MEETINGS.

New Zealand Herald, Volume XXIII, Issue 7789, 8 November 1886, Page 9

MEETINGS.

+ BANK OP NEW ZEALAND. The half-yearly general meeting of the proprietors of the Bank of New Zealand was held in the banking house on October 27 for the purpose of receiving the report of the directors for the half-year, the eleotion of a director, and other business, Dr. J. Logan Campbell presiding. Mr D. L. Murdoch, general manager, read the advertisement calling the meeting, and the minutes of last half yearly meeting were read and confirmed. The following report and balance-sheet were taken as lead :— Fiftieth Report of tho Directors of the Bank of New Zealand, to the Half-yearly Genoral Meeting of the Proprietors, hold at the Banking-house, Auckland, on Wednesday, the 27th Octobor, 1846. The result of the half-year's operations la as follows: The Net Profit for the half-year ended September 30, after appropriations towards ascertained looses and for Hank Premises and Furniture Accounts, amounts to £70,491 5 6 To which has to bo added— Balance from half-year ended 81st Maroh, 1886 80,649 12 0 Giving an available total of.. .. £107,110 17 5 Which It Is proposed to appropriate as follows: - To Payment of Divldend at the rate of 10 per cent, per annum £50,000 0 0 To Bonus of 2s 6d per share, equal to 2} per cent, per annum .. 12,500 0 0 To Transfer to Bad and Doubtful Debt Account .. .. 33,500 0 0 To Balance carried to Profit and Loss New Account .. .. 11,14017 5 £107,1*0 17 6 The Dividend and Bonus will be payable at the Head Office, Auckland, to-morrow, Thursday, the 28th Instant, and at Branches on receipt of advice. For the Board of Directors. J. Logan Campb*ll, President. Aggregate Balance-sheet of the Bank of New Zealand at 30th September, 1886, including London Office at Blßt July, 1886. Dr. LIABIMTIM. £ s. d. Capital paid-up 1,000 0 0 Reserve Fund 625,000 0 0 Notes In Circulation 515,434 0 0 Bills Payable in Circulation „ .. 1,265,935 19 1 Deposits and other Liabilities,. .. 10,546,533 5 11 Balance of Profit and Loss .. .. 107,140 17 6 £14,059,044 2 5 Cr. Assets. £ a. d. Coin and Cash Balances at Bankers.. 1,576,355 1 5 Money on Short Call in London .. 894,400 0 0 Bullion on hand and in transit .. 226,938 7 0 Government Securities .. .. 44,100 1,8 5

Bills Receivable and Securities In London ... .. 1,045,878 1 Bills Discounted, and other Debts due to the Bank .. .. ' 10,482,412 2 8 Landed Proportjr, Bank Premises, &0. .. .. « .. •• 349,060 19 10 £14,059,044 2 5 Profit and Loss Account. • Dr. £ a. d. To Dividend on 100,000 shares of £10 each, at rate of 10 per cent, per aDnnm 50,000 0 0 To Bonus at rate of 2s 6d per share, equal to 2i per cent, per annum .. 12,600 0 0 To .Transf.r to Had and Doubtful Debt Suspense Account .. .. 33,500 0 0 To Balance carried to Profit and Loss New Account 11,140 17 6 £107,140 17 6 Cr. £ s. d. By Balance from Half-year ended Slit March, 18SS 30,649 12 0 By Net Profit for Half-year ended 30th September, 1888 .. ~ 76,491 5 6 £107 140 17 6 Reskkvs Fond. Dr. £ 8. d. To Balance.. - - - - 625,000 0 0 Cr. £ I. d. By Balance from last Half-year .. 626,000 0 0 We hsroby certify that we have examined the Accounts of the Bunk of New Zealand for the half-year ended 30th September, 1886. and that we hare counted the Cash Balances and examined the Bills and other securities held at the Head Office, and compared the Returns of the Branches with the Statements in the foregoing; Balance-sheet, and have found the same to be correct. (Signed) £ Bi T NAN. 0R * } Auditors. The Chairman then moved the adop. tion of the report and balance - sheet, and said :—" Gentlemen, I have to ask your attention to the remarks I have to make on the report and balance-sheet which have been r«ad. It will not be a matter of surprise to any of you who have been giving attention to the signs of the times to hear that the margin of banking profits, like all other profits, has been narrowed lately, and that losses have been exceptionally heavy. This is more or less due to the world-wide depression, unexampled in our time, whioh has so long prevailed, and from" whioh I am'glad to think we now see unmistakeable signs of relief. Apart from these generally adverse conditions, we have had the misfortune to encounter exceptional losses in Australia, first through the misconduct of our late Sydney manager, to which allusion was made at onr last meeting, and more recently in Adelaide, partly through failure to exercise due care on the part of our late manager, whose resignation the Board has in consequence accepted, partly through the almost unparallelled disasters which in the last two years have overtaken the agricultural and pastoral interests of South Australia, whereby loss has been entailed on us through connections, which under normal conditions, were reasonably expeoted to prove advantageous. These circumstances, both general and special, sufficiently account for the slightly reduced dividend we recommend, and for the absorption of a portion of the balance of profits, after providing for that dividond. But for the visible improvement in our future prospects, we further had it in contemplation to ask your authority to transfer £50,000 from the reserve fund, whioh, standing at £625,000, could well have borne such, withdrawal; but, encouraged by the recent favourable turn in affaire, the break-up of the drought in Australia, the rise in price of wool and other produce, and generally the more favourable outlook, we have thought it better to test the result of another halfyear's operations, in the hope that there will be a general recovery in prices, and a better margin of profit on our operations. The depression which culminated six months ago, not only tended to limit safe and profitable business, but necessitated a strictly conservative policy. The effects of this are apparent in the figures of oar balancesheet, to whioh I will now ask your attention. You will be pleased to hear that our ordinary deposits show the substantial increase of £200,000 in the half-year. That the total of deposits does not exhibit increase is due to a diminution of £360,000 in Government balances, an item which you will readily understand is subject to such fluctuations. The bills discounted and other advance? are less by £450,000, and the bills receivable and other securities in London are less by £700,000, bills payable being also less by £430,000. This is partly due to the'less active exohange business of the September half-year, partly to the general causes to which I have already adverted. On the whole, what I may call the earning advances are less by about a million, of whioh half appears in enlarged coin balances and short loans in London, the other half in reduced bills payable liabilities. The total of coin balances and money at short call in London, nearly two millions, is at least evidence of financial strength, though, unfortunately, also evidence of less active business. We may reasonably hope that we are now entering on a more prosperous cycle, in which losses will be smaller, and business more brisk and profitable, and I should like to give you one or two reasons for this hope. Drawing your attention first to the financial relations of the public to the banks in New Zealand as compared with Australia, in the last two years. In New Zealand, the increase in the advances of the banks to the public has bean one million, and has been almost exactly equalled by increase in money deposited by the publio—in other words, the net indebtedness of the publio to the banks has not increased, whereas in Australia in the like period the advances of the banks hare increased about seventeen millions, and the deposits only seven, the Australian pnblic having increased their net indebtedness through the banks no less than ten millions sterling in two years. To this state of things is due the high rates of deposit interest which have been forced on us by the Australian banks, and whioh not only curtail our profits, but oblige us to keep rates to borrowers higher than the monetary conditions oi our own colony would otherwise require. Both the publio and the banks have, for a considerable time past, pursued a cautious and conservative financial polioy —a policy which is the invariable foundation for a period of sound progress. Another element of hope in our position is the state of our wool-growing Industry. I have had some figures on this subject compiled by a competent authority, and I think they will prove of public interest. It is