THE BANK OF NEW ZEALAND REPORT.

Auckland Star, Volume XIX, Issue 99, 27 April 1888, Page 2

THE BANK OF NEW ZEALAND REPORT.

The Committee appointed by the shareholders at the Bank of New Zealand meeting yesterday have issued the following circular :— Auckland, 26th April,-1888. Sir, —In case our appointment should create uneasiness in the mind of any shareholder, wo thfnk ifc well to state, without delay, that carefully compiled and certified returns prepared by the Bank staff, supported where necessary by independent valuations, and which we have examined, satisfy us as to the soundness and stability of the Bank. It has ample cash resources at command for all probable requirements, and though its earning power is for the present curtailed by lock up of much of its funds in assets which are for the time unproductive, these assets are mainly of a substantial character, and must, with tho progress of the colony, soon recover the value which the prevailing depression has affected. Wo propose bo examine bhe position more thoroughly, and to givo mature consideration to such measures as may seem best calculated to enable tho Bank to utilise the whole of its resources in developing its excellent and valuable business. As this will involve communication with distant pojnts, some time must elapse before we arc prepared with our full report and recomiuendations. Thomas B. Gillies, John McLean, George Buckley, Walter W. Johnston, W. H. Colbeok. We understand that the directors, anticipating the acceptance of their recommendation to the shareholders for the appointment of this Committee, had prepared a full 1/ st of securities, specially certified, for immediate inspection by the gentlemen who were appointed, so that no uncertainty should be allowed to prevail for a single day with regard to the unimpeachable soundness and stability of the Bank, and the Committee were enabled, with this data, to issue at once an authoritative report which would allay any feeling of uneasiness that might be produced in theminds of shareholders inconsequence of their'appointment. They will now proceed to' consider more fully the policy to be adopted with regard to such of the Bank's securities as are at present unproductive, with the object of making the whole of the capital yield its full share towards the Bank?s profits. :

__w_iii hip mii i ' ■■"■"■' in n ihwiiiihwm nw.iiii-tw^^"—' Eeports from the South show that the announcements made at yesterday's meeting have caused a very favourable impression. We have no doubt that the introduction of a Southern element into the Board of Directors will be gratifying to the shareholders and clients resident in other parts of the colony. It is, of course, very gratifying to the people of Auckland that they have originated and directed a financial institution which has so largely fulfilled the idea that animated its founders of creating a national bauk, and we should bo very sorry to see any change of policy that would seriously impair the local association of Auckland with the government of the institution. At the same time, we must not forget that the conditions of the colony have greatly changed since the Bauk was started in the then capital of New Zealand, and if we ignore the reasonable desire of shareholders in other parts of the colony to be represented in the management by men with whom they are acquainted and have confidence, the gradual decadence of the Bank and its subsidence into the position of a parochial concern is inevitable. It must become the creature of cliques. There is, indeod, now an undercurrent of serious complaint which it would be unwise to ignore that there has been too muchof cliquism in tho direction of tho Bank's affairs. Individuals may, for purposes of their own, desire to keep the control within a narrow circlo, but wo are sure that the general fooling even in Auckland will be that the infusion of now blood in tho management is altogether a wholesome thing, and that it will bo quite as advantageous to Auckland clients as to thoso in other parts of tho colony, that the direction shall not be wholly vested in the hands of a few highly-favoured persons. The gentlemen not resident hero may or may not be present at many meetings of the Board, but their occasional presence, and more especially their right to know all that goes on, will exercise a wholesome and perhaps not unnecessary, check. The men appointed yesterday are, we beliovo, unexceptionable, but it is the principle mainly which we support, and although tlio relinquishment of a portion of tlio exclusively local control may involve some sacrifice upon the part of the Auckland shareholders, wo must not forget that the shares and business of the Bank centr d in Auckland are a mere fraction, and that the Bank, in management as in business, should hold a position that is national in character, , fact which, we fear, has been too much lost sight of in the last dozen years.

