MEETINGS.

New Zealand Herald, Volume XXII, Issue 7480, 9 November 1885, Page 1 (Supplement)

MEETINGS.

BANK OF NKW ALAND. The half-yearly meetiug of the proprietors of tho Rank of Now Zealand was hold in the T?ankinc-liouao, Queen-street, at noon, on October •-!!). The Hen. .Limes Williamson M.L.C., President of tbo Board of Directors, occupied the chair. Mr. D. L. MiiaLHiou (General Manager), rend the r.dvsrtisem-at convening the meet- j ing, and the minute* of the Inst half yearly cener.il mooting, which were confirmed, and signed by the Chairman. He also read the forty-eighth report and balanco-sheofc as follows : — Fiirty-eiclith Report nf the Directors of tho Rank of New Zailaml, to t.hn II:ilf-yeiirly (.Vnrr.'il Meeting of tliii eroptiutors. heM ill the Hiultiiiß-luuiao, Auckland, on Thursday, the 2!Uli October, 1 S-^5. '1 lie Plrcrtors, In a,' iin niectlnir.Shareholders, submit the result • f tiio half-year's operations .is follows : — The Net Prollt for the half-year ended yiHll SrjHemlier. after full !tpt>rii|>rUtlon for ail known bail anil doubtful ilelits, anil in reilui'tiun of Hank I'rejiiif«.-« ami l-'uruituro Accounts, anruint.i to .. .. .. .. ,€70,9G0 19 4 To which ha; to Ik- .nhled - J!"l,un--i fnm half-year emloil Slat .March, 1»>. ill IS 4 (living a total, available for division, of.. £10?.102 17 8 Which it is proposed to appropriate as follows : - To Payment of I'iviuouil.it the rate o' 10 per i-'.'n:. per a;tiiuui £00,000 0 0 To Bonus of r.s per share, o<iu:i\ to per coi'.t. p. r iinieeii .. «j,OOO 0 0 To i ;'.l nice c mid to I'rotit a:ul Le:.3 Now Account .. -- 07.102 17 S £102,1112 17 8 Tuo DMuc'id mil Noun* wit' he parable at the Head ('■llice, ~nl. on I'l'i ia. .the LOlli instant, auil lit l!r,i:.c!ie.i on leceipt of advice. I'ov the ito.ir.t of Directors. lUjiis Williamson-, l'resluuiit. Asrcrecate r.alance-sheet of the Rank of New aland a' ,"> 'tli h,, 1( co.ncr, lbos, tuoluiliiiK U>nth>.i Otlico at Hist .'u'y, l»j. Or. 1.1 Alii litiss, -C s. d. Civut.it paid-mi .. .. .. •• l,foo 00:1 0 0 l.'i'- 'rvo KUl:ii' 11-"',''oo 0 0 N'Uoi in Oirculation . .. .. :>44'.i10 0 0 Hi:is l'.ivshle in (.'liei'.lat'on .. .. Wis. "•;> 7 :$ I> ■ .o-its ali 1 her l.iahililies.. .. U>,m'7 >'.V. 4 « lt.ilaneo of i'rotit ami Loss .. .. IoJ.IU- 17 8 .€H,su7..Msl S 11 (■.- A.-kts. l! 3 - d. Coin am! Cash Rain noes at Hankers.. I.O.vi.SS-t l'l 0 Mcin'v oil Short Call in l.ondon .. SKI,.'( 7 0 0 l'.;illi, ii on hand and in ti.uoit .. 'Jilt..noli IS 0 I .over.iiueiil Securities .. .. "SO.iai 7 - C ii; Iteceivahlc and Securities in London .. .. .. .. •• 1,071 (3 7 F.iliS l'i>,-ou".fe.!, and other Debts due to ihe ink .. .. •- ia,.v.i :,:H0 i;> i Lauded l'ropeily, Hank Preinisc.;. CCC '7.774 If. in •i:il,s27,MU S 11 ritOKIT AND Loss loi'.sr. 11 r. £ s. dTo Dividend on 1' .> 0 K» shares of /.10 each, at rate of 10 per en., p-r annum .. .. .. -. -- 60,000 0 0' To Bonus at tho rite of ,",s per ?h*re, eip.'.a! to 01 er cent, per aMtuiii .. -0,000 0 0 To it ilaisc • carried to ii'jSt arid L.. i New Account 27.102 17 S £102,102 17 S Or. ii s. d. I'.v TUlaneo from Half-year ended olst March. 1 ■>;."> .. .. .. 25,141 IS 4 I'.v Net I'roiit for HUf-ycar endod 3 - ill Sepuaiiicr, I>>j .. ~ 70,900 19 l £102,102 17 S ItL.-iJIiVU l-'i'NO. Or. £ s. To ral.m.e .. .. .. ... C 20,030 0 0 Or. , - £ . (1, "y P.ai-iw ffotu last Half-year .. <>-.'-.000 0 0 Wo hereby certify that ive have examined tho Accmnts of the 1 an li of N.w Zealand for tho half-year en.led 3'/til —pfmber. 1 ?S.. ami to.t w- have counted tiie Cash liiKni'.'s an i examine ; the Bills and other seceriti.»tie'.i at '.ho Head o;!ie-', an '. c insured the I'..'turns of the Branches wall the ij:. •tnnents i;i tiio li ilance-sheet, and luvo found the same to bo correct. a.K.tIS } AmlUors - The Chairman, in moving the adoption of the report and balance-sheet, said : Gentlemen,—lt will no doubt be a satisfaction to you, as it is to tho Board of Directors, to iind that notwithstanding the long-continued depression which has been experienced throughout the colonies, and winch has more or less prevailed throughout the world, we are enabled to inc. t yi.u with such a satisfactory report and balance-sheet as has just b.en read. It would be unreasonable to expect, and futile for us to pretend, that, occupying tho position we do in transacting so large a share of the business of this and the adjoining colonies, we could pass through such an exceptionally severe depression without incurring our share of losses ; but unless the depression becomes more pronounced, which we may reasonably hope will not pr >vo the case, the provision we have been enabled to make out of profits should amply cover any deficiency. We have thought it well, however, in view of possibilities, instead of otherwise appropriating the very considerable balance of profit and los", to cont : nue to carry it forward in the meantime, that, in case of need, it may bo available, without disturbing our usual and long continued dividend. We see no reason to adopt a pessimist view of the future, for although we are suffering now from a range or urioes sucli aa has not been experienced in the present generation, the factors for effecting a recovery are so numerous, and the fluctuations of trade so rapid, that relief from one source or another may bo looked for at no distant date. In the case of nearly all our colonial prolucts, stocks on hand liavo rarelv been lighter, and any little revival in trade must necessarily enhance future values. The whole fabric of commerce is based on land and its products, and as soon a3 our farmers and graziers obtain profitable prices, other branches of trade will quickly recover buoyancy, and the business ol the Hank will not he alow to feel the effect. Meantime, -we are not disposed to aggravate matters by unduly restricting accommodation, believing that we best serve the interests of the colony and the Bank by affording a liberal assistance to genuine and legitimate business. At the same time, tho policy of the .Board at present favours the extension of our business in the other colonies rather than in New Zealand, which, meantime, does not offer so good a field for exclusion. The figures in the balance-sheet", as contrasted with the previous one, call for iittle remark. Thn liabilities remain practically the same, and the assets, while exhibiting a more active employment of our resources, show ample provision for maintenance of the Bank's position. With these remarks, I beg to move the adoption of the report and balancesheet. Mr. J. C. Firth: seconded the adoption of the report and balance-sheet, aud in a few thoughtful remarks expresaod a confident hope that brighter times were not far distant. Mr. Mortuooir, before tho motion was put to the meeting, said that as he was more conversant with the figures of the balancesheet than the members of the Board, be might be permitted to remark, with reference to the statement submitted to tho meeting, that it had long been apparent to the Board that with the large resources, the largo and increasing resources, and operations of the Bank, a wider field than offers in New Zealand would be necessary in tho Bank's interests. With this view, many years ago they opened in Sydney; they afterwards opened in Newcastle, then in Melbourne, and more recently in Adelaide. Looking at the large amount of assets of the Bank, £14,800,000, it no doubt excited comment, when depression was talked about, to the effect that ourcly such a largo amount could not be employed safely in New Zealand. But when be told thorn that over two and a half millions were employed in Australia, and when they reckoned this in addition to what was held in London and in coin in the colonies—nearly four millions—they would see that they had over six millions not represented in New Zealand, or not represented except in coin. They would quite understand that he offered these remarks, not in the least doubting the perfect stability of things in New Zealand, but for the satisfaction of absent shareholders, who might not know the circumstances under which they were trading to the extent of fourteen millions. 1 The motion was then put to the meeting and carried unanimously. ELECTION* OF A DIRECTOR. The Chairman said that ha retired by rotation from the Board of Directors, and only one shareholder had offered himself for election in his stead, viz., Mr. William Scott Wilson, whom he had much pleasure in proposing as a director. The Hon. Sir F. WniTAKF.R said he had great pleasure in seconding the nomination of Mr. Wilson. He was the son of one of Auckland's oldest settlers, and was, as his father had been before him a prosperous

