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The Evening Star SATURDAY, OCTOBER 26, 1889., Issue 8048, 26 October 1889
The Evening Star SATURDAY, OCTOBER 26, 1889.
Ai/mouuii we hold it to be inadvisable on the part of the Press to discuss The llaiik of the affairs of a bank without >'ew Zealand, having full and correct informatiou regarding its position respecting the public, it is impossible to avoid noticing the proceedings at the halfyearly meeting of the Bank of New Zealand, held at Auckland on the 24th of this month. We need not go over the ground now so familiar to the public, showing that, in common with most other trades and professions, the Bank had suffered heavily during the past few years, and that it still holds securities on which advances have begn made beyond their present value, but which, in (ill probability, will ultimately recoup the money lent upon fchsm. The report aud balanca-gheet for the half-year just completed v.are presented to a meeting of shareholders, and a dividend at the rate of 7 per cent, per annum was recommended to bo paid to the shareholders. So far matters went pretty smoothly; but Mr Buckley, a former president of the Bank, acd a member of the Committee appointed to investigate and report upon its position last year, yplunteered statements regarding a number of accounts, the mere mention of which must have a most damaging effect upon its immediate pro*, pects. It i« impossible to read Mr Buckley's long list of advances to individuals on the slenderest shadows oi security without being astounded that he should have lent his natae to the report which he sanctioned, in common with the late Mr Justice Gillies and otter men of honorable standing in the Coloajr. Names were freely mentioned by him of per»cas indebted to the Bank—a most unheard-of proceeding on the part of a past or present director, one of whose duties it is to preserve inviolate the knowledge which he acquires regarding the private affairs of the Bank's clients; and altogether his conduct was such aa to bo altogether inexplicable, supposing the rr« to be of sound mind. That his statements were flatly contradicted by other directors and by Mr MURRAY, a late inspector, whose knowledge of the state ol the Rank's affairs is equal, if not superior, to Mr Bdckley's, must not be lo3t sight of. Naturally, Mr Bwiuey's conduct was very freely and justly condemned. We pass by tbe charges of grasping extortion, which he did not deny, that marked his proceedings regarding his portion of the honorarium. It was very well to mention it; but_ it really is not of public concern, excepting to afford a clue to the character of the man who, however, has given to the world's reading of it his own record—that he hejd » great nunibcr of shares, that he endorsed a statement put forward to the public as director and member of a. committee of investigation, which naturally fixed the yalue of those shares, and that he then sold all but iust sufficient to enable him to attend a meeting of shareholders. At that meeting he publicly stated that what he had previously averred as true was utterly false. What can be thought of such a man ? Is he bent on bearing the market and buying at s, reduced ligure, so as to make a protit of those vlic, trusting in his former testimony, were induced to buy his Bhares ? Such transactions occur oa jthe Stock Exchange, and are regarded as pretty emart practice; but even there false prospectuses or any deliberate misstatements intended to deceive tbe public for the furtherance of selfish interests are denounced, atd in nmny instances have lad to the prosecution and just punishment of th.ose guilty of them. This, however, is purely % shareholders matter. iio far as the public are concerned they have bo further interest in the Back's affairs than requiring full security for the funds entrusted to their paro apd the credit given to their bills and circulation. &o Jong as the public are to this extent secured—aud we believe they are fully so—the shareholders alone suffer iu the reduced marketable value of their property 5 a value which must, however, inorease, if in future tno Bank is more ably conducted. The pror posal to transfer the management to London oeetns a step in the right direction. Local interests in the hands of local directors are not likely titpn to have such undue influence as thero is reason to believe they have hitherto exerted; and however difficult may have been the situation of affairs in the past, we trust the future will prow both profitable to the shareholders and odvan.tageoua to the Colony.
The Premier has gone to Nelson for a fortuight. Our report of the military sports at Tahuna Park is crowded out. The North-east Valley Borough Council have referred to their Tramway Committee the question of the increase of tram fares to Hawthorne.
