BANK OF NEW ZEALAND.

Taranaki Daily News, 13 October 1921, Page 4

BANK OF NEW ZEALAND.

ITS VALUE to THE DOMINION:. STATEMENT BY THE PREMIER. By Telegraph—Press Association. Wellington, Last Night. The Banking Amendment Bill wat discussed by the House to-night. Tin Minister in charge of the Bill Hon. W. D. Stewart) said the object o the BiH was to alter, the hours of op ening so that bank employees could obtain a weekly half-holiday. Banks hac power already to alter holidays, but owing to usage and custom covering th< present hours, it was thought advisahb to have the matter definitely settled by legislation. He agreed that bank JxqJJdays might be made uniform with public holidays. Regarding a suggestion that interest, should be paid on current account, the Minister pointed out that this might mean an increase in the rate of overdraft.

The Prime Minister, replying to references to the Commonwealth Bank, said the Bank of New Zealand was more a real benefit to the Dominion than the Commonwealth Bank was to Australia. He pointed out that the country received last financial year from the bank £554,627 in taxation and dividends, made up of land tax £17,525 ( income tax' £272,030, note tax £152,238, and dividends £112,500. The Gov'ernment’s Shares cost £760,000, but they were worth to-day £1,125,000. The Bank o-f New Zealand was now very largely a small man’s bank. He quoted figures showing that at March 31 last the bank had 53,987 customers, whose accounts of £3OO and under were in credit, and 759 S in debit. There were at the same, date 3719 accounts between £5OO and £lOOO in credit, and 1681 in debit.

The Bill was reported without amendment, read a third time aiid passed.