MEETINGS.

New Zealand Herald, Volume XXV, Issue 8963, 30 January 1888, Page 1 (Supplement)

MEETINGS.

THE NEW ZEALAND INSURANCE COMPANY. The annual meeting of the shareholders of the Now Zealand Insurance Company was held at the offices, Queen-street, on the 11th January. There was a good attendance. In the absence of the Hon. James Williamson (chairman of directors), Mr. J. McCosh Clark presided. REPORT AND BALANCE-SHEET. Mr. G. F. Fierce, general manager, read the advertisement calling the meeting ; and the minutes of the last annual meeting having been confirmed, Mr. Pierce read the following report of the directors:— The directors have much pleasure in submitting to tho shaicholders the piutlt and loss acc.mut and balance-sheet for the year Gliding Isoth Novomber, ISS7. The not premiums, less re-insurant-*, amount to £2.2,333 lGs 6*!, showing an increase af £5,240 IDs 2.1 over last ye ir. After settlement of all claims— which have been very numerous,—making due provision for all known 10.-ses, carrying £S.OUU to iuveitmont fluctuation account, and paying an interim dividend of os per share iu Ju!y last, there remains a balance of £10.145 19s 3d, from which your directors propose to pay a dividend of 3s per share, which will absorb £15,010, leaving £4,146 19s 3d to ha carried forward to next year. Warrants for thu dividends will be is-ued at tho head oil: c of the company to-morrow, and at Branchos and Agencies on receipt of advice. Messrs Kussell and Campbell are the retiring directory and, being eligible, offer themselves for re-election. -Messrs Fiasor and Laurie, who vacate the office of auditor*, seek t:cn.—For the boaidof director;, Jamls Williams Chairman. The General Manager then read tho balance-sheet for the" year ending 30th November, as follows : — PROFIT AMD LOSS. BE. £ S- d. £ s. d. Dividend for the l;alf-;eir ended 3 ! Jlh .November, IS>B .. .. .• 13,C00 0 0 Dividend for the half-. voir ended 31st May iaa7 .. .. •• 15,000 0 0 30,000 0 0 Commissions, salaries, and other expeases .. . • -« •• 59,233 14 1 Government taxes and payments to Kite aid .Marine Associations .. .. 4,534 8 3 Fire and Marine losses, and appropriaon I.'r unpaid losses .. .. 143,708 1 10 Investment fluctuation account .. fc.'XO 0 0 Balance .. -. •- .. 19,14b 19 3 £204,622 3 6 cit. "i. s. d. Balance at SOtli November, ISSo .. 15,031 5 10 Fire and marine premiums, lees returns and reinsurances .. .. •• 222,533 10 6 interest aud reut3 ... .. -• 23,107 I 1 £254, 3 5 BALANCE sheet. Dp £ s. d. £ s. d. Capital .. ... 200,000 0 0 Hesfrve Fund ... 135,000 0 0 lie-insurance Fund .. lu.,oQi) 0 0 235,0C0 0 0 Investment fluctuation account- viz., amount last year .. 17,179 7 6 Transfer from p.-oflt and loss account _ S,COO 0 0 » £-25,170 7 6 Less written off for Depreciation in uuutiry investments .. 14,709 "2 4 I 10,470 r» 0 Appropriation for unpaid losses .. 2^,.04 0 0 Deposits and other liabilities .. 27,0f 80 0 Balance .. .. .. •- 10,110 19 3 £513,713 4 5 or, £ s. d. a. s. d. Investments— lloilg.is:os and shares 154,977 19 1 Coun.siiy's freehold cilice premises and other real estate .. 260,51S 410 United States bonds .. 1",5.'4 8 5 Debentures .. .. 11,030 11 4 Leans at call, short periods, and fixed l>a:i£ deposits .. 23,602 17 1 4C7.054 0 9 Accrued Interest and rents .. .. 2,171 7 9 Bills receive .. .. .. -'91 5 - Sundry debtors .. .. .. 1,1 -•> O 7 Bnncu and agency balances .. 37,916 12 4 Cash in bank and in baud .. .. 4,204 17 10 £313,748 4 5 THE CHAIRMAN'S SPEECH. The Chairman moved the adoption of the I report and balance-sheet. He said that it was customary on occasions such as the present for ':he chairman of the meeting to j express pleasure in moving this resolution. Although, unfortunately, cn many occa- J sions the figures of the balance-sheet j and the tenor of the report scarcely j warranted the chairman in expressing any great pleasure, the present was not one of these occasions. The balance-sheet was one that the directors might submit with pleasure, and that the shareholders might receive with equal pleasure ; for it ahowgil a substantial profit on the business of the year, j Takiug the special business of an insurance j company, the year's profit showed a substan- ' tial increase of £15,000, which, with rents and interest amounted to £33,000, which enabled the usual dividend of 15 per cent, to be declared, and left available the sum of £8000, which the directors had thought fit to write to the Investment Fluctuation Account. Comparing the business with that of last year, the increase of premiums for the year amounted to £5240; a small portion of this was occasioned by an increase of tho rates, but the bulk was caused by the expansion of the business of tho company. ' In the face of the keen competition, not only in the colonies, but in other parts of tne world where the company are carrying on operations, he thought the result of the last year's trading was such as to war« rant the directors in expressing pleasure. In referring to the fire and marine losaea, they found that the account was scarcely so satisfactory. The loßSeo during the previous I year amounted to £133,393, whilst this year I the amount set down under this head was £143 703. This, of course, after making ample provision for all known losses not yet adjusted, showed a difference to the bad of £10,315 against last year's operations on this account. Under this head no large losses had taken place the largest in the marino branch being £4750, held by tho company upon the Japanese warship Unevi; whilst tne largest fire loss was that upon the Loan and Mercantile Company's stores at Gisborne, £3353. The losses had been occasioned by the numerous small fires which had "recently occurred, a sure indication of bad times. Nothing eo surely exorcised the fire demon, however, as good times, and there were indications that the worst had passed, and that tho company's business in this respect was improving. He might state that the company were careful that the risks were well spread, and that too great risk was not taken upon any building. The Investment Fluctuation Account had been opened some years ago, on account of the rapidly increasing value of freehold property, bat latterly this value had again declined, and the directors had deemed it advisable to write £8000 from the profit and lobs account to this fund. The company's premises in Melbourne were now completed, and the company were occupying their new offices in those premises, whilst many inquiries had been made for the unlet portions of the building. Although the price given for these offices was at the time thought too high, the value of property in Melbourne had since doubled. Their Inspec tor had recently visited China, Japan, and California, and although competition was keen, he regarded the prospects of the company in those places as favourable. Mr. Clark had much pleasure in moving the adoption of the report and balance-shect. (Applause.) . The motion was seconded by Major F. jN. Geobge, and unanimously adopted,

