BANK OF NEW ZEALAND REPORT.

Patea Mail, 28 April 1882, Page 4

BANK OF NEW ZEALAND REPORT.

The forty-first half-yearly meeting of the directors of the Bank of New Zealand was held in Auckland on the 20th. POLICY OF THE BANK, & RESULTS. In moving the adoption of the report the Chairman said : The figures exhibit a gratifying progress in every department of the bank’s business, and notwithstanding the exceptionally low price of money during the past six months, the volume of the business of the bank has been so great as more than to compensate for any shortcomings in this respect. The policy of the bank has been to endeavor to meet every legitimate requirement of its constituents, and not to enter on a speculative race for business either by undertaking what may be termed risky transactions or offering special inducement in the matter of rates ; we rather endeavor to cultivate confidence in an unvarying support to all honest enterprise, and study so to conserve our resources as to enable us to continue that support in times of scarcity as well as in times of abundance of money. The result of this policy, as exhibited in the statements put before you, affords satisfactory proof that it is appreciated by the public, and although our profits are not startling, they give evidence of careful management, which after all is the best test of the success of any institution. We have for some time deemed it prudent to carry forward a large balance to the profit and loss account of each succeeding half-year, but the amount at our command at this period and the general outlook of business throughout the colonies, in the opinion of the Board, warrant our proposing to make the handsome addition of £20,000 to the reserve fund, whch will then stand at £575,000, and we are still enabled to cany forward to next half-year£ll,oo3 12s2d. The speaker congratulated shareholders on the steady progress of the colony, and said with returning cheap rates of interest, and the growing appreciation of the safety of colonial investments, we may reasonably look for capital finding its way here as fast as we are likely to require it. Notwithstanding the almost total cessation of assisted immigration, which we hope may soon be resumed, there has been a steady inpour of population of a class calculated to assist the rapid development of our acknowledged great resources, Tiie general result of pastoral and agricultural operations was satisfactory, and the outlook of a most cheering character. PROGRESS OF THE COLONY.

Mr J. C. Firth said : I have often been struck with the great rate of progress that this colony has shewn. If you consider that in only one generation, and that a very short one, we have covered this country with railroads, have provided bridges, schools, and almost all the appliances which pertain to the civilisation of much older countries—-that, in point of fact, in one generation the colonists of the Australasian colonies, and especially those of New Zealand, have provided themselves with many of the appliances which a very long period only sufficed to do for the country from which we came, you cannot fail to be impressed with the rapidity of our advance. Of course in face of all these things, we have had frequently pointed out to us tiie heavy indebtedness of the colon}', but I think if we look at the work done we need not be alarmed at the amount borrowed to do it. Looking to the varied resources of this colony, some of which are developed, but the greater portion of which lie still undeveloped, awaiting ability, enterprise, and capital, we need have no fear for the future. When we consider that amongst our mineral resources gold and coal figure largely—the two primal elements in the material prosperity of a nation—l need hardly say that, in addition to this, our pastoral advantages are very great—our native pastures being of the highest character—whilst the yield of cereals from our agricultural soils is unsurpassed by any country in the world. While wo have these advantages of fertility of soil and geniality of climate, we still have much to contend with in living at the oppoitse end of the world from the great centre of human life and action. Therefore, while congratu-_ bating ourselves upon our advantages of soil and climate, we should keep in view the desirability of inducing our countrymen to join us in this land. I think that this country can only become great in material matters with the assistance of capital and labor, in other words, of money and men. The great fertility of our soil is attracting capital, and the confidence in the resources of this county, which for a while was clouded by the calamities occurring in Europe, has been restored. Whilst this resumption of operations by capitalists has taken place, we must not forget one other factor —I mean labor—and in this respect our great distance from the populous countries of the old world

operates as a deterrent. People there naturally gravitate to America on account of the shortness of the distance, and I think that our Government will find it necessary to offer inducements to the agricultural and artisan classes to come here. I shall be pleased if I find that in the very nest session of Parliament measures are taken to encourage immigration to this colony, for the wealthier residents of it will not only be benefited thereby but also the working classes themselves, I am sure we all wish to see the Government take this matter into account and help this young country along the march of progress upon which it has entered —for it is futile to saj r that a handful of people such as we are now, would be able to do this unaided. No one will venture that with a mere handful of 500,08*0 people it is sufficiently populated when it has the capacity for supporting 20 millions.