The Daily Times. THE OLDEST MANAWATU JOURNAL ESTABLISHED 1875. FRIDAY, OCTOBER 31, 1884.

Manawatu Times, Volume X, Issue 1335, 31 October 1884, Page 2

The Daily Times. THE OLDEST MANAWAT U JOURNAL ESTABLISHED 1875. FRIDAY, OCTOBER 31 , 1884.

CoMME-6eiAii ; men ; watph ;fJ wiiifti eager interest;; tbe.ptojdeejaitgß.'atmiaetifigja I ol sharehplqers of the\variouß banKb doing business m the>coiony. The^are the : pulses which show- the- direction aftd ! 'jpacy at which tne circulating medium; is :,, flowing. " r ri ;is perhaps. ; no. institution ; . which' receivea. greater attention m .this respect than the Bank, of New .^Zea^--End. ' Its welfare w co iniiriiately fe]anH : up^ith that , of the' colonyi and- its operations so extensive, that its meetings of shareholders.,.. are looked upon as the chief of these ! indices of the state of commerce m i the colony. On Tuesday last this ißank held its half-yearly geneial meeting of shareholders, and it is reassuring to note th.at m spite of the depression ; uwhich - existed thraugout the colony it has been possible to declare the usual dividend and boQUfi. .The published report statesf indeedf, that^ ttie^figures do not differ , materially from those of the preceding half year, so that at leaSt, 1 "ibre rias been 'bo ''retrogre'si sinn. The remarks' of the chairman of directors are usually well worthy of attention and cm this occasion we find Dr Campbell saying : — •• It affords :me much gratification to be able to notice symptoms of returning prosperity, .^"ery /considerable relief has-been effected bv H the reducs tion of merchant's stocks 'through out Ihe colony. The' rapid and reliable communication ' r 'estabiibhe'd ! : ' With England by direct steamers will tend much not only tc prevent any future: glut, but; generally to? ecdno» ; mise capital. An appreciable rex: covery has taken place both m the de- i mand for and the price of wool, and; the future prospects of', the /market appear favorable. {Frozen; imutt on, : which up to a very ,' recent-' .period, ' left it open to doubt whether the: export might not havb to" be discom ! tinned — at all events for a* time— has lately attained a position ia ; the Lon- { don market which seems to jeneure a fair return to growers, and most en*; couraging acoquiits ; have/ be^n.i ;?e-' ceived of probable future markets; for New Zealand tinned meat and! dairy prodtrcei s i Thia for! wheat«growers are not of so assuredj a. r charac{gr t; .^he .high harvests m America and England andj the rapidly increasing suitpliea beiog! obtained irom India leave little hope; of remunerative, prices, for the coming! season, but 1 it' is understood that; l a considerably diminished area; is under crop, iarmers having given! more attention to grazing and >he ' growth of iOthfer. cereals,t jfor, *wbichj there is a better market. Newj Zealand b^ing; tfa'e'chief field bfbperation for this bank, and our share of; its business being so large, we have; naturally felt the -.influence of the pafit.depresjsibn^h^^^tiLr^ more marked, recovery thought, it better to make provision^ for pbssible'losses on a ' morel than average scale rather than make fur*! ther present additions to thereserye.; I trust however, that 'such ' caii^idn; will not' long be necessary, and that a portion, at least of what is now pro-; vided ioir possible contirigencibs ll may! yefcf be" 1 returned to profit. 'Notwifch-j standing the influences to which I have alluded j and the general fall m the value, of morieyi we are enabled -to, meet* you ' With • the- very'satisfacN tbry report tind 'hialanCe' sheet whidh haye just been Jread. ; After paying oar usual 'dividend and bonus we open the new half-year with the respectiibli Hlance of £2l;098 17s^ 7dia result which/ under "the I ' fcircumv stances, will, ' I aim sure, ' commend itself to sharetiolders.'' ; ; •:; : ■>' '■'■ :