The Taihape Daily Times. AND WAIMARINO ADVOCATE FRIDAY, JUNE 13, 1919. THE BANK OF NEW ZEALAND.

Taihape Daily Times, 13 June 1919, Page 4

The Taihape Daily Times. AND WAIMARINO ADVOCATE

FRIDAY, JUNE 13, 1919. THE BANK OF NEW ZEALAND.

Wiith which its incorp'o:ratcd “The Taihape Post and Waimarino News.” . _

The Balance-sheet of the Bank of New Zealand, that was preseiited to -the annual meeting’ of shareholders, held this morning, and which we publish On this page, is the strongest possible evidence of this Domillioll’s prosperity during the past. year. The Bank has made largo profits. rather increased profits, but how could it possibly help doing so with the tremendously increased volume of money and business it has been called upon tohandle by its customers? This country's earnings are mirrored in the Bank’s earnings;

the Bank is the mercury of the ‘national thermometer of progress, and if its readings, as given by the Bank’s Chairman, were followed in comp‘ara Qtive entirety there is no denying the :fact that New Zealand would vie with Eany country, proportionate to popuilation, in Wealth, progress and c.on~ itentinent. The Chnirmanfs speech, given this morning, prior to moving the adoption of the Report. and Bal-ance-sheet, is undeniably Mr: Beanchanlp’s crowning success in his annnal epigranimatisation of his institution’s operations and I'ii;}llifiC3.-* tions ‘ and wesincerely hope that his remarks will not be allowed t.o stop at the Bank’s meeting of shareholders. From his position as the Bank ’s highest official he has access to that Volume of commercial, industrial and ifinaneial information, which it is idoubtful any othersxean gain access :to, Mr. Beauehanip is therefore entabled to speak with greater authority :'than any Other person of the position land prospects of the Dominion as :foreshadowed under those headings :Th9 WOll-being of the Bank is indisfsoluble from the well-Fbcing of the icounfry, fullyrealising this Mr. Beau;champ has surveyed the national situation concisely, poignantly and so iDoill’BedlY that his speech should be[come a valuable document. put into booklet form, for bl'o3dc.asting from the North Cape to the Bluff. We venture to say that the consensus Of the views of the Press of this eountrY at the present time. has not been so Wisely and forcefully put by any per-SOll hitherto. We are, of course, referring to that part of Mr. Beaucha’mp’s remarks made under the heading of "General Rcmarks,y’ and which rcfé? primarily to the co’untry’s afiairs and 0111)’ incidentally to banking; but W 0 are of opinion good service would be rendered in this coflntry’s best interests if the chairman of the Banli of New Zealand’s» remarks on the present situation and future prospects Of this Dominion could be put into con-

venientalform anti widely‘ cireulated,' particularly amongst DTo<l“Cer's and industrialists, not omitting labour. The Bank's Balance-sheet ‘speaks for itself; with the general Progress; and the immensely increased earnings Of the country the Bank has Parfici‘ pated; it has shared in the good time because it could not do otherwise. No person can conscientiousll’, 1'93-SOll9-blyy cavill at what the Bank has earned during such abnormal conditions‘ as we, and the rest of the W01‘1<1: are passing through. We Wollld Teflllnd those who are inclined to assume anl aspect of righteous horror of another’s I good fortune, "that Bank of'NeW Zea- . land shareholders have 110 i always met under such happy auguries as they -have this year, and in tho references- in his address t 0 the Temuncra-' tion of the Bankfs Slia-ff; M 1 Beau‘ champ barked back to the time, we remember so well, when shareholders I could not give their shares away, be-, cause nobody would accept th9III-l \ Surely, the most ungenerous will admit I lthat a semi-national institution, in lwhich the State holds Paid UP Shams, I lnearly equal in value To those held byf lother shareholders, should have a fin-I lanical -position that is equal’ to any‘ jrexigency or emergency. Those who ‘Lrcmember the Bank in the worstl ;autumn and winter of its existence’! land who patriotically helped 511 ifsl lspringtime, certainly will not be-j ‘grudge, or undervalue the summer it‘ .is essential in its own interests and ‘in the countryfs; best interests, ‘should enjoy. The institution has {earned a greater volume of profits bercause it has done an immensely in- ‘ icr-eased Volume of business; the yactual figures cannot be diScu‘s’s’e‘d’ to l any advantage, or to any good purpose isolely owing to the abnormality of the }period to Vllhich they relate. The ‘history of the Bank shows that it has lhad its evil days, which it is hoped may never recur_ The present position imay be put to the Credit of its vastly improved policy and its much more lcarefully conducted management; its earnings are not attributable in any sense to what may be term’e‘d”profit—ecring; the institution has not made bigger profits. but an increased volnine of profits. it has “not been miserly with those profits, for-~we do not know of any _i_nstit'ution that has so generously dealt with its! cm-' ployees who have gone to the war, and which is increasingly building up provident and pension funds for the benefit of all members of its huge staff. We need not repeat figures showing what the present. policy of the bank is responsible for in connection. with its staff," as referen'c'e" to the balance-sheet, in an‘ adjoining column. fully and clearly discloses all essential details The statement is what might have lbcen expected; it is .1110 one document above all others that reflects with approximate exactitudc the progress, or‘ otherwise of the affairs of the whole body politic. -By his uniformly successful piloting the bank’s affairs for many”y‘cars Mr. Bcaucbamp spenlrs with unsurpassed authority respecting the future, and he has never. more fortunately couched his thoughts in words in discovering his views regarding the policy that must be followed by any government, if the country is to negotiate the financial and producing rocks and breakers that he sees ahead. His rcfe?'e'nces to labour are convincinzg in _i'lleir directness; they compr”el:iend all essential factors in seeurinz‘; flit-Ul'o industrial peace. He says that as all classes have worked together to save the State from 3 foreign aggressor, so they must work harmoniously together to save society from the internal txvrocker. Class suspicion, he says, has been a powerful hindr-anccTo mutually lhelpftll relations between capital and jlabour. Both have had their "faults, [lint the ostrangcmciit. must: now cease lin securing the volume of production to enable this Dominion to pass the dark days of lower prices for its exports, and a higher and heavier taxation. Mr. Bcauchamp avers that it is imperative that a vigorous policy of land settlement should be pursued He points out that there are vast areas of land lying idle and unproductive. He remarks upon ,-the outrageously high prices that men are paying for ‘farm lands, and he warns farmers ,tllat ,With markets 12,000 miles away; %with formidable competitors in. the tfiold; with Europe ififioverished; with lpeople educated in the use of butter lsubstitutes, it is hardly possible our idairy products can maintain pl'oseuf ‘values when the Imperial coniniazitleer ends. Then, he asks, what will be the DoSi'£io!l of those men who have ‘pflitl high prices for their land, and burdened themselves with heave’ morigage charges‘? Mr. Beauch:lmp’~a remarks upon land settlement, prices, Dost-war problems, labour and capital, will be published in our columns, either of this day’s- issue or in SaturdaY’s issue. Mr. Beauchamp’s address Should be placed in the hands of every person who interests himself in this‘ countryfs welfare, for he has furnished a most concise, caretully constructed, comprehensive epitome of facts and inferences on subjects that are of most vital “lIl1pOI“:3.11CG to. every man, woman and child in the community.