DIRECTOHS. Mr. L. O'Brien proposed, " That Dr. Campbell and Mr. T. Kussell he re-electcd directors for the ensuing year." The motion was seconded by Mr. T. Chino, and carried. auditors. Mr. J. Batgeu moved, "That Mesara. G. Fraser and \V. S. Laurie bo re-appointed auditors." Mr. A, Webster seconded tho motion. Mr. Upton remarked that the two gentlemen named had been auditors of the company for a very long time. Whilst there was a good deal to bo said in favour of the office of auditor being held for a considerable timo by the aamo person, there was also something to be said on the other side. It was desirable that thero should be an occasional change in the office of auditing for companies, aud that a new eye should frequently take a look at the accounts. He moved, "That Mr. A. 13oardman be appointed an auditor for the ensuing year," and referred in eulogistic terms __ to Mr. Boavdman's qualifications for the office. Mr. H. Green seconded Mr. Upton's motion. A show of hands was taken, and resulted as follows :—Boardman, 14 ; Fraser, 9 ; Laurie, 7. The chairman accordingly declared Messrs Boardman and Eraser elected auditors. Mr Boardman briefly returned thanks, HUSKS.

Mr T. Peacock, M.H.K., moved, " That the thanks of the shareholders be given to the directors, auditors, and officers of the company." They had reason to bo satisfied with the way in which the business of the company had been carried onnot only at tho head office, but at the other offices in the colony. Major George seconded the motion, remarking that the officers had done their work well, espocially in the present bad times. Tho vote was unanimously passed. _ The Ciiaikman, on behalf of the directors, thanked the meeting for tho cordial manner in which they had passed tho vote, which was thoroughly deserved. (Hear, bear.) Mr G. f. Piiekce acknowledged the vote of thanks on behalf of the staff. At times like tho present such a vote was very encouraging. AUCKLAND CHAMBER OF COMRUE. The quarterly meeting of tho Auckland Chamber of Commerce was held on the 20th January. Present: Mr. A. H. Nathan (chairman), .Messrs. W. Lodder, Bridgewater, Groom, A. Clark, M. A. Clark, J, Milne, S. Vaile, G. Aickin, Byron, J. Reid. The miuutes of last meeting were read and confirmed. CHAIRMAN'S ACDKKSS. The Chairman said as they were aware, this was the quarterly mooting o£ the Chamber, and he regretted that there was not a larger attendance ; but he presumed the reason was that a good many of tho members were absent on holiday excursions. Since their last meeting there were many matters of interest to which tho committee had given attention, and to which reference was made in the report, which was now before them. During the period which had elapsed since their last meeting the commercial interests of the place had not shown much elasticity ; but during the last few weeks there had been somewhat of a revival of trade. Of course the public expected booms such as they were now experiencing in Australia, but ho did not expect them, and thought that here they must wait and work slowly to recover a restoration of confidence, and they might safely look forward to this for several reasons. First, there was their timber industry, iu which there was a great improvement; and the shipping interests had also revived so much that vessels were not now to bo had, and freights had risen all over the world. The present season for wool and grain was also good, and although they had not yet felt the effect of this, they would iu the course of a few months. Since their last meeting many matters had been placed before the Govern ment by the committee, but the change in the Government had militated against the necessary attention being given to these matters. In regard to the bankruptcy laws, there was much need for alteration. The Chamber had received from New South Wales a copy of their Act, and the Council would have to go into it aud consider it. The Chamber of Commerce of Wellington had for\v»rd*d their ideas on tho subject, and those also would have to be taken into consideration. Then with regard to their gold mining industries, and how to forward them, these were matters of the greatest importance. With the introduction of English capital they would no doubt see a great revival, and their goldtlelds would be brought iuto greater prominence. Of late they saw that there was a large amount of capital for investment in the goldfields, and if they showed tho capitalists a fair and legitimate prospect they would have many millions introuncod, »3 was now the case in Queensland. That was brought about by tho superior energy displayed by Queanelaud at the Exhibition, | where they introduced a crushing battery aud kept up a supply of quartz, bringing their mining industries prominently before the British public, and obtained large support. And so with the two or three companies floated here. If they were carried on in a straightforward manner, and proved profitable they would be able to introduce as much capital as was required. Then as to the question of a bonus for the introduction of gold-having machinery to deal with refractory ores, owing to tho rush of business tho matter was shelved and the present Government had been unable to give them any help, either in ; the way of helping to develop their mines or of bonus for tho introduction of machinery. There was one other question which was well worthy of their consideration, and that was regarding the loan now ' about to be floated. They had all seen the j letters suggesting that it should be floated in New Zealand, aud his own opinion was that it would be a great advantage to Now Zealand, for they would not only keep the | interest iu the country, but would show their confidence in their own resources, that their finances were sound, and that they were solvent. This was only his own opinion, but if the Government issued debentures of £5 or £10 scrip, and they were taken up in the colony, tho effect would be very good. At all events, confidence in New Zealand was returning, as was shown by the very great success of the City of Auckland loan, and since the new year there had been a gradual rise in New Zealand stocks. He would not detain them longer, and they had ' now before them the report of the committee. QUARTERLY REPORT. Printed copies of the report were in the bands of members, and it was taken as read. We extract the following from it: — Since your Council addressed you in October, 1387, many important changes have taken place, leading to the conclusion that the steps taken by tho present Administration in carrying out a system of retrench- _ meat in all departments of Government, will, In a great measure, give assurance that the time of extravagant and unnoceiaary expenditure has passed, and that a now departure will now take place, compolling us to depend on our own reiouroea, and loss upon extraneous aid. Woiith Island Trunk Railway.