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The Cyclopedia of New Zealand [Wellington Provincial District]

Banking

Banking.

The Bank of Australasia, Manchester Street, Feilding, was established about 1878, and the present building was erected some time after. The front portion of the building is devoted to the banking chamber and the manager's office. The rear is occupied by the manager as his residence. The bank staff consists of Messrs. E. A. Barton (manager), H. B. Dyer, F. T. H. Brabant, and Alexander Farmer.

Mr. Ernest Albert Barton, Manager of the Bank of Australasia, Feilding, was born in Hampshire, England, in 1863, and educated at Surrey County School. Leaving school, he came to New Zealand in 1880, and joined the Bank of Australasia that year in Waverley. After serving as junior at Waverley for two years, he saw service in several of the bank's branches on the West Coast of the North Island, ultimately taking his present position in 1887. Mr. Barton is a prominent tennis player in Feilding. He is married, and has three sons.

The Bank of New Zealand, Feilding, is a handsome building of wood and iron on the corner of Manchester and Fergusson Streets. The bank is of modern design, and well-appointed in every respect. The staff consists of Messrs. E. F. Blundell (agent), C. E. Bryce (accountant), P. O. Clark (teller), H. E. D. Morshead (ledger-keeper), and G. M. Kebbell (junior clerk).

Bank of New Zealand, Feilding.

Bank of New Zealand, Feilding.

Mr. Edward Fred. Blundell, Agent of the Bank of New Zealand, Feilding, was born in Nelson in 1854, and educated at Nelson College. After serving in the Government Survey Department for a few months, he joined the Bank of New Zealand in Nelson as junior in 1873. He was sent to Picton for a brief period, and soon after, returning to Nelson, was transferred to Timaru, where he remained ten years. During this time he rose in the service till he was appointed accountant at Oamaru. After four years there, he was transferred to Wellington, where he was assistant accountant for eighteen months. He was then appointed agent at Bulls, where he remained seven years. He left Bulls to take up his present appointment in June, 1896. While in Nelson and Timaru, Mr. Blundell was prominent in different branches of athletics. He was several times in the Nelson representative football, cricket, and tennis teams, and is a well-known all-round athlete. He holds several cups and trophies for short distance running and jumping. He held for many years the New Zealand Amateur record for the long jump (20 feet 8 1/2 inches), and the standing high jump (4 feet 9 inches). Since coming to the Rangitikei district he has become a prominent polo player, and was No. 4 in the Rangitikei polo team which won the Saville cup in 1894 and was second for it in 1895. Mr. Blundell is married, and has three children.

