The five banks carrying on business in New Zealand are each represented in Dunedin, which has, also, a local savings bank and the Post Office savings bank. These institutions conduct their business in handsome buildings, and the Bank of New Zealand and the Union Bank of Australia are noteworthy specimens of ornate architecture. For the year 1902 the total average liabilities of the five banks in the colony, in respect to New Zealand transactions, were £18,701,063, and the average assets, £18,999,180. The average amount on deposit during that year was £17,231,767, of which £1,090,174 belonged to the Government of New Zealand. Excluding this sum, deposits to the value of £8,531,614 were hearing interest, and a total of £7,609,979 was lying at call. The value of the notes in circulation was £1,375,788. At the end of 1902 the deposits in the five banks of issue and in the two classes of savings banks, amounted to £24,018,470, exclusive of Government moneys. In addition, there were deposits lying with building societies, and also with financial companies. The known deposits amounted to an average of £30 0s 9d per head of the population, exclusive of Maoris.

The Bank Of New South Wales was established in 1817, and has branches throughout New Zealand. The paid-up capital is £2,000 000, with a reserve fund of £1,315,000, and a reserve liability of proprietors of £2 000,000. The directors are: The Hon. Charles K. MacKellar, M.L.C., President; Hon. Sir Normand MacLaurin, M.L.C.; Hon. Reginald Black, M.L.C.; Senator James Thomas Walker; Mr. William Alfred Coffee, and Mr. Richard Binnie. The head office of the Bank is in Sydney, and Mr. John Russell French is the general manager. The Dunedin branch of this bank, in Princes Street, was established about the year 1861, simultaneously with the bank taking over the Oriental Banking Company's connection. The original office was opened in leasehold premises upon the site now occupied by the New Zealand Government Life Insurance office. The present building, erected in 1866, is built of stone. It has three stories, with a basement, a banking chamber, a manager's room, and inspector's room, as well as a private residence.

Mr. Harry Salmon , Manager of the Bank of New South Wales in Dunedin, is an officer of thirty years' experience in the bank, and previously served in the Bank of British North America in London for two years. He was born in Perthshire, Scotland, and is the son of Major Salmon, of the Bengal Artillery, E.I.S. In 1874 he joined the Bank of New South Wales in Sydney, and after a short stay in that colony went to Queensland in the bank's service, and served there in various capacities for seventeen years. Mr. Salmon received his first managership in 1880, and was in charge of the Rockhampton branch all through the Mount Morgan boom. In 1893 he was sent to West Australia, in charge of the bank's business there, and was manager in Perth for six years. In 1900 he was removed to Dunedin to relieve Mr. Perston, who then retired from the service.

The Bank Of Australasia , Lower Rattray Street. Dunedin. Head Office, London; head office for the colonies, Melbourne. This bank, which was established in 1835. has a subscribed capital of £1,600,000, a paid up capital of £1,600,000, and a reserve fund of £1,100,000.

Mr. A. E. S. Carr , Manager of the Dunedin branch of the Bank of Australasia, began his banking career in the Bank of Ireland, and served as sub-agent of that bank, at Dundalk. In 1876 he joined the Bank of Australasia, and was manager at Masterton and Invercargill successively, before taking charge at Dunedin in 1897.

The Union Bank Of Australia, Limited: Head Office, Cornhill, London, Head office for New Zealand, Wellington: George E. Tolhurst, Inspector; Dunedin Office, Princes Street; David Stewart, Manager. The bank has a capital of £4,500,000, and a reserve fund of £1,000 000. The profits for the year ending 1903 amounted to £134 143.

Mr. David Stewart , Manager of the Union Bank at Dunedin, was born in Kincardineshire. Scotland, and educated at the Aberdeen Grammar school. He served an apprenticeship of four years with the City of Glasgow Bank, and joined the London office of the Union Bank of Australasia, Limited, in 1877. The same year he came to New Zealand. After holding various managements he received his present appointment in 1899. Mr. Stewart is an enthusiastic member of the Otago golf club, and a member of the Fernhill Club. He married a daughter of the late Captain Fuller, of Rangiora, and has four children.

