Page 5 Advertisements Column 2

Clutha Leader, Volume II, Issue 95, 4 May 1876, Page 5

— . - - _ Hew Advertisements should not ruu the risk of allowing any foreign bank to step in and deprive Nsw Zealand of thw future benefit which we hope to see arise by securing at least a fair share of the trada off the South Seas. I say future benefit., because immediate results cannot be of great momeufc; but we feel it our duty— if only looking to a future beyond our own day — to take such action as would best secure and draw to these our own shores, the growing trade of the Islands. Having taken our stand, we iutend to hold it against all comers. It shall not be the fault of your directors if New Zealand does fnot hold a high position in the commerce of the South Pacific. With regard to the Government account/you are aware that tenders are now before .the Government. We have offered tej'ms which we hope will secure the continuance of the amount with u§j and/*if not— though we should very much,.--' regret the severance of a connection which.Sh.as lasted for fourteen years— shareholders need hat be under any apprehension that the loss will materially affect future results. At a later period of this meeting you Avill be asked to pass a resolution for alteration of Deed of Settlement to remove existing restrictions on the increase of reserve fund. Tho issue of 10,000 shares referred to at last meeting has been successfully accomplished, orjy 334 shares remaining unallotted, and these aro held on behalf of shareholders living in foreign countries, who may be supposed not to have received timely notice of the allotment. lv consideration for them, your directors have allowed a short exti-a time, to afford them an opportunity of taking up their proportion of shares. 1 need only remark, iv conokision, that the report put before you to-day exhibits gratifying proof of the measure of support the bank enjoys in the colony, and it has been the aim of the directors, in return, to use every endeavor to meet the requirement of our constituents. I beg to move adoption of the report and bnlance-shr.eb.

Mr P. Coinisky seconded the adoption of the report and bahmce-sheet, whioh was carried unanimously.

The Chairman then said- It will no doubt be in the recollection of shareholders that the chair* man, in his. remarks of the last half-yearly lr.eet-^ iug, intimated that a resolution would be pro ' posed to you to alter the 102iul clause of the j Deed of Settlement, to .admit of the Preserve Pund acquiring larger proportions than tho existing limit — in fact to remove all limit to the extension of such fund;' Copies of the proposed

resolution have been forwarded to all shareholders, and pro±irvs requested from thoso who would not likely be present at this meeting. The ready response which has been made by return of proxies satisfies the directors that the pioposal has met with the general approval of tho shareholders ; 1 beg therefore to propose tho Following resolution : — '" That all the words after ' that,' in clause 102 of the Bank's Deed of Settlement, be omitted, and that the following words be inserted in lieu thereof : ' It shall be competent for the Board of Directors, with tho approval expressed by a resolution of a majority of the proprietors present in persou, or by proxy, at any half-yearly meeting, from time to time, to make out of the net profits such addition to the reserve fund as the said Board shall think fit ; and if at any time the said reserve fund is reduced below an amount equal to throe- tenths of the paid up capital of the bank, then shall be appropriated an amount equal, if required, to ten per cent, of the net profits for the increase of the said reserve fund, until it again amounts to to three-tenths of the paid-up capital."

Dr Ellis seconded the proposition, which was carried mem, con. The next business was the appointment of au auditor, dv plac3 of the Hon. C. J. Taylor who retired from offiie. Mr.Wm. Goodfellow proposed the. election of Mr Allan Kerr Taylor. Seconded by Mr James' Robertson, and carried. . The Chairman requested the gentlemen present to remain oa the. termination of the present meeting, so that the resolutions just passed might be confirmed at special meeting of shareholders. A Mr B. Tonks said^Before the meeting concludes -I have to propose that the cordial thanks of the proprietors be accorded to the directors and officers of the bank. lam sure I .need not say one word h) support of this resolution, but I will refer you to the v/ritfceu report in your hands to show that the business has been conducted most judiciously and most energetically. I have great pleasure in proposing the resolution . Mr Thomas' Hill seconded the vote of thanks, and the motion was carried unanimously. The Chahman— l have to return thanks to the meeting on behalf of myself and co-directors for the vote you have passed. . . * Mr D. L. Murdoch — Gentleman, I have very much pleasure, on behalf of the staff, in acknowledging your vote of thanks, and I need • only assure you that, as in the past, our efforts in the future will be devoted to the best interests of the institution.

This concluded the business of the half-yearly meeting, and the chairman vacated his seat. a 85