—This most important work has engaged your Council's earnest attention. Following up tho resolution pasieisttho Quarterly Meeting held in October—that stops should bo taken to connect the Main Truuk Line with TtraHaiti and postpone the Main Trunk with Marton— , your Council at once took stops to further that resolution by getting a petition signed by the merchants and I citizens of Auckland, nurnberiug nearly 4,000, and presented by Sir George »<rey, praying that the line be made via 'l'aranaki. The meddle and muddle system lately carried on with regard to Public Works is well exemplified in this instance. Tho probable cost of the railway as originally indicated was set down ; as £1 ,St) 0,000, whereas the present estimate, i including all charges, will bo £2,5{<5,000; aud tlio attitude taken up by the Minister fori l'ubllc Work* iB certainly to be commended, I ho having expressed a determination not to plaet> any , further contract in band until next uestlou. In the interim the different routes will bo surveyed, and then each ronte will stand on its morits. > our Council, believing that the completion of tiiis railway 1, o. paramount importance to the welfare of Auckland, will use every effort to have It completed at the earliest possible date. Telephone betwk.em Kaipaka Heads and Tk Kopuru.— subject was mooted at last quarterly meeting, and a desire expressed that Government should be requested to complete this communication without delay. Your Council have now the pleasure to inform you that a sufficient sum to carry out the above works has been placed upon the Estimates and will no doubt be carried out without delay. CUVIEK Island Lighthouse.-—The position of this long-delayed work can be best described by quoting the Minister of Works' spcech in enunciating his Public Work-> statement. After stating that Government intended devoting £8300 for the purpose of lighthouses, laid : " A sum would be allocated for the Cuvicr Island Lighthouse, tho apparatus and lantern for which have already boen received in the colony, aud plans for tho lower, which is to be of cast iron, have also been prepared ready to call for tenders." IiOADS >'OKTa of Auckland.—Your Council much regret to find that the aiinistor of Public Works cannot make any allocation for the abovo this session, giving as a reason that the area of the country is so great, aud the counties requiring aid aro bo numerous that nothing short of £50,000 or £60,000 would suffice to atlain any material benefit. Foreign Vessels and Coasting Trade—Th» subject Wits brought under the notice of the House by Mr. T. lhompson, and in answer the Government replied " That so long as foreign vessels complied with the regulations tilers could be no grounds for , interference on the part of the Government," On the

ICnßliah coast foreign vessels were allowed to trade in just the same way as English vessels, and the laws of Wow Zo&land were exactly similar in that respect. Gold mining Intirests and thkik Uncouraoemints.—as tho interests of Auckland ate in » gro*t measure bound up with those of the Ilauraki goldfields, your Council think the time has come to blond the mining interest and commercial in one whole. Your Council are awaro that there is a Brokers' Association, who urn supposed to look after the mining interests, but as that body is totally unconnected with tho Chamber, and spasmodically call upon the Chamber to further their interests, your Council think that so important a subject should not bo left to any outside body, but should receive their attention in a similar way as commercial matters, and that all subjects appertaining to the gold mining industry should he ventilated by the Chamber, and such representation made to Government as is deemed advisable. It will bo In the recollection of members that at tho quarterly meeting in October, a most important series of resolutions wero brought before the Chamber by Mr. McMillan, asking the Chamber to endorse tlio action of the Gold Mining Committee, and bring the same under the notice of Government, Your Council believe that divided action in this matter is not conducive to the welfare of the goldSelds, and desire to give this Industry a moro careful consideration than has hitherto been tho case. Railway Managbmhnt.—This Mill, flashed meteorlike through the House, lias received a hasty consideration by your Council; and as the opinion generally was avers.) to the arbitrary powers being conferied, your Council telegraphed to tho Government; — •' Council of Chamber thinks tho Railway Bill now before Parliament should be deferred until next session, so fß*t commercial community have time to consider its provisions." In spite of all protest both from this and other Chambers, it was pushed on with headlong speed to It* termination. Let us hope its provisions will be found beneficial; any chauge from the last mismanagement could hardly be worse. Melbourne Inhibition. — This _ subject was brought forward at last quarterly meeting, but as tho then Government wero not In a position to adopt any cortaln course, your Council took occasion to wire to Major Atkinson on the 19th December : " Have Government decided to be officially represented thereat ; application for space closes December." Your president received a telegram some few days since, asking his co-operation with the Mayor, A. K. Devore, Esq., and Mr. George Fraser, president Industrial Association, to form a committee to make arrangements fur Auckland being represented at forthcoming Exhibition. A meeting of citizens and sottleru has been convened for Wednesday, February Ist, 18SS, at eight p.m., at tho City Council offices.

