AS OTHERS SEE US.

Gisborne Times, Volume XXIX, Issue 3305, 25 August 1911, Page 2

AS OTHERS SEE US.

POSITION OF NEW ZEALAND. A HOME BANKER’S VIEWS. Speaking at the, 39th ordinary general meeting of the National Bank of New Zealand in London, Mr Robert Logan, who was in the chair, said that a survey of the general commercial and financial position in Now Zealand disclosed no very marked feature of change. Idle Dominion was prosperous when they last met, and it was equally prosperous to-day. It was evident that they had recovered from the effects of .the financial disturbance of two years ago. The banking returns shewed that the recovery of 1909-10 had been well maintained, and while in that year borrowers were repaying advances from the hanks they had again, during the past year, sought accommodation. Trade had been active, money was in good supply, and the demands for accommodation had been fairly large The wealth of the country had increased, and although there were complaints from certain localities of dullness of trade the Dominion was enjoying a fair measure of prosperity. The trade figures supported that conclusion, as the imports and exports, taken together, equalled nearly - £40,000,000, and though the heavy growth in imports reduced the excess of exports bv 2-J millions, yet there was a surplus in favour of the Dominion, alter paying its annual interest liabi.itv, cf nearly ~1,000,000.

In a country whose main industries were agricultural, pastoral, ahd mining, these figures meant that the rural settlers were more than thriving. Taxation in New Zealand could not be called light, as indeed that bank, in connection with other financial institutions, had reason to know, but there was no doubt in the increase of the standard of well-being and the growing spending power among the population. This was best proved by the remarkable number of New Zealand visitors to London this summer. The figures of the census showed that the past year would he memorable as that in which the white population for the first time ha<l exceeded a million. The rapid growth of the North Island was especially satisfactory. There were now in the North Island, and to a lesser extent in the Middle Island, large areas of Crown lands and lookedup native lands at present unproductive.

A vigorous policy of opening up these wide areas would speedily demonstrate the country’s great productive possibilities. Agriculturalists and pastoralists had had a less satisfactory year, especially in Canterbury and North Otago, but no heavy capital losses had been inflicted. Speaking generally of the Dominion, first-class farming and grazing land was in keen demand, and high prices were paid by men whose long experience made them good judges of value. A year ago he congratulated shareholders that the twelve months then under review had been free from industrial strife in the Dominion, but he had to add that a certain nervousness existed at the moment and that there were some who looked forward to a more or less costly conflict between Capital and Labour., He was glad to say that those apprehensions had not been realised and that the year, which ended in March last, was not marked by any industrial conflict. The increase in the capital of the Bank had been fully justified by results, and they had felt" it desirable to open several new branches and a new. agency. The Board believwed that, there was a great future before the country traversed by the railway from Auckland to Wellington.