Tho result of tho Bank of New Zealand meeting is favourably received in Wellington. Tho " Post" says tho declaration of the dividend is a " pleasant surprise," and "the challenge issued by tho Bank to institute a thorough and exhaustive examination into its affairs is most re-assuring. It shows that there is nothing to conceal." Mr W. G, Cooke has been entrusted with the task of collating tho Grey letters. These number about 5.000, and include communications from the Queen, Thomas Carlyle, Livingstone, and other eminent persons. Tho import and export trade of tho colony for the quarter ended 31st of March last shows an increase of nearly £200,000, as compared with the corresponding quarter of 1887. The following is the return of imports :—Auckland, £446,532; Wellington, £285,930; Lyttelton, £402,724; Dunedin, £436,406 : total for the colony, £1,755,662. , *Sor the corresponding quarter of last year, The exports for the quarter were : Auckland, £223,098; Wellington, £474,610; Lyttelton, £704,147; Dunedin, £431,112 : total for tho colony, £2,983,650. For tho corresponding quartor of last year, £2,775,752. Mr W. H. Clarke, Parnell, informs us that ho has received tho following letter from the Minister of Lands in reply to his recent communication : —" Wellington, April 23rd, 1888. Sir,—l havo the honour to acknowledge the receipt of your letter of the 20bh inst., in reference to your scheme, ' A Remedy for Poverty.' In reply,! have to assure you that, on the matter being brought before me by the Hon. Mr Mitchelson (as mentioned in your letter), it will receive my earnest consideration.—l have, etc., G. Richardson." With reference to his scheme, Mr Clarice writes:— "Ihavo worked hard at calculations bill somotini'es I have thrown ib down, wondering why I should puzzle my brains for abhing which I should never be able to bring before the public, and which if I could, or if the scheme was ever adopted, would be of no benefit to myself. Bub lam glad I persevered with ib, and shall be glad if ib is the means of doing good for this my adopted country." The address to His Worship the Mayor' asking him to call a public meeting of the inhabitants of Auckland and suburbs, is being both numerously and influentially signed. His Worship has intimated his willingness to accede to the request, and very courteously has left ib to those interested in the matter to agree upon tho most convenient day for calling the meeting. As Returning Officer for tho Point Chevalier Road District, Mr Seaman has this day received bhe nominabions of Messrs William H. Leovers, John Oliver, and Richard Walker as candidates to fill tho threo vacant seats in the Road Board for that district ; and, being the only number required, those gentlemen were declared duly elected. Miss Helen Clarkson, who was married to Mr Allen, at St. Jame's Church on Wednesday by tho Rev. R. F. Macnicol, has been the recipient of two very gratifying presentations from her fellow teachers of St. James's Sunday school. Prior bo her marriage, she was waited upon by Mr B. McKerras, supcrinbendenb of the school, who requested heracceptance of a handsome plush album and a nicely bound volume of ohe Life of St. Paul. They were accompanied by a note from Misses L. Thompson and E. H. McKerras, which stated the album was from her fellow teachers in St. James'lnfant School, while the other volume was a token of respect and esteem from the whole body of teachers of St. James' Sabbath School, and carried with ib their besb wishes for her fubure happiness and welfare. The firsb meebing of bhe Tabernacle Boys Brigade bakes place ab 7 o'clock bhis evening. There are several vacancies. There was a good attendance yesterday both afternoon and evening at the concluding exhibition of the Art Society. Taken altogether, this exhibition has proved a great success. Exhibitors are requested to have their exhibibs removed by to-morrow, or they will be stored ab the owners' risk and expense. There was a fair attendance at the Rink last evening. ' To-nighb being the weekly ladies' night,, the floor, is bpund to be crowded.