man and sound man of huaincßa, and would mske a very good director indeed. He had, therefore, much pleasure in seconding Mr. Wilson's nomination. The motion was carried unauimously. ELECTION OF AUDITORS, On the motion of Mr. J. Nancarrow, seconded by Mr. F. B. Prime, Messrs. A. K. Taylor find K. Rose were elected auditors for the ensuing year. VOTE OF THANKS. Mr. P. Comiskey had much pleasure in proposing a vote of thanks to the directors and ollicora. In times like these, wheu tho commercial and agricultural interests of the world wero entirely out of joint, it was very satisfactory to those present to open their balance-sheets and see tho very magnificant results which had been produced, These results had not, lie was sure, been produced without considerable care and good management on the part of the directors and oflicers of the Bank, and therefore be had much pleasure in proposing a voto o£ thanks to them. Mr. A. G. llortojj said it afforded him very grcut pleasure indeed to second tho motion which had just been proposed. Tho motion having been carried unanimously, The Chairman returned thanks on behalf of tho directors. He said they did not treat these votes as a matter of course. They felt that the shareholders thought they bail done their duty, and it was » great satisfaction to him that such was the feeling. In moving the adoption of tho report he bad referred to tho depression existing, He had been a long time in New Zrulan.), aud had seen the colony pass through many depressions. It had to him been wonderful to notice tho recovery tiio colony had made from depressions notably the ono about ISO!) or 1567. Well, since then they mii;ht say that they had had a continued tide of progress, and it wan only in the nature nf tilings that a reverse should bo experienced, lie had the name faith now in the colony's ability to tide over the present depression, and again get into a time of prosperity. It must be within tho knowledge of every one that the population of the old country was now becoming so dense that it must have an outlet, and the improvements in the mode of moving populations wero now so great that within a very littla time they would see in the colony here many seeking to establish a home which circumstances denied them in tho old country. Ho looked to that as ono of the causes which was sure to bring about a better state of things aud prosperity in the colony. He thanked them very much for tho voto of thanks. Mr. Mukihumi said it was again his privilege to return the very hearty thanks of the otiieers for the shareholders' appreciation of their services during the past half-year, and he would have very 'great pleasure in conveying their approval to the stall. The scroll minutes were tkeu read, and the proceedings terminated. SOUTH BRITISH INSURANCE COMPANY. Thk annual meeting of the South British Fire and Marine Insurance Company of New Zealand was held at tho oliie.i of the company, Queen-street, on the 14th October, Mr. W. C. Dakly, chairman of directory presided. Mr. C'. Johnston", general manager, read the advertisement convening tho meeting, and the report and balance-shoot, of which the following is a copy : — The ilircrtm U.ivp the luinmir of ]il:ie ; ih'fern tlio shiireliol.S-M the statement of ae.'otims unci hatn.co slic.-t for t.lie your on■ 1..l lllit A• e.s; last. Tlio income, inelii'liiia tin* h»l.im:o brought forward from u«! voir, is jC-'JI! 77-1 ltii; tliu K' Uei'd riiiemHlnro is 919 loi nil ; th" Imlince to cni'iit t > prutK ami 1 sa ncrcuint :vt tliu clo«o of tho b icks w.n XJr'Jl 10-i Til Y"iir diroi tnrj reeommi'nrt l>'i?raont of ft Oiviilcn at the mo of In per cent, per annum (le*s interim dividend of f> pur iwnt., v:ii'l April hist). Should the dividend as recorauiPiiii»il he ■ anr;i">ni'il by the nlmrolio'der*, it will b? payable at the hen', otlii'o on 16th instant, and .»t tho sevor-il bran liia and agencies on receipt of advirns. It will lie the duly of the share-'mld-rs to elect two directrr« in tho place of Me<srs. W. C Dildy anil T. Moritn, who retire in accnrilunro with tin arti' les of association, bat who are eligible, anil otfer therasolver for ro-election. It will bo necMfarv to elect auditors ii: the place of Messrs. J. Batger ami T. 1.. White, who r"t,ire. but are iligilue, and otfer tli^ina.-Ives f"r ro-e e. tion. — For tho Hoard of iJirector.-, W. (J. Uallv, Chairman. Auud,ud, 14th Octohor, ISBS. PROFIT AN*[i LOSS ACI'OCST. Dr.— Dividen I pdd detouor, lsS4. j10'217 Ss 10J ; dividend paid April. lsS'\ i'<ij7o 17« : flro and marine losh's, paid and out3'.a:ni'n.:, JU-'.;),t07 10s '3d ; agents' I'l.lilnilsrion. lalaries, and other cx-nuses, ii. S.o-d r.H 'i l ; adi or. idn?, printioit, ami s'af.i con , iil'iil lis 01: rwritera' Association and lire brigades £ltl"'0 7 1 ; tinvernnirnl. licfnat-s. rates and taxes, 17s 4d ; amount written oft ot'.io furniture, 17s Jil ; I)..UIiC'J, .LS-1 l'Ji 7d : total, £;!):!,771 Ills Ck. — IttUncs 'm 'ast year, £13.710 7s Id : firo nnd murine premiums iles-t rr-msuranci't). £i. ; >7.1>57 lis Id; interest received and accriud, and iucreasod value of iiiveituiLOts. £J2,t7J 17s led : total, JI'JJ.J,77I ltii. BALANCE SIIKfT. Br.— Capitd p iid up, jCI'JK.'JjG; resnrvo fund, £101, ; profit and loss, '-''24 Ills 7d; unpaid dividend?. £1'.!5 .'-If Ol; apprnjiriatinn for unpaid losses and outstanding accouatj, £11,'277 Si 111: total, £'-7ti,11l Used. (,'r. — landed property a'Ml loans on mortpaje, £lus '.Is'.' !!s :>d ; stocks and del en'uroF, £4">,-t;Mi Sb 7d ; nlto t States bonds, £l'2,:f-l'J ; fix yd dep sit* with banks, £;>7,i. | ; cash on current account with various banks, and bills of extha (,-i in trarsitu, jti-t tl'l'J Is '2d ; balances at branches aid agencies, .s.'ut».UlS l- r llil; bills re eiv-iblo, £543 Is id; onlslandiog account*, £.".ti'i( 17s; ollico furniture, £liU00: total, £2,0,111 lis ad. The Chahsman", in moving tho adoption of the report aud balance-sheet, said : —1 regret I cannot express the same feelings of satisfaction that 1 have done on former occasions when meeting you, as our balance-sheet is by no means a sati.-l.'.ctory one ; but it is nevertheless a true aud correct statement of the affairs of our company. I shall first of all allude to tho item of losses. It is an unusually heavy one, amounting to £'213,407. and is tprecd over a very number of risks. The number of claims paid, without including averages, exceeds .'!0()Q. Our heaviest loss amounted to !Soli, which, however, was an exceptional one ; twentyeight of the losses were over £000, and the balance under that sum. This is a convincing proof that we have not been carrying heavy lines. I am sorry to say that our position as regards losses is not singular, as 1 could prove to you from most authentic Bourses that many old and conservative companies have also sulfcrnd as wo have done, but this is no satisfaction to ua. I may say that every outstanding loss advised to date of closing of the books has been provided for in the balance-sheet. The next item is premium income. When compared with last year's statement this shows a decrease of £23,000 (about). This diminution docs not arise from an actual sfl of business, but from a careful review of past risks and louses thereon. Taking past experience as a guide, your directors determined to reduce lines on certain risks, and to weed out and decline altogether other hazardous classes of business which have proved continuously unprofitable. In carrying out this policy we have considerably re meed our revenue, while at tha same time we are paying losses on last year's risks. I feel confident that the quality of our businoss has improved, that we are working on a sounder basis, and that we have a right to look forward to bettor results. We have made our greatest losses in our English and American businesses, hut generally it has been bad all round. I regrot to say that we have still to couteud with, and are heavy losers by, the crime of arson, which, unfortunately, is not confined to these colonies alone. It is a crime which is most difficult to prove, but I am happy to say that in two cates outside New Zealand, an well as in several instances inside the colony, the companies have succeeded in sheeting it home. There havo also been several very suspicious fires; but I trust that, with tho return of better times and improvement in business, this feature will vanish. What is the result of all this loan, inccndiarißm, etc,, but a natural increase in rates to the public. I have received private advices from one of our shareholders, and also from our managers in Great Britain and America, that considerable increases have been made, and the movement is gradually gaining ground in some parts of these colonies, where undue competition has reduced rates so lowas to leave no chance of a margin of proiit. I allude more particularly to Invercargill, where it will take years to recoup tho losses paid during the last twelve months. The same remarks also apply to Queensland and the Cape colonies, but I am glad to say that from advice? just received I havo reason to believe that mattors will soon be placed on a better footing. No doubt there i 3 great sympathy between depressed trade and insurance business — an improvement in the one means success in the other. Our charges are heavier in proportion than the past year owing to the large expenditure which has been incurred in carrying out your directors' plans for revision, and they fall upon a decreased revenue. I now call your attention to a new item in our balance-sheet, viz., increased value of investments. It has never been our practice to bring this to account from year to year, but when reviewing the business, your directors determined to get a valuation of our freehold and