often asked, how much does New Zealand benefit by the recent rise in wool? Compared with the September sales of last year, the benefit is £750,000 per annum ; compared with last March, it is nearly double that amount, or at least £I,2oo,ooo—the benefit to Australia being about £2,000,000. The number of sheep in Australia is 59,000,000, and in New Zealand 14,500,000, bo you observes that, proportionally to the number of sheep, New Zealand benefits more than Australia—because both in weight of fleece and value per lb, taken as greasy wool, the average New Zealand sheep yields considerably more than the Australian. The position of New Zealand, as a wool-producing country, as compared with the neighbouring colonies is more important and satisfactory than is generally realised. The following is the estimated selling value in London of the dips of the several colonies at the prices of last sales :— New South Wales, £5,100,000; New Zealand, £3,300,000; Victoria, £2,000,000; Queensland, £1,400,000; South Australia, £1,100,000; Western Australia, £250,000. There is another feature, in comparison, to which I must draw your attention. Looking back some fire years, we find that while the Australian nooks have decreased five millions, In that period those of New Zealand have increased a million and a-half, notwithstanding the severe losses by the rabbit peat, and the large export of frozen mutton as to which I have not had access to precise particulars, but whioh must have amounted to considerably over a million carcasses. Nor are we cursorily to assume that we have nearly reached the limits of possible increase. If you consider that the British Islands, with a somewhat similar area, support twice the number of sheep that New Zealand yet does, besides I forget bow many millions of cattle, horses, and other live stock, with at the same time a much larger area devoted to cropping, and that the natural capacity of New Zealand, taking area, fertility, and olimate, is at least as great as that of Great Britain, yon will perceive that we only want more industrious hands and more capital to add three or four millions to our income from this one resonroe, even if prices were to increase no further, and they are still not high. These are not visionary estimates, they deal with the oldest and moat fully tested industry of the colony, and they rest upon actual results achieved under more fully developed conditions, in » country which New Zealand strikingly resembles in the features essential to this very industry. I will only add in connection with this subject that pasturage land, the real wool producer, Is, in extent and development, barely keeping pace with the demands upon it, by the rapidly increasing wool-consuming population of the world. But wool is net the only resource of which

we take a hopeful view. The export of frozen meat is rapidly developing into an important and profitable industry, and though during the summer months in England prices have been somewhat depressed, the average of the season has not been unsatisfactory. Wheat and other produce show some symptoms of recovery in value; dairy industries are progressing favourably, and generally the prospeots of pastoral and agricultural interests are more cheering. I will only, in conclusion, express a hope that I have satisfactorily shown you that the colony is not in a financially inflated condition ; that its chief industries are in a progressive and healthy state; and that the asset—viz,, pasturage land, which, necessarily, forms the basis of much of our business, and the security for a good deal of onr money, is about the soundest basis and the best security we could have. I have on this oooaslon bi«ra induced to be more diffuse in my remarks, as it is no secret that New Zealand and its institutions haVe lately been the objeots of not a little disparaging comment ; and you will, I am sure, agree with me that this treatment finds no justification in the facts I have submitted to yonr consideration. With these remarks, I beg to move the adoption of the report and balance-sheet. Sir F. Whitakbb said he had great pleasure in seconding the adoption of the report. -No doubt it would have afforded him muoh greater pleasure if they had been able to declare the same dividend as they had done in preceding half years, but he would remind them that one of their shareholders, some few- meetings ago, told them when they there announced that there had been a prosperous half-year that it had become monotonous. Now the monotony was broken, and if that was not a pleasure, it was at any rate a change. They had a long succession of prosperous times, and had laid by a large reserve fund. No doubt times recently had not been favourable for banking or any industrial pursuit, and they oould only hope that a change would oome for the better. Under these circumstances the report whioh had been read was as reasonably good as could possibly be expeoted. As to the future he considered that there was a silver lining to the oloud, and they were coming on more prosperous times, and the ohairman's address had given them very reasonable and satisfactory grounds for expecting more prosperous times in New Zealand. He had no doubt, considering the business the bank was doing, that they would soon be able to revert to the same dividend as they had paid in times past, and that they were on the way to returning prosperity. The report and balance<sheet were then unanimously adopted. DIRECTORS. The Chairman then proposed the Hon* James Williamson as a director. There was no other candidate for the office, and therefore the proposal was only a matter of form, Mr. J. McOosh Clark seconded the proposition, whioh was carried unanimously, AUDITORS. Mr. F. Battlby proposed the election of Mr. Samuel Browning and Mr. 6. P. Pierce as auditors. —Carried. VOTE OF THANKS. The Hon. P. Dignan, M.L.C., proposed a vote of thanks to the directors and officers of the Bank. They were greatly Indebted to them for the results they had achieved np to the present time under the trying circumstances by which they had been surrounded. He proposed a hearty vote of thanks to them. Mr. F. L. Prime seconded the resolution, which was carried. The Chairman returned hearty thanks for the vote. Mr. Murdoch (General Manager) said — It is always a pleasure to acknowlege the votes of thanks with whioh you so uniformly favour us ; but at this time I confess that the signification of your continued approval oomes to us all the more welcome, as aoknowledgedly the results we have been able to place before yon, are not as favourable as usual. But there are good times before us and you may rely upon it that no effort will be spared by your staff to take advantage of these improved times for the furtherance of your interests. The number at the head of the report has suggested to me that we have now oonoluded our first quarter of a century in the age of the bank, and I may be allowed very shortly to refer to the results accomplished during those twenty-five years. It may be in the recollection of many of you for I recognise amongst those present some of the originators of the Bank—that in 1861, when the the Bank was projected, the colony of New Zealand was virtually in the hands of one banking establishment, and as is always the case monopoly engendered dissatisfaction, and this Bank was the outcome. During these twenty-fire years it may surprise some of you to hear that the dividends paid to the shareholders amount to about two millions and a half. Independent of this we have up to this time not only been able to make appropriation out of profits for the losses which are inseparable from such a large business, but have built up a reserve fund of £625,000, and have also written off over a quarter of a million from the oost of Bank premises and furniture. This item in the present balance-sheet shows an increase of some £15,000, but that is due to the final payment for our Sydney premises, and to some trifling alterations throughout the branches. We now possess one hundred and ten branches and agencies, affording employment to over fonr hundred of a staff There is no need to dilate on the services rendered by the bank to the commercial community, and to the support afforded to local enterprise. Some mistakes have been made in a too great liberality, but I am confident the general verdict will be that the Bank has well met the purposes for whioh it was established, I In the name of the staff I have again to thank you very heartily for your vote, SOUTH BRITISH INSURANCE COMPANY. The ordinary general meeting of the shareholders in the South British Fire and Insurance Company was held on October 13 at the offices of the company, -street. The chair was taken by Captain W. C. Daldy (chairman of the Board of Directors), and there were about 70 shareholders present. The advertisement convening the meeting was then read. The following report and statement of accounts were presented :— The Directors have the honour of placing before the shareholders the statement of accounts and balancesheet for the year ended Slat August la<t. The Income is £248,700 7a Bd, the general expenditure Is £256,048 19s Bd, the balance to debit of profit and loss account at the close of the books was £9,348 12s. It will be the duty of the shareholders to elect two Directors Id the place of A. Buckland and R. Hobbs. fisqs.. who retire in accordance wich the Articles of Association, but ho are eligible and offer themselves for re-election. It will be necessary to elect Auditors in the place of T. L. White and J. F. Clarke, Esqs., who retire, but who are eligible, and offer themselves for re-election.