BANK OF NEW ZEALAND.

Rangitikei Advocate and Manawatu Argus, Volume XXXII, Issue 8844, 21 June 1907, Page 2

BANK OF NEW ZEALAND.

Press Association. < Wellington, June 21. i Mr H. Beauchamp, chairman of the Bank of New Zealand, in moving the adoption of the report and balancesheet at the annual meeting, said that the reserve .vould now bo a quarter of a million, and a considerable amount would bo added every year, i The deposits showed an increase of - £-138,000. The financial crisis in i America had not affected the Bank. ) Since December 17, when the Assets i Board was finally taken, over * £160,917 worth of properties had been ; sold. They now stood on the books at ' £707,457, of: which £-107,357 wore . balances owing by purchasers. Sections were “being purchased in a number of growing towns with an eye to s the future® The staff hud been increased to cope with with greater busi- ’ ness, the increase in flic cost of management, for salaries, rates, taxes, etc., being £l-1,120. The Board thought that the Provident Fund should be strengthened and the minimum pensions increased. A London actuary was now investigating the Slate 'of the Fund with a view of improving it. In common with other countries exports from New Zealand showed a large increase, Now Zealand indeed having highest percentage of all, but this was due rather to high prices than increased quantity. Mr Beauchamp dwelt at length on the necessity of making provision against a fall iu prices which must come, and made various suggestions to meet it, such as the improvement of dairy herds and stud sheep. Ho quoted returns of land sales which showed the averrge price per acre in Wellington was £lO, Canterbury £B, Otago £5, Auckland little more than £2, whence he inferred that Auckland was the province which would attract most settlers, especially when the Native Land Commission had finished its labours. Ho urged a vigorous policy of road making in the back blocks. In conclusion he mentioned the changes in the Board and management during the year and that five per cent bonus had been given to the staff in recognition of their splendid services during the year. Mr Watson, commenting on the chairman's speech, congratulated shareholders on the bright prospects of the bank for the future. Iu the eyes of the public the position of shareholders ho said seemed to bo an enviable one and by some it was considered that they were receiving too large dividends. It must be remembered, however, that every ordinary share had cost £l6 13s 4d iu hard cash and the present dividend meant exactly two per cent on that amount, so that when. they amassed afproper reserve fund they must look for still greater benefits so as to make them fairly even with, other similarinstitutions. Mr Weston said some shareholders would like to know something about the values of lauded - premises and how the bank’s figures compared with Government valuations. The 'Chairman replied that the book value of lauded property and premises in New Zealand amounted to £396,699. The land tax value for the same properties was £393,488.