BANKS AND COMPANIES.

Auckland Star, Volume XXIII, Issue 118, 19 May 1892, Page 7

BANKS AND COMPANIES.

Afctbo annual meeting of the Canterbury •gglfasb Bacon-curing Company a dividond o f 6 percent, was declared. Bank returns show a marked increase in deposits in the March quarter. The increase in deposits not bearing interest is £383 100 ; bearing interest, £155,000 ; the increase is £94,000 more than in the same quarter last year. The Otajjo and Southland Investment Company has declared a dividend of 5 per cent and carried forward £1,500, and also decided to write £25,000 off the reserve fund, and apply £4,300 to the suspense account to meet bad debts. The directors in their report complain of the uncertainty as to future taxation in New Zealand.

jdrW. S. Lawry, manager of the Auckland branch of the New Zealand Loan and Mercantile Agency Company, has been promoted to tho management of the Sydney office, and will be succeeded here by Mr S. C Johnson, accountant in tho General Manager's ofiice. Mr Johnson is one of the most experienced and capable officers jn the Company's servico.and is well-known in commercial circles in Auckland and Christchurch. Mr Lawry's removal from Auckland creates a vacancy in tho vicepresidency and treasurership of tho Auckland Chamber of Commerce.

From Christchurch papers now to hand we find that the sale of the Union Insurance Company to an English Company has been effected on much more favourable terms than was reported by telegraph. Instead of receiving 30s per share, as previously announced,"'tho shareholders will get about 39s for shares which shortly before were 6old at 27s 6d. As these shares are worth at present about 295, this will mean a bonus of £50,000 over the present price of the shares. The business will be continued, under the new Companies, with the present Board of directors and with the present managers and staff.

At the first meeting of' shareholders of the New Zealand "Times" Company. Wellington, held on April the 25th, the following directors were elected: Jlessre W. P. Reeves, E. G. Jellicoe, L. L. Harris. J. Plimmer, T. Kennedy Macdonald, A. Warburton, and E. Samuel. The appointment of the Hon. W. P. Eeeves"as managing director of the Company wa3 conJirmed, Sir Walter Buller, who proposed the motion, making eulogistic references to Mr Reeves's literary capacity, energy, and business talent. The Report of the progress of the paper under Ihe new proprietary was of a satisfactory character. The " Times "is now a Liberal (paper. Mr John Stubbs, the manager of the Company which has been formed to prosecute the manufacture and refining of salt at iKangitoto, attended the meeting of the Devonporb Borough Council on April 25. He handed the Mayor a sample of salt thab had been manufactured from the ivaters of the Waitemata. The Councillors expressed themselves greatly pleased jjvith the sample, which was of good ijuality. The Council resolved that a lease of five acres at Rangitoto for a term of tan years at £5 per annum be drawn up in Javour of Mr Stabb3, the ground to be used for the purposeß oi salt manufacture and fealt refining only. There is every promise

jbf the new local industry turning out a Successful venture.

It is announced that arrangements have teen completed for tbo transfer of the Business of the Union Insurance Company io the Allianco Fire and Alliance Marine Insurance, of London, and thab a meeting bf shareholders of the Union Company will be called early in June to confirm the arrangement in question. It is understood that the Union shareholders will receive about 30s a share for their shares, and as the present price i 3 295, the transaction vronld appear to be a very satisfactory one for the Union shareholders. The Alliance Fire and Marine Companies are two of the mo3b substantial and most favourably known of English companies. The funds of the first-named amount to £340,000, and the latter to £450,000. Lord Rothschild is the Chairman of each Company. The present directors, managers, and staff of the Union Company will continue to represent the Allianco Companies through New Zealand and the Australian colonies.

Ab the half-yearly meeting of the Onesi] hunga Building Society the old directors I were re-appointed, and Mr Gabland was I appointed secretary in place of Mr I Hucchinson, who retires through ill-health. .' The report stated that the prolonged and j continued depression and low prices for proI parties has caused the directors to prefer I doing a smaller business and to hold on to ■ the raoeS of the properties which have ■ fallen into the Society's hands in preference I to selling them at a sacrifice, although by I co doing a portion of the Society's capital is | locked up and not bearing interest, thereby ■ precluding paying the same interest as beM fore. The directors, therefore, proposed

