The Wairarapa Daily. SATURDAY, OCTOBER 29, 1887. NO DIVIDEND.

Wairarapa Daily Times, Volume IX, Issue 2737, 29 October 1887, Page 2

The Wairarapa Daily. SATURDAY, OCTOBER 29, 1887. NO DIVIDEND.

The Bank of New Zealand has usually ' been regarded in this Colony with the same sentiments of unlimited confidence which people at home entertain for the Bank of England. It conducts .the Government business, and so large a slice of the private trade of New Zealand, that its prosperity 3 and .welfare are of special public inter- [ est! People are now surprised to learn that for the first timeinitsannals it has failed to declare a dividend. A fount which for a generation has } flowed freely has suddenly dried up, and the holders of its stock are astonished to learn that for the past half year'' no dividend "is available. We fancy that if the balance sheets of . most men for the past six months were revealed, a" no dividend" ticket would have to be attached to most of them, but though in private enterprises a blank year or half year has long lost the charm of novelty, it is | somewhat different with a big corpor- . ation like the Bank of New Zealand. ■ In past years this institution has made almost abnormal profits, and to do this it must have incurred corresponding risks, so that now the pendulum has swung the other way an abnormal loss has to be faced. In a district like " the Wairarapa we can hardly grasp the strain to which large monetary institutions are subjected. Things are dull with us but they are worse in • Wellington, and far worsein Auckland, Christchurch, and Dunedin, than in 1 the Empire City. A resident in Auck- ' landwherethedepressionexistsfarmore intensely than anything we in Mas- ! terton have had to face, has probably. : uo difficulty in realising the losses which banking institutions have tO' sustain during the present commer- : cial crisis. Tne policy adopted by the directors of the Bank of New Zea- r ' land ;iri.boldly deolaring «'no dividend" is decidedly.;.safe and' conservative. The era for big banking profits is over in the colonies, and for the future moderate profits will ensure the stability, not only of the Bank itself, but of its constituents," Nine years ago the Bank passed through a monot'ary crisis, but one of a somewhat different character. At that period money was exceptionally scarce among all our financial institutions. Now it ; is just the other,way. The banks ■■ have more money'in: hand than.they ; require, but. there is-not sufficient employment for it in directions where profit and safety are combined. Money is now cheap and plentiful, but banks ! and loan offices look very closely to the character of their securities, They . have, been bit by an almost universal fall in the value of securities, and it is the losses from this fall in values which have resulted in the historical .. 'no dividend". half year of.one leading financial institution. The example ■ setjbythG Bank of .NewiZo'aland in 1 facing jtsloßses with apojicy of stern '; retrenchment will no doubt be copied ; by. ; other institutions 'of a- simi- ' lar, character' with'.advantage -to the best .interests v of colonists. I Th* WelEftgton Evening Pr«s» com-1

