THE BANK of NEW ZEALAND.

Manawatu Herald, Volume I, Issue 23, 12 November 1878, Page 3

THE BANK of NEW ZEALAND.

At the Bank of New Zealand meeting at Auckland last week. Mr Stone and the Hon. J. Williamson weie elected directors. The President said — When T last addressed you from this chair and called attention to the circumstances

•which would probably conduce to the high offers by our foreign r^rivals for New Zealand deposits, and although their action during tho past half-year has been intensified in this direction, I am pleased to think it has not been attended with any ap- • preciablo success in withdrawing capital from the colony. The banks which are lccally interested have with purselves been ready to meet any fluch action on the part of our opponents, and much as we deprecato the exist iug high rates, which ar9 calculated to narrow enterprise and to divert capital from the ordinary channel, so long as the policy is pursued by others we have no other course but to follow in self•defence. For the well being of the colony it mny bo hoped that there will soon be a return to wiser counsels. You may rest assured, though ever ready to defend our interests, your directors wi'l be equally ready to co-operate with othor banks in a return to a wiser and more prudent practice. Business throughout the colony during the past halfyear has been exceedingly active and prosperous, and the rapid development of hitherto unproductive districts, \iith the continued inflow of

capital and labor, afford good ground for believing that the steady progress ■ of the colony will be continuous. Thore will bo ample scope for the profitable employment of the large resources of the bank after tho winter of unusual severity in the Southern portion of the colony, which has recently been visited by disastrous floods, but as yet no approximation can be mado of the probable damage done, though there is reason to believe individual losses will not be excessive. While sympathising withthe sufferers we have such confidence in the re» cuperative power of the colony as to believe that this misfortune will not appreciably affect the rapid progress of the Southern districts." The fol lowing resolution was carried, — 1 hat this meeting authorise the directors, at their discretion, to issue 27,500 shares of £10 each, at such premium as the directors may consider equitable, and that such shares be first offered to shareholders. Payment of the increased capital not to I c called up prior to the 31st March, 1879.