—For the Bo»rd of Directors, W. C, Daldy, Chairman.—Auckland, October 18,1888. PfiOlNT AND LOSS ACCOUNT. Dr. s d. Dividend paid October, 1885 „ .. 6,16112 Fire and Marine Losses— and out« standing 191,12815 4 Agent*' Commission, Salaries, and oiher Expenses 56,429 1 1 Adverttnlng, Printing, and Stationery 4,165 16 5 Underwrites* Association and Fire Brigades 1,507 4 1 Government Licenses, Rates, and Taxes 1,706 6 5 Loss on amount due from Oriental Bank Corporation 615 1 6 Amount Written off Office Furniture.. 296 14 10 £256,048 19 8 Ob. £ s. d, £ s. d. Balance from August, 1885 .. ... .. 824 19 7 Transfer from Reserve Fund .. .. - 5,636 13 1 6,461 12 8 Fire and Marine Premiums (Less Re. • insurances) 288,091 17 8 Interest Received and Accrued .. 8,608 10 0 Balance „. .. .. M „ 9,348 12 0 £256,048 19 8 Balance-sheet. Da. & b. d. £ B. d. Capital—Paid up .. 129,256 0 0 Reserve Fund .. ... 95,991 6 11 ; 225,247 6 11 Unpaid Dividends.. .. „ .. 86 8 3 Appropriations for Unpaid Losses and Outstanding Accounts „ .. 43 681 6 8 £268,993 1 5 Cr. £ a. d. £ a. d. Landed Properties and Loans on Mortgage M 107,086 3 5 Stocks and Debentures 32,218 0 11 United States Bonds .. 12,340 0 0 Fixed Deposits with Banks .. .. .. 86,000 0 0 Cash on Current Account with various Banks and Bills 0: fixotange In transitu. .. .. 8,44110 6 196,115 14 10 Balances at Branches and Agencies _ .. ' .. .. 48,579 3 8 Bills Receivable.. .. .. .. 7,157 8 7 Outstanding Acoounts.. ...... .. 5,123 13 1 Omoe Furnltdre 2,670 14 3 Profit and Loss Account - .. 9,348 12 0 £268,995 "T 5

The Chaibman said :—Gentlemen,—lt is always an unpleasant task to present a report showing a loss on the year's business as oars does, and no one oan feel it more than your directors but in my remarks I shall endeavour to make the present position of our company so clear that every shareholder may understand it. But first allow me to refute one of many reports which have been circulated injurious to the interest of the company. When reports were circulated in Ohristchurcb the shareholders took the wise and direct action of meeting and requesting Mr. M. Harris (a gentleman of high position in commercial oiroles, a large sbareholder acquainted with insurance business) to visit Auokland, and make a full inquiry into all matters affecting the business of the oompany. This request was oonfirmed at meetings of shareholders in Dunedin and Wellington. No course could have been more in accord with the desire of your directors, who, on the first intimation of such meetings, invited Mr. Harris to come as early as possible, having every confidence in the result of his investigations. Doubtless you have read in the Press the report made by him to our Southern shareholders on his return. One of these statements was of suoh a character that I should fail in my duty if I did not take this opportunity of giving it a most direct denial—" that your directors had borrowed the funds of the company.'' I now state that since the formation of the oompany no direotor has received money on loan in any form whatever. There have been other statements of a personal character, which need no refutation, and do not affect the company. With reference to our London branch, exaggerated statements have been made. I will, as concisely as possible, give you results from 1882 to June 30, 1886. Our net loss to that date on marine business was £4962, and on the fire business £7647. In both sections our heaviest losses were in 1884 and 1885, immediately after which an arrangement was made between the com panics dividing the business, that the manager of the National and secretary of the Adelaide should visit London, and act in conjunction with our resident secretary there, and from the ohanges and reforms in the management of the business they are making we confidently look for better results in this section, and unless such is the case, will take measures to withdraw as early as practicable. Our Eastern business, I am happy to say shows a good result, and after the large outlay we have incurred in establishing this branch, the full and satisfactory report of our general manager, after recent inspection, we confidently look for larger profits. Our business in California has been bad, and we are making arrangements to curtail operations at this branch. I will nowas briefly as possible show the present position of our oompany. In August, 1883, our assets were £244,240, the highest point; this year, after deducting the debit to profit and loss account (£9348), our assets are' £215,899, a reduction of £28,341 ; but I would remind you that daring this period our shareholders have received £36,053; £17,000 of this amount was paid just after closing our 1883 accounts. Through the policy of your directors during the past two years, our income has been reduced £45,000, cutting off business that had proved unprofitable, and carrying muoh smaller lines, as shown by our reinsurances being nearly equal in amount to that paid when our receipts were at their highest point; and it mast be remembered that whilst making such reductions, we have had to meet the losses arising on past premium account out of a reduced income. I will now make a few remarks on the accounts now presented to yon. The profit and loss account is somewhat altered in form by writing off the amount outstanding, and then it gives clearly the net loss for the year, £9348. The losses were £191,000: In fire, 628, one of which was over £1000 ; marine, 689, eight of which were over £1000, and one over £2000, giving an average of £145. Our expenses are £3000 less than last year, but are 1 per cent, more on the income. This isloccasioned by curtailment of business. The appropriation for outstanding losses is ample, bat £2000 in excess of last year, four directors, considering the depressed state of the business, have only drawn one half the honorarium for the past half-year, and will continue to do the same until the shareholders are receiving dividends. After the disappointments of the past two years, I shall not venture again to express opinions as to the present. All I can say is, we have spent a large amount in building up a business in various parts of the world, have paid for our experience, and I trust the time has arrived when we shall begin to reap the benefit of it, and although our record has been bad for that time, I see no reason to be disheartened, for should the present world-wide depression give way, we should soon recover lost ground. Since our accounts were in the printer's hands, a suggestion has been made by one of our shareholders which your directors think it right to submit to you. 1 will, therefore, before moving the adoption of the report, move, "That the balanoe at the end of the year standing to debit of profit and loss account be written off the reserve fond." The Chairman stated that the effect of the resolution would be to reduce the reserve fund to £86,500, and it would leave the accounts quite clear. Mr. Compton seconded the resolution, while Mr. Bailey and other shareholders expressed their concurrence as being the adoption of a wise course. The resolution was then unanimously adopted. The Chairman then proposed the adoption of the report as amended by the resolution. Mr. Baestow, in seconding the adoption of the repot said the premiums were less in amount than they were two (years ago, but