The institution is practically now a State-bank in all but name, with some restrictions. Its history since the State came to its assistance is an amazing one. The bare figures of its balance-sheets show the extraordinary progress it has made. Its net profits during the past five years have been:—
| £ | |||||
| 1902 | ... | ... | ... | ... | 172,501 |
| 1903 | ... | ... | ... | ... | 195,590 |
| 1904 | ... | ... | ... | ... | 200,303 |
| 1905 | ... | ... | ... | ... | 253,930 |
| 1906 | ... | ... | ... | ... | 274,329 |
| Total net profits in five years | £1,096,653 | ||||
All through the banking legislation, which marks a distinct period in parliamentary proceedings in New Zealand, there ran a demand for the establishment of a State-bank pure and simple. The State-bank, like the Referendum and the Initiative, the women’s franchise, the Elective Executive, and several other questions upon which there is much difference of opinion, has been with the colony for a long time. It has its friends and its enemies. It was on account of the long way the colony had to go towards a State-bank that a great deal of the opposition was offered to the passage of the emergency measure on June 29th, 1894. It was on that very account, on the other hand, that the measure received a great deal of its support. The State-bank question, in fact, has been quite inseparable from the banking legislation, and as the State became more closely connected with the affairs of the Bank of New Zealand, the friends of the State-bank movement rejoiced and its enemies grieved.
When Mr. Seddon submitted the new Bill in 1903, almost irresistible pressure was brought to bear upon him to have the connection between the State and the bank severed. Mr. Seddon, however, had determined that that would never be done with his consent, and he resisted all attempts in that direction. When he was taking up this attitude in 1903, his hands were strengthened by a round-robin, signed by 29 members of the Legislature, and forwarded to him by Mr. H. G. Ell, one of the members for Christchurch City, and one of the most enthusiastic supporters of a State bank. This document is as follows:—