The Chairman notified that a meeting of the Council would bo held on Wednesday following in regard to the steps to be taken regarding the Melbourne Exhibition, ai d he moved the adoption of the report. Mr. Loddkr seconded tha motion, and spoke regarding the steps that had been taken to push forward the telephone to To Kopuru and Kaipara Heads._ Mr. Vaile, white supporting the motion, thought the report ought to bo in the hands of members three clear days before the meeting, so that they might have an opportunity of considering it before they were asked to vote for it. The Chairman promised to have tho matter attended to.

The motion was then put, and the report was unanimously adopted.

THE MILLION LOAN. Some discussion then took place in regard to the proposal to raise the million loan in New Zealand, aud the Chairman moved "That the Government be advised to raise this loan or part of it in Now Zealand." After some general discussion the motion was agreed to. Tho meeting then terminated.

TAUPIRI EXTENDED COAL MINING COMPANY.

The half-yearly general meeting of the shareholders of the Tauplri Extended Coal Mining Company was held on the 24th January at Mr. P. Scherff's office, Fort-street. There was a good attendance, and Mr. J. Koberton occupied the chair. The halfyearly report of the Board of directors and balance-sheet were read as follows :— The Directors bog to submit the lialancc-sheetl for the halt-year ending December 31. 18S7. The Profit and Loss Account shows a net pr fit for the hill-year oi £1970 Is Oil, which the Directors recommend to appropriate 118 follows : -£600 to payment of a IHvidoud of 1* per Share, and .t'JOO to a Bonus of Is 0.1. tha balance of £-470 Is 9d to be carried forward to New Acooant. Your Imectore have lately purchased the freehold of a Block of 15u acres of land adjoining tho Company's leasehold property. This laud is expected to contain the underlie ot tho cual seam now being worke.f, and which has been followed up to its boun- I dary. iicrttigs have just been commened to see how far the present seam extends into this land, and to ascertain if any other cual deposits exist in it. Air. John Koberton and Captain S. I'. sewell retire from the Directory by rotation, but are eligible and offer tliemsolves for re-election. The Dividend and Bonus will be payable on the 25th January. Profit and Loss Account, Dkcbmiieh 31,1557. 1887 £s. d. £b. d. July 22. To Dividend and HoDua on 12,000 Shares at 2s fkl pr-r Share .. 1,500 0 0 To Mining Investment Account .. 300 0 C To .Mioyig txDenies 4,077 7 IX To Kent and Royalty 781 1 0 To Charges .. •• 300 5 9 To Bad Debts .. 23 16 11 ~ 6,218 12 1 To Balanco carried to Mew Account 1.614 1 2 £3,602 13 3 £ 8. d. £ s. d. July 1. By Balance - ~ 1,443 19 6 Die 31. By Coil Sold.. .. 6,SSI 11 9 liy Interest .. .. 3.2 6 1 By Dilforeiico in Deicredere .. .. 14 17 0 7,218 13 10 £8,682 13 3 BALANCE-SHE!.!, Dsckmueb, 18S7. £, a. d. £ 8. d. To Capital—l2,ooo Shares at £1 12,000 0 0 To lloseivo Kund .. .. B,COD 0 0 To Mining Investment Account .. _ .. 2,250 0 0 10,8. 0 0 To Sundry Croditors.. .. 211 2 0 To Profit and Loss Account.. 1,014 1 2 £24,675 3 2 £ 8. d. £ s. d. By Coul Wise Lease] .. L." 3,003 0 0 liy Mortgages .. •• .. 6,700 0 0 JJy Fixed Deposits .. .. 1,500 0 0 By Other Securities — — 400 0 0 8,600 0 0 ißy Mining Plant, Knglnes, Tramway, Wharf, and Buildings 1,463 11 7 By Freehold Property .. 2,520 IB 6 i By Sundry Debtors .. .. 3,273 18 7 I.ess Del-crodere 5 per cent - .. 103 14 0 3,110 4 I By Cjsh- in lank of New Zoaland .. — . ... 1,774 0 9 In band ... .» .. 0 7 9 1,774 8 0 20,175 3 2 By Uncalled Capital—l2,ooo . Shares at 79 .. »• 4,200 0 0 £24,676 3 2 Fit AN Z SCUKHFI", Secretary. John Waymouth, Public Accountant, Auditor. Auckland, 18th Janulry, 1883. Tho Chairman, in moving tho adoption of the report, stated that the operations of [ the company during the past six months showed an improvement upon those of the previous half-year, and the directors had great expectations of doing better when tho newly-acquired freehold was worked. The borings that had been done had shown that there was a scam of coal 15 feet thick in that portion, and they believed that it would turn out to be of considerable extent. They had "this year secured the contract to supply the railways with coal, and the plant, &c., was in splendid order. Mr. Nklson seconded the motion, and thought the action of the directors in securing the new freehold should be commended. The report was adopted. Mr. Ewkn asked how it was that nothing had been written off the assets of the company for the present year in the value of the coal lease, and Mr Scherff explained that the sum put down as tho value of the lease was leas than one year's income.