leasehold properties by known and cornp«taut valuers, and although in some place" landed property is very much depreciated at tho present time, their certificates show an increase of over £11,000, and L feci no doubt a farther increase will take place. During the past year we have added to our freehold property a very handsome building in Bridge-street, Sydney, which is returning a good interest on outlay ; and our company are always desirous of erecting good buildings were piofit is made. Notwithstanding the year's businoess has been unfavourable, your directors recommend tho usual dividend of ten por cent. per annum. They do not consider one unprofitable year should deprive shareholders of their interest when suoh largo amounts of profit have been carried to reserve in the past. The profits on underwriting from the commencement: of the company amount to £92,317, or flj per cent; interest on investments, £115,072; dividends paid shareholders. £118,452; so that only £'2750 has been taken from profits to supplement dividends. Looking at this statement, I think you will approve of their recommendation. Believiug that we have turned the corner, and have better prospects before us, I now move the adoption of the report and balanco-sheet, and when seconded shall with pleasure afford every information in my power. Mr. Mo Davis seconded the motion. After considerable discussion, Mr. S. E. Hughes asked where tho money wa3 to como from with which they propoaod to pay this dividend. He was strongly opposed to paying a dividond this time. No doubt tlioy were all glad to get the money, but they had been going backward and were not justified in paving a dividend. Tho loss this year was absolute, large, and, there was no question, likely to continuo for another year at all events. He did not see any prospect of tho depression from which tho colony was suffering passing away for some time; and, during depression, they would have, fires. He was aware insurance rates had been raised, but not in proportion to the risks run. He did not think the risks were classified in a fair manner, and ho was opposed to the rates being dependent on the character of the building. He thought, they had gone far enough, and wore not justified in paying a dividend, and to test the feeling of the meeting ho would move an amendment to that effect. Mr. Ki.kin seconded the motion. The a i km as said the directors had been striving to carry out what Mr. Hughes had sugg-stcd in regard to risks on stocks, ' independent of the nature of tho buildings, J and had been successful so far as they hud gone. | The amendment was then put to the meeting, but only the proposer aud seconder voted for it. Mr. 11. Kicfsino drew attention to tho questions of rental and office accommodation. lie considered that the company could greatly increase ii.;< income by letting those portions of its building which were not absolutely required for office purposes. Their buildings in Qi'■en-street had a magnificent froutage, and part could very well be let off as shops, and he was confident tint if this were done they would bring in £1000 a year. The same thing applied to their other buildings in various parts of the world. He hoped the directors would take this matter into consideration. The Chairman Haiti the matter had not beeu lost sight of. It had been under consideration, and steps had been taken to utilise the building in the way proposed by Mr. Keesinc. They were also making a change in Wellington and in other places where their accommodation was in excess of actual requirements. Tho report and balance-sheet were then adopted unanimous!}'. On the motion of Mr. Elki.v, seconded by Mr. Nancakkow,Messrs. W. C. Daldy and T. Morrill were re-elected directors, who returned thank?, Mr. K. Heck proposed the re-election of Messrs. J. Bather and T. L. White as auditors. The motion was seconded by Mr. Thomas Minktti, and cariied Mr. S. E. Hrciuw proposed a vote of thanks to the director, manager, agent 3, and officers of the company. Mr. Keksims seconded the motion, which was carried unanimously. The Chairman returned thank? on bohalf of tho directors, and Mr. Johnston' on behalf of the officers of the company The rough minutes having been read, the proceedings terminated. THE NORTH ISLAND TRUNK RAILWAY LOAN. A speci il general meeting ot the Auckland Chamber of Commerce was held on the 30th October, to consider the action of the Government with regard to the North Island '1 runk million loan, and invitations were scut to the members of tho Honse of Representatives at present in town to attend. Mr. Graves Aickin presided, and tho following members of the Chamber and others were also present : —Messrs. A. H. Nathan, G. lloldship, J. Lamb, G. Harper, S. Vaile, Sharland, Atkins, Milne, Withy, Byron, Rev. D. Bruce, Loddcr, Winks, Brett, Taite, McMillan, Waddel (Mayor), Jakins, Shcra, Johnston, Ueid, Ridd, and others. The following members of the House of Representatives were also present, in response) to the invitation issued by the Chairman : —Sir G. Grey. Messrs, W. V. Bticklaud, I<\ J. Most, T. Peacock, T. Thompson, Colonel Kraser, and Mr. R. Ilobbs. The Chairman said this was n special general meeting of the Auckland Chamber of Commerce, called for the purpose of considering the action of the Government in regard to the proposed raising and diversion of the loan for the North Island Trunk Railway, and the Auckland members of the House were invited to be present, and he was glad to see that so many of them had responded. While recognising the fact that it was undesirable that a Chamber of Commorcc should take any political action, yet in this instance they ould have to trench very clo3tlv upon it; but it would be their duty to consider the question from its commercial aspect and its bearing on tho future of this portion of tho colony. The Chamber had tiken a very active interest in ail matters affecting the North Island Trunk Railway, and more titan once it bad beeu remitted to th::ni to take action. Some time ago statements appeared in the Press that the Government intended to rai«i this loan of a million, and he called u, meeting of the committee of tho Chamber of Commerce to consider the matter, and then read tho telegraphic correspondence which passed betweon himself and tho Government. He scarcely could think it was the int?ntiou of tho Colonial Treasurer to do ua he said. They naturally looked to tho Government to carry out the law, not to be breakers of the law. Tho intention of the Act which authorised this loan was that it should be kept apart and separate, and applied only to tho North Islaud Main Trunk line. Ho concluded by reading the following telegram from Mr. Mitchclson: —" Regret am unable to be present at the meutiug to-day to protest against the proposed action of the Government—a dishonest attempt to punish Auckland and Wellington. As one of those who voted for the reductions, I emphatically deny the statements and insinuations of Sir Julius Vogel. Ample funds are available to carry out the votes of the House. The action, therefore, is unnecessary, Further unauthorised expenditure upon defence or other works is unwarranted and unjustifiable. Parliament should be called together earlier than usual to decide the question of misappropriation." Mr. McMillan said that it was with reluctance that he rose to propose tho first resolution, which he wished had been placed in better hands. It was as follows : " That this Chamber emphatically protests against the intention of the Government to negotiate tho North Island Main Trunk Railway one million loan ia April next with the avowed object of diverting it to other works than those which tho Act specifies." In moving this resolution he urged that they should not indulge in any tirade against the Government, but it was their duty to protect against the dishonest proceedings which were proposed to be taken, Mr. HoLUsnir seconded the motion. The Chairman then invited any of tfao members present to address the meeting. Mr. T. Peacock, M.H.R., said that with regard to Sir Juliu3 Vogel's remarks as to the necessity for raising the loan, he wished to show from the statement of the Minister of Public Works that there were eafiicient funds on hand to carry out all the works that were authorised, not only upt» the next session of Parliament, but for a long period beyond that. The amount of money the Government asked for was £2,600,000, but the Minister of Public Works explained that a great portion of that was a liability for contracts let, amounting to £1,202,000 and £100,000 was for the purchaaa of native lands. This brought the total amount to £2,500,000. Then tho Minister of Public Works explained that owing to the liabilities

