BANKING IN NEW ZEALAND.

Wairarapa Daily Times, Volume XV, Issue 4624, 17 January 1894, Page 3

BANKING IN NEW ZEALAND.

. (Australian Trading World,) In the recent banking crisis in Aus- ( . _ tralia .it has been'fully admitted that tho difficulties did not extend to New Zealand, in fact the colony of New Zealand did, in the early mid-months | of the current year, do something to ; •allay the excessive strain of financial i matters h Australia, and we noted in > these pages at the time tho rather extraordinary fact that no bank that had a branch in New Zealand had oome so far within tbe oirolo ot disturbance as to have to suspend payment . This we look upon only as one j of those singular phenomona tliat, sometimes occur and nothing more. I But we venture to say unhesitatingly that looked upon in the full light of j results, New Zealand banking durin ] the eventful years shows a most substantial position, a position that fully justified the - immunity from panic whioh it haa'enjoyed, and a position j that is full oi promise for its future i success as . a system, and profit as a j trading agency. Let us premise by 1 generalising a little. New Zea- ] land is practically out of the scope, the oircle, the oiroumference, of Australian influence, Tbat veteran 1 New Zealand statesman, Sir John , Hall, when stating his. views I on the much pressed so-called - Australasian Federation advocacy, j eaid," There are 1200 good reasons ( why New Zealand should not join in l the Federation, and those are tho ' 1200 miles of blue water between New Zealand and Australia." Draw E a circle at the 1200 miles radius t round Australia, and New Zealand touches it, that is all. In everything else New Zealand is in full sympathy with Australia, but in government, in finanoe, and ia climate, she is absolutely distinct, The modern, the Anglicised .orthographic denomination. " Ausljjasia " is altogether new as conoernnlg Australia, Tasmania, and Mew Zealand; and New Zealand is satisfied to retain her cognomen, Bnd to work out her own system of government, of land settlement, of labor equation, of thrift and finance, by herself, but preserving her 1200 mile blue streak of water fence. We have done with our generalities. . . The item that strikes us as of the -v greatest interest is the large amount of deposit money that New Zealand colonists have placed with thier bankers, which we find to stand on 80th June last as follows— Deposits not bearing interest ... £4,317,397 Deposits bearing intercut ... 9,995,086 14,812,483 Government deposits 41)9,025 £14,781,508 being all New Zealand money. The placed with the banks without interest are dearly current business balance, such &s merchant and shopkeeper alike find it neoesßary and convenient to have at their credit, and it speaks ; volumes for the soundness of tbe banking trade in New Zealand this "float- [ ing cash " amounted to the consideri able total of £4,817,897. . Referring back to the statement of these deposits, it would be ungenerous not to allude to the really pre-emi-nint position held by the Bank of New Zealand in the colony: This popular bank shows a total of £6,068,528, ont of a grand total of £15,888,486, or 38'19 per cent of the whole; whilst in non-intereßt bearing deposits it; holds £2,006,632 out of a total of 4,317,377, or 46-47 per cent of the whole. The indication is that the Bank of New Zealand has, in its own colony, a popularity that no other.JJank enjoys. In this instance we have thought i well to refer to previous figures, and live have before us the returns in the New Zealand Government Gazette of 23rd April, 1891, giving the balance of the same six banks as on 81it March, 1891. The total deposits then held of Government ■ deposits] It-; Deposits notbearimdintercst ... 3,087,880 Deposits bearing intercat... ... 8,686,153 £12,274,033 Bo that in 2£ years from 81st March, 1891, the deposits of the colonists of New Zealand have risen, from £12,274,038 to £14,312,483, being an increase of 16-60 per cent. This shows a very remarkable advance in money business; especially in the light of surrounding oircumstanoes, snd we must add tbat it also shows, ' when we examine tbe inoidenceof the figures, very remarkable evidence of . the eisgularly strong position in the likings of New Zealand colonists that the Bank of New Zealand hae estab. thf&oreased deposit business of tbe colony of New Zealand, the six banks trading in the colonies enjoyed severalty the following percentages of improvement of.tbe 1893 period over the 1891 period ' Deposits not Deposits bearing bearing interest, interest. Increase. Increase. ■ Bank of New Zealand .. 31-20 42-63 , Jtutew Wales Mj 13-27 , ' Bankol Australasia.. .. 570 B<)J j m mi The figures quoted above speak for ; ; themselves, the financial-commercial r' position cf flew Zealand is shown to be a sound and progressive ono. and <).. VpuMnij business ilin its incidence

oapaoity, but with this sido.of t question we ate not "at prese dealing, Banking business, duri the last two or three years h gone on steadily inoreasiag. .% great English banks and the Bank New South Wales have a go average progress to show, but t pre-eminent position . held by t Bank of New Zealand and its ut equalled, influence within the ooloi is remarkable and sufficient to 01 for observation from any unpi judiced Btadent of banking figun A powerful bank like this, identifi with the interests of the oolon having the Government account, ai evidently planted in the confiiden and Bympatby of New Zealanders is national institution that everyoi interested in the colony will rejoice see prospering as it clearly is,