MEETINGS.

New Zealand Herald, Volume XXV, Issue 9131, 13 August 1888, Page 9

MEETINGS.

NEW ZEALAND LOAN AND MERCANTILE AGENCY COMPANY.

The annual local meeting of shareholders of the New Zealand Loan and Mercantile Agency Company was held at noon on the 23th July, at the Company's offices, Queenstreet. Dr. J. L. Campbell (Chairman of Local Directors), presided, and amongst others present were Messrs. D. L. Murdoch, Sir William Fox, A. K. Taylor, J. C. Firth, S. Vickers, G. B. Owen, W. Aitkeu, A. Boardman, VV. I. Taylor, J. Leighton, G. P. Pierce, and a number of other shareholders. Mr. F. Battley, Inspector, read the advertisement convening the meeting, also the minutes of the last annual meeting, which were confirmed. Printed copies of the report of the 23rd annual meeting of shareholders, held at 1, Queen Victoria-street, Mansion House, London, E.G., on the 3rd of February, were in the hands of the shareholders.

THE CHAIRMAN'S ADDRESS.

The Chairman then addressed the meeting as follows -Gentlemen,—You have been placed in possession of the twenty-third annual report and balance-sheet of the company's affairs to the end of 1887, together with the proceedings of the meeting held at the London head office on the 13th of April, confirming the increase of the company s capital by £1,000,000, of which £500,000 was issued, and I am pleased to be able to inform you the whole -million has been subscribed for. It must have been very gratifying to shareholders that the London Board was not only in a position to declare the now long-accus-tomed dividend and bonus yielding a 15 per cent, return, but also able to carry forward the substantial balance of £15,300, and further, that the chairman in his address was able to speak in such confident terms as to the future good prospects of the company. You are aware, of course, that it is the reports received from this office upon which are based such hopes of the future, and it will be a cause of gratification to you to be informed that the advices which have been received from all the company's agencies, both in this and the sister colonies, are without exception of a character which will