it was nob intended to expend more than £1,250,000. The House, theretore, did not expect tint they required more than half that amount, and those who voted for Captain Russell's motion wished to put it out of the power of the Government . to negotiate any other loan. They expected to spend one and a-quarter millions, and the j House cat them down to one At the beginning of the financial year Ministers Raid there would be two millions available for expenditure, and if they pot the whole amouut asked for they would have on hand £500,000 at the end of the year. Now, it was evident that by atrikinp oil' that amount they would have in hand £750.000, besides £250,000 which was in the hands of the officers. Taking oft, therefore, that amount they had £750,000 at the end of this year, equal to threequarters of a year's spending at the rate of a million a year, and that would bring them up to November of next year. As the House would meet in June there would be no danger of a stoppage of public works being caused for want of funds. If, then, it was unnecessary to borrow for genoral purposes, it was unnecessary to borrow money for the North Island Trunk Railway. There was machinery for raising money on debentures if necessary. The whole amount, according to the Minister's statements, for expenditure on the Trunk Kaihvay this year was £100,000, and there was, therefore, no reason for raising the loan. He hoped he had satisfied the Chamber that, in voting for Captain Russell's motion they had not any intention of using this million loan for any other purpose than for the North Island Trunk Railway. Taking the money from this vote to divert it to any other purpose was quite different to taking money from the one and a-half million -borrowed for general public worka and expending it cn the Trunk Railway. Then, suppose the Government had the money to-morrow, they could only spend so much. If they attempted to spend more than was voted by the House, the Comptroller-General would coma in, and the Government was bound haud and foot by the vote of the House, so that it was quite unnecessary that Sir Julius Vogel should mention the fact of the intention of the Government to raise this loan at all.