mentirig on the "no dividend".policy, says :-It would be wrong to discuss, < the report of the Bank of New Zealand ] in this strain without going on to say ! that from one point and the most im- ji portant point of view, it is highly | satisfactory. Its hearing on the past ) ' is not more melancholy than is beai> '< ing on the future is encouraging, There are two conclusions to be drawn from the report and balance sheet. Firstly, the directors and officers.; of', the Bank lnust-haye exercised admirable skill and energy to have brought 1 ;; the institution through such an ordeal 1 ' bo well. Secondljvthe Bank must be in a much stronger position than "the.. • man in the street" has chosen to affirm to be able to take this resolute stand. Far from considering the non-pay-ment of a dividend an alarming matter we regard it as the most healthful sign that has appeared for many a long day. It shows .that" those who are behind the scenes in the Bank's affairs —those who know the worst concerning it-are not afraid of any shock to its credit which the witholding of the usual dividend might cause. They are only doing now what they ought to have done three years ago, or even earlier, and what they undoubtedly would have done, if they had not deemed the risk too great. It simply means that the Bank of New Zealand will now boldly face its losses and get rid of its bad bargains, to ■ the incalculable benefit of the country, and of itsoWn shareholders and customersin the long run. As soon as the' whole list of loan companies, landcompanies, and financial institutions of all descriptions, follow the Bank's .example, so Boonyrill the soil of New Zealand be transferred from an insolvent to a solvent proprietary; so soon will commercial business be placed upon a profitable footing: and so soon will the prosperity of the Colony be restored by the progressive development of its unequalled capabilities of production. • The regular monthly meeting of the Masterton Masonic Lodge, E. 0., takes place on Monday evening next, Mrs Preston, of the Queen Street Fruit Depot calls attention in another column to the rates at which Rhubarb can bo obtained at hor establishment. TVe are requested to remind both. vocalists and instrumentalists that a practice will be held this evening at 7.30 in St. Matthew's Schoolroom", for the forthcoming Hospital Concert. 1 We have had tha " first npo strawberry of the sc-ason" left at our office, from Thompson's Nursery, Colombo Road. It was grown from plants of the" Yicomteese Hericart de Thury" variety, imported from England this season. We understand that Archbishop Redward will pay his long promised visit to Masterton during next month, when spocial choral services will be held in St. Patrick's Church. i A four-legged chicken, ten days old, is tho latest addition to the curiusities.of Masterton. The little wonder can be ' seen walking about Mr Speckman's fowlyard. t The Hawera correspondent of a Wellington paper Buys:-" At the solicitation , of his supporters, Mr McGuire has deteimined to petition aga'iist Major Atkinson's election on the ground of corrupt practices, which it is alleged have lately . come to light. The matter is now in a solicitor's hands, and the petition.may be . expected to be presented withiu the statutory period. Considerable interest is being taken as to its final result."- . A narrow escape from drowning hap--5 pened last evening to a lad named Gordon Reiri, aged twelve years, son of the manager of the Masterton gasworks, who " was bathing in the Waipoua river near the t bathing sheds in company with several , more lads, It appears that the boy, who 3 is unable to swim, got into deep water j and the current, which is strontr at this place, carried him down the stream. His elder brother, * youth of eighteen, Beeing ■. him in a dangerous predicament, went to ' the rescue and after considerable trouble succeeded in bringing him out in an ini sensible condition. He was eventually t restored to consciousness by the adoption , of the usual methods, and appeared very I little the worse for his immersion. ) By the bye, Biyce thinks it his duty to [ hustle Hutchison out of Waitotara! I i wonder how he'll get on! Bryce is a ■ deuced awkward customer to get to log- (' gerheadj with! He dosen't take a thing in hand unless he is going to see it through I No more does Harry Bell, and 1 he says Bryce is right! It'll do a lot of i good anyway,! That beer and dollars • business wants squashin?-badly! Oh I , heard a good ejection story to-day! Do ( tejl us! Is it very comical ? One chap didn't think so! A candidate who doesn't stick at a triflie went to an elector and said "May I count upon your vote?" • That «vas plump and plain! So was the i elector's answer! He said, " You may i count upon my vote! I've voted for an i honest man for many years, and he never did us any good, and now I'm going to vote for a rogue, for a change?"—Presß Puffs. The "lonic" and" Eimutaka," mail steamers, brought us several cases -of the . latest outcomes of fashion in ladie's and girl's untrimmed straw hats. There is an ( immense variety of plain, fancy, and speckled straws, while the shapea are all the rage in the fashionable circles of Paris and London, and may be seen in profusion at To Aro l House, Wellington. < We do not think that any house in the city can show anything at all equal to our millinery', or millinery requisites for style, elegance, and value,: and we would advise every lady in Wellington before deciding on purchasing to see our new summer fashions at Te Aro House, Wellington. We would extend a cordial invitation to one and all to walk through our warehouse, and visit-the millinery department. Our assistants will be only too happy to show all the novelties received up to date, and iio one will k pmml to My at' Te Aro House, Wellington.' ' Odb imported millinery bonnets and trimmed, hats, are the crane, de la crane of Parisian and London Fashions, and need only to be seen to be at orice admired and purchased at Te Aro House, Wellington. The order department is under the management of a practised and efficient milliner, second to nono in the city. All orders will be executed in finished style and elegance at the Wholesale' Family Drapery Warehouse, Te Aro House, Wellington.— Adtt. Those ladies who are fond of novelties, who are delighted to seethe latest fashions, and who aro ready to admire: the beautiful at any time, should, without doubt,- visit the showroom at Te Aro House, Wellington. Guttiv of Wrong.r-Some people have. - fashion of confusing- excellent regies with the large mass of ''patent medicines," and in this they are guilty of a wrong. There are some advertised remedies fully worth all that is asked for them, and one at least we know, of—Dr itoule's Hep Bitters. writer has had occasion to use the Bitters in just.suchj. climate as we have most of the year iri" Bay City, and has always found' thereto be first class and reliable, doing all that is caimfldforthera. "Tribune,"

' The Masfcerton Town-Clerk has re- ' ceived from the Government printer a handbook of New Zealand mines, with maps and plans of working. The book has been placed in the reading room, Walter Morrison, farmer, of the Tara- '. tfthi, has filed a petition to be adjudged a bankrupt, Messrs Casey, McDonald and. Co, of Larabton Quay, announce toat they have juat opeDedout..thß.first portiorc.of their • spring -and; summer' gpodsi, in- ; -drapery, milHnery,-and.'.hqsietyj .purchasers of .which have the I 'opportunity oLrigistering. :ift'their'famour'pin cpmpetitipn.-for'a, handßomepia.no. • ." The pfopt-ietor of tho : Carterton Observer, Mr Beckett,- is about to have a testimonial presented te him. The publicans of the Wairarapa are now being' whipped up to subscribe towards it. This is of course as it should be, but when fortune pours its favors on Messrs Hogg and Beeket, why should "Nancy with the gaiters "be overlooked. - No More Hard Times.- If you will stop Bpending so much on fine cHhes, rich food and Bfcyle, buy goad, healthy food, cheaper and better clothing ; get more real and substantial things of life every way, and especially stop the foolish habit of employing expensive quack doctors, or using so much of the vile humbug medicine that does you only harm, but put your trust in that simple, pure remedy, Dr Soule's American Hop Bitters; that cures always at a trifling cost, and you will see good times and have good health. " Chronicle."