The Taihape Daily Times AND WAIMARINO ADVOCATE FRIDAY, JUNE 22, 1917. BANK OF NEW ZEALAND

Taihape Daily Times, Issue 220, 22 June 1917, Page 4

The Taihape Daily Times AND WAIMARINO ADVOCATE

FRIDAY, JUNE 22, 1917. BANK OF NEW ZEALAND

(With which is incorporated The Taihape Post and Waimarino News).

From the Chairman's resume ofithe operations of the Bank, of New Zeui. land, delivered at the annual meeting of proprietors morning, that quasi-national institution has just concluded one of its most successful years. While there are some amongst us who may at this; terrible time, envy the Bank its splendid showing for the past year, we must all realise that its success accurately reflects the average success of the whole of this Dominion, and'iri thatfact there are very good reasons why producers and- traders should read what Mr. Beaufihamp has said with the utmost satisfaction. The future is touched upon with considerable cautiousness, as is natural to a man who realises "his responsibilities "on' such matters a*s he is concerned with? While there is an "entire absence of ,any semblance of optimism in connection with the near future there is a distinct ring of belief that the prices of our primary products will remain high for some not very definite or easily computed time. In fact, the speech is acceptable to the whole Dominion on the ground that it presages some few years of high prices for what we have to export, assuring future preponderance of what we send away over those articles we have to purchase abroad. Most public interest in the Bank Chairman's speech ; will be centred in what'he- says about those matters which most concern the bank's ordinary country" customers. The gross deposits madeby customers very strongly indicate that some have been ; earning htigiS" amounts which they have no immediate use for, as they show an excess over last year's deposits of nearly five and a-half millions, the total deposits for the year reached the enbi'--mous sum, for one colonial institution',' of £29,052,790; the amount at short call being nearly six millions, and the' Chairman points out'that the increase' in the bank's cash reserve "is a rno'iP ment naturally sympathetic with tire'' increased deposit liability, resulting from the country's abnormal excess of exports over imports ..Taking into consideration only our primary products this excess? amounts, .tqr-£ 8,235,C 54, but including the export of specie it reaches the astounding sum of £11.135,389. Does the general prosperity of the whole Dominion synchronise with these figures? We think that an affirmative reply is entirely out of the question, therefore to the ordinary individual they are an indication that the rich amongst us are becoming richer, and the poor poorer by comparison. This is not an aspect that in any way concerns a banking institution, and it is referred to as showing that the outer ring of our people may experience results the antithesis of those felt within the ex-

porting and finance radius. Mr. Beauchamp becomes very interesting in his remarks on the shipping problem, the Imperial purchase of pro- 1 * ducts, the cost -of living, national economy and the agricultural outlook, and notwithstanding the fact that many people will differ from him, his views no doubt express very accurately the opinions of a large stratum of our people. He is emphatic in his statement that the country's financial position is a strong one, and, what is more important, it is a growing strength. It is pointed out that there is unquestionably a great deal of loanable credit in the Dominion, and that In view of the probable early issue oT another War Loan the financial position is very encouraging. The Bank's balance sheet not being before us it would be indiscreet, perhaps misleading, to comment further than we have done from the Chairman's references to it made in his report, and as other subjects of great interest are printed in extenso in another column, there is only the matter of the .Bank's staff question that attracts attention. No less than 348 officials have enlisted, and all are receiving half-pay from j the bank that are not receiving full I pa3 r , and all are getting the bonuses that they"would receive bad they remained at their desks. This involves an annual expenditure of £26,500, and it certainly dissipates the idea that most people have been nurtured in—that the Bank is a soulless Institution. Twenty-two employees have lost their lives and fifty-eight have been wounded. A notable staffing change has been forced upon the bank as well as with other institutions. Women clerks are largely in evidence, no less than 278 now being on the bank's clerical staff, and most of them are proving very capable per- I formers of the work entrusted to | them. In addition to bonuses to the Staff on a revision of salaries, involving an increase of £20,000, a further £25,000 has been donated to the Bank's provident fund in addition to the usual annual contribution. In this. connection the Chairman of this greatest of all New Zealand's trading institutions is more than justified in stating he thinks it win be admitted by .the Bank's most captious critics, that they had not been unmindful of the interests of the hard-working and deserving body of men and women constituting the Bank's Staff.