Mr. Moss, M.H.R., said he had voted in opposition to Mr. Peacock regarding Captain Russell's amendment, and it was therefore fit that he should follow him in -jinking an explanation. The object he had in rising was to say that he cordially agreed with the telegram sent by Mr. Mitcheleon. He believed no member had any idea when voting on Captain Russell's motion that it involved the application of this loan to any other purpose than for the Trunk Railway. Mr. Peacock had told them that eveu if the money was borrowed it could not be spent except as authorised, but so far as he understood Sir Julius Vogel's telegram it was not for any works authorised up to the 31st of March, but afterwards. The proper course, then, would be to call the House together. As to any intention ol diverting the loan, he repudiated it most emphatically.

Sir G. Gkky, on rising, was received with applause, lie said in regard to himself he, like Mr. Moss, felt that they were not called on to defend anything, but to give information, and it was fit that he should follow next, for they had heard Mr. Peacock, who had voted for Captain Russell's motion, and Mr. Moss, who had voted against it; and now they should hear a member who had not voted at all. He came to the conclusion that the whole matter of this vote had been pre-arranged, although he believed Captain tiussell was no party to it, but he felt certain that a good many of the members who voted for it, and got Captain Rubsoll to move it, were in alliance with the Government. .Vhat made him think so was tLat immediately after it was proposed the Minister of Public Works supported it, and showed how the Estimates coold be reduced. Then how did Sir Julius Vogel know what Major Atkinson's views wore ? He did not know any of their views. He felt that others ingrained with the East and West Coast Railway, for which he (Sir G. Grey) had voted, though not in the form in which it WPS put forward, put forward this motion to punish Auckland, and he did not choose to be made a tool of, and therefore did not trouble about it." It produced no effect. The Government was in a bad position, and had been so all along, and it was not worth consideration. He agreed with those gentlemen who had already spoken that the course now taken, or proposed to be taken, was not in the minds of members, relyiug oil the object of the Bill authorising the loan, and he thought this was a piece of attempted intimidation which would come to nothing. If the Government was determined to carry oat what they said, they must has-e a majority of the House to alter the law, but he did not think they would have a majority. He believed that members would have acted wisely if they had walked out of the House when Captain Russell's motion was put. But this would come to nothing at all, for the Government would not get the House to be a party to such an unjust proceeding. (Cheers.) Mr. W. F. Jsuckla.no, M.H.R., said he thoroughly agreed with the other members who had spoken. Colonel Frasuk, M.H.R., said he voted agaiust Captain Russell's motiou, but he thought Sir G. Grey was wrong in thinking; the Government was cognisant of Captain Russell's intention to move this resolution, or that he was put up by the Atkinson party, at the instigation of the Canterbury members. Mr. Thompson, M.H.U., said he voted against the resolution proposed by Captain Russell. The 1:1 on. Mr. Richardson was not willing that the reduction should be made, and he merely said if they carried the resolution that was how it could be done. Mr. Hobbs, M.H.R., said Mr. Peacock had shown them clearly that the Government had sufficient money on hand to carry on the works authorised, and Auckland members were not so ignorant-as stated by the Colonial Treasurer. Ho voted for Captain Russell's motion, ai;d was proud of having done so ; and whilo no doubt knowing that some works would be delayed in the railway for perhaps a year, ho knew that there was sufficient let to prevent any unnecessary delay. Not a word was said about the loan, and it was entirely an afterthought, made use of by the Premier and the Colonial Treasurer for political purposes. He felt bound to say that bad ho to vote again on the motion proposed by Captain Russell, he would do as he had done. The motion was then pat, and carried unanimously. Mr. Jons Lamb moved, "That the rising of the additional loan for general purposes is unnecessary as well as unjustiliable; that from statements submitted to the House thcro were sufficient funds provided to carry out the works authorised by Parliament until the House met." Tho motiou was seconded by Mr. Milne, and carried unanimously. On tho motion of the Chairman, seconded by Mr. Louder, it was then agreed that copies of the Resolutions be conveyed to the Premier and Colonial Treasurer, to be submitted to tho Cabinet. Mr. Lodder then proposed a cordial vote of thanks to t'/ie members who had attended, and was glad to hear them express in such a clear and emphatic manner that there never was auy intention to divert this loan from its original purpose. The Chairman seconded the. motion, which vmb carried unanimously, and the meeting terminated. SIR J. VOGEL AND MR. STOUT IN REPLY AND EXCUSE. On Nov. 2 Mr. Graves Aickiu, Chairman of the Chamber of Commerce, received replies from Sir J. Vogel and Mr. Stout to the resolutions passed at the Chamber of Commerce meeting after hearing the Auckland members. SIR J. vogel's telegram, Duniipin, November 2. But that I was travelling on Saturday, I would have acknowledged your telegram, convoying to me the resolution of the Chamber of Commerce, Auckland. I take exception to the words "avowed object of diverting to general works," etc., eti;. Tho loan will be negotiated after the 31st Maroh, when tho market is favourable, and the money required, hearing in mind that it is not safe to leave these matters too long. The money will be applied only as ths law permits. Owing to expenditure not contemplated on railway and other purposes, including defence, the loans hitherto sanctioned will not suffice to fulfil the objects designed, and to set free sufficient money to do so, another loan will be required. I do not know why the Trunk loan should be less subject to this than other loans. Why, for example, should the money borrowed for the Otago Central be not kept

intact as much as that for the North Trunk line. The practice of Dot conforming to loan schedules is a bad one. It has gradually grown up. In 1878 all previous loan schedules assigning expenditure were actually repealed. 1 am adverse to such a course, and think that the next loan authorised should provide for the lapsed provision. As regards the second resolution, I do not know that anyone ia better -able to judge of the prob»bilitie» at present existing than I am.