enable the London Board to confirm its forecast of it prosperous and increasing business for Hie -year now just ended. The reports from Australia are especially encouraging as to our !>-.» in' ss, both ill tin: increase of local sales of wool and other produce, as well as the increasing amount, of our exports. The wool clip of the season it* expected to be a most excellent one. The great influx of home capital now seeking investment there has had a marked effect on the value and demand for station property. ] beg to refer you to the remarks ol the London chairman, pointing out that the company's business now occupies the wider field of Australia in addition to New Zealand, indeed some 60 per cent, of its capital is now employed there, and quoting ins words, " in that extended area our mercantile business has rapidly become the largest part of our operations." ►Since 1 hist addressed you, two scats at this Board became vacant by the deaths of Mr. Williamson and Mr. Browning— the former an original director since the first formation of the Company, the latter holding a seat for very many years. Their co-directors have just cause to regret that such matured business experience lias been lost at the counsels of the Hoard. The first vacancy thus arising was tilled by the appointment of Mr. Allen Kerr Taylor, but the other remains open, pending communications from London as to what are the intentions of the head office as to the permanent constitution of the local directorate. WHAT TOE COUNTRY'S PROSPERITY DEPENDS ON. It might perhaps be considered out of place that from this (-hair I should enter upon any of the controverted political topics now agitating the colony, and which are being so keenly discussed "in every settlement. But inasmuch as the prosperity of this company may "bo said to depend wholly on the agricultural and pastoral interests of the colony, I may be permitted to make one or two remarks bearing on the tiuestion. The retrenchment tocsin resounds aloud throughout the land, deafening the ear and obscuring the judgment ; but beyond doubt good work is being done in that direction. But, gentlemen, it is not by retrenchment alone that true prosperity can be brought back to the colony, ami I think 1 am justified in saying that as yet the Government lias made no movement nor shown any sign of grappling with the difficulty, and seizing the only remedy which can bring us permanent relief. The one and only remedy is the extended occupation of the soil by placing practical farmers on our country lands, by a system of assisted immigration and money being advanced, as now in operation in America and Canada. Railway log-rolling, opening up country of the same description as we already have millions of acres opened Up and available for settlement, is simply a criminal waste of money, only adding to our existing burthen of indebtedness, and not yielding any return to relieve us from it. That money expended in the manner 1 have named would speedily change the whole aspect of the colony. We may retrench here, a little, and there a great deal, but after all. the colony will only be a little less or a little more in debt, but it will have remained as to progress in statu quo, and it will not have advanced in material prosperity, and 1 confidently assort that it cannot and won't advance until it lias fallen back on the only true source of wealth to all nations—that which proceeds from the occupation and cultivation of the soil. We must have a greatly increased agricultural population or we must assuredly will retrorade. There is now a great cry gone forth of protection to native industries. Verily we are almost asked to believe that the establishment of a score or two factories is going to bring about such a great wave of prosperity that depression and hard times shall know us no more. No greater delusion than this can exist. Manufactures ! What arc these compared to agriculture? A mere drop in the bucket, as the following figures will prove. Those I have taken are not of very recent date, but that does not affect their application in the case in point. I am aware there has been a great shrinkage in the value of agricultural produce, but that will be found to he relative only in proportion to a like falling oft' iii the value of manufactures. Here is how the case stands upon instituting the comparison. 1 quote from a London journal: "The annual value of the agricultural produce of the United Kingdom is about ■£300,009,000. Tins is double the produce of her looms, three times the produce of her forges, and four or live times a year's produce of her mines." On analysing this, the following result is brought out — Looms, one-half .. .. - ~ £150,000,000 Forges, one-third .. .. „ _ 100.000,000 Mines, say one-fourth ... «. _ 75,000,000 Total value manufactured ... _ 325,000,000 Value agricultural products .. _ 300,000,000 Leaving those only £25,000,000 less than all the manufactures put together. I have quoted these figures knowing that the general belief prevails that England owes her great wealth to her vast manufactures. But these figures prove that, after all. we must fall back upon our mother earth to yield us our great and abiding support and sustenance, for from her only our true and permanent prosperity can come. Such being the case, can there be any doubt as to the direction in which our statesmen ought to concentrate their whole energies? "Land without the yeoman's labour is nothing worth," declared Cobden in years now long gone by—" without his labour there can be no tillage", no enclosure of fields, no breeding of cattle, and land is no more than an equal number of acres of the sea or of the air." Anil this great truth New Zealand in the present crisis of her fate may well ponder over and lay to heart. (Applause). ELECTION* OK DIRECTOR. The Chairman announced that Mr. G. B. Owen was the retiring director, but, being eligible, he offered himself for re-election. On the motion of Sir Wm. Fox, seconded by Mr. Sims, Mr. <;. B. Owen was re-elected director of the company. AUDITOR. On the motion of Mr. S. Vickers, seconded by Mr. Lkiouton, Mr. W. I. Taylor was reelected auditor for the ensuing year. KINAXCE AND MERCANTILE BUSINESS. Before the rough minutes were read Mr. Boaup.man said he would have liked to move a resolution, and make a few remarks, lie would first read the resolution which he proposed to move. It was as follows — "'That this meeting respectfully begs to tender its cordial thanks to the Right Hon. A. J. Mundella, M.P., chairman, for his speech at the annual meeting of the company in London on the 3rd February last, and at the special meeting on the 13th April last, and especially for his remarks on sound finance, on increasing the mercantile business of the company, and those apparently indicating a policy of contraction rather than expansion of loan on mortgage operations." He knew that it was not usual at a meeting of shareholders to move resolutions, the business being usually cut and dried, but he thought as this was the only opportunity they had of expressing an opinion, that it should go forth as a representation of what this meeting thought. He would make his remarks as brief as possible. In his speech on the 3rd of February, the Right Hon. A. J. Mundella said :---" Although we can, and ought to, put a limit to our loans on mortgage, we cannot so reasonably put a limit on our mercantile business. Already the volume of that business here and in the colonies readies an annual total of nearly three millions sterling. We _ can conduct, that business at present neither so efficiently nor so economically as we ought, because it absorbs more and more capital every year." In his speech on the 13th of April, "the right lion, gentleman said tha trading on borrowed capital was a mistake, and the object of increasing the capital of the company was that they might carry on more with their own capital. He gathered from the speeches at those meetings that the greatest profits were from the mercantile business, and that the directors would in future be more chary in lending on the security of land where there was the greater danger of losses. Another thing to which Mr. Mundella referred was as to the value of the company's shares. He said the value of the shares in Loudon, instead of being £4, should be £(i or £7 at least, and he believed increasing the capital of the company as proposed would tend to alter that. He (Mr. Boardtnan) thought that shares in the New Zealand market were also much lower than they ought to be. They paid £'J 13s 7d per cent, on the present purchasing price of the shares. He noticed two banks—the National and the Colonial—whose average rate of interest on the present price of shares was £0 Ills per cent. Then again, he had taken five local insurance companies which at the present price of stock gave an average of a little over 7 per cent., and he maintained there was no reason why, when they paid so large a per centage, their shares should be so much cheaper than those of the banks and companies he had mentioned. lie left it to Mr. Mundella to deal with London, but what he wished to deal with was New Zealand. There was no doubt that the Bank of New Zealand catastrophe had depreciated the shares, the fall in the value ot the bank shares within the last 18 mouths being equal to a loss to the shareholders of something like £700,000, and it was an inference that there was a feeling in the public mind that it might be that the management was not 60 sound as it ought to be, that too much had been lent upon landed security and property. He hoped the directors would consider the responsibility they owed to the large number of shareholders who put faith in them, and when they saw so many other companies burst in which they had put faith, it was only right that they should say something in regard to their own property. He had lost money in other companies, and he did not want to "lose in this, lie felt certain that with thorough