The Chairman thou announced that two of the directors, Mr John Roberton and Capt. S, P. Sewell, had to retire by rotationj but, being eligible, offered themselves for reelection. The secretary read a letter from Mi'. John Newland offering his services as director. Mr Mason proposed that Mr Roberton be re-elected, and Mr Nelson seconded. Captain Sewell was also proposed by Mr McKellar and seconded by Mr Walker, and as no other candidates were nominated the two retiring directors were declared elected. The shareholders present then received their cheques for the dividend declared, and the business terminated. TURKISH BATH COMPANY. The.adjourned annual meeting of this company was; held in the company's premises, Lome-street, on January 18, and was presided over by Mr. John Lamb. The minutes of the last general meeting were read and confirmed, after which the directors' report and balance sheet were read as follows : — Gentlemen, Your directors iii placing before you this statement of affairs for the year ending 30th November, 1847, resret that the result in not more satisfactory. At the same time ire are pleased that in the (ace of auch depressed times so many of our members and others have availed themselves of tlio accommodation offered at the hatbs. During the year the hatha were visited by 4201 persons : Gentlemen, 3418 ; ladies, 760 ; and 23 children ; being an increase or 1184 persons as compared with the attendance during the year 1886, and Is a larger number I t an has ever previously visited the baths in one year. Our recoipts at baths, etc., amount to £601 3s ; and our expenses arc £540 Is Bd. Considerable ex- > pease iras incurred last year in advertising, and our

consumption of fuel was heavy. We have now reduced the latter item considerably, and provided wo recoive the same amount of support during the next year, we hope to meet you with a more encouraging balance-sheet. You will require to elect a director in the place of Mr D. J. McLeod, who retires by rotation but offers himself for re-election, and ono in the place of Mr W. D, Buddie, who is disqualified for nonattendance at tho Board meeting; also an auditor. Mr John Milne offers himself for re-election as auditor. Balance-sheet Auckland Turkish Bath Co. (Limited). November 30,1887: Capital, 2000 shares at £2, £1000 ; issued, 020 shares at £2, £1552 ; lean calls unpaid, £615. £1787 IDs ; sundry crnditora, as per list, £245 2s 8d ; National Bank, £95 5s 2d ; W. Leece, mortgage, £i 750 ; total, £3378 2a lOd. On. — Plant, etc., £276 Es ; property Lome-street, freehold, £3482 18i id ; debtors, as per list, £58 14s lid ; insurance" unexpired, £5 12s Gd ; caßii on hand, £2 17s lOd ; balance, £51 lis 3d ; total, £3:78 2s lOd, PllOfflT AND Loss. Da November 30,1880: Balance at this date, £27 Os 9d. Novombor 30, 1887: lntorest, £143 3s 4d ; wages, etc., £181 5s ; insurance, £4 ; charges ana general expenses, £21113s 4d ; total, £567 2s 6d. —November 30, 1887: Uocoipts at baths, £417 53 8d ; calls recovered, £15 as 2d ; rents, etc., £62 17s 4d ; balance, £5114s 3d : total, £607 -2s sd. On the motion of the Chairman, seconded by Mr. Hampton, the report and balancesheet wore adopted. Mr. Pelham proposed "That Mr. R. B. Symoiiß be a director in place of Mr. W. D. Buddie." Mr. McMastkrs seconded the motion, which was carried. Mr. J. Milne was re-elected as auditor. THE AUCKLAND AND NORTH SHORE FERRY COMPANY. A meeting of the shareholders of the Auckland and North Shore Ferry Company, convened to consider tho financial position of that body, was held on the 17th January at the Company's office, Marine Chambers. About 50 shareholders wero present. Mr, Malcolm Niccol presided. The Cmaiuman- read the circular which had been forwarded to the shareholders notifying them of tho meeting ; and the secretary, Mr J. P. Clark, then read the following statemeat of the accounts of the company to January 10, 1888 Dr. ;To capital of the Company, 20,000 shares at £1, £20,000 shares allotted, £9745 ; less calls in arrears, £1424 4s 6d£8230 15s 6d; bank overdraft, £8967 19si 4d ; sundry accounts, £1006 4s 6<i ; bills payable, £455 12s 9d : total, £18,750 12s Id. Cr. : By cost steamers and construct tion, £16,712 6s lid; shipyard and building of company, £711 16s 5d ; office furniture, &c., £1S 134; preliminary expenses and general charges, £552 lis 5d ; balance, £755 4s 3d. Total: £18,75012s Id. Profit and Loss Account.—Dr. : To steamers, working expenses, and material, £770 0s 2d; general charges, £259 13a; interest, discount, &c., £204 4s Sd : total, £1233 17s lOd. (Jr. : By passenger receipts, £411 13s 7d ; forfeited shares, £67 ; balance, £755 4s 3d: total, £1233 17s lOd.

The Chairman pointed out that this meant that there had been a loss of £750 on the working of the steamers so far. After a lengthy discussion, Mr. Jickkll, moved, "That a committee be formed to discuss the whole matter, with a view of bringing some feasible scheme beforo the shareholders at an adjourned meeting to be held on the 24th instant ; the committee to comprise tho following gentlemen : Captains Clark and Crawford, and Messrs. G. Kiccol, Honderaon, the mover, and Mr. Clark (secretary)." Tho motion was seconded by Captain Clark.

The names of Messrs. Jas. Larkin and Trevithick were added to the list of tho committee, and the proposal was then carried.

An adjourned extraordinary meeting of the Auckland and North Shore Ferry Company was held on the 2-lth January at the company's office, Mercantile Chambers, to consider the report of the committee appointed at last meeting to consider the position of the company. After considerable dolay a quorum of 18 was got together. Captain Webster was called to the chair. The minutes of the previous extraordinary meeting were confirmed, Tho report of the committee was then read by the Secretary, Mr. J. P. Clark : —

