THE BANK OF NEW ZEALAND.

Taranaki Daily News, Volume L, Issue 60, 2 July 1907, Page 2

THE BANK OF NEW ZEALAND.

I'OLICY STRONGLY INDICTED. Per Prcsß Association. ""*'* Whangarei, July 1. Commenting on the recently-issued balance-sheet of the Dank of New Zenland the Northern Advocate, in a leading article, says it is an astounding fact that the bank, in ordef- to make,, the huge profit of £310,881 for the year, had to go on the London market with £0,000,000 of colonial money for lending. An authority is quoted stating that the loss by the fall of British ConIsolh and other securities amounted to 100 millions of pounds. To assist in averting the oncoming financial crash which seems inevitable in London, the Hank of New Zealand planked down our five millions. Certainly this earned big 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 the real owners, the Bank of New Zealand being guaranteed for such a large sum by the people of the colony, and being practically a State Bank. Might it, from no other consideration than its own interests, choose rather to make advances to the struggling but staunch solid .settlers in this country, than to assist in swelling the paunches of financial magnates in London. ■

~ luwata 7;,"." iK IY.TUUUH- New Plymouth. artiv»....-.£ Per Press Association. Wellington, July 1. In addition to the new morning paper here, a project is on foot to start another evening journal, which, it is stated, will be issued within the course of a few weeks.