confidence the shares should be at £5 to £o 10! instead of their prudent price. If in order, lie would move the resolution, so that it might go to the directors in London. The Chairman said he considered the resolution in order, and if it was adopted, "" should have great pleasure In forwarding it to the directors in London. Mr. N. Harkkr seconded the motion, and it was carried unanimously.

ROUGH MINUTES. The rough minutes were then read and approved. A vote of thanks was accorded to the Chairman, and the meeting then terminated.

MERCURY BAY TIMBER COMPANY. At noon on Julv 23 an extraordinary general meeting of the shareholders of tho Mercury Hay Timber Company was held at the office, Fort-street, to consider and confirm the action of the directors in disposing of the property to Mr. G. Holdship, of the Kauri Timber Company. There wad a good attendance, the following members being present :- Captain Broun, Messrs. J. Mayo, Campbell, Meatyard, J. M. McLachlan, J. M. Clark, A. H. Nathan, N. Barker, A. Ewen, J. Buchanan, A. .Skinner, R. Keesing, Q. Marker. J. Pitt, H. Green, and B. Gilmer. Mr. A. won was voted to the chair, and stated that the meeting was a formal one, to confirm the action of tho directors in connection with the sale ot the company's property. He moved, therefore, " That the directors of the company be empowered to sell the whole of tho assets and property of the company for the net sum of £36,732 10s, in terms of the conditional agreement entered into with Mr. George Holdship." Mr. Campbell seconded the motion. Mr. J. M. Clark, in rising to support the motion, said he would like to explain a few facts concerning the sale of the property. During the negotiations, the directors had found it necessary to send some one to Melbourne, and Mr. Garlick had gone over three times. However, the whole amount of the purchase money would be divided pro rata among the shareholders, less the commission, and cost of the liquidation. The question of the commission was still in abeyance, us the directors considered that 2k per cent, was too high a percentage on such a sum as £30,000. lie considered that the directors had made an excellent bargain. Mr. J. M. McLachlan also spoke, praising the action of the directors. The resolution was then passed. Mr. Ewen then moved, and Mr. Mayo seconded, " That the company be wound up voluntarily under the provisions of the Companies Act, 1882, and that a liquidator be appointed." On being put this proposal was adopted without dissent. It was decided that the appointment of the liquidator be deferred till another meeting. This concluded the business, and a vote of thanks to the chairman terminated the meeting.

The. shareholders of the Mercury Bay Timber Company held a special meeting on August 7, Mr. J. M. Clark presiding. The Chairman stated the object of the meeting—to confirm the resolution passed at a special meeting held on the '2,'lrrt inst. The directors had consulted with the solicitor, and had decided to recommend that only this resolution should be confirmed, and that the consideration of the question of appointing a liquidator should be deferred, us when this resolution was confirmed the directors would be in a position to give a legal conveyance, etc. Mr' Clark moved," That the following resolution be confirmed 'That the directors of the company be empowered to sell the whole of assets and property of the company for the net sum of £36,732 10s, in terms of the conditional agreement entered into with Mr. George Holdship.' " Mr. J. M. McLachlan seconded the motion. The motion was agreed to, and the meeting was adjourned till the following Monday, at twelve o'clock noon.