The resolution assumes that funds can b® provided immediately the House meets. Thia is contrary to experience. As far as I can forecast, there will be about half a million available at the end of March, and by law the expenditure may procqfid at the same rate as during the preceding financial year until the end of June. If we curtail thia expenditure there will be great misery throughout the colony. Afterwards, until the Appropriation Bill passes, the expendi* ture will depend on the Imprest Supply Acts. I am glad to say we are doing away with nearly all the advances in the colony, but the English advances require a margin of some £200,000 boyond actual expenditure. Bearing this in mind, I estimate the loans already negotiated will bo practically exhausted about May or June, and thereafter something over £100,000 a month will be required up to about £150,000. The Trunk loan will repay payments already made on account of the Trunk Railway. You must bear in mind that it is dangerous leaving loans too lat9. Market may be unfavourable, and advantage may be taken of necessity as on previous occasions. Supposing Parliament meets earlier and authorised a fresh loan without delay, the authority to realise it could hardly reach London before the autumn exodus, and we could not hope to realise before October. You will sec, therefore, it will in all probability be necessary to use part of the Trunk loan, and when once negotiated, it would be want of economy not to use it. The new loan may supply the place of the part used for other purposes. As to the new loan being required, that ia not a question of policy. The current liabilities will make it necessary. I desired to avoid negotiating the Trunk loan because I wished to keep it intact. Not long since ail' Auckland paper attacked mo for nob negotiating it. i will shortly be in Auck« and, an d will be glad to confer with you. It lis just possible we may be able to do with half the loan. If there is any further information I can give you, I shail be happy to do so. I regret that I was in error in supposing that the Auckland members had made themselves acquainted with the subject before they voted with Captain Russell. Julius Vogel. MB. STOUT'S TELEGRAM. Wellington, November 2. I am in receipt of your telegram conveying resolutions passed at the Chamber of Commerce. As desired, I shall submit them to Cabinet. Meantime you will allow me to point out that the special allocations mad© for railways in ISS2 in the New Zealand Loan Act, at the time the North Island Railway loan was authorised have not been kept. The three million loan has been expended, and the special allocations for the following, among other railways, have been only partially expended There is due to the Otago Central about £200,000; about £!).'>,Boo to the Greyinouth-Reefton ; to ths Napier-Woodville, about £106,200, etc., and to fulfill tho solemn engagements made in the Loan Act of ISS'2 we proposed votes, but these were defeated, and mainly by mem« bers who join you in protest. You will also pardon me stating that our proposals regarding railways for the Auckland provincial district were more liberal than had ever been proposed, including not only a vigorous prosecution o£ the Northern Trunk Railway, but also the extension of the line from Hnlensville, etc. As to floating the one million loan, we will have to meet at least £150,000 at the end of the financial year to pay contracts on the Northern Trunk line, anil from what are we to take the money ? From other lines ? I can assure you that, whatever is done, good faith will be kept, for the prosecution of the * line we believe to bo a work of urgent necessity, and I think our past action sufficiently shows that. lam bound to say, however, that an effort for railway extension in Auckland did not seem to meet with much support from those from whom Aucklaud district might have expeoted sympathy, Robert Stout. CAPTAIN RUSSELL, M.H.R., ON THE PROPOSED SEIZURE. In order to elicit the opinion of Captain Russell, M.11.R,, on the proposal of the Government to apply the proceeds of the North Island Main Trunk Railway loan to general purposes, and as to what he understood would be the effect of the carrying of the motion moved by him to reduce the Estimates by £500,000, we communicated with him, and have received the following : 1 Hastings, November 3, Ro Vogel's telegrams : So far from understanding my motion meant the taking of the North Island Trunk loan for general purposes, I have a distinct recollection of Hiiegesting to Major Atkinson tho possibility of Ministers trying to make use of it during the recess, and the advisability of endeavouring to pass a resolution prohibiting such being done. He replied to the effect that there were ample funds available for all works authorised, and he felt sure no Government would act so directly againßt the wishes of the liomj-e, and therefore it would be unnecessary. W. R. Russell. HELENSVILLE TIMBER COMPANY. The annual meeting of th'j Helensville Timber Company was held on Oct. 30 at the company's office, Fort-street, Mr. Arthur Bull (Chairman of directors) presiding. The minutes of last annual meeting w»/re read and confirmed ; after which the directors'report and balanoosheet were submitted, and taken as read. They were as follows :— Your diiectors have pie- dure in presenting their fourth report and balance-sheet for the year ending the_;',oth of September, 18S5. The mill and machinery have been maintained in t-rticient worki'.ig order. The cost of all repairs, besides the sijtn of £573 la 9d for depreciation, has been charged to revenue account. The balance of the year's trading, after deducting the above sum of £573 Is 9:1, shows a net profit of. £587 15s lid, which, added to the amount; brought forward from last year, makes a total of £3490 13», out of which interim dividend of 5 per cent, wan paid in April last, amounting to £43$ St. Your directors propose to appropriate £86 9s for directors' feoc, and to pay a dividend at the rate of 10 per cent, per annum for tho six months ending 30th September, 1885, amounting £413 9s, leaving a balance of £2527 12s to ba carried forward to profit and loss, new account. In accordance with the articles of association, the directors retiring are Messrs. H. Brett and liaac McLood, who offer themselves fot re* election. The auditor also retires, but it eligible, and fillers himself for re-election.— Arthur Hull, Chairman. Auckland, 16th October, 1885. Balance-sheet on 30th September, 1885. Liabilities. — Capital. 4000 shares at £5 eaoh, £20,000 ; capital issued, 1773 shares at £5 each, paid, £8805 ; capital issued 4 shares, at £1 each, paid, £4—£8809 ; bills payable, £5286 2s Id ; National Bank of New Zealand, £1361 3s 9d; Recounts owing by company, £2316 9« 8J ; dividends unpaid, £24 18* lOd ; balance profit and loss account, £3057 10s: total, £20,915 4s 4d. Assets.—Freehold property, £404 12s 6d ; freehold property (bush), £564—1028 12s 6d ; mill buildings, machinery, and railway siding, £0043 On 9d ; less depreciation, £573 Is 9.1— £5469 19s;accounts owing to company, £6043 ,'vi 4<l ; timber at mill and yards and stores, £8367 59; cash in hand, £6 4s Oil : total, £20,915 4s 4d. Profit and Loss Account.— and salaries, £5090 7s ; general expenses, discount, and commission, £2157 7s 9-1 ; freight (railway charges), £2337 8< lid ; depreciation, £573 la 9.1 ; bad debt*. £72 9s 2d; interim dividend paid April, 1885, £433 3s; balance, £3057 10? • total, £13.721 7s 7d. Balance from 30th September, 1884, £3408 lis 9d ; less directors' feus, £76 13s; less dividend at 5 per cent., £429 l«i Sd— £2902 17s Id ; rent of houses, £66 Hi ; gross profits, £10,752 7s 6d : total, £13,721. 7s 7d.

