SPECIAL TELEGRAMS.

Evening Star, Issue 7750, 23 October 1888, Page 2

SPECIAL TELEGRAMS.

AUCKLAND, October 23

The ‘ Star ’ states that negotiations are in progress by the South British Insurance Company for the acquisition of the business and goodwill of the Adelaide Marine and Fire Insurance Company. The latter company last year paid a dividend of 10 per cent., and carried forward L.3,187. Its assets are valued at L 120,239, and it has a directorate in London and Melbourne, with branches in Sydney and throughout South Australia. News of the completion of the purchase is daily expected. Mr Law, ex-manager of the Bank of New Zealand at Adelaide, has instructed his solicitors to take an action for libel against the proprietors of the ‘New Zealand Herald.’ That paper, in commenting on the proceedings at yesterday’s meeting, said :—“ Mr Law’s manner quite took the meeting by surprise, and the general opinion was that he had demonstrated by his bearing and utterances that he was not a fit man to be entrusted with the control of the bank at an important place like Adelaide.” Messrs Hesketh and Richmond have given a legal opinion supporting Mr Law’s reading of clause 118 at the bank meeting yesterday. They also support the contention advanced by Mr Law in his letter to the ‘ Star,’ that Mr Buckley’s appointment as a director is invalid, consequently the proceedings at the recent three special meetings are irregular.