Mr C.R. Cartor on the Bank of New Zealand.

Wairarapa Daily Times, Volume XI, Issue 3643, 20 October 1890, Page 2

Mr C.R. Cartor on the Bank of New Zealand.

At the recent sharoholdera' meefcing in London our old friend Mr 0, i R, Carter made the following speech: 3 —" lam very glad the gentleman v on my right lias withdrawn the amendment proposed. I'think we ' have a doty here as shareholders in the Bank of New Zealand. I have attended many meetings, and I never > saw such a numerous and respectable )' body of shareholders as I see here. ' (Laughter.). Therefore, I take it I gentlemen, you have all come here , to Bupport the excellent Board. .I* ' take it that we ought, all of .ub anilV 1 every one, to sink our feelings as | regards our losses; they have been , very heavy, not only the losses in . writing down the shares, but. tho .. J losses from dividends to many poo» slnreholders who oan ill afford [ This has been a very, severe .loss,, iind. ( ? . , I say that the Batik 'of New 'Zealand : lv ( has gone through a most disastrous career during the last few years. I j was acquainted with the Bank of , New Zealand when it was'started |in New Zealand. I may tell . you: that I am a colonist • : of forty years' standing. 1 assisted ; in an indirect way in establishing the Bank of New Zealand, and in my place in tho Now Zealand Parliament ' I assisted to get its charter, and we i all Btartcd tho Bank, and wo believed that it would be, in a small way, a 1 sort of Bank of England in Now Zealand. We put our complete faith in it, and for twenty years that faith was completely justified. We 1 prospered, we increased, we were above all the other banks, and the Bank of New Zealand was a house* hold word both in Australia and New Zealand, We know, and we ara willing to acknowledge, that tlicra 1 has been cjross, I may say scandalous, mismanagement in Auokland in out own affairs. You have got many able gentlemen conducting your affairs in New Zealand who have faithfully served tho bank; but they want reinforcing, with some of the mercantile blood and comineroi, spirit, suck as prevails in London. $ 1 you do that I imr?Jno doubt myself of the future prosperity Of the bank. I have no doubt we all-admit tba past is tho'past. We are willing to •' wipe out our losses, and we ara going to commence a new oarefir, and I do believe and trust, in spite of all the showers of abuse and tlie spiteful remarks that have been made' by a certain portion of the finauoial press in London, the Bank of: New • Zealand will come out with a clean sheet yet. (Cheers,) If any other bank in the Australian Colonies bad had a.traitor in their camp to disclose all their private affairs, I ask yon, gentlemen, men of business, what would have been ' ( the state of thoso banks then? I say we have, been very unfortunate in those gentlemen in whom we honorablyconfided, and in one instanco, I may ' ; say (it is not necessary to mention any name) in ono instance I must . say our confidenca was entirely miaplaced. Well, gentlemen, 1 kayo '%• very few mora words to say, but I impress upon you—really, after a connection of fifty years, you don't understand New Zealand. I can assure you that country is the 'most promising Colonial possession of this country, I tell you the country ljjL : ouly been'scratohed. I tell you tliSt the resources are increasing; and. I tell you that that little place, with only 650,000 people, during the last year produced—What do you think ? Nearly £10,000,000 of exports 1 Ten millions of exports came from that country, and 1 dofyany other colony to produce such a record as that is, a most gratifying, most satisfying record. That is what the country is now. But consider what it will be in the future. The Batik of New Zealand has beon a great friend to the. Colony, but the mismanagement will never be forgotten, and I can assure you the shareholders' are heartily pleased and glad that the management is now removed from Auckland to London (Hear, hear), and under the Board of gontleiion now sitting, If only ordinary caution " " ' be observed, with only the common business arrangements which a bank ought to be conducted under, 'I am quite certain that in the near future ' there is a sure prospect of success, and of the present price of 'your !shares being doubled, and of a " " dividend whioh will be satisfactory to you, and will have been fairly ewwfl. (Applause,)