the shrinkage had been caused by the voluntary action of the directors themselves, who, finding that times were bad, and that various undertakings which had previously been profitable were not so now considered it was better to curtail instead of keeping up a very large business, before they were involved in further loss. That curtailment would save them in reinsurances, reokoning these at 27 per cent, on the amount of the sum of £12,000 a year less than they had to pay two years ago, so that, whereas then the amount was £102,000, now it was £90,000. The result in the balance left now would be as good, and would leave their resources sufficient to pay 47s per share for whioh 40s had been originally paid up. That must be very gratifying to some who had bought shares lately for 275. No doubt some of the reinsurances had been made at a higher rate than before, but they had adopted the course of curtailment as a matter of prudence, considering the present state of trade. There had been great depression lately ; there had hardly been any shipment lately of wool, in whioh they were largely interested, and the timber trade had been very much depressed, so that very little had been done in the shipment of timber. Probably the feeling which had gone abroad respecting the company had been really through the action of one ot their own directors. He thought prices would soon advanoe, and that they would have opportunities of insuring well in New Zealand, and there were prospects of good business being done here. Something had been said down South about their having places which had showed no profit, but the variations in their business had been wonderful. In one plaoe, where they bad had a large and profitable business up to this year, they had recently sustained heavy loss. They mast count upon thesefiaotaations,andif, after ten years of good work.they had three years of bad, there was no reason why they should not have good times again, tie had seen a letter published yesterday on a topic which bad been touched upon by the chairman, alluding to the falling oft of their business. No doubt it had fallen off from several causes. Tbe amount received for interest was diminished because in these bad times customers who had been always ready with their payments, were now asking for larger concessions in the way of delay. They had been obliged to do as every office had done in granting such credits. They all knew that times were bad, and if a man could get a little credit he was thankful for it. That was a main reason why their interest was comparatively small. The direotors had seen for some: time that that was the oase, and they were making arrangements by whioh payments should be made promptly. He was not one to »think so badly of tbe business because of recent bad times, and he had shown this by his recent purchase of shares. Mr, Chambeblin, in a lengthy, address, made severe criticism on the action of his co-directors as to their personal behaviour towards him, the system of management adopted, and class of foreign business engaged in by the Company. The oritioisms were replied to at length by the Chairman and other directors, as well as by several shareholders, after whioh the report was oarried unanimously. Mr. J. McCosh Clark moved, " That the meeting regretted that such serious charges

should have been made by Mr. Chamberlin against the directors, whioh he had com* pletely failed to substantiate." ~ , Mr. B. Kbksing seconded the motion, which was oarried with only one dissentient (Mr, Chamberlin). :,**?; BEMONBBATION «0 DIBEOTOBB. 3 , On the motion of Mr. Elkin, seconded by Mr. Goldib, a resolution was oarried alter* ing the annual honorarium to direotora from £1400 a year to £700. . The Chairman said the directors had adopted that course by only taking half their honorarium last half year. • DIRECTORS. * The eleotion of directors was then pro* ceeded with. . ' Messrs. A. Buckland and R« Hobbs were proposed by Mr. Compton and seconded by Mr. Matthews. Mr. Goldib proposed Mr. Elkin, whioh was seconded by Mr. Nelson. Mr. Goldie was nominated by Mr. Elkin and seconded by Mr. James. The show of hands showed Baokland 30, Elkin 26, Goldie 29, and Hobbs 26. A poll was demanded,, the result being A; Bucks land 33,150, R. Hobbs 32,599, D. Goldie 13,288, J. Elkin 12,700. There were 4159 informal votes. Messrs. Buokland and Hobbs were declared elected. AUDITORS. Mr. Minetti proposed and Mr, Bookland seconded the election of the retiring auditors, Messrs. T. L. White and J, P. Clarke. Mr. James proposed Mr. J. Waymouth, whioh was seconded by Mr. Goldib. A show of hands being taken, Messrs. Clarke and Waymouth were declared eleoted, Mr. Compton moved a vote of thanks to the ohalrman, direotors, and officers of the oompany, excepting Mr. Chamberlin, whose action he did not approve of. - Mr. Ridley seconded the motion. Mr. Beetham moved, as an amendment, "That & vote of thanks be given to the chairman, directors, and officials in the usual manner." Mr. Garliok seconded the amendment, which was carried. The Chairman and manager briefly returned thanks, and the meeting then terminated. CHAMBER OP COMMERCE. The quarterly meeting of the Auckland Chamber of Commerce was held on the 21at Oatober. Present Mr. J. Lamb (president), Messrs. W. Tait, J. Ross, J. Milne, Donald, C. Atkin, T. Henderson, A. Bell, G. Harper, J. M. MoLaohlan, W. Lodder, H. Green, S. Vaile, C. C. McMillan, J. Beid. A. Aiokin, Houghton, J. P. King. The minutes of last meeting were read and confirmed, also those of a special meeting held subsequently. QUARTERLY report. The quarterly report was submitted. Printed copies were in the hands of members. It was taken as read : — Cable Subsidy and Bates This Is one of the subjects that has been continuously and warmly taken up by this Chamber, and communications, from time to time, have been addressed to the Government, also to the Kastern Extension and China Telegraph Company, and various Chambers of Commerce in this and the other colonies, strongly urging that a sensible reduction of rates had now become a necessity. The whole question was considered in Parliament during last session, when it was decided to grant a subsidy of £6000 for the cable service, to be continued for five years—the rate for ordinary messages to be 6d per word, and Press messages not to exceed 3d per word, The Cable Company having refused to accept, the terms decided upon by the House, the Postmliter' General cabled the Agent-General to ascertain from tbe principal makers the cost of making and laying a new cable. This action on the part of the Government was approved of by the Chamber. Recently, your Council were solicited by the Wellington Cham, ber to urge p. temporary continuance of the subsidy to" the Cable Company, on the condition of the basis of rates formerly suggested being agreed to. To this a reply was returned, that after due consideration It was decided to leave the matter in the hands of the Government. Members will have observed from-latest telegrams from Wellington that the Government have resolved not to give a farther subsidy. . Customs Ovkrtimb and Hours op Work ax this Poet.— Complaints on the above subject by the mercantile community having been brought to the notice of your Council, communication wag at once made to the Government, with a view to redress. Six Julius Vogel, Commissioner of Customs, has stated In reply, on behalf of the Government, that th» department will be prepared to cause the hoars of attendance for the Customs Waterside Officers to commence at eight o'clock a.m„ throughout the year. With regard to the charge for overtime attendance of officers, the Commissioner of Customs states that the rates are the same as those in force in the United Kingdom and In the Anstialian Colonies, and is of opinion that, under all circumstances, the charges are not an unfair burthen upon the public. At the same time the suggestion is thrown out the complaints against the overtime attendance are probably due to the deficiency of shipping accommodation on the wharf, and specially the system by which a number of persona act separately and independently of each other as receivers tor tbe various companies. Delay in Transhipping Auckland Cargo by Direct Steamer from London.