';| paying interest for the half-year at the rate V| oE six per cent, per annum. The directors ■ J have reduced expenses as much as possible, ■■:i both in salaries to Secretary and Troam surer, and also, the directors are for ■| the present acting without honorarium. | Ike balance-eheeb showed : — Cr. : By I amount) due on mortgage (p.v)), including

arrears and loans on shares, £18,097 12s;

i offices account, £367 7s 6d ; safe books acI count, £38 6s 6d ; properfey liquidation ■Uccount, £5,399 17s; adjustment suspense [account, £1,396 Is 8d ; profit and 1033, i£227 11s 6d; balance in bank, 28fch February, 1892, £190 18s lid ; cash in hand, I £159 3s 4d: total, £25,876 18s sd. Dr. : To amount due investors, £21,353 Is 6d; amount due debenture-holders, £3,505 6s . 10d; amount due I. D. Bank, £734 5s 9d ; Jteserve fund, £216 14a 7d; credit for a survey, £9 los 6d; accrued interest ac- | count, £55 7s 5d : suspense account, £2 6s jjlOd: total £25,876 18s sd. | A meeting of shareholders in the Northern S.S. Company was hold on May 6. Mr |IX B. Cruickshank presided. The manager the annual report as follows :— |The directors have much satisfaction in I meeting the shareholders with a favourable I report, as exhibited in the following stateiinent of the result of the past year's operaScions :—The net profit on working account |ior the year ending; March 31st, after finaking provision for insurance, depreciation, and boiler accounts, is £3,003 19a 2d ; f transfer fees, £2 173 6d—£3,006 16s 8d; gbalaace brought forward, April Ist, 1891, 1-697 17s; les3 honorarium voted by the May Bbh, 1891, £400—£297 pi*'- Total, £3,304 13s Bd. The following ■Pppropriation of this amount is now recomI bonded :-To payment of a dividend ab the ajate of 6 per cent., £2,733 12s, leaving a a'balance to be carried to the credit of I Profit and loss account ot £571 la Bd. i $° Q balance-Bheet was as follows: -- liabilities: To capital,' £108,750, in I J50.C00 shares of 14a 6d each, coloJnial shares, 104,289, 7s paid up, £36,501 W'> British shares, 12,495, fully paid, f £9,058 17s 6d-£45,560 0s 6d ; inpurance account, £15,750 15s- 9d ; boiler | and repairs account, £3,031 15s Id ; |WU 8 payable, £133 10a ; amounts owing by JUmpany, £12,144 Is 3d ; balance of profit ;!^ni? B3 account» £3,304 13s 8d: Total, 1*79,924 16s Bd. Assets : V,y Company's ji^essels, gear, etc., less account at credit of account, £75,363 15s 5d ; snatea held in trust by Company, £215 5s "Cl; coals, stores, etc., in stock, £806 Is °a; accounts owing to Company, including 2K n b t alancea > £3,539 13s 8d : Total, So 2\P 8 Bdl Protib aDd Lo3s Account: 892, March 31, to balance, £3,304 «3. ;8d 1891,, April 1, by balance & hfc c forwat'"J > £2>975 178>. 'ess divi-

rium voted Bth May, £2,678—£297 17s. 1892: March 3!st—Neb profit for twelve months, after providing for insurance, depreciation and boiler accounts, £3,003 19s 2d ; transfer fees, £2 17s 6d ; total, £3,304 13s 3d. 1892: April Ist—By available balance brought down, £3,304 13s Bd. The retiring directors and auditor were re-electod.

The half-yearly meotincr of the Kauri Timber Company (Limited) was held ab the Olderfleeb, Collinsstreeb, Melbourne, on the 29th April, when there were present the directors and about 50 shareholders. Mr Robert Harper, M.L.A., occupied the chair. The Chairman in his address said :— "I may say that sinco our last meeting the directors have been carrying out steadily the policy which I then indicated to you they were pursuing, that is to say, we havo thoroughly inquired into all matters of organisation ; we have reduced expenses very much, and reduced the output of timber to a greab extent, so as to enable us to realise on the accumulated heavy stocks. So far the directors have succeeded in reducing the liabilities of the Company substantially without calling on the shareholders to augmenb the capital paid up. Our timber business is going on as well as we can expect at a time when timber of every sort is a drug in the market, so that Oregon timber has absolutely been sold in large quantities aca price less than the freight and charges upon it, leaving nothing at all for the timber. Mr Dufaur, Chairman of tho local Board of Directors, then said as he had been requested by the '.Chairman to give the shareholders some information with rogard to the mining property be had to state the principal operations now being carried on by the Company were as shareholders in the Owera Company, a Company of 50,000 shares, of which the Kauri Company held 20,000. The mine had been thoroughly opened up, and in the opinion of every expert who had visited it, the prospects were most encouraging. A ten stamp battery was now in course of erection and would be completed about the end of May. The battery would be driven by water power, and the cosb of crushing would therefore be comparatively small. A large block of gold - bearing country was ready to be taken out, and a considerable quantity was now stacked ready for crushing. The Kauri Timber Company, in granting the water right to the Orewa Company, had reserved sufficient should ib be necessary for another battery to be erected in the district. A number of miners were awaiting the resulb of the Owera crushing prior to applying for ground, as the Kauri Company, having made arrangement with the Owera Company for the crushing of quartz at a small cost, ib would enable these miners to test their Btone at a small expense. The reef in the claim, as far as it had been prospected, gave very good results, and altogether the prospects of the mine were most encouraging. A vote of confidence and thanks was accorded the directors on the motion of Mr A. Halket Dawson, seconded by Mr R. Thwaites.