THE BANK OF NEW ZEALAND.

Rangitikei Advocate and Manawatu Argus, Volume XXXII, Issue 8853, 2 July 1907, Page 2

THE BANK OF NEW ZEALAND.

Advice from Whangarei. Per Press Association. Whanoabbi, July 1. - Commenting on the recently issued? balance-sheet of tho Bank of N.Z., the; Northern Advocate, in a leading article, says it is an astounding fact that tijfl. Bank, in ordor to make the largo profit t of £310,880 for the year, had to go off I the London market with £5,000,000 off colonial money . A leading authority has | quoted the loss by tho fall in consols and other securities ats £1,000,000,000, and to assist in avert-' ing tho incoming financial crash which! seemed inevitable in London the Bank of; New Zealand planked down over five! millions. Certainly this oamod bigj! profits for the time being but we never | shall feel assured that banking matters’ are on sound lines in this country so long as our money is used 13,000 miles ,away from tho real owners. The Bank of Ntn7 Zealand being guaranteed for such ci large sum by the people of the colony and being practically a State Bank, might, if from no other consideration.! than its own interests, chooso rather to make advances to struggling but staunch solid settlers in this country than to assist in swelling the.paunchos of financial magnates in London. 1