—Great dissatisfaction has from time to time been expressed at the serious inconvenience caused by the great delay in transhipping Auckland cargo arriving at Southern ports. This has been remarked, especially in the case of the lonic, whioh reached Dunedin on 3rd August last; and whose portion of the Auckland cargo arrived here on the 10th idom. Tour Csuncil, in consequence., have written a strong letter of remonstrance to the London Board of Directors of the Sbaw, Savlll, and Albion Company, suggesting that proper steps should be taken for prompt delivery of cargo consigned to this port. Haubaki Goldfields and Mining Industry.— This vital question is so bound up with the progress and prosperity of Auckland, and which has been allowed to languish during the past few years through a lack of proper representation, and the apathy of our members upon this important Indus' try, and also the total neglect of any fostering care on the part of the Government, was earnestly considered at a conference between a deputation from the Thames and your Council, held on the 13th inst. The disproportion of the allocation made l»«t session is disclosed in the following statement:—Assistance to prospecting by purchase of drill upon a subscription of onethird or more being contributed for the u«e £2000, rewards for the discovery of new goldfleld £2500, subsidy of £1 for £1 on money subscribed for prospecting for gold at deep levels £2000, rent of Tokatea block £120. The above is from the Consoli* dated Fund services. From the .Public Works Fund £67,000 has been voted for the Minister of Mines for roads and goldfields. Of this large amount not one penny has been voted for our goldflelds from Cape Colville to Te Aroha. Of this amount Nelson gets £24,700, Westland £9,200, Otago £5,250, Southland £400, Canterbury £300. £17,150 sub. sidles to roads and tracks in mining districts, upon a subscription of Jd being contributed. Those districts only whioh are financially best off can avail themselves of this vote, and this can only apply to the South, for there the whole of the rents and rights are the revenue of the local bodies, whereas here all that revenue goes to the natives. Another < vote, No. 85, is £15,100 for water-races in the South Island-nothing for the North Island. The remit of the conference was a recommendation by the delegates —A. To encourage prospecting and development of reefs at intermediate, lowest, and deeper levels, if necessary, b. By giving substantial aid for roads without unduly taxing the resources of the local bodies, c. For the construction of water-races at Waiomo, Karangahake, and Waihi. d. Encourage* ment for improved gold and silver saving appliances. And your Council are of opinion that these recommendations should have the warmest support of this Chamber. Admission or Country Members.— reference to the admission of country members your Council, having again carefully considered the subject, would submit the following recommendation to the Chamber : -That the several County Councils. throughout the Province of Auckland will, on payment by each of an annual subscription of £2 2s, be each entitled to send or appoint an accredited: representative to attend all meetings of the Chamber of Commerce, such representative being entitled to all privileges of the Chamber; and to afford every facility for County Councils belDg represented at each meeting, it Is not necetsary that they should nominate any particular one to attend throughout the year, membership being transferable to any one of their' members who may find it convenient to attend, on ' producing the necetsary authority. San Francisco Mail Service,—The Chamber will, be also called upon to express an opinion upon the acceleration of the San Francisco Mail Service as proposed by Sir Julius Vogel, Poxtmaster-General. ' The Chairman said they had ail the business of the committee before them except that regarding the No. 1 buttress. The Harbour Board considered the interest of the ferry service paramount to the interests • of the harbour for deep berths, and his resolution at the Board was negatived. In moving the adoption of the' report, the Chairman said:—On examining the statistics of the colony for 1881 as published in a separate Blue Book in 1884, showing the number of manufactories, works, &c, in the several provincial districts of the colony, Auckland details show in 1886 remarkably well, and notwithstanding the reoeot widespread depression, the secretary informs us that even now the progress made in our district in all classes of industries has been very marked indeed. The council and secretary devoted considerable attention to the matter, and from correspondence, personal conversation, and different sources, have compiled a return of the principal manufactories and industries, which show that this part of the North Island has been steadily and satisfactorily progressing during the periods between 1881 and the present time. It must, however, be recollected that the totals are only approximate, but we feel sure that from the labour bestowed in the compilation, the figures may bo relied upon, and & perusal of them will, we think, satisfy the chamber and its readers that the immense amount of capital invested in the different works and undertakings must not only be an evidence of the prosperity of this portion of the colony, but an absolute proof that in the early future these industries will be a source of circulating and remunerative ; capital which will not only employ a large amount of skilled labour, bat afford > means of training and educating a fair proportion of our youth in acquiring a full knowledge of a class of business which.will be beneficial alike to individuals and corporate bodies. The compilation has been carried out on the lines of the Registrar-General . ->**rt of 1881, and will, we think, tell u. A efoj

ffienutX The total number of industries are' [626* employing 7000 bands, with an approximate value of £1,627,877. The total annual production of New Zealand is atated at 2053 tons of cheese, and 6433 tons *rf butter, as against 1419 tons of the former, wad 3,774 tons of the latter in 1881, showing • aolid and satisfactory increase. Of these quantities, the North Island produced 6,348,1561b of butter, and 1,554,4311b of tJheese, and the South 5,819,5831b of butter ••no 8,040,3641b of cheese. In cattle, Auckland heads the list with 205.267 head. ; Wellington oomes next with 166,000 head. i Canterbury possesses a larger number of ? pigs than any other district. Auckland Would do well to pay more attention to this i claw. There is another view which we have I to take notice of; that is, the imports. We ', Imported from the United Kingdom seed, : candles, linseed and olive oil, preserved fish, : «ttd preserved milk, equal to £255,891. From ! Hew South Wales, fresh fruit, horses, cattle > Mid sheep, equal to £24,590. From Victoria ; flour, fresh fruit, stud sheep, confectionery, candles, ohaff, £42,599. From South Aus- : tealla, £4257, flour and jams. From Fiji and the South Sea Islands, and whale fisheries, £18,934, fresh fruit. From Tasmania, fresh fruit, jams, and sheep, £32,605. From the United States, preserved fruit, fish, hops, !rasa and clover seeds, £34,127. From Jhina, fruit and preserved fish, £1051. From, Germany, Holland, Franoe, and Belgium, £464, seeds, grass and clover, presorved fruit, and starch. I draw attention to these Imports simply because we should be able to produce a large proportion ourselves and save the money from going out of the country, Prosperous local industries should have our Warmest support, so as to aid those who are employed in them, and to extend their useful* xiess ; so that the rising generation may be trained to usefulness and profit to the nation. Mr. AIOEIK seconded the report, and drew especnal attention to that portion of the report referring to the mining industry. The clauses re cable subsidy and rates, Customs overtime and hours of work, and re delay in transhipping, were passed without discussion. 