BANK OF N.Z.

Hokitika Guardian, 24 June 1933, Page 2

BANK OF N.Z.

ANNUAII, MEETING. (Per Press Association—Copyright). WELLINGTON, June 23. At the annual meeting of the Bank of New Zealand, held to-day, Mr Gibbs (eh airman] presiding. Mr A. EM'j.lbin, moving ,a beauty vote of thanks to the directors, general manager and staff, said that thi s was the fourth year in succession in whijli the working of the . institution called for the full exercise of intellect ana ability of everyone connected with the Bank. Tf previous years were anxious, this last one provided more trial s than ever, but the institution had emerged from the storm, intact and unharmed, and shareholders and the genera,] public had complete confidence in it as the principal financial corporation in the Dominion. True the shareholders had to accept lower dividends, but it could not be too strongly emphasised that taking into consideration that the shareholders’ funds used by the Bank, ,cons : sting of subscribed capita], the published reserves and the undisclosed reserves, which it was recognised that any sound hand must provide to keep a strong position, it was questionable whether the shareholders get ove r 5 per cent, on their money. He 'recalled that in Parliament last session, the question of the company paying ten per cent, was referred to ih the House, but the irony of the matter was that the company paid a considerable proportion of the , dividend ■out of investment in Government stocks, taken out when the Government wa,- .urgently requiring the money. The Bank had been able to •continue a. satisfactory rate of dividend, despite 'bad. times, owing to the conservative policy of. the Board in the past in building up a strong carryover, which in 1931 was £626,000, but which now had been reduced to £344,795.

He said that all were ■ glad to see Sir H. Buddeton in his seat to-dav. They sympathised .with him in hi s recent illness, an.d the shareholders would wioh him many years of good health and usefulness, and hope for a continuance of the devotion to the Bank’s interests and -we]fore which had been his guiding star through life. He also congratulated Mr Gibbs on bis appointment a* chairman, who •would stand firmly, he said, for; eorect principles in banking end finarmO’. Col. E. Burton Alabin endorsed what was s ai.d'about Mr GibbST He . added that it igcemed to him that a tremendous lot of bunk was being broadcasted in connection with, the banking system, and particularly the institution of which they were so prowl. ./TU thought it about time .the directors took their gloves off.-: t/perhgps fhev might consido r the desirability of. doing' ae little* more .propaganda in future to enlighten the public on what, ‘four grand old instiution stands for.”

The motion of thanks was seconded by Mr X>. A. Ewan.

Mr Ewen said, the policy piiPP/iied bv the Bank in New Zealand had been conservative and wise. ..He congratulated the chairman On the. very able exposition of the present situation. Mr Len McKenzie congratulated the Bank, and thanked it ,for the able assistance it had given v to the smaller traders. He said he felt the present was not the, time for experiments. ]t was a time wehn the Government should leave banking alone. He sincerely hoped the Government would not unduly interfere because, it might find itisol f in the position of carrying the burden the • Bank was now assisting to carry, and which would fall heavily on the Government's shoulders.

The Chairman returned thanks for teh expressions of confidence made l by the various speakers.

Sir H. Booklet on replied on behalf o' the staff, which during the past year, he said, especially the branch managers, had had a, very trying time.