NEW ZEALAND TIMBER COMPANY, LIMITED.

A general meeting of this company was held on July 30 at the company's office, Custom-street West, The object of the meeting was to confirm a resolution passed at a previous meeting in reference to the sale of the company's property. There were present :—Messrs C. A. Harris senr. (in the chair), G. Harper, T. T. Minefield, C. A. Harris junr., V. Jagger, A. Devore, T. Morrin, 11. Nixon, S. T. George, J. King, P. H. Mason, W. S. Parker, and 15 were represented by proxy. The Chairman explained the object of the meeting, and Mr. Harper moved the following resolution : —" That the resolution passed at an extraordinary general meeting of the shareholders of this company, held on the 9th day of July, 1888, be confirmed. The resolution at that meeting, and proposed to bo confirmed on the 30th inst., is as follows, namely :—That the action of the directors in agreeing to sell the company's property and assets to Mr. David Blair for a sum divisible among the shareholders of £3 10s per share, net, after paying all liabilities, as from the 31st day of December, 1887, be ratified, and that the directors be authorised to execute all necessary deeds and documents to carry such agreement into effect," He remarked that, as they were aware, this resolution was necessary in order to make the former proceedings legal, and he moved it accordingly. Mr. C. Harris, junr., seconded the motion, which was put and carried. On the motion of the Chairman, it was then agreed to declare the transfer books closed. He also suggested that they should advertise for all accounts against the company, but on Mr. Mason pointing out that this was not the business of the meeting, this was withdrawn. On the motion of Mr. Kino, a vote of thanks was accorded to the secretary and officers of the company, and on the motion of Mr. S T. GKOROEavote of thanks was accorded to the chair.

AUCKLAND TIMBER COMPANY.

A special meeting of the shareholders of the Auckland Timber Company was held on the 27th July, at the offices, Customstreet West, Captain W. C. Daldy presided, and there was a large attendance. The Chairman said the agreement between the company and the Kauri Timber Company was a simple one, and needed little explanation. The purchaser agreed to take over the assets and liabilities of the company at the date of purchase as they stood in the books, and to pay the not sum of £150,000, equal to £5 per share, within three months from the date of agreement. Of this £10,000 had been received as a deposit, and they were now entitled to a further sum of £10,000 on demand, and the balance on or before October 12, on the completion of the transfer of the various properties. . The Secretary (Mr. W. C. Daldy, jun.), read the terms of agreement. The Chairman, in. reply to questions, said he was not aware that there was the slightest encumbrance upon the shares except the winding-up charges, and he could not say what they would amount to. He proposed the following motion :—" That this meeting confirms a certain agreement dated the 12th day of June, 1888, and entered into between the directors of the company and Mr. David Blair for the sale of the assets of the company, and making provision for the discharge of the liabilities thereof, and also other pro; visions as in the said agreement contained. The directors had done their very best to make the best of the property, and he thought the shareholders would confirm their action. Mr. John Savage seconded the motion, which was unanimously adopted. The Chairman said that in fourteen or fifteen days the shareholders would be called together to confirm the resolution.

HELENSVILLE TIMBER COMPANY.

A special meeting of the shareholders of the Holensville Timber Company was held on Aug. 3 at the offices, Fort-street. Mr. Bum,, who presided, explained that the meeting had been called for the purpose of confirming the agreement entered into between the directors and the Kauri Timber Company. In this agreement the directors offered to sell to the syndicate the whole of the company's lands, mills, etc., for the sum of £5524. It was, however, provided that the stock and timber should be taken at a valuation. He ought to say that they had to sell their property under somewhat unsatisfactory circumstances. They had no bushes of their own, and they had to rely on the purchase of timber as they wanted it ; but the new company acting no doubt very wisely, bought some bushes near the mills of the Helensville Timber Company, and the latter company was consequently left in a position that if they did not come to terms with the syndicate, they would have to go without timber. Under these circumstances, he did not think they got full value for their property- However, they had not paid dividends for some time, and unless prices were raised they had no prospect of making much improvement. He therefore moved, " That the shareholders confirm the action of the directors in selling the property and business of the company as per agreement."