Bank Of New Zealand , corner of Princess and Rattray Streets, Dunedin. The Dunedin branch of the Bank of New Zealand was one of the earliest in the history of the bank. Originally, it occupied a site in Rattray Street, where it was established in 1861. The present site has been occupied by the bank since 1863, and the imposing building now erected thereon is one of the finest in the mercantile quarter of the city. It has five floors, including the basement, and was finished in 1883. On the ground floor there is a magnificent banking chamber, together with the offices of the manager, assistant manager, and accountant. The next floor has the inspectors' room, clerks' offices, and stationery room. The manager's residence occupies the second floor, and the messengers' quarters are located on the upper storey and basement. A staff of forty-five officials is employed in connection with the bank's branch in Dunedin.

Mr. Alexander Michie , Manager of the Bank of New Zealand, Dunedin, has had a large experience in banking pursuits, and is recognised as a very able financier. He was born in Aberdeenshire, Scotland, in 1855, and commenced his banking career in England on the staff of the Chartered Mercantile Bank of India, and afterwards became accountant at the head office in London of the National Bank of New Zealand. After arriving in the Colony in 1884, Mr. Michie held the position of inspector for the same institution, and was subsequently appointed manager of the Dunedin branch of the bank. He joined the Bank of New Zealand in Dunedin as manager in 1891. Two years later, Mr. Michie paid a visit to Great Britain, and on his return to the Colony was offered the position of general manager of the Bank, which, however, he did not see his way to accept. He is a member of the Fernhill club, and is keenly interested in golfing, being a member of the Otago golf club. Mr. Michie was married in Timaru to a daughter of the late Mr. H. J. LeCren, of that district, and has, surviving, three children.

The National Bank Of New Zealand, Limited , Princes Street, Dunedin; head office, London; head office in New Zealand, Wellington. General Manager, Mr. J. H. B. Coates. This bank was established in 1872, and has an authorised capital of £1,750,000, and a reserve fund of £180,000. The premises consist of an imposing two-storey stone structure in Princes Street, with a fine entrance opening into the large public banking chamber.

The North Dunedin Branch Of The Bank Of New Zealand is a handsome two-storey wooden building, with frontages to George, Pitt, London, and Frederick Streets. The present building was erected in 1877 to replace the first offices of the bank which were opened in George Street in 1874. The large banking chamber, the manager's private offices, and the strong room are on the ground floor, and the first floor is used as a residence for the manager.

The North Dunedin Branch Of The National Bank Of New Zealand is a handsome two-storey brick building at the corner of George and Hanover Streets. The premises were erected in 1897, to replace those of the old North Dunedin branch, which had been opened in 1877. The main office, which opens from George Street is an imposing chamber, finished in polished figured New Zealand red pine, and leading into the manager's private office and strong room. The first floor is used as the manager's residence, with an entrance from Hanover Street. The premises are installed with a complete system of electric bells and speaking tubes, and the London Chairman of Directors, in visiting this bank, described it as one of the handsomest branches he had visited in New Zealand.

National Bank Of New Zealand: North Dunedin Branch.

Dunedin Savings Bank , Lower High Street, Dunedin. Vice-President, Mr. Keith Ramsay; Trustees, Messrs R. Chisholm, Thomas Christie, G. L. Denniston, George Lawrence, J. T. MacKerras, P. T. Wright, and J. F. Arnold, M.H.R.; manager, Mr F. Smith. The Dunedin Savings Bank was established in 1861 under the provisions of the “Savings Bank Act, 1858,” to encourage thrift in New Zealand. The trustees have acted voluntarily and without remuneration, despite the constant demands on their valuable time, and the bank has already been enabled to vote the large sums of £11,205 to benevolent institutions, and £6500 to the University of Otago, by way of endowment out of profits earned. The amount which has accumulated to the credit of depositors is £100,000. The accounts show a surplus of some £10,300, in addition to £1159 placed to the credit of a special reserve fund to provide against contingencies. The Dunedin Savings Bank owes a debt of gratitude to the ability of Mr. E. Smith, who successfully managed the institution from its inception till his death in 1895.

Mr. Frederick Smith , Manager of the Dunedin Savings Bank, who succeeded to the position on the death of his father in 1895, was born in Dunedin in 1864—the year of the founding of the bank. Educated at the Dunedin High School, he entered the bank as a junior, subsequently rising to the position of chief clerk; this office he held for several years, being closely associated with the institution till he was appointed manager. Mr. Smith takes a general interest in cricket and football. He was a member of the Pirates Football Club, and played as representative in various interprovincial matches. Mr. Smith is Treasurer of the Otago Society for the Prevention of Cruelty to Animals.