Gentlcmon,—Your committee are of opinion that the failure of the Auckland and North .-ihoro Ferry Company, Limited, to carry on has boon caused by want of suillcisut share capital. The steamers have cost, lor >• at&rlal and construction alone, £10,712. Hut out of a nominal capital of £20,000, only £8320 have been subscribed for and paid op, while £5907 have bean raised on mortgage of tho whole of the company's property. There is every reason to believe that a moderate amount o; au plui capital in cash would have tided the Company over tho troubles and dilllcultlos incidental to any new concern competing for a »l:aro of public support. Your committee carefully exam nid tho ontraet agreement, and »11 vouchers connected wi.h the purchase am. construction of the steamers; and, while not prepared to any that the <o.t of consti nctinn of tho boats is oxcesdvc, are satisfied tint, lamoss is displayed in the arrangements made for currying out the work, ana they disapprove of the action of tlia directors in not having accopted on* of the tonders that were called for it. Your committee hive gone carefully into tho workinc »xp uses and receipt') during the time the tteamers have b*ea engaged in the ferry service, an ■ consider it would bo unwlsj m c.'.ntiu. e 111* service under present circua.iet4i.cci;. Your committee cmnut hold out hope that anything will be 1.-81 fjr the shareholders. In l! o interest of ..11 concurnod, how. ever, they be)? to submit the following suggestions for your consideration:—l. That tlia steamers ant all bel .nglngs of the company be «fferaii for sale by auction in Auckland, i. Ihit 'lie steamers be advertised for sale in tho New Zeal. and Australian newspapers M. That correspondence be opouod ub with Sydney and l!riab»ne with a »iew to their disposal. Vour committee recommend that tho p.s. I'.agle be allowed 10 carry ou, tin charter already arranged for tho rogalta day, unncr the supervision of Captain Webster or nomo othor rcapons bio person, but that no other service of any description bo performed by cither of the boat*, except with a view to their disposal. In conclusion, your committee have to express their thorough approval of t' e careful manner in which ills accounts of the company have been kept, and they recommend any shareholder who may require further information to consult the secretary, who is in a position to afford the fullest particulars. The Chairman said that the Eagle was not in a position to carry out its contract, as it was not insured, and tho Bank would not allow her to move unless insured, but the insurance of the Osprey had two months to run, and ahe could take up the excursion. A general conversational discussion took place, at the close of which Mr. Dufauk moved, " That the report of the committee be received and adopted, and that the company be wound up voluntarily." The motion was seconded by Mr, Win. Holmes.

After some conversation, it wa3 agreed to add to the motion, " That the liquidator be empowered to make tfao beat use of the boats iD the interests of the shareholders during regatta time." In tliia form the motion was put and carried. The Chairman said a mistake had been made in regard to the losa of the company in the last report. The loss on working expenses was £253 Gs 9.1, not £700, which was the total loss charged against the working account. Messrs .T. P. Clark and J. Milno were appointed liquidators of tho company. LAW SOCIETY. The annual meeting of the Law Society was held on January 27 at the Resident Magistrate's Court, .when there were present:—Sir Frederick YVhitaker (President), Mr. A. Dovore (Mayor), Messrs. K. Heabetb, J. M. Alexander, A. Brock, T. Buddie, E. Cooper, W. Hill, W. Coleman, Jb\ Earl, Theo. Cooper, T. Cotter, and Bassott (secretary). .Accounts.—Ah there was no meeting last yoar, the accounts tor two yearn wero presented. Tho balance-shoot for library fund showed:—lleceipt3 : Balance to credit in Bmk of Mew Zealand at 31st December, 18S7, £71 17a lid; received for admission and practising fees, £452 10s ; overdraft on December 31, ISB7, £30 8a 2d ; advanced by treasurer, 123 0l; total, £555 8* 7d. Expenditure : lusuranoe, £19 5? ; librarian's salary (Supreme Court), £200; ditto (District Court), £15 ; librarian, petty cash, £5 7a 3d; law examinations, £43 4s 2d ; postage on examination papers, £14 Os 6cl ; books, £209 4s 3d ; binding, £37 12a; fuel, newspapers, etc., £10 15s yd: total, £555 8s 7d. For 1887 tho receipts wore £100 Ss 7d; expenditure, £90 ; leaving a credit balance in the Bank of Mew Zealand of £10 8s 7d.

Report.—Some discussion arose upon the fact that there was no report, owing to the last annual meeting lapsing, and upon the question of altering the long vacation, but nothing was done. Election of Officers.—Sir Frederick Whitaker was re-elected president; Mr. E. Heßketh, vicexpresident; Mr. A. Devore, treasurer ; the old members of the Counoil were re-elected ; Mr. Thome w*s re-elected auditor. Mr. C. Button was olected a member of the society. Subscriptions.—On the motion of Mr. Devore, it was decided to reduce the annual subscription to the Society to £1 Is, instead of £2 2s. This would attract some of the younger members of the profession, and prevent the separation of the old and young members of the profession. Access to Library.—Mr. Cotter suggested that after hours access to the library be allowed only to members of the Sooiety. After some discussion it was referred to the Council to deal with.