The Colonists' Land and Loan Corporation, Limited. Edward Giesen, manager, and W. B. Giesen, accountant, Kimbolton Road, Feilding. New Zealand director, Mr. Edward Pearce, of the firm of Levin and Company, Wellington. Bankers. Bank of Australasia, Feilding, and National Bank of New Zealand, Wellington. The head office of the corporation is at Dashwood House, No. 9, New Broad Street, London, E.C. The directors are: Lieut.-General the Honourable William Feilding, chairman; The Right Honourable Sir James Fergusson, Bart, K.C.M.G., G.C.S.I., M.P., formerly Governor of New Zealand; Sir Charles Clifford, Bart., formerly speaker of the House of Representatives, New Zealand; Henry Kimber, Esq., M.P.; John Balfour. Esq.; E. Pearce, Esq., Wellington, New Zealand. The Colonists' Land and Loan Corporation was established in England in 1869, its object being to purchase and settle land in New Zealand. A contract was made with the New Zealand Government for the purchase of 106,000 acres of land known as the Manchester Block. The corporation subdivided the whole of this block, made all the roads, and constructed the bridges, settled people on the sections, and then, in order to enable them to purchase stock and work their holdings, advanced money on the security of their improvements. The terms on which the land was settled were that the selectors should have the first three years occupation without any payment at all to the corporation, but they should do improvements to the extent of thirty shillings per acre during that time. The corporation then advanced to the settlers, on the improvements made during their three years' occupancy, at six per cent., for the first three years, and seven per cent, for the seven succeeding years. The Corporation now lends money on other properties. The whole of the vast block thus secured has been sold and settled, with the exception of a few small sections in the townships of Feilding and Halcombe. The corporation has made numerous grants of land by way of endowment to the various churches, including Presbyterian, Roman Catholic, Episcopalian, Wesleyan. and also to public bodies in the townships of Feilding and Halcombe. The Association has recently made an offer of assistance to the Borough Council of Feilding in the matter of suitable municipal buildings and offices. The offer is to erect a structure in the centre of Manchester Square, at a cost of £800, to fence off and improve, by planting ornamental trees and laying down in grass, other parts of the Square, charging only 6 per cent. on the cost of the building, and accepting payment in instalments of £100 a year, or such other amount as the City Council can pay, to include both interest and principal. By this means the Borough Council would, in a few years, be possessed of very fine offices, and would have the imposing Square in the centre of the town, very much beautified and improved. Up to the date of writing, the Council has not seen its way to accept this handsome offer. An idea of the operations of this large, influential, and successful company may be gained from a perusal of the chairman's speech at the twenty fifth annual meeting of the corporation held in London on the 20th July, 1894, at the head office, Dashwood House, at which General the Honourable William Feilding, chairman of directors, presided. He reviewed the operations and progress of the company from its inception, and in the course of his remarks said: “Although our company has had an uninterrupted successful career, it is very little known in commercial and financial circles, and, with the object of making it better known, I will give you a brief history of the company. For that purpose I will first deal with the share capital. Twenty years ago this company had less than £4000 of share capital paid up, and no debentures. We began to make our first issue of share capital beyond that originally subscribed by a small number of friends who started this company, in 1875, when it was increased to £22,889, but in the meantime the late Duke of Manchester, who was then our chairman, had lent us £15,000 on mortgage. This was shortly afterwards repaid. In 1877 the share capital was again increased to £45,500, while in 1878 it was further increased to £52,000, and in that year my brother, the late Earl of Denbigh, lent us £70,000. In 1879 the share capital stood at £53,400, but £10,000 page 1233 of the loan was repaid, and the share capital as it then stood was converted into stock, and a further issue of 107,000 shares of £1 each was authorised. Of this, 98,000 odd were issued, with 2s. 6d. paid on each share. In 1885, another 2s. 6d. per share was called up, making the paid-up capital the amount at which it now stands, namely, £76,943 10s., and in the meanwhile the whole of the sum of £70,000 borrowed from the late Earl of Denbigh has been repaid. What is our position now? Although in the present balance sheet we have borrowed on debentures £96,300 since that date, the whole of our available issue of debentures has been made, namely, £100,000, and a large proportion thereof has been issued at a lower rate of interest. During the year under review, practically speaking, £40,000 of debentures became payable. A large proportion was part of two executors' accounts, and therefore had to be paid off, but 42 1/2 per cent. of the debentures that fell due were renewed, mostly at a reduced rate of interest, and we have permanently reduced the rate on renewals and new money from 4 1/2 to 4 per cent., and we have more applications for debentures than we can satisfy. In those twenty-five years of our existence, the first six were practically spent in building up our business, purchasing our land, etc., and therefore in nineteen years working, over £68,000 has been paid in dividends. Where is your share capital? If the shareholders will add the figures on both sides of the balance-sheet, they will find that we have more than the whole of our share capital actually invested, either in one form or another, over and above all our liabilities. I doubt if there is any company in the kingdom that can show such a balance-sheet as ours. Its figures are small, but I do not think it possible that any company can be in a sounder position than we [unclear: are. In] 1875 our rural land sold at an average price of £2 5s. per acre, in 1876 it was £2 11s. per acre, and in 1877 it increased to £2 16s. an acre. With regard to the town lands, the first record we have is in 1876, when the amount it fetched was £25 per acre, in 1877 it rose to £29 per acre, and now it has increased to £160 an acre. However, I do not ask you to take £160 an acre as the amount we are likely to receive for it in the future, although I do not say that we are unlikely to receive it. We have 216 acres still on hand, all town and suburban land, which stand on the balance-sheet at only £1335. I mention that for this reason : ‘that while the town and suburban lands in 1883–84 sold at £31 17s. 6d. per acre, last year they sold at an average price of £60 3s. an acre.’” What the Colonists' Land and Loan Corporation has done during the quarter of a century it has existed might have been done by a dozen or two similiarly enterprising and wealthy bodies in this country. The same, or better opportunities exist to-day. The success of this vast concern naturally gives rise to the questions: Why are English capitalist content with three per cent. at Home when they might have undoubted security, and six per cent., in New Zealand? Why are English farmers content to pay heavy rents and struggle against severe seasons when New Zealand offers them so much better returns for their labour and anxiety? Why are English workmen content to toil in unhealthy factories, and at starvation wages, when they might live here on a few acres of land, on conditions such as are offered by the Colonists' Land and Loan Corporation? The late Duke of Manchester and his friends, while doing exceedingly well for themselves, have done much to help the other two classes referred to in the above questions. The unqualified success of the experiment all round is very gratifying, and should stimulate all classes to do what they can in emulation of the example set by the Manchester Corporation.

The Feilding Building Society (Permanent), registered under the Building Societies Act, Manchester Square, Feilding. Bankers, Bank of New Zealand. Directors:—Messrs. W. A. L. Bailey (chairman), Charles Carr, Henry Cornfoot, C. Bray, George Kirton, E. N. Barrand, and O. Cooper. Mr. E. Goodbehere is manager. This useful society was established in August, 1893, and it has been so successful in its undertakings that it has paid seven per cent. dividend on the capital invested to its fortunate shareholders. The Society is established on so sure and sound a basis that its capital is gradually increasing, the number of shareholders, too, becoming greater every year. The Society offers considerable advantages to those who are desirous of acquiring homes for themselves and families, and many are deriving no small benefit from its existence.