Mr. H. Brett seconded the motion, and it was unanimously adopted. Mr. J. Lamb moved, " That the company be voluntarily wound up." This motion was seconded by Mr. John Reid, and adopted. The Chairman said that the next business was the appointment of a liquidator. He

might mention that the affairs of the company had fig far as possible been brought into the most compact state, and there was comparatively not a large amount to be done. Considerable responsibility, however rested on a liquidator; the moment that he was appointed the powers of the directors fell into abeyance, therefore it behoved them to choose a responsible man. The terms, of agreement were that one-fourth of the total amount of the purchase money was to be paid in cash within one month from the acceptance of the terms, and that one-fourth had been already paid. The balance was to be paid within 12 months from the elate of paying the onefourth of the purchase money, such balance to bear interest at the rate of 5 per cent. It was resolved, on the motion of Mr. John Lamb. "That the liquidator's fee be £30."

Mr. Lamb moved, That Mr. John Reid be appointed liquidator " The motion was adopted, and it was then agreed that the shareholders should meet on luesday, the 21st instant, at 11 o'clock, in order to confirm the resolutions. Mr. Ralph using thought it was due on the part of the shareholders that they should give a vote of thanks to the directors for _ having so successfully closed the business.

Mr. Lamb seconded this proposal, which was adopted by acclamation. The Chairman briefly replied on behalf of the directors, and the 'proceedings closed.

AUCKLAND GAS COMPANY.

The ordinary interim half-yearly general meeting of the Auckland Gas Company (Limited), was held at the company's office, in Wyndham-street, on Friday, the 27th July, at three o'clock, for the purpose of declaring the half-yearly dividend. There was a very fair attendance of shareholders, the chair being occupied by Mr. Reader Wo>d in t1..• a'osenco of Sir Frederick WhitakeI',1', the chairman of the company. The Secretary of the Company (Mr. E. B. Parsons) having read the advertisement calling the meeting, and the minutes of the last meeting, held on February 6th, they were adopted. He then read the following statement of receipts and expenses for the halfyear ending June liOth, 1888 :—

Kkceii'J's: Gas, £10,415 Os 3d; residuals, .€210.". J3s Oil ; scrip and transfer fees, £8 ISs : total, £21,52!) 12s.

Expenditure: Coals, £6140 15s tod; stokers' wages, iUitj2 14s 7il ; purification, £6" t(is ted ; distribution of gas, 104 13s Vd; water, £10 10s; maintenance of works, renewals, etc., £1402 lis Id; insurance, £10 Is; directors and auditors, £135; salaries, £1270 12s Od ; stationery, printing, advertising ami stamps, £1411 2s lOd ; rent, £25 ; rates and taxes, £572 10s; petty cash, £32 its fid: interest, Alibi) Ss 7d ; legal expenses, £57 Os 2d ; total, £11, Os :id ; halJO-.ee, £9534 lis Od.

Dividend on 15,500 shares at 8s ml .. £0557 10 0 Dividend on 13,743 shares at 4s ad .. 2920 7 "J

Total £0507 17 0 To credit, of profit and loss new account £320 14 0

The Chairman, in presenting the statement to the meeting, said that the object of this meeting is to declare the ordinary halfyearly dividend, and I am able to say we nave fully earned our ordinary dividend of 8s (id for fully paid up shares, and half of that for shares half paid up. You have heard the statement of accounts read, and I will now only just draw your attention to a few facts in connection with this statement as compared with the statement last year. The consumption of gas is less by about £443, so that the consumption is declining, while residual products are something move. Your total receipts this half-year are only deficient £80, so that we have nearly earned the same. But in the expenditure there is a considerable reduction, mainly in the item of coal. You will recollect when .sir Frederick Whitakcr was here lie told you the directors had made arrangements whereby they expected to save in coal, and while some saving has been effected this haif-year, it is probable more will be saved in the next and succeeding years. The saving hits been £1500 for this half - year, so that we are fully able to pay the dividend, leaving a balance of Jt'.3& 14s. Under these circumstances you will be, 1 have no doubt, unanimous in declaring the ordinary dividend, which I now declare, of 8s (id for fully paidup shares and half that for shares half paid up. Mr. T. Benin. seconded the payment of the above dividend, and it was carried unanimously. The Chairman announced that the dividend would be payable on Monday next, and that this was all the business before the meeting. A vote of thanks to the chairman was given on the motion of Mr. P. H. Mason, seconded by Mr. J. Elkin.