. Forging the Rolls.—Mr. Cotter also thought it was time something was done

to purge the rolls. He thought the Council should take steps to purge the roll of solicitors who had misconducted themselves, without waiting for a suggestion from any member of the profession. Mr Hesketh said the matter had been before the Council, but they had not yet received the necessary information. Sir Frederick Whitaker said there were three men whose cases it appeared to him the Law Society should unquestionably take up. A wrong impression appeared to prevail about the functions of the society. Where a criminal offence had been committed, it was for the police to act, and not the Society, who only moved when the police had proved their case. In the case of. Mr Forwood, he was in the hands of the police, and if certain circumstances had transpired, it would have been the duty of the Society to get him struck off the rolls. Mr Hesketh said he understood the cases referred to were simply cases of misconduct, and not crime, and therefore it was for the Council to take up the matter. Mr Cotter thought that where the public press took notice of a solicitor's defalcations, the Society should make investigations. After some further discussion, on the motion of Mr Theo. Cooner, the meeting was adjourned for a fortnight, to enable the Council tc bring up a report. - THE NEW ZEALAND ACCIDENT INSURANCE COMPANY. The annual general meeting of the shareholders of the New Zealand Accident Insurance Company was held at the offices, Victoria Arcade, on the 27th January, Mr. D. B. Cruickshank, chairman of directors, presiding. i:kport and BALANCE-SHEET. The advertisement convening the meeting having been read, the minutes of the last yearly general meeting were confirmed, when Mr. P. A. Edmiston, general manager, read the directors' report, as follows :— Tho directors have pleasure in presenting to the shareholders the eighth annual report and balancesheet for iho year ending 31st December, 1887. The business transacted during the year shows a large increase in the nott premium Income of tho company. The amount paid for losses is. however, particularly heavy, owing to the number of deaths from accidents which have occurred. All known claims have bean satisfactorily settled, and the amount standing to the crodit of profit and loss is £1849 19s Gd. Out of this it is proposed to pay a dividend of fid per share, of which 3d lias already been paid for the lialf-year ending June 80,1887. In accordance wltn the deed of settlement, Messrs G. B. Owen and F. Baltley retire from office as di:ector«, and being eligible offer themselves for re-election. It will bo your duty to elect two auditors for the ensuing year, and to fix their remuneration. Messrs Milne and Waymouth, the present auditors, oiler themselves for ro-oleciiou. The divltl-nd will be payable on and after the Ist February, 188S —For the board of directors (signed) D. B. CnuicKsnANK, Chairman. Mr. Edmiston also read the following balance-ohect for the year ending December 31, 1557 :— Dr. £ S. d. Amount pal 1 for compensation ... 8,053 13 0 Bonus policies .. .. .. 322 5 3 General expenses, including rent, medical fees, advertising, etc., head office, branches ami agencies .. .. 3,098 2 C Taxes .New Zealand Government .. 114 2 1 Balance .. .. .. .. 1,849 19 6 Total .. £13 438 7 3 (Jit. £ a. d. Balance from last year, £1322 14s 4d ; iofs dividend to December 31, 1887, £250 ; ditto to June 30, 18S0, £250— £500 ... _ 822 14 4 Amount net promiums .. .. 12,047 0 3 Inteiost and transfer feos .. ... aoS 12 8 Total „ £13,438 7 3 Balance-SHEET. Dr. £ s. d. Capital account, 100,000 shares at £1 .. .. .. £100,000 Loss unallotted, 80.000 ~ 80,000 . 20,000 0 0 Reserve fund.. .. .. .. 5,000 0 0 tie insurance fund .. .. .. 2,000 0 0 Contingent liabilities.. .. .. 2,000 0 0 Life members' account and guarantee premium account .. .. — 3,211 14 0 Accounts owing !>y Company, Including outstanding liabilities in connection with purchase of the Accident Insurance Association .. .. „ 2,738 1 8 Profit aud loss .. .. ... 1,819 19 6 Total .. .. .. .. £26,829 15 2 Cit. £ s. d. Uncalled capital on 20,000 allotted shares at 13s .. .. .. .. 18,000 0 0 SpecWl deposits with Colonial Governments in compliance with Life Assurance Acts.. .. .. .. 10,000 0 0 Investments.. .. .. .. 0,245 0 0 Balances at branches.. .. .. 768 4 7 Accrued interest .. .. .. 205 2 8 Accounts owing to Company .. .. 108 6 6 ouice furniture, head office and branchas 253 19 5 Cash in bank .. .. ... 1,186 3 0 Total . .. £36,829 15 2 The airman (Mr. Cruickshank), said: —Gentlemen, —ln proposing the adoption of the report and balance-sheet, lam pleased again to be able to congratulate shareholders on our operations for the period under review. Although the past year ha 3 been one of general commercial depression, and we, in our own special branch, have had keen competition to contend with, tho net premium income is the largest we have ever recorded—a fact which speaks well for the estimation in which the company continues to be hold by the public. Throughout the whole of the Australian colonies our business lias steadily increased, while in Victoria, where the Employers' Liability Aot has brought out very prominently the advantages to be derived from insuring in a society like ours, we have been making wonderful headway. On the other hand, our payments for compensation have been unusually numerous and heavy, reaching, as they have done, to no Irks a sum than £8053 ISs in settlement of 7'2S claims, nine of which were deaths. The other figures on either side of the balance-sheet have not undergone much change, aud therefore call for no particular comment. There are, however, two featuros in the accounts to which I wish to draw your attention. These are, that, instead of having an overdraft we aro to-day in credit, while the entire amount owing to sundry creditors is almost covered by cash in the bank, balances at branches, and other debts due to the company. The life members and guarantee premium accounts, which you will observe have reached a considerable sum, have been dealt with as formerly, the whole of the income from the latter source being treated as a liability, and the funds allowed to accumulate to meet any loss that may arise. As most of you are aware, some months ago wo acquired the business of the Accident Insurance Association of New Zealand, an office which was opened in Dunedin, in 188-1. The outstanding risks of this company were taken over on terms that met with your direc» tors'approval, and though we cannotexpectto reap the benefit of this comparatively recent purchase just yet; no doubt they will tell in the course of another year. I have only to add that I trust shareholders will be contented with the net result of the twelve months' work. These are the days of small things, and if the balance-sheet which has just been submitted is not &3 brilliant as we could have wished, it is at least fairly satisfactory. The motion was seconded by Mr. Thomas Boddle, and unanimously adopted. OFFICERS RE-ELECTED. Mr. J. L. Wilson proposed the re eleotion of the retiring directors, Messrs. G. B. Owen and F. Battley. Mr. Callnan seconded the motion, which was passed without dissent. Mr. F. Battley moved " That Messrs. J. Milne and Jno. Waymouth be re-appointed auditors for tho ensuing year." The motion was seconded by Mr. G. P. Fierce, and adopted unanimously." THANKS. Votes of thanks were accorded to the chairman, directors, and officers of the company, and the proceedings terminated.

