NEW ZEALAND PROSPERITY.

Wairarapa Age, Volume XXX, Issue 8510, 15 August 1907, Page 7

NEW ZEALAND PROSPERITY.

(Prom Our London Correspondent.) MS*- '" „ LONDON, July 3. The thirty-fifth ordinary general meeting of the National Bank of New Zealand was held, yesterday, at Winchester House, Mr Robert Logan, the Chairman, presiding, The Secretary, Mr H. Freshwater, having read the notice convening the meeting and the auditors' report. The Chairman said that New Zealand'had again had a prosperous year. Trade had again " been active and sound generally. Exports and imports had for the most part increased, both in quantity and value, and rural interests had flourished on the excellent prices obtained for produce. It must, however, be recognised that this state of affairs might not continue. The present strong position kept the community well prepared foY any check in the wave of prosperity, and the Directors did not feel any immediate concern as to the future, even should wool and other staples recede somewhat in value. It wes also to be borne in mind that New Zealand was growing in wealth and population, and that new industries were being introduced. The bank's year had been noteworthy in witnessing the issue of their new capital; the strength so afforded had given much satisfaction in New Zealand, and it could not fail to be of permanent advantage to the company. Although there had bten this addition to the capital, local advance business had not been allowed to increase except in ratio to their enhanced deposits,and the policy of caution ar.d cf advancir.gslowly had ever been present to the minds of the board. Perhaps tho most noteworthy feature of the business had been the expansion of their bill purchases both in London and New Zealand. One serious drawback had been the breakdown of the San Francisco mail service. The Prime Minister was, however, quite alive to the absolute necessity of a speedy, and, above all, a regular mail service between the colony and the Mother Country. The Directors had for the present stopped the transfer of shares in the bank from the London to the oolonial register. This was a course which had been adopted by other companies, and it had been carried out in their own case after careful consideration and with the approval of the general manager. The balancesheet showed that the business of the bank continued to expand rapidly; almost every item exhibited an increase. It would be a satisfaction to the shareholders to learn that the re-dtjwll'-in the value of the company's securities was comparatively small, that it was amply provided for, and their holding in consols was and always had been nil. Although they had only had the use of the full amount of the increased resources for six months of the year, the gross profit had increased by over £32,000, and the net profit by nearly £20,000.