7i?he clause re the admission of country Bombers was moved by Mr. Rosa. It was t>'4 emendation arising from a discussion %hioh had previously taken place in the ' Chamber. All matters affecting the country could be brought before the County Councils, and brought before the Chamber in a concrete form. . This portion of the report was then carried, but it was pointed out that a special meeting would be required to confirm it, as it was an alteration in the constitution. Re the San Francisco mail service, Mr JtiCKW read the following telegram from Sir Julius Vogel, addressed to the Chairman of the Chamber — " San Francisco service to ensure our mails reaching New York in time for the Saturday fast boat for Qaeenstown, purpose asking the Postmaster.General of New South .Wales to agree to the steamers leaving a day earlier from Sydney, on Wednesday, and from Auckland on Monday, mails would reach London three or four days sooner than at present. Kindly favour me With your views on proposed change." ( After some disoussion the consideration of the question was postponed to a special meeting, and it was agreed to telegraph to Sir Julius Vogel, asking if there was any , probability of the overland route being shortened in time. WOOLOBOWERS' ASSOCIATION. The next business was to consider a letter from the Woolgrowers' Association, Christchurch, asking the assistance of the Chamber to procure the remittance of Customs' duties on certain American productions in return tor the admission of Australian wools into the United States free. Sir. Aickin read the communication, and ' be moved that the matter be referred to the committee, as it opened up a very important subject and affected their relations with the old country. Mr. Lodder seconded the motion, and it Was -carried. NEW HEBRIDES. ! The next business was to consider a copy of. a resolution passed by the Melbourne Chamber of Commerce, asking this Chamber's assistance, having reference to the continued retention of French troops in the New Hebrides. The letter was read. It enclosed the resolution asking the views of the mercantile community, with a view to strengthening the bands of the Government in securing the evacuation of the New Hebrides Islands by the French troops. Mr. Aickin read the resolution in full, and said, although the matter had been little before the Chamber, all the members were acquainted with the subject, and he j thought they should act loyally in supporting this movement. The French colonising System was a vicious one, and they could not do better than endorse the action of the Melbourne Chamber of Commerce, and he moved accordingly. Finally the resolution to endorse the action Of the Melbourne Chamber and cordially support it was carried. SHE SAN FRANCISCO MAIL SERVICE* A special meeting of the Chamber of Comroeroe was held on Monday, Oot. 25, to consider this question. The president had telegraphed to Sir Julius Vogel re the post'eibifity of shortening the transcontinental ; service, and received the fallowing reply — ."San Francisco service: They only talk of shortening the trans-continental railway service, but there seems little probability of early action. Meanwhile, 1 want to be assured of catching the Saturday boat at New York to ensure regularity and greater speed. Please understand that decision will be subject to approval of Government New South • Wales.— Vogel." There were present at the special meeting : Mr. John Lamb, president, Messrs. G. Harper, J. Milne, T. Henderson, C. Atkin, C. F. James, MoLeod, Boss, R. A. Isaacs, J. Reid, Tait, G. Aickin, W. Lodder, McLachlan, G. P. Pierce, and Connelh The President read the telegram from the Colonial Treasurer quoted above, and eaid that the position they now occupied was in a nutshell. Were they willing to despatch the mail one day earlier here in order to gain three days in London. It would be a pity if they let it pass, for the San Francisco mail service was of the . greatest service to them. He had called that day on the managers of the banks, and they said that despatching the mail from Auckland on Monday evening would not Interfere with them or make them do any extra work outside the usual business. Mr. Ross said he had prepared a series of resolutions, which he proposed as follows :— *• That the Chamber is of opinion that immediate steps should be taken to ensure our mails reaching New York in time for the Saturday's fast steamer for Queenatown, but does not approve of changing the day of departure of the mails from Auckland from Tuesday to Monday, as such change would very seriously inconvenience the mercantile community of this city (Ist) by necessitating the bulk of correspondence being done on Saturday and Sunday, thereby depriving many of the Saturday half holiday, and interfering with the due observance of the Sabbath ; and (2nd) by nullifying the value of the direct service to Auckland, as all chance of replying promptly to letters by these steamers, which generally reach Auckland on the Tuesday morning of the departure of the 'Frisco mail, would be lost* This chamber would, therefore, respectfully urge : (a) That every effort should be made to induce the United States railway authorities to shorten the time of the transit of I the mails across the American continent by ; 24 hours; (6) That the time of the passage .'between Auckland and San Francisco of the ■ Pacific Steamship service should be shortened to 470 hours (instead of 480, as I now). (This could easily be accomplished by shortening the stay at Honolulu) (c) or that the time of the departure of the New York train from San Francisco be altered from three p.m. to nine (or ten) p.m. or arrangements made for a special train to Overtake the three p.m., the Pacific service being shortened to 460 hours, (d) That failing either of the foregoing courses being arranged, the mail steamer be altered to leave Sydney On Wednesday at suoh time as to reach Auckland early on Monday morning, taking her departure at say six p.m. the same day." Mr. Habpek seconded the motion pro a, forma After some discussion, Mr. Connhll said he had an alternative resolution to propose, BO as to , give rise ' to some discussion. It was : "That the Chamber is willing that the days : of departure of the English mail from Aucki land via San Francisco should be altered as a .temporary expedient, but as a temporary ! expedient only, from Tuesday to Monday, ;t)ut not to an earlier time for closing of the 'mail than five p.m., provided that the alteration will ensure the arrival of the mail at $New York to catch the Saturday's Cunard ftSsaomr for Loudon* 2. That, inasmuch aa

the alteration involves very serious inconvenience to the mercantile community of this oity, every effort should be made by the Government to induce the railway management to shorten the transcontinental Bervice between San Franoisco and New York by twenty-four hours, so that as soon as possible the time for the departure of the mail from Auckland may be again arranged as at present for Tuesdays/' The resolution agreed to altering the day of departure from Auckland to Monday, but did so reluctantly, and he drafted his amendment by way of a compromise. He was satisfied that when they worked for a month or two at the altered time, they would all be anxious to get rid of it and return to the present time-table. Mr. Lodder thought they should leave the matter entirely in Sir Julius Vogel's hands. He was best able to deal with it; but he would vote for the amendment rather than the resolution: After a lengthy discussion, Mr. Boss withdrew his motion in favour of that proposed by Mr. Council, and the latter was then put to the meeting and carried unanimously. Mr. Aickin then moved, "That the ohairman be requested to telegraph a copy of the foregoing resolution to Sir J. Vogel, together with the thanks of the Chamber for the interest he has displayed in connection with the important subject of shortening the time of transit of the mails." He said Sir J. Vogel had stuck loyally to this line, believing it to be the best service as it was the shortest, and the net cost to the colony was very trifling, if it did not leavb a profit. The motion was seconded by Mr. Loddxb, and carried unanimously. NEW ZEALAND INDUSTRIAL ASSOCIATION. A meeting of the general committee of this association was held on Oct. 25 at Robson's Rooms, at which there was a large muster of members, which may be regarded as a sign of the growing interest felt in the objects of the association. After some preliminary business the Chairman delivered an address, which was subsequently commented on by various speakers, who gave illustration of the several points touched on, and of the necessity for the movement now inaugurated. It was then successively resolved as follows : — 1. "That a committee be appointed to take measures for securing the services of a paid secretary, and to raise a guarantee fund for the purpose, if need be, of supplementing his salary." 2. "That a committee be appointed to collect statistics respecting the several in' dustries requiring the encouragement of the association, and the necessary adjustment of the tariff." 