TAUPIRI EXTENDED COAL-MINING COMPANY.

The half-yearly general meeting of the shareholders of this company was held on the 27th July at the office of the secretary, Mr. F. Scherff, Fort-street, There was a good attendance, and Mr. R. Walker was voted to the chair. The secretary read the directors' report and statement of accounts for the six months ending June 30, as follows :—

Your directors submit the balance-sheet for the half-year ending June 30, 1888. The profit and loss account .shows a net profit for the hall-year of £1477 18s tid. The balance brought forward from last half-year is .0114 Is 2d, making a total of £1591 19s Bd, which your directors recommend to appropriate as follows :-—£Boo to payment of a dividend of is, and C!>'»o to a bonus of Is 6U per share, the balance of £',)1 19s Sd to lie carried forward to new account. Your directors have much pleasure in informing the shareholders that the block of freehold land purchased last year has proved a valuable acquisition to the company's property. One hundred acres of this block have been thoroughly prospected by borings, and the result is, that a new team of coal has been discovered thereon, extending over 70 acres. The seam varies in thickness from 22 to 48 feet, and is at a depth of from 100 to 174 feet. The sinking of the tlrst shaft has been commenced, and the directors hope to have the new mine opened up before the end of the next twelve months. The dividend and bonus will be payable on the 28th .July.

PROFIT AND LOSS. From January 1 to Juno 30, 1888. Dr.—Mining expenses, £3637 Is 3d; mine manager's salary, £300; rent ami royalty, £814 10s Gil. Charges: Property tax, rates, printing, stationery, and office rent, £183 Is ; directors' honorarium, £52 10s ; office salaries, ClS'.*; had debts. COG 3s ; increase of delcredere, £4f> 6d—£5187 4s 3d ; balance, being net profit, £1477 ISs Orl : total, .tWo -.is Od. Cu.-~Ooal account, £0415 bs 7d ; interest, £249 14s 2d : total, £000". 2s Od. lIAI.ANCK-SIIKET, JUNE 30, 1638.

Dr.—Capital, 12,000 shares at £1, £12,000; reserve fund, £(1300 ; profits used account, £4650 ; sundry creditors, £170 is.'Hi; profit and less account, £1691 19s ; total, £24,012 la lid. Cn.—Mortgages, £5028 ; other securities, £440; freehold property, £.6511 18s (id ; new coal mine, £615 4s; mining plant, engines, tramways and buildings, £2020 14s Od ; sundry debtors, £4182 12s 10*1 (less delcredere 5 per cent., £209 2s lid), £3073 10s 4d ; cash— Bank of New Zealand, £1881 IGsTil; in hand, £4 17s 9d ; uncalled capital, 12,000 shares at 7s, £4200; total, £24,012 Is lid.

On the motion of the Chairman the balancesheet and report were adopted as read, and the meeting terminated. The dividends were handed over to the shareholders present.

BAY OF ISLANDS COAL COMPANY,

The shareholders of the Bay of Islands Coal Company met on the 6th August at the offices, -street. Mr. J. 0. Firth presided.

The following is the directors' report : —

The directors have to report that the sales of coal for the past half-year have been 15,310 tons, being a decrease of 18S0 tons as compared with those of the previous six months. In the month of April last a heavy feeder of water was tapped in No. 3 level, which, besides reducing the output, necessitated the erection of dams to keep back the large inflow of water thus met with. 'these urgent measures have proved very successful for the purpose, hut have for the present stopped any further extension of the workings in this part of the mine, ami the output has therefore been somewhat curtailed. 11l No. 3 level the seam has bean at times as much as six feet in thickness, hut faulty ground coining in, this thickness is reduced accordingly. In February last Mr. A. Boardman resigned his seat at the Board. The vacancy thus caused lias not been tilled up. The directors recommend that the vacancy be not filled up, and that the number of directors be reduced to live. Notwithstanding the diminished sales, and the extra heavy expenditure on dams, property tax, and other items, the statement of accounts appended shows that the profit and loss account credit balance stands at £2196 0s (id (after allowing for last dividend, £900), out of which it is proposed to pay a dividend for the half-year at the rate of 0 per cent, per annum, which will absorb £900, ana leave £1290 (is (3d to the credit of the current half-year's work.—For the directors, J. 0. Firth, Chairman. Auckland, July 25,1888.

