SPECAIAL TELEGRAMS.

Otago Daily Times, Issue 8169, 28 April 1888, Page 2

SPECAIAL TELEGRAMS.

(From Ode Own Oobbespondents.) Auckland, April 27,

THE BANK OF NEW ZEALAND,

The Herald says:—" A senso of relief would probably describe the general feeling that has supervened on tho half-yearly meeting of the directors of the Bauk of New Zealand, which was held in this city yesterday. The suggestion of tho directors that an independent investigation into the securities held by tho bank, and its position generally should be undertaken by a committee to bB selected by the shareholders was a most judicious proceeding. The names of gentlemen proposed by Mr Justice Gillies must inspire confidence that the task committed to them will be exhaustively accomplished. It is of the first importance to all concerned that the value of the securities held by the bank should be subjected to an outside and independent scrutiny, and in caso of any over-estimate having been made that the worst of it should be immediately known, and that overy really bad or hopeless debt being wiped off, it might bo known on what basis of security the bank is actually resting. That this inquisition will bo thorough we have uo doubt. The names of the committee are of meu of character and staudiug, and the interest they have individually in tho bank are a guarantco that they will lay their finger on any weak spots, if such there are, and that, if required in the interests of tho institution, their recommendation will bo courageous and drastic. Au honest, bold policy serves in banking as in other calliugs in life, and this is tho prominent characteristic of yesterday's new departure." The Star comments as follows: — " Taken altogether tho report must bo considered a very reassuring one. The dividend payable to shareholders has been fairly earned on tho transaction? of the half-year, and although there is still in the background the shadow of those depreciated securities which have lessened the earning power of the bank's largo resources, it is not to be supposed that they can sustain much further depreciation. Ou tho contrary, there is every reason to hope that tho colony has ' touched bottom,' and that a steady increase in its prosperity wiil result iv produciug a state of things which will make it quite possiblo but uo longer desirable to realise." The Bell remarks: —" It is needless to say that tho results will be regarded as vory gratifying, not only by the shareholders, but by tho community generally, and that, too, both within and beyond the colony. The effect will be to restore confidence in the management of the institution throughout tho country, with whose welfare tho bank is f>o largely identified, and will tend to dispell any doubts which may have been lingering in the minds of any parties as to the wisdom of tho course pursued by the directors at tho last half-yearly meeting in abstaining from the declaration of a dividend." ARREST OF A FKENCH ESCAPEE. To-night tho comrade of Francisco Gaspierine, tho recidiviste, named Remi Phililert Lampray Cury, was arrested by a provisional warrant on a charge of stealing a boat called tho Martinet from New Caledonia ou the 25th February, and both men will bo charged with this offence. Tho Now Zealand authorities have beon in communication with the French authorities at New Cale- I doiiia, and this step appears to be the outcome iv order to secure their removal to New Calerlnnio hir ovf.rnrlitinn ......I