BanK of New Zealand.

Manawatu Herald, Volume III, 20 May 1890, Page 2

BanK of New Zealand.

"•" V[r Hean's report on tho Bank of New Zealanl was cabled to the Loir lon >oard on Monday. The following is the text of Mr David Mean's me sage to the London Board of the Bank of N>w Zea lan<l : — ' I make tho net deficiency £165,000, name' additional 'os-> on the si ilio assets in December last, 6349,000 ; 'oss in the cirrent business, mainly on the old aoconnt" as at the 24th of February last, £54 000 Svdnov defiiloa-ions, £2>\000 ; against which the surplus of the Bant premises t'lso 000 at credit rmdry suspense accounts £IG,OOO, and to.al undivided profit, including

the March half-yearly balance, £100,000. Fresh valuations have bt-en obtained of all et tion proper* ties by perfectly indepen aut valuers \vho3e opinions will carry weight in the Colony. I have n>t obtained outside valuations of New Zealand town and suburban pioperties, but I have personally examined many of them, aud in all cases revised and where necessary modifiei the 1888 valuationjupou the evidence of the existing values. The Australian properties have all been revalued by by outside reliable valuers. These amounts have b«en arrived at after careful investigation, and represent to tae best of my bulief, the true and actual position of the Bank as far as it is possible to ascertaiu it. The current business. is sound and good and the connection most valuab'e and capable of indefinite extension, with sufficient resources aud efficient management. On the publication of MrD. Hean's report on the position of the Bank of New Z-aland, the shares fell in London three quarters per cent, but are now steadier. The latest quotations are — Oil shares, £5 ; new, £8. A large gathering of shareholder* met at the bank today and agreed that it was desirable that an immediate transfer of the head office to London should be made, and that additional strong names should be placed on the London Board ; also to wit 3 down the capital by the as' certain^d deficiency, and place th •■• surplus value of the sites and premises m the colonies t > the reserve fund. They a.so agreed that the dividend-* shou dbe confined to a moderate amount until a strong reserve fund had been formed, and that a me-tiug of shareho ders be called to elect a n^w Board when Mr Hean returns to London. There was no approach to a panic, and the Directors were prepared to meet any emergency. In an artic'e on the report the Standard states that the banking ' usmess is still excellent, and asserts that mo-t of the curreut pcofirs for the year have been swallowed up in vain efforts to cope with the deprieating of the property. — Press As' sociation.