Our Te Aroha correspondent wires:—More '*" pegging out" at Waiorongomai and Tui has taken place during the past few days. In our repqrt of the R.M. Court proceed" ings yesterday, the name of " Geo. Fan-ell," defendant in an action, was erroneously printed Geo. Garrett. There was only a short sitting of the Police Court to-day, before Messrs Baber and Clayton, justices. One person was fined for drunkenness, and two charges of forgery and robbery against John Phillips and Frank Walton were adjourned till the 4th May. Mr Franklin appeared for the prisoners. " One Who Was Present" writes:—"Sir, —Your correspondent who is so eager to know what passed at the meeting held by the Commission of the Presbytery at Avondale, and who signs himself " A Member of the Congregation Who Was Not Present," must bo rather a singular member of any congregation. Is he on such terms with his fellow-members that he cannot get the information he wants from anyone who was present, but must write to the editor of the Star to elicit information about a matter taking place in the church of which he declares himself a member? Surely this is a " Heilan " way of going about it. At thoR.M. Court yesterday afternoon the case of P. Herepath and Son v. Alexander Mackio was heard before Dr. Giles. The claim was to recover the sum of £29 19s lOd. Mr E. W. Burton appeared on behalf of tho plaintiffs and Mr Theo. Cooper for the defence. The plaintiffs, a well-known firm of architects, sued tho defendant for their charges as architects for the erection of an elaborate verandah, the ironwork for which was imported from England, and which was erected at Mr Mackie's private residence in Vincent-street. The defence was that the work was not yet done. His Worship reserved judgment. The Railway Employees Provident Society of tho North Island of New Zealand held their annual meeting at the Foresters' Hall, Newton, last evening. There were about fifty members present, and Mr J. Coom (Resident Engineer) occupied the chair. The balance-sheet was read by Mr Jno. Wither (Treasurer), and was passed. It showed that the year just concluded was started with a credit balance of £181 17s 4d, and tho income during the year was £942 7s, making a total of £1,124 4s 4d. The year's expenditure was £959 10s lOd, leaving a credit balance to be carried forward to new account of £164 13s 6d. lb was also stated that tho Society had drawn on the reserve fund to the extent of £17, which was considerably less than the amount drawn_ in the previous year. By a revision of the rule, the allowances were reduced, bub they wire still in excess of those of most benefit societies. The Society was, in consequence to this change, now getting into a better position. The report and balance-sheet were adopted and the members of the Executive were re-elected, viz: President, Mr John Coom ; Vice-President, Mr William Elliott; Treasurer, Mr John Wither; Auditors, "Messrs J. W. Oldham and John Williams ; Secretary, Mr Arthur Cleave. A vote of thanks was passed, to the Executive for their exertions during the past year, and this brought the proceedings to a close. At the R.M. Court, Montronui, on April 23rd,beforeH. W. Bishop, ___sq.,R.M., John Denny was charged on the information of Constable Moar for that he did on 26th March last, at Te Kao, sell certain liquors without being duly licensed to sell the same. Defendant pleaded nob guilty, and after the evidence of three witnesses the accused was found guilty and fined £25 and cost... The same defendant was further charged with selling liquor on 27th March at Te Kao. He pleaded nob guilty, and after taking the evidence of three witnesses he was found guilty and fined £5 and costs. A third information against the same defendant was dismissed. The costs in these cases amounted to £16. Mr E. Harrow writes with reference to the recent school meeting at Lake Takapuna. He says :" I tried all I could not to annoy anyone, but unlees someone points out matters that require alteration, how are we to get things better managed ? Everything in connection with the meeting was most unfairly and unjustly done. And I have sent the paper I read to the Education Board, and asked them to let us have a fresh election, and the matter will be considered by them on Friday next. Instead of two votes as stated in your report, I had fourteen, and two other people say they voted for me, the one giving me six, the other four, yet I never received them. Now, to prevent my being elected, they did not elect the members in the way it always has been done here, and it resulted in great Confusion, and was very unjust. In regard to the schoolmaster's wages, I did not intend it for him only, but for all schoolmasters in the colony, for I djd not see any reason that they should not suffer in these bad times as well as others. All I wanted was to get up a friendly discussion on matters relating to the school, and had no ill-feeling towards anyone in the room." At a final meeting of the Molloy lecture committee', it was announced that after paying all expenses there was a sum of £30 to the credit of the fund to be devoted to the relief of distressed Irish tenants. Subscriptions of one guinea each foi the same object have also been received from Messrs D. G. MacDonnell, W. Mahoney, P. Gleeson, and Garrett Bros. A match between the Ponsonby and Mount Eden Chess Clubs was played at Robson's Rooms last night and resulted in a victory for Ponsonby by 7 games to 5. The following is the score :—Mount Eden : A. Ashton, 0 ; A. Hosking, 0 ; E. Hosking, 0 ;E. W. Jourflain. 1 ; C. A. Taylor, 1 ; H. Walker, 0; M. J. Matthews, 1 :J. F. D. Tammadge, 0; W. E. Outhwaite, 1; Mrs Esam, 0: J. Gleeson, 0. Ponsonby: R. A. Pope, 1'; Young, 1; F, Falkner, 1; Dr. Beale, 0; H. Geutles, 0; Dalton, 1; J. Stewart, 0; W. Stewart. 1; M. Fairs, 0; F. Burton, 1; C. Burton, 1. The game between Messrs Watkins and Blandon was adjourned at midnight, but is a sure win for Mount Eden. A series of winter entertainments has been inaugurated at Mount Albert, with the view of providing funds for the addition of a Sunday-school to St. Luke's Church. The first of these entertainments was held last evening in the Mount Albert Public Hall, and was well attended. Theprogramme included several very good items, viz., Pianoforte duet, "Sultan's Grand March," Misses Scherff and Wright; song, "The Masquerade," Miss E. Thomson; recitation, Mr Forrest; quartette, " Where Art Thou, Beam of Light ?." Mrs Ross Watts, Miss Maier, and Messrs' C. and A. Culpan ; song, "The Powder Monkey," Mr L. Wright; song, Miss Cole; song, "True Till Death," Mr A. Culpan; pianoforte solo, "Scherzo Brilliant," Miss Hooper. After the usual interval a comedietta was produced, the principal parts being taken by Misses K. Chambers, Taylor, W. KenTaylor, and Messrs Hooper, Forrest, and Kerr Taylor. The second entertainment of the series will be arranged for an early date. At the Tabernacle last night, there was a very large audience to hear Pastor Miiller, the -whole of the lower part of the building being fully occupied. Pastor Spurgcon opened the meeting,'after which Mr Miiller spoke on the text, " But ye, beloved, build up yourselves on your most holy faith," etc. The discourse was a very thoughtful one, and in it the speaker riot only displayed a thorough.earnestness, but also that age has not perceptibly weakened his reasoning powers. Pastor Miiller is to speak at Grafton Road Church next Sunday morning, and in the evening at {the City Hall, when he will give an acoount of his life and labours.