3. " That the address of the chairman be published, and that copies of the same in leaflet form be circulated throughout the country." NEW ZEALAND SHIPPING COMPANYA meeting of Wellington shareholders in the New Zealand Shipping Company, was held at Wellington on Thursday, the 21at of October, Mr. G. Fisher, M.H.R., in the chair. The following resolutions were moved by Mr. J. R. Blair :— " 1. That tho time has arrived when it is imperative on the part of the Wellington shareholders in the New Zealand Shipping Company to combine and take prompt action concerning the management of the company. 2. That in the opinion of this meeting, it is desirable that the directorate of the company be reconstructed, bo that the interests of the shareholders in tho company may bo more equitably represented. 3. That as more than a third of the shares of the company on the register in the colony are held in Wellington, and taking into consideration its economic position for the purposes of management of the affairs of the company, the shareholders take the necessary steps to obtain a local board of direotors, as provided for in clause 43a, pago 21, of the articles of association. 4. That the Board of Directors of the company be invited to rescind their resolution limiting the number of directors to the minimum number, so that the number of directors shall stand at the maximum number authorised by the articles of association, and that they convene, as Boon as they may, an extraordinary general meeting, to elect directors to vacancies bo made." The resolutions were carriod unanimously. The following were appointed a committee to give effect to the abovu resolutions : — Messrs. Blair, Trungham Fisher, Lockle, and Spreat. BELENSVILLE TIMBER COMPANY (LIMITED). The ordinary annual meeting of the Helensville Timber Company, Limited, was held on October 29 at their office, Star Buildings, Fort-street, Mr. Arthur Bull, chairman of the company, presiding. The secretary (Mr. J. A. Walker) read the notice convening the meeting, and the minutes of last annual meeting were read and confirmed. The following report and balance-sheet were taken as read :— Fifth Annual Report. To the BHAR.inoi.nERS, — Your directors hava pleasure in presenting tholr fifth report and balancesheet for the year ending 30th Septombor, ISS6. The mill and machinery have been maintained in efficient working order. The cost of all ropairs, besides the sum of £563 0s 7d for depredation, has boen charged to revenue account. The balanco of the year's trading, after deducting the above sum of £503 0s 7d, shows a net profit of £84 I9s Sd, which, added to the amount brought forward from last year, makes a total of £2613 12s lOd, which, subject to payment of £76 12s for directors' fees, it is proposed to carry forward. In accordance with the articles of association, tho directors retiring are Messrs. A. Bull and John Reid. Mr. Bull offers himself for re-election. The auditor also retires, but is eligible, and offers himself for re-elec-tion.— Arthur 8011, Chairman. — Auckland, 16th October, 1836. BALANCE-SHEET AT 30TH SEPTEMBER, 1836. Liabilities.— : 4000 shares at £5 each, £20,000, capital issued: 1773 shares at £5 each [paid], £8865 ; capital Issued, 4 shares at £1 each, £4 ; bills payable, £4790 163 9d; National Bank of New Zealand. £2005 13s sd; accounts owini? by company, £1731 6i 8d ; dividends unpaid, £30 15s lOd ; balanco profit and loss account, £2613 12s lOd : total, £20,041 5s 6d. Ahsets.—Freehold property, £404 12s 6d ; do bush, £588 ; do manager's house, £127 6j 2d : mill building, machinery, and railway siding, £5630 5s 7d ; less depreciation [£568 0s 7d], £5112 ss; accounts owing to company, £1846 10s 6d ; timber at mill and yards and stores, £11,893 ; cash in hand, £9 lis 6d : total, £20,041 5s 6d. Profit and Loss Account. By wages and salaries, £4059 0s 5d ; general expenses, discount, and commission, £2355 7s lid ; freight [railway charges] £1099 15» 4d ; depreciation, £668 Oj 7d ; bad debts, £525 8s 3d ; balance, £2613 12« lOd : total. £11,821 0s 4d. To balance from 30th September, 1885, £3057 10s Od; less directors' fees (£9O 6*) and dividend at 5 per cent. [£438 10s lOd], £2528 13s 2d ; rent of houses, £66 10s ; gross profits, £9235 8s 2d : total, £11,821 0s 4d. The Chairman then said : Gentlemen, — The balance-sheet has been in your hands for some days, and there are some points in connection therewith to which I will refer. It will be seen tftat, as compared with last year, our stock of timber at yards and mill shows a large increase. This is, no doubt, mainly owing to the restricted sales consequent on the dulnesa of trade, while the purchase of timber under contract has gone on as in former years, but the contract under which the bulk of this supply has been received is virtually terminated, and in future we shall be in a position to reduce stocks and purchase in the open market according to our requirements. It will be seen that a marked difference exists between the accounts owing to the company in the present balance-sheet as compared with the last namely, £1846, as against £6043. Thisio owing to the fact that the local trade has practicality collapsed, necessitating virtually a new departure, as our trade iB now mainly a shipping' one, entailing some expense in adapting our yard to the new business. There are two other items to whioh I wish to refer, viz., bad debts, £525, as against £72 for last year, and depreciation, £568. With regard to the bad debts, a proportion of these are chargeable to last year, as they refer to • accounts then outstanding, but reckoned good, but which have become worthless, owing to subsequent failures. With regard to depreciation, £568, it is a question whether, in a small concern like this, the deduction annually of 10 per cant, should be maintained. We have now written off in this way £2100 from an original total value of about £7200. The machinery, buildings, and plant have been thoroughly maintained and added to out of current expenditure, and there is no doubt that as a going conoern the plant is fully worth what was originally expended upon it. The amount to be charged under this head will be a matter for consideration in future years. Taking the balance-sheet as a whole, I can see no cause for dissatisfaction, having regard to the very unfavourable nature of the times. It will be seen that our liabilities) are £8548, as against book debts and stock, £13,748, leaving a balance of about £5200, as against a share capital £8869, besides our mill, machinery, freehold property, and bush. The stock has been carefully valued, and the rates are well within even the present low margin of prices, I move the adoption of the report.';

Mr. H. Brown seconded the adoption of the report.

After some questions had been asked and answered, the report was adopted.

Mr. J. Bbown proposed, and Mr. MoLeod seconded, the re-eleotion of Mr. A, Bull and the election of Mr. H. P. Kavanagh as direotors. The resolution was carried, the Chairman remarking, in reply to a suggestion by Mr. Brown as to whether they should consider the question of reduoing the number of direotors, that they had reoently reduced the number from seven to five, and he did not think it would bo advisable to make the number smaller. Mr. Kavanagh proposed, and Mr. MoLeod seoonded, tho re-appointment of Mr. John Milne as auditor, at the same remuneration as before, namely, £25 a year, and £4 4s for travelling expenses. The resolution was carried. After some further discussion, the meeting terminated with a vote of thanks to the chairman. AUCKLAND RIFLE ASSOCIATION. The annual meeting of the members of the above association was held in the City Guards room, at the Drill-shed, on November 3. The report and balance-sheet for the past year wore read by the Seoretary (Mr. W. Jennings). Tho receipts amounted to £190 lis, and there was a balance of £10 19s Sd in hand. Election op Officers. — Mr. James McCosh Clark was elected president of the association, and Dr. Campbell, Mr. A. Devore, and Messrs. Mitohelson, Thompson, and Peacock (M.H.K.s), were unanimously elected as vice presidents. Captain White (Gordon Rifles), was enthusiastically reeloated treasurer. Mr. W, Jennings was re-electod secretary. Committee : Lieutenant Moore, A.N.; James Trayes, D.N.; Corporal Doughty, "A" Battery; Captain George, "O" Battery; Sergeant Rose, Victorias ; Sergeant Sole, City Guards; W. Jennings, Hobson Rifles; Rotherham, Queen's Own ; Nutt, Newton Rifles ; Captain White, Gordons ; Lieutenant Keesing, Waitemata Navals ; Captain Morpeth, Fonsonby Navals; Captain Dulse, Onehunga Navals ; Sergeant Dawson, Engineers; Lieutenant Leahy, Onehunga Rifles ; Captain Hazard, Viotorias ; Captain Macdonald, Ponsonby Rifles. Dragoons, Captain Kempt. The captains commanding tho Thames, Whanganui, Wairoa, Dargaville, Waiuku, and Te Awamutu corps were also elected on the committeeAuckland Ammunition.