FEELING IN AUCKLAND.

Press, Volume XLV, Issue 7171, 5 October 1888, Page 5

FEELING IN AUCKLAND.

[from our cor&espondknt.] AUCKLAND, October 4. Eeferring to the proceed—lgs at the meeting of the shareholders of the Bank of New Zealand, the Herald says:—The Committee have not belied the promise of their appointment; indeed, some will think they have done their duty a little too heroically. That, however, is a matter of opinion. But of one thing there will be a pretty unanimoi— conviction, that if there had been any lurking weakness yet remaining, it would have been brought to light. We would certainly have wished that the disclosures had been of a less startling character, but the facts had to be fairly faced, although some may wish that there had been a little more tenderness in handling them. Judging from analogy and experience, we feel confident that this plain speaking will not be without its good effect, especially at a distance, where personal sympathies and an* tagonisms do not exist. The Committee had—work to do, and the unmistake-ble absence of fear, favor, or timidity will be accepted as an indication that they have done it thoroughly. As to the general effect of tbe report on the Bank itself, critics at a distance who -hive been afraid that things would not be faced will surely be satisfied now, and this bold co-fronting of facts, accompanied as it ia by well-judged measures to meet the conditionß, can hardly have any other than good results. The accession'; „of new blood and fresh financial strength in London must prove of great importance, while the addition of new capital, making a total of —1,200,000 paid up, accompanied by £1*500,000 ot reserve liability, will leave no room for question ac to- stability and safety, and more especially in view of the severpraning to which the securities have been subjected. We cannot close our eyes to the fact that doubt respecting the true position of the Bank of New Zealand has exercised an influence in retarding that revival of confidence and enterprise whioh we have all been looking for, and the removal of that doubt must have a correspondingly good effect. The indictment against the Directors is certainly couched in severe terms, and we judge from remarks at the meeting that it will not pass unchallenged. We assume that the losses reported by the Committee must be accepted as facts, and 'facts are things which winna ding/ and they will be hard nuts to crack we fear. Still shareholders and the public -fllnotobjecttoalittle more light should discussion elicit it. Meantime the necessary resolutions have been passed, and the graver business oi putting the Bank's affairs in order will go on irrespective of personal questions of an interest mainly local.*' [PRESS ASSOCIATION TELEGRAM.] 'AUCKLAND, October*. After the first surprise occasioned by the publication of the Bank of New Zealand Committee's report, there is now a strong and growing feeeling of congratulation and confidence here. Brokers say the whole 100,000 shares (new issue) can be placed if desired. Mrs Jane Cakebread, an elderly lady, who has been charged with drunkenness 209 times at Police Courts in North London, was allowed by the Dalston, Police Magistrate to go to her home In Hertfordshire, after being remanded on a similar ch ar_e« , ■'■~-■/•. .1