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The Cyclopedia of New Zealand [Canterbury Provincial District]

[introduction]

All the banks in Christchurch are situated in business thoroughfares, where they are easily reached by their customers. The best site, probably, is that occupied by the Bank of New Zealand, which is at the corner of Hereford Street and Colombo Street, and quite close to Cathedral Square. The Bank of Australasia is in Cashel Street, and the Bank of New South Wales, the Union Bank, and the National Bank in Hereford Street, Speaking generally, and without going into any particulars, it may be said that banking in New Zealand was never on a sounder footing than it is at present. Eight years ago the Bank of New Zealand was shaken, and the Government was called upon to give it assistance in the shape of a guarantee of £2,000,000 for a special issue of shares. The institution, however, is now in a sound position—a position favourable to progress with stability. The total average liabilities of all the five banks in the colony for the year 1900, in respect to New Zealand transactions, were £16,964,582, and the average assets were set down at £17,314,535. The average amount on deposit during the year was £15,570,610, of which £777,381 belonged to the Government. The value of the notes in circulation was £1,299,826. The deposits in the several banks of issue, the two classes of savings banks, and the building societies reached an average of £28 7s 8d per head of the population, exclusive of Maoris.