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Waikato Times, Volume XXX, Issue 2465, 28 April 1888, Page 2

The declaration of n dividend of seven per cent by the directors of the Bank of New Zealand, though not equal to the ones, with bonus, formerly Riven, will come upon the shareholders and the colony generally as a very pleasurable item of intelligence. The anxiety which has been publicly felt in relation to th position of the bank since its last halfyearly meeting, when no dividend was forthcoming, will now be entirely allayed. Anything arising that would be a serious check to the business soundness of our national financial institution would be nothing short of a public calamity. The directors recognise tliis fact, and not only does the present report exhibit every evidence of careful and painstaking manipulation of their great trust on the part of the bank's executive, Brit also a convincing proof of the solidity of the bank's position, that must be eminently satisfactory to the shareholders. The directors court the fullest investigation into the affairs of the institution, and asked the meeting to appoint a committee from amongst themselves to make an exhaustive examination of the state of the bank's business. This course will set at rest all misgivings, and the gentlemen who form the committee will, from their high standing and integrity, fill the public mind with every confidence as to the result of their labours. The following circular letter has been issued by the committee : — Auckland, 2(!th April, 18S8. Sir, —In case our appointment should create nucasiness in the mind of any shareholder, we think it well to state, without delay, that carefully compiled and certified returns prepared by the Bank staff, supported where necessary by independent valuations, and which we have examined, satisfy us as to the soundness and stability of tho bank.

It has ample cash resources at command for all probable requirements, and though its earning power is for the prosent curtailed by the lock up of much of its funds in assets which are for the time unproductive, these assets am mainly of a substantial character, and must, with the progress of tho colony, soon recover the value which the prevailing depression has affected. Wo propose to examine the position more thoroughly.nnd to give mature consideration to such measures as may seem bast calculated to enable the Bank to utilise the whole of its resources in developing its excellent and valuable business. As this will involve communication with distant points, some time must elapse before we arc prepared with our full report and recommendations. Thomas B. Gillies, John McLkan, Gkorok Bucklkv, Waltkh VV. Johnston , , W. H. Coldeck.