WELLINGTON NEWS

Hokitika Guardian, 19 May 1925, Page 4

WELLINGTON NEWS

Till'; PASSING UK A GREAT .MAN. (Special to “Guardi-Ji”.) WELLINGTON. May 10. The ilealh el the lute Prime Minister. the Non W illiam KerguMiii Massey, a 111 mil tth not ti Hex ported alter his lengthened ''illness, has east quite a gloom over tin' Kiiipiro City, and indeed people in all parts of the Dominion are dinerely mourning the loss ol .Mr Massey, whose services rail ill he ...pared at ill" present juncture. 2i is great. personality and tenacity of pur-pi.-e during the till Me that he has held the reins <>t Uoveriiiiieiil have shown I j|,i to he a leader of no mean calibre, lie Inis never spared himself in his endeavour in improve the status of New /.••aland and the other British Dominiuns. I.e was ;i loyal Im|ierialist. It is quite -ale t<i -ay lhal no man who has i ver held the position of Prime .Minister o| this lur-llung isle has had a more try ill;; time than the lion, pen t bun a a who has just polio to hi- rest. Si,on alter he took up the responsible position he was faced with Labour troubles which his Government reel with a determination which soon brought the strike to an end. Soon afterwards his

po-.ilicn became a particularly onerous one throughout the great war. during which Sir .Joseph Ward was associated with him as Minister of Kinance, hut the termination of the National Government was followed by an even mole trying couple of years, when the pivot slump followed the orpin of spending which was so much ili evidence during the war period. Me was a slave to duty and virtmdlv died in harness, and he richly descrecs his well-earned repos' and the respect that he leaves behind him. New Zealand from end to end sincerely mourns the bo of a leader who always placed duty before seif. The funeral win solemn, impressive and miniqilieent in its simplicity. ( rmvil-. linod the streets to pay their last repents to the illu-trious dead. The people displayed wonderful .sympathy- - there was apparent a Pennine grief, a real sorrow at the passing of a great man. \t!m has left behind him a heritage of duly well done. It, was an immense procession ol motor vehicles, and while the t bridge passed men and buys slo'id bareheaded, and a solemn Imsli pervaded the streets. It was a prat id. a noble tribute to the deceased Trim l .Minister. HANKING C A HIT Al„ Owinp to the high prices niliup for commodities penerallv it requires a toild deal of monev to linanee the world’s trade, and tlio burden of lindinp the monev falls on the banking institutions. Wo have an illustration of this in New Zealand, thoupli ill a small

way. Our exports show considerable expansion, for the year ended March .’list, the exports anti imports combined exhibited an increase of nearly L'l I .(lOll.l)!)(l ami the approbate of the imports and exnorts. er the t■ ■ t:tl trade of the eollliire for the year exceeded Cl (I I. (Ill I,CI It). It can he said tlial on

trade alloat. inst shipped or nearing destination, and the hulk of lilt’s money mu-l lie provided by the hanks. It is hoi ause of this wonderful growth in trade and the probability that there will ho further substantial expansion in the next decade that is furring the hanks in take steps to increase their ispits! . I -'.in* of new shares by banks has !).'( utile almost a chronic affair. The Hank of New Zealand hr..- just completed the is-ue of Cl. ItTi.i III;I new shares, that i.- to say that it has no fait her shsies to issue. It will. Im'.ve'.er I.e a surpri.-e if. suuiier or later, the Hank of New / ‘aland d'e- not apply to Ha i !ia nmnl for potter to Im l her in: rea.-e its capital. Tin Hank will need such in. reuse with the prowili of business. r !he National I'ank oi New Zealand increased its capital last year hv the issue of new shares and this lianl; is now repeating the op-rat ion. i. I ! --rs an tie.: t!m I ”0(1.1 LO ueu share- of C 7 IW ea"h. of which Cl! lit- is to he called no and the shares are to he is.-tied at a premium of L’l' ID- each, which means that those who takes up the shares must pay C"i anieec for them. The shale- are offered to present shareholder.*, in propnrlicu of one new share for every three now h"bl. luit no fractions of shares will he is.md. The shares nea.-t he taken III) by .llllle L’-'iml. Oil V. lilt'll date ;i!!s- per share is payable, on .July Hist a furlhc; .'Hi- is payable, ami on Keplemher flu Th. the halame of '(ls is payable, 'i hose who pay up in full oil ap]:'iealiuu will he etilitled to a full half-year’s dividend to September doth, and v, itieli is payable in January. Kidd. Hy this issue the Hank will iu-ereu-e its capital hv CAlllUi:.ti. and the | remium of CAOJ.OiK) will no doubt as 1- I 1 be added to tie- nr luml. Tims . ■ 111 1 o u y>. 1 1 the Hank amualiy uel--111 !.’ 1 .1.»b 1.11! ;1 !! i. old', neee-.-ary to pay dividend ■ on half Ihe amount. The National Hank’s business m New Zetland i- now very la roe as mat readily he seen 1 1v an exaii'j uat ion . f the quarterly banking averages.