Archbishop Redwood will preach afc St. Patrick's Church on Sunday next. Owing to a printer's error in our issue last night we announced Major Dane's farewell lecture as taking place on Tuesday. It should have been Monday as previously announced, as the gallant Major sails for Australia on Tuesday afternoon. ' On Wednesday evening, April 25th, the very popular service of song, "Uncle Tom," was capitally rendered by the Pokeno choir, assisted by a few male voices from the Bombay choir, in the Wesleyan Church, Bombay, under the able leadership of Mr W. Dean, Mrs Kingsford kindly presiding at the organ. The connective readings were given by the Rev. Mr Law with his usual ability, and at the close Mr D. B. Allison mcived. a hearty vote of thanks to the Pokeno friends who had so kindly entertained them that evening, and to the Rev. Mr Law for the able manner in which he had performed his duties that evening. At the close, refreshments were provided by a few of the church members. The montnly meeting of St. David's Band of Hope was held last night, Mr J. Lamb in the chair. There was a good attendance, and a good programme was gone through, consisting of a spirited address by Mr Crudge, a large number of recitations by lady friends, songs by Misses M. Bell and Miller, a duet by Misses B. and A. McNab, and piano solo by Miss Young. After singing a hymn the meeting closed with the benediction. We are glad to see that our citizens are determined to make Major Dane's farewell lecture on Monday night_ a success, the seats being rapidly taken up. Dr. Logan Campbell is Vice-President and Mr McCosh Clark, the President. The lattergentleman will take the chair on Monday night. There is on exhibition at the office of the editor of the "New Zealand Farmer" a sample of variety of wheat new to this country. It is extensively cultivated in Italy for the manufacture of macaroni and styled "granoduro" or hard grain. A peculiarity of the wheat is translucent grains with thin skin. A Waikato settler who last season planted some seed brought from Italy by Mr F. Peacocke, informs us that this variety of wheat is absolutely safe from the attacks of small birds, being pro. tected by an unusually strong beard. To the Editor : Sir,—l endorse " Watchman's" remarks in yesterday's issue re Eden Terrace Road Board. It is time for the ratepayers to wake up and have the present little clique disbanded and sent to the right about, —I am, etc.,-Another Watchman-. The meetings conducted by Mr Duncan Wright in the Onehunga Presbyterian Church have been well attended throughout the week. About 80 attended the women's meeting on Wednesday afternoon, and in ' tho evening the church was crowded, when Mr Wright gave an earnest and forcible address on " The Precious Blood of Christ. The announcement that the Evangelist would speak specially to young on Thursday evening drew a large audience, the building being packed in every part. The address was a powerful and convincing one, dealing chiejly with temptations to gambling and drinking, and also of the power of companionship and associations to which young men are subjected, and the chief source of strength to withstand temptation, viz., a living, vital union to Christ. To-night Mr Wright will close his mission at Onehunga, as he is to commence at Mangare on Sabbath next. The P_ev. J. Bates has been elected President of the Devonport Chess and Draughts Club ;Mr M. Niccol, Vice-President; and Mr J. H. Bennett, Secretary and Treasurer. Miss Georgia Smithson will, on Tuesday evening next, give a charitable benefit in aid of the widow of the late Mr F. W. Fisher (actor) and five little orphans, who by bis death are left totally unprovided for. Miss Smithson will be ably assisted by a big host of professional and amateur talent who have offered their services. The performance will consist of " The Fairy of the Glen," followed by a grand concert, concluding with the comedy of the "Nursery duckweed." We trus this benefit will get large patronage. The conversazione in aid of the funds of the Newton Congregational Church, held ast, night was a decided success, the attendance being very good. Great taste had been exhibited in decorating the interior of the schoolroom with fern?, evergreens, native mats, etc. Amongst the exhibits were a turning lathe, local pictures, curios from the islands, stereoscopes, galvanic batteries, and other articles too varied to particularise. Mr Elijah Spragg exhibited a locally manufactured shuttle sewing machine, constructed by himself from boiler plate and steel. This is said to be the first manufactured in the colony. During the evening, musical selections were rendered by the Misses Bushill, and instrumental quartettes by Messrs Elliott (2), Wells, and Marbrcok.A short phrenological lecture was also given by Mr Knight. The affair was so great a success that it will again be open to the public this evening. The house steward of the DistrictHospital thanks Mrs S. Jagger for her kind present of a basket of grapes for the use of the patients.