The Chairman, in moving the adoption of the report, said : Gentlemen, —The balancesheet is before you, and has for some days been in. the bands of the shareholders. By it you will perceive that it is the amount standing to the credit of profit and loss that enables the directors to declare a dividend at the rate of 10 per cent, for the year, and t6 carry forward the substantial sum of £2527 to next year's account. Having regard to the standing of the company, the difficulties it unquestionably was involved in at the commencement, owing to insufficient capital and the dullness of times, I do not think that this is«n unsatisfactory state of affairs, and, speaking personally, I can only Bay I should be very pleased if other companies

n which I am interested could meet their shareholders with a similar balancesheet. At the same time I am awaro that, as. compared with former years, the profit on the year's working is not so satisfactory, and the causes of this, which were only disclosed at the year s stock-taking, have already engaged tho attention of tho Board. The directors arc at all times desirous of affording the fullest information , tc the shareholders, but discussions and enquiries as to tho sources of the company's timber supply, the prices paid, and the company's markets, -are subjects which tho Board consider are better discussed otherwise than at a public meeting. I have, therefore, to propose the adoption of the report and balance-sheet, and to state that at the termination of ttoo meeting any enquiries into the points I have referred to will meet with full explanation. Pending such explanations I propose the clectiou ot directors Mild also stand over. Mr. J. Lamb seconded the motion. Mr. Mei.vii.uk, before the motion was put, referred to the previous career of the company. They started without sufficient capital, and had considerable difficulty in getting resources. Now they proposed to throw away a portion of their resources,_ and he wished to ask a few questions of the directors. The Chain m an said that was one of the points which ho suggested should bo discussed at a private meeting instead of in public. The motion was then carried. Al'l'lTOii. Mr. Lamb thought that £-"> was a very large sum tor an auditor, and ho moved that it be £ If). The Chaikman explained that it involved four visits to Helcnsvilie. Mr, KAVASAe.iI moved, "That Mr. John Milne be re-appointed auditor at a salary of £25, and £4 lit travelling expenses." Mr. J. Buchanan seconded tho motion, dud it was carried. lUVIDKN l>. The On A Hi man then moved, "That a dividend at the rate of ten per cent, be approved," and this was agreed to. 1-IKE Al'i'l.l AM'KS. Mr. Kkksimj said he wished to ask a question of the directors, whether they had under consideration the question of providing further security for their timber stacks in case of fire? He was very arxious oil tho subject, and thought that a force pomp or some other appliance should be provided. The CiiAiKMAX said that on every occasion the directors visited the place, they saw that the buckets were properly arranged, and were ready in ease of emergency. Nome of their insurances fell in in two months, and they might have a d.ilicnlty in re-insur-ing, and in the event of their not being able to do so, they intended to procure a force pump. Mr. Lam p. thought they should have the force pump irrespective of insurance. 'I he Chairman said the mutter would be carefully considered by the committee, and attended to. This concluded tho meeting. MEETING i F SHiFOWNEUS. A Mkktin(i of shipowners and others interested in shipping' business was held on the 4th Novell iter at the oiiic; s of the Northern Steamship Company. There was a fair attendance, Vr. (J. W. Owen occupying the chair.—The Chairman introduced the business for wlreh the meeting was called, and after some discussion it was solved : — "That the shipowners and others interested in shipping of Auckland communicate with owners of shipping in all the ports of New Zealand and Australia with a view to unite to resist what is regarded as the nndue demands of labour, even to the extent of laying up their vessels." Some discussion then to.jk place as to the trading of foreign vessels on the New Zealand coast, \>hicii was proving most damaging to the local shipping interests, owing to the low rate of frii:iits the foreignowned vessels vv re accepting ; and also a-t to the stand being made by the various unions. It was felt that the altitude of the unions was most opuressive to the shipowners, and that it would be hotter if the owners were not to recognise the unions at all. Their rules were worse th;. their wages demands. Jfc was ultimately resolved, " That a committee of four be appointed for the purpose of communicating with all steamboat owners .to the port of Auckland, lor the purpose of obtaining their assistance in putting down che present obnoxious pressure placed upon the shipping interests by the .Seamen's and Firemen's Unions, and fixing tiie rate of wages ; the steamers to be laid up, if necessary, until such time a3 satisfactory arrangements can be madia to carry on their business.'' A committee of four and a Secretary were appointed to give i fleet to the above resolutions, and after a vote of thanks to the Chairman the meeting separated, ARCHHILL BRICK AND TILE COMPANY. Thx annual meeting of the shareholders in the Arolihill Brick and Tile Company was to have been held on the SOth October at two o'clock, in the cilice of the company, 21, New Zealand Insurance Company's Buildings, but the attendance was so limited that no meeting was held, a quorum being absent. Mr. R. C. l.'arstow, airman of Directors, was among tLose present. The following is a copy of the directors' report which was to have been submitted to the shareholders :— Fourth Annval III' -kt.—The directors herewith present to the shareholders their report and babnc"-6h-*et for the year ending 30tli September, ISSo. '."he operations of the company during the past .'inanci'il year have resulted (after deducting i'.'Jlt/ ">« -i for depreciation of machinery, buildings, &c., and bad debts) in a profit of £140 l'Jjt oi. '..'his is an improvement on the previous year, but far short of the expectations of your directors. Within the last few weeks the kiln rifts been covered with a permanent fixed roof, which will save time, labour, and wear and tear, tho old moveable covers having continually to be moved by the men during the operations of setting bricks in the kiln, burning, &c. The horse, and boy to attend it, have also been dispensed with, the hauling of tho clay to the mill now being done by steam. Largo additional area, in close proximity to the kiln, his ,\lso been levelled, and is now available for hid/ground ; and the directors feel assured that the.se improvements will no materially reduce tho coot of production as to enable the company hereafter to pjy regular dividends. You will have to elect two directors in place of Messrs. G. Fraser and S. F. Sewell, who now retire, but are eligible for reelection.—For the Board of Directors. (Signed) R. C. BaksTuW, Chairman. Auckland, October 28, 1885. During the conversation that took place among the shareholders present, while waiting to see if a quorum could be obtained, it was stated that 10,000 more bricks had been sold this year than last, burned at a cost in fuel of about £30 less than in the year 1831. THE LAMONTE SMELTING COMPANY. A meetim; of the directors of the above company was held on November 4, for the purpose of making final arrangements for the starting of the first smelting furnace in this colony for the reductisn of gold and silver ore. Mr. Sterne, the smelter, from Silverton, whose services have been placed at the disposal of the company for a period of six or seven weeks, was present una met the directors. Mr. Harris, an assayer from SiWerton, and Mr. Lane, who superintended the erection of the Thames furnace, were also present to confer with the directors a3 to the commencement of operations. After the arrangements of several details, it was decided that the time for starting the furnaco should be left to the discretion of Mr. Sterne, who will treat the different kinds of ore from Karaniiahake with care and attention, no that the fullest information may lie afforded to the company and the public as to the coat of reduction, the value of different reefs, and the difficulties of treatment. It is expected that the furnace will be started in about ten or twelve days from tho present time. AUCKLAND INS IITUTE <.F AKCIII--1 EL'i'S. The monthly meeting of the Auckland Institute of Architects w as held iu the lecture room of the Museum on Oct. 20, Mr. W. F. Hammond iu the chair. The minutes of the last monthly and special meeting were read by the Secretary, and confirmed. The following gentlemen were nominated as hon. associates : —Messrs. Boyd, Crauvvcll, and Herbert. Afterwards the following gentlemen were bsllotted for as hon. associates : Messrs, S. Percy Smith, G. Johnston. J. L. Holland, and W. F. Hubbard, and Mr. J. Slator as a member. Afterwards the status of a quantity surveyor was discussed, which resulted in a resolution being adopted, that its relation with the Institute be that of an hon. associate. Next was discussed the subject of the Indian and Colonial Exhibition. The President reported having attended the meeting of the committee that afternoon, that space had been awarded to the ■ Architects' Institute, and a committee was I lot/p*-' resolutions were Dashed to,call upon I

