.571 on their capital of CU,000,(100, Thus the shareholders receive in all CIN7.UH7, or less than one-third of the divisible amount. There is added to the reserve fund .9 l!>G,olli, bringing I hat fund up to 92,H2.A,1)i)9, and Col 1(1,.71 I is carried forward. Besides the dividend the Stale receives taxes, and the amount paid by the Bank in rates and taxes last year was CU 0 !l.(i;il. The shareholders’ funds amount to C7,HU.1,0i l made up of capital Cl.olid,(Kill, reserve 92.U2.A,()('9, and undivided prolil CTOfi.-iM. The liabilities of the Bank apart from shareholders' funds total CU7A >12,210, while the liquid assets consisting almost entirely of cash items amount to .1'27.UT2,-l'll. The deposits held by tlie Bank amounted to L'UO.olll .720 as compared with cn().011U.!)27 in the previous year, and the advances are shown at I'IS,7S7.UH. as against 917,74G.715. The coin and cash balances amount to .C7.19H.U15. against 97.981,011. THE LIIIK.HAL CAMPAIGN. Mr T. M. Wili'ord, leader of the Liberal-Labour Party, who with other members of fho Party, has just eoneluded a campaign tour in the North Island has rotiHned AVrllingtou, and professes himself to lie highly pleased. At Pttkekohe, the Prime .Minister’s electorate, Thames. Hamilton and at Auckland the Liberal leader was, it is alleged, received wit* acclamation, and lie had no difficulty in arranging for candidates in all (he electorates visited. Mr Wi I fort I is now in the South Island in continuation of the political campaign. Mr Massey was also recently in the Taranaki province. and on his return to Wellington he expressed hitueslf as being highly pleased with the prospects of the Befornt Party on the West Coast of the North Island. No doubt there is a little hit of exaggeration in the statements of both loaders, hut that (an lie excused for il i< part of the political game. Whatever nuif he the prospects of the respective parties there is unquestionably a good deal ol political unrest, and the amount of electioneering that is going on makes one wonder whether a dissolution of Parliament, is probable after all. As an indication of political unrest we have the determination of the Farmers’ Puion of Auckland district to form a Country Party. The formation ol this party has been suggested for a long time, hut. inis never received any support from thu New Zealand Farmers’ Cnioii. The manufacturers are now on the political war-path, but do not intend to form a separate parly, but are to content themselves with inducing members of their associations to become candidates. Il will soon be time to look for candidates who will attend to ihe public interest asagainst sectional and party interests. DAIBY PBODKGF OUTLOOK. A gentleman intimately connected with the dairying industry in the Wairaraptt stated recently that lie was satis-lied the days of high prices for dairy produce had gone, and that laud values must, recede in sympathy with produce values. Something akin to a crash was inevitable for those investing in high-priced land. This is no new view of tin* situation, lor it has been expressed by others and trcqueiitly. A period ol falling prices set in some time ago, at least eminent economists have said so, and the fact Is jli-d beginning to he appreciated 'in New Zealand. The drop in values will hurt those who paid high prices for land, hut others should not feel the pinch so seriously if steps are taken to reduce overhead charges and the cost of living. Dairy farmers must remember that they must sell their products in an open market and againstkeen competition, hut the goods they want for their own needs they must huv in a protected local market. This is how they get hit, and farmers should concentrate their efforts in bringing down charges and the cost of living.