BANK OF NEW ZEALAND.

Taranaki Daily News, 11 December 1916, Page 6

BANK OF NEW ZEALAND.

HALF-YEARLY MEETING. I Wellington, Bee. £. ' The meeting of shareholders of the Hunk of Xcw Zealand was held to-day. The chairman (Mr. Beauchamp) welcomed Sir James Mills, a member of the London Board of Directors, and expressed appreciation of bis services oii the board in a time of crisis. Sir James Mills, replying, said th< position of the London Board was an anxious one for some time before the declaration of war, and for a short whih afterwards, until the Imperial Government formulated a scheme for the relief of the money market The Bank.oi Kew Zealand was in a very satisfactory position, and had affairs become worse Mould have been as well able to meet its difficulties as older banks. The speaker went on to say that the chairman's remarks regarding the tradebalance were very reassuring, and he quite endorsed Mr. Beauchanrp's views that, notwithstanding the present clouds, we <ou!d look forward with confidence, to the British staying power bringing the conclusion vt - e counted upon. After the war there would be a difficult position before commercial and banking institutions. They would he faced with the task of recovering trade lost or scattered while their attention was oocupied with the war, and would have to meet competition from Germany and neutrals which had accumulated reserves and stocks. The position would call for better organisation and cooperation between banks -and commercial houses, somewhat on the lines pursued by Germany in peace years; also for better commercial education. The meeting endorsed the action of the directors in appointing Mr. R. W. Kane to the vacancy on the board caused through the death of Mr. Martin Kennedy.