Sitting in the divorce jurisdiction at Wellington to-day, Judge Richmond felt constrained to say, in granting a rulu nisi on a husband's petition, that ho was bound to iill'iw the respondent her costs, amounting to L 35, notwithstanding that she had been proved to be au adultresa. Tho Hon. Mr Larnuch has been in communication with the Minister of Lands and Agriculture with the object of getting the dairy expert to visit the settlers on the Peninsula before leaving Dunediu. To-day the hon. gentleman received this reply from tho Hon. Mr Richardßon : expert can, I think, visit the Peninsula before the Exhibition opens." As there is now every probability of the expert visiting the Peninsula, it behoves the Bottlers there to loße no time in preparing to receive him. The entertainment given by the members of the Roslyn Gymnastic Club in St. John's Hall last evening attracted a good audience. The various feats performed on the horizontal and parallel bars, and the exeicises with the dumb bells, rods, etc., met with much favor from the audience, and reflected great credit on Instructor Smith. The second part of the programme, which took the form of a concert, included a piano solo by Mr Moore, a double song and dance by Messrs Clay and Pettit, a violin solo by Mr Beath, and a comic song by Mr J. Deaker. A farce entitled ' Knocked Out,' in which the various characters were well sustained, closed the programme. Mr R. Coad, a temperance advocate, who commenced a mission at the City Hall last evening, created considerable merriment by giving the audience a few phrenological hints, which, he paid, they would do well to observe. Those young ladies who intended to take unto themselves a husband should never marry a man whose ears were lower than his eyes.—(Laughter.) Beware of them, he said. A man when ho purchased a horse looked at its points first, and the ladies should do the same when thsy wanted to marry—they should not make a step in the dark. To the young men he said: Beware of young ladies with snub noses—(laughter)—and those who were not flat about the ears.—(Laughter.) Why, standing where he was, he could tell which young ladies were the cheapest to keep, and in these days, when young ladies wanted to rig themselves up—(laughter)—a woman who was cheap to keep was a blessing. But, Mr Coad concluded, whatever were the nature of their phrenological bumps, they were all capable of leading righteous, sober, and happy lives.—(Applause.) His Worship the Mayor and Mr A. H. Ross, J.P.s, presided at the City Police Court this morning. For drunkenness, James Hooper (three previous convictions) and Henry Eadie (five previous convictions) were each fined ss, in default twenty-four hours' imprisonment. Frederick _ John Throsby denied being drunk, and said that the arresting constable had hurt him considerably. Constable Latimer said that accused had to be handcuffed, and was very disorderly. He was sentenced to one month's imprisonment, with hard labor. George Lockhurst (twenty-one previous convictions) was fined 103, in default fortyeight hours' imprisonment, on a similar charge. Polly Sullivan (defended by Mr Cook) was charged with being a common prostitute and with behaving in a disorderly manner at Stafford street. Constable Ruttledge said that the woman had rushed into the middle of the street, and struck a man a violent blow in the face, knocking him down. A crowd assemblsd, and a disorderly scene ensued. Mr Cook said that both accused and the man were under the influence of liquor. She had been grossly insulted by him, and had reoeived considerable provocation. A charge of drunkenness would have met the case, for, although she Wa? an unfortunate, she should not be ill fcreate.4. Sergeant-major Bevin said that these women received as much protection from the police 63 other citizens. Thp Bench dismissed the present charge; but said that as the woman had pleaded guilty to drunkenness the police could prosecute her on that charge. William Marsden was charged with creating a nuisance by allow* jng impure water to flow on a vacant section in street. Ho said he was neither landlord nor tenant, and therefore was not liable. The nuisanoe had been abated slnoe he had been summoned, but the water came from another person's premises, He was fined 2s Gd, without costs. William Metcalfe and Elizabeth Glen, similarly charged, were fined Ss and 2s 6d respectively.
The Evening Star SATURDAY, OCTOBER 26, 1889., Issue 8048, 26 October 1889
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