GRAND ORANGE LODGE OF NEW ZEALAND.

The twenty-second annual session of the Grand Lodge was held in the Protestant Hall, Newton, on Friday, January 6, when Brother Rov. C. E. Ward, R.W.G.M., presided. The secretary's report showed that notwithstanding the depressed state of the colony during the last year the Order had been going on prosperously ; that two new charters had been asked for and three old charters had been re-issued. The financial position of the Order was good, and they had every reason to be proud of the cause. The Grand Master's speech was very appropriate, and was listened to with great attention, at the close of which it was agreed that it be inscribed in the reports. On the adjournment for refreshments about seventy repie* sentatives were present. On the resumption of the lodge, communications from the Middle Island Grand Lodge were read, and ordered to be referred to the Triennial Grand Secretary. Brother R. Davis, wrote, advising of the Triennial Council's meeting in July next, in Oarrickfergus, Ireland, and also of the bicentenary of the landing of William 111. at Torbay. Re the former, Brothers Rev. T. W. Dunn and Lord Arthur Hill were appointed as representatives from the Grand Lodge—the necessary credentials to be forwarded. As to the bicentenary, Brother Davis says the executive were of the opinion that the erection of an Orange hall in Auckland, which would be worthy the Institution, and redound to their credit,

would be the wisest plan to adopt, and recommend that a committee of the masters of all the lodges, together with the execu* tive, take the necessary steps to carry out, if possible, the above suggestion. Resolutions were passed, and ordered to be forwarded to the Council meeting. A congratulatory letter was ordered to be sent to Brother T. Osborne, the only surviving founder of the order here, ago having debarred him from attending the meetings. The following officers were then elected, namely, Brother the Rev. C. JE. Ward, R.W.G.M. ; Brother W. Sherson, D.G.M. ; Brother J. Carnahan, G.S. ; Brothers D. Goldie and H. H. Seabrook, G.T.'fl, together with a committee of seven.

The Loyal Orange Lodge, No. 1. met for their monthly m«eting in the Protestant Hall, Newton. There was a fair attendance of members and visitors. Some routine business having been transacted, the W.M. Brother Riggs, in a few well-chosen words, presented, on behalf of the lodgr, to Past Master Little a handsomely framed P.M.'s Certificate in recognition of Brother Little's services to the lodge as W. M. for the past two years. Brother Little suitably acknowledged the presentation. The lodge was then raised to the R. A.P. Degree wherein one brother duly received the same. The monthly meeting of the New Zealand Radical Reform League wis held on the 9th January, Mr H. \V. Farnall in the chair. Several new members ware elected. The secretary and treasurer were reflected and Messrs. Greenwood and Spencer were appointed auditors for the present year. A committee was appointed to arrange with Mr Speight to address the members of the league on the "Hare " system of representstiou on Monday evening, January 23, after which a manifesto on the Land Tax, as drawn up by a sub-committee, was read and unanimously adopted. / - / A meeting of members of the shorthand class lately carried on at the Young Men's Christian Association was held in the social hall on the 9th January, the object being to form a Phonographic Association, having for its object the practice and extension of phonography. Mr. Jarrett, teacher of the class, presided. It was resolved that an association be formed to be called the " Auckland Phonographic Associat/bn," and officers were elected as follows;— Vice-presidents, Messrs. Jarrett and J.. Brown ; hon. secretary, J. H. Adams ; hoar'treasurer, T. Watson ; librarian, G. H. Mills; reporter, J. Cowan; committee, D. Milne and VV. Coad. The election of president' was deferred till next meeting. 1 . A meeting of the Judge's Bay Regatta Club was held on the 12th January at the Native School, St. Stephen's Avenue. The chief business was the election of officers for the ensuing year. The following elections were made President, Mr, li, S. JKlsaling; oommittae, Messrs. Porter, Sanford, McCausland, Anderson, Sanderson, and Bloomfield ; Mr. J. H. McCausland was elected secretary. The ordinary meeting of the Star of Auckland Lodge, No. 20, 1.0.0. F., was held ou January 12 at the Lodgieroom, New Zealand Insurance Buildings. The accounts showed that the sick and benevolent funds had fairly increased during the past six months, and the auditors were able to congratulate the lodge on its position to be of assistance to its members when accessary, and to con* tinue the useful and laudable work for which Oddfellowship is established. In the instal lation ceremony, Bro. PiGt. Keesing officiated as Grand Master, Brq. P.G. Falconer as Grand Marshal, Bro. P.G Knight as Grand Treasurer, Bro. P.G. Harvey as Grand Secretary, Bro. P.G. Armiger as Grand Warden, and Bro. &;cCulsky as Grand Guardian. The elected officers were :—For N.G., Bro. Piggott (re*eleuted); for V.G., Bro. Burchell; for P.S., Bro. Pitt (reelected) ; for R.S., ■ Bro. Cornish, and for Treasurer, Bro. Neumegen (re-elected); who were duly installed; and decorated with the regalia of their offices by the Grand Master, in an impressive and instructive manner. The appointed officers were as follows :—Warden, Br®. Knight; Conductor, Bro. Harvey R.S.? to N.G., Bro. R. Armiger, junior; L.& to N.G., Bro. W. Armiger; R.S. to V<G., Bro. McCulsky; L.S. to N.G., Bro. jjiT. Callings ; R.S.S., Bro. Fell; L.S.S., r,|Jro. Fowler and Bro, Falconer. s • . ,