-— Captain Whitney stated that he would present £5 to the association for the purpose of ereoting a moving target. Ho would leave it to the committee, however, to do what they thought best in the matter. The Grst annual meeting of the shareholders of the Leader Newspaper Company was held on the 19th October at Robson's Rooms. Thero were some 25 to 30 shareholders presont. Mr. J. T. Garlick (chairman of directors) proiided. The report of the directors for the year ending 30th September was read, and showed that the direotors had purchased a printing plant, according to the resolution of shareholders, and that the Leader was now being printed with that plant. Tho balance-sheet the directors considered fairly satisfactory, as the small deficit was from tho necessary expense in creating a now business, and was simply looked upon as laying out a small sum for a good will. Tho plant was taken over at cost price, but its real value covered the small deficit alluded to. On the motion of the chairman, the report was unanimously adopted. Messrs. J. Newman and F. G. Ewington declining to be renominated directors, owing to numerous business engagements, Dr. Knight and Mr. S. J. Ambury were elected to fill the vacancies thus created. Mr. A. Cox moved a vote of thanks to the directors, coupled with the name of Mr. G. B. Lilly, the editor. The chairman responded on behalf of the directors. Mr. Lilly, also returned thanks for the compliment accorded to him. One hundred shares additional were taken up in the room, after which the meeting separated*. The annual meeting of the shareholders of the Onehunga Public Hall Company took place in the hall on Oot. 22. Mr. L. J. Trollope (chairman of directors) presided. The receipts were £837 6a lOd, and there was a balance of about £2 after paying expenses. Messrs. Adams, Beaver, and Tapp were elected directors. Mr, P. Clark was reelected auditor. The annual general meeting of the members of the Parnell Lawn Tennis Club was held on tbo lawn, opposite Bishop's Court, on the 20th of October. There was a good attendance of members. The eleotion of officebearers resulted as follows :— President, Mr. Ruck (re-elected) : hon. treasurer. Miss Mowbray (re-elected) ; hon. secretary, Mr. R. G. Thomas (re-elected); and the following ladies and gentlemen were elected a committeo for the ensuing season, Miss Bar3tow, Mrs Goodhue, Miss O. Kemptborne, and Miss Whitney, and Messrs. W. P. Goodhue, E. B, S. Mercer, J. R. Reed, and R. H. Walpole. The balance-sheet, whioh was of a most satisfactory character, showed a credit balanco in hand of £6 123. Votes of thanks were passed to Miss Mowbray and Mr. Thomas, for the satisfactory manner in whioh they had performed their respective duties as treasurer and secretary. The annual meeting of the Northcote Lawn Tennis Club was held in Mr. Lind'a Hall, Northcote, on October 16, when the majority of members attended. The balancesheet and report wero read and adopted, showing tho club to be in a fairly satisfactory condition. Fifteen new members were proposed, and balloted for, and all were sleeted. The following officers were then elected for the ensuing year ; —President: Mr. C. E. Button. Captain : Mr. E. S. V. Mowbray. Secretary and Treasurer : Mr. E. Purdie. Committee of Management : Mesdames Brassey and Hitchcock, Misses Purdie (2), Messrs. Arthur, Brassey, and Jackson. The annual meeting of the Auokland Rob Roy Canoe Club was held at Mr. Blomfield's pharmacy on Ootober 26, when there was a good attendance of members. The report, which was read and adopted, showed the club to be in a most satisfactory condition, and a credit balance of £3 in hand. The election of officers for the season resulted as follows Captain, Mr. Blomfield ; secretary and treasurer, Mr. H. Hinton ; committee, Messrs. Houghton and J. Shaw. A vote of thanks was accorded to tho retiring secretary. Several new members were proposed. A largely attendedmoetingof gas consumers was held on Oct. 22 in the Chamber of Commerce, to consider the numerous complaints which have been rife for some time regarding consumers' gas accounts, the quality of gas, &c. It was stated, on the authority of Sir Frederiok Whitaker, that if an investigating committee were appointed the company would afford them every facility, by giving them access to their books and accounts, and also to their works to carry out their investigations. A large and influential com* mittee was appointed to receive complaints, and conduct the investigation. The annual meeting of the Thames Choral Society showed that it consists of 35 performing and 66 honorary, in addition to the proprietory members, being a marked increase during the year. The funds ere in a healthy condition, and an honorarium was voted to the conductor, Mr. John Grigg. A meeting of the Ponsonby Lawn Tennis Club was held on the ground on the 23rd October. Mr. T. T. Masefield presided. The officers were electod for tho season as follows :Committee, Messrs T. T. Masefield, J, Dacre, E. Cooper, W. J. Rees, and Foster ; hon. secretary and treasurer, Mr. H. Shaw. The annual subscription was fixed at 10s Gd for ladies, and 21s for gentlemen. SiThe anuual meeting of Auckland District Court of Ancient Order of Foresters was held in the hall, Karangahape Road, on the 29th October, commencing at six o'clock. Brother W, Lepine, D.C.R., in the chair. The annual report of the executive referred to the excellent terms existing between all the subordinate courts and the district court, and to the flourishing state of the Order of Forestry both in the colonies and England. In the Auckland district during the past year three new courts were opened ; 281 new members had joined, while £1246 had been given in sick payments, leaving court funds at date £12,037. The property of the district was valued at £2276. The balance-sheet and auditors' report were read and adopted, and a number of amendments were made in the general laws, after which the following were elected ofiioers for the ensuing year ;—Bro. William McCullough, D.C.R. (aleoted unanimously); James Carlaw, D.B.C.R. ; F. Greene, District Treasurer; H. T. Garratt, District Secretary (re-elected); H. O. Cumane, D. Beadle, and Brothers Wigg and T. McKeown, auditors. The annual meeting of shareholders of the Helensville Flour Mill Company, Limited, was held on November 1 at Mr. MoKeown's rooms, Lower Queen-street, Mr, Isaac McLeod in the chair, Two thirds of the

existing shareholders in value and number were represented. The minutes of the previous meeting were read and confirmed. It was proposed, seconded, and carried that the direotors' report and balance-sheet, as read, be adopted. The two retiring directors by effluxion of time, viz., Messrs Oxley and McLeod, being eligible, were reelected, and Mr. Curtis Moore was elected to the vacant seat in the directory. After carefully considering the position of the company, it was proposed, seconded, and carried that the direotors instruct the bank to dispose of the mill, plant, ic, by public auction on the 9th day of November next, at the Agricultural Hall, City Market, Messrs Hesketh, Aitken, and Co. being the auctioners. It was proposed, seconded and carried that the directors be empowered to wind up the company at as early a date as possible. A vote of thanks to the chairman terminated the proceedings. The annual meeting of the shareholders of tho Otahuhu Public Hall Company was held in the boardroom on Wednesday, the 27 th Ootober, at eight o'clock p.m. Mr. Sturges, ohairman of directors, occupied the chair. The receipts for the year amounted to £119 13s lOd, and there was a balance of £23 183 7d in hand. On the motion of the Rev. F. Gould, Messrs. R. Robertson and J. Wallaoe, the retiring directors, were re-eleoted. On the motion of Mr. Luke, Mr. Fallwell was elected seoretary and treasurer. Mr. Gordon was re-elected auditor for the shareholders.

The annual meeting of the Kaiapoi Woollen Company was held on Oct. 27. The direotors' report recommended 10 per cent, dividend for the half, year, ending September 30, absorbing £5000. £683 was carriod forward to the new account. The report was adopted. Mr. G. H. Blaokwell was reelected chairman of directors.