the following fives photographers : Messrs. Bartlett, Martin, Tutfcle, Hemus, and Valentine, to tender for photographs to be taken of actual buildings in existence, all to be uniformly framed, to be in duplicate, one set to bo presented to tlio Exhibition at home and tne other to be retained by tho Institute. A very interesting teat was made upon Raglan lime, which had been introduced by Messrs. Fergtisson and Bruce by permission of the Institute. The President moved a resolution of sympathy with tho family of the late Mr. Keals. IIELENSVILLE FLOUR-MILL COMPANY. Tiik adjourned annual meeting of the Helensville Flour-mill Company (Limited) was held at tho company's office, Fort-street, oil the l)th Nov., Mr. J. McLeod iu the chair. The following report was read and adopted : — " Tho directors of the I'lelensville Flour-mill Company, in presenting the third annual report, regret that, owing to improvements to null and machinery and tho excessive competition in the flour trade, they are unable to declare a dividend. Tho profit and loss account shows an increased debit of nearly £400, while the mill shows an increased asjet; to this might have been added several accounts that have boon charged to current expenses. Your directors will keep down expenses to tho lowest possible minimum, and hopo, by economy, to show a more favourable statement next year. Messrs. R. K. Davis and W. Downer retire from the directorate, but being eligible, oliVr themselves for re-election." Messrs. K. K. Davis and R. Lester were re-elected directors, and Mr. T. L. White was reappointed auditor. ACCLIMATISATION SOCIETY. A mkktimj of the Acclimatisation Society was held on Nov. 3. Present: Messrs. K. C. Barstow (Chairman), R. Hobbs, M.H.K., A. Bull, 15nrt, T. 15. Hill, and Captain Whitney, who has been electcd iu the place of the late Mr. T. Maefiarlanc. Proposal kk Fish Ponds. — Captain Whitney said he had noticed a splendid site for lisii panels at Papatoetoc, and suggested that the establishment at the Domain, where there was difficulty in obtaining a sufficient supply of water, should be broken up.—Mr. Hill opposed the proposal to discontinue the use of the nonds at the Domain. Do believed that the operations carried on there had been a thorough success, and thought that the society would require more funds than those they now had in order to carry out Captain Whitney's suggestion. Tho Dumber of game licenses was decreasing annualh, and there were at present no fish licentes. After some discussion, it was resolved that the Fish Committee vis.it the proposed silo at Papatoetoe, and report to a subsequent meeting of the society.

Catfish.— It was resolved to distribute a number of these fish at Canterbury, Kawau, Ac.

Tkoct.—The curator (Mr. ClilT) was instructed to proceed to Waitakerei and arrange for the future care of the young trout in the ponds there, which now require to be taken out of the boxes.

Emimsii Wild Dtcks.—Au offer of Captain Whitney to bring out soino English wild ducks was accepted with thanks.

1 lie annual meeting of tho New Zealand Press Association was held on tlio loth October at the large room, Insurance Buildings, the Hon. W. Reeves, Chairman of Directors, presiding. The shareholders represented were The Otagn Daiiy Times (Mr. Geo. Feuwick), the Ihmedin Star (Mr. Ceo. Bell), the Lyttelton Times (Hon. W. Keeves), the Canterbury Press (Mr. C. E. Brings), the Wellington Post (Mr. H. Blundell), tho New Lk > i,an Herald (Mr A. (J. Horton), the Auckland Star (Mr. H. Brett), and tho Thames Star (Mr. The report and balance-sheet presented were of a satisfactory character. Messrs, Horton and Blundell, the retiring directors, were re elected.

The usual fortnightly meeting of the Rationalistic Association was held in the Foiesters' Hall on Nov. 4, when a, lecture upon "Christ" was delivered by Mr. J. Lepper. There was a fairly good attendance, ami Mr. E. Morris was in the chair. Several musical and literary items were interspersed during the evening. A lady amateur executed a selection irotn Mendelssohn on the pianoforte. Miss Monctir recited the "Workshop," and Mr. Anderson sang the ballad, "Give to me a Cup of Wine." A discussion followed tho lecture.

The adjourned metting of the Burns' Club was held at St. James' Hall on November 4. Mr. G. L. Lankham was voted to the chair. It was agreeil to ask His Honor Mr. Justico Gillies to be President of the Society. The The following gentlemen were elected

Vice-President : His Worship tho Mayor, Messrs. J, Anderson, ami D. B. McDonald. Secretary : Mr. It. Peace. Treasurer : Mr. G. Carter. Committee : Messrs. G. L. Lankham, C. 11. Murray, A. G. Peace, G. Weir, and J. Kobertson. Tho secretary and treasurer are ex-oflicio members of commute. The members of the committee wero requested to enrol members of the club. It was resolved to hold a meeting in a fortnight, when arrangements will be made re formation of a choir, and preliminaries settled in regard to the gathering to take place on the anniversary of Burns' birthday, January 2,3.

A meeting of tho Auckland branch of the Federated Seamen's Union of New Zealand was held on tbe 31st October, which was largely attended by members. Mr. Haunigan, President, wa3 in the chair. Besides the usual business and election of members, correspondence was read from the head office, Port Chalmers, also from the Federated Unions of the other colonies regarding the dispute likely to take placo with the Northern Steamship Company, intimating that the rules of the Federated Unions must be upheld. The Secretary reported that they would have the sympathy and assistance of the other unions in Auckland should any trouble arise with the company. The committees requisite to look alter the interests of the union were duly appointed in case their services should bo required. A letterwas read from the head office statingthat if necessary a levy wouid be made upon all members in employment to assist the funds needed to carry on the struggle against the Northern Company. „