The balance-sheet is as follows :—

Liabilities.— Capital — 2000 shares, paid up, £20,000; 006 new shares, first issue, paid up, £0660; 334 new shares, second issue, paid up, £3340 ; debts and liabilities -money orders issued, but not presented for payment, £1023 Sis 7d ; amount credited to the Government for royalty, £727110s 4d: debts due by the company, £442 los (id; profit and loss- balance, £2190 6s lid ; total, £10,934 0s lid. Assets.—Property held by the company—lease of coal mine, £4505 ; land, £2080 Os 7d ; buildings— manager's house, engine) houses, stables, cottages, etc., £357?. 8s Od; plant—horses, pumping, winding, and other engines, diamond drill, machinery, tools, etc., £17,000 7s lOd ; permanent works, £10,324 2s lid ; cash in Bank of New Zealand, £232 is 6d ; cash in hand, head office and colliery, £27 15s ad ; debts due to the company, £202114s Od ; office furniture, £149 3s Sd ; goods and timber at colliery, .£313 16s 7d ; coal on hand at colliery and Opua, £98 3s 8d ; total, £40,934 Os lid.

The Chairman moved the adoption of the report and balance-sheet. He had not very much to say ; there was nothing very sensational about the report. He had only to say that during the past half-year they had exercised the greatest possible economy in working the mine. The turn-out of coal had not been so large as during the previous half year ; nevertheless they had been able, by practising economy in every direction, to recommend the payment of the usual dividend of 6 per cent, per annum. They had been greatly troubled during the past half-year by a large influx of water—in fact, the Bay of Islands mine was celebrated for three things: the first, a "•nod

thing, was the good quality of coal; the second, a bad thing, the rolls of faults of which he had so often discoursed, and there was also the immense quantity of water. The water in the mine had been increased by the tapping of a very considerable stream in one of the drives, and a strong dam had had to be erected in order to move back the water and drive it within the channel it ran in before they tapped it. This, however, was only partially successful, and they had to erect another dam ; and this, he was glad to say, stopped the water and drove it back to the ancient channel. This expenditure had not been added to the value of the mine, but had been taken out of the half-year's earnings. The mine was looking just as it had looked for some time past. They were hoping to get into less disturbed country, and if this hope was realised, they would nave a very good property ; if this hope was not realised, they would still have a property very difficult to deal with.

Mr. W. S. Wilson seconded the motion for the adoption of the report and balancesheet, which was unanimously agreed to. The Chairman said that the directors had considered the resignation of Mr. Boardman, and did not see any necessity for electing another director in his stead. Five was a number quite sufficient to work this mine, and the directors therefore proposed to reduce the number to five, in accordance with the company's regulations. Mr. Kkesing moved " That the number of directors be reduced to five."

The motion was seconded by Mr. HartNOIX, and adopted. On the motion of Mr. J. L. Wilson, a vote of thanks was accorded to the directors and officers of the company. The Chairman briefly replied, and the meeting closed.

WAIOTAHI GOLD MINING COMAN Y.

The annual meeting of the Waiotahi Gold Mining Company, which was to have been held on July 31, lapsed for want of a quorum. It is evident the shareholders are content to receive their dividends, and not trouble themselves about matters of detail. The following is the directors' report for the year ending 30th June, 1888 : — In presenting the report for the past year, the directors are pleased to state that during the year we have been able to pay £1500 in dividends, and the balance at credit of P. and L. stands at £726 Is 9d. The return and output this year compares most favourably with the year ending June, 1887, for whereas in 1887 we crushed 2379 tons of quartz for 26640z5. of melted gold, this year we crushed 2360 tons for the return of 2lJllozs of melted gold. Your directors have also purchased the Mary Ann section of the Thames Golden Crown Goldmining Company propel ty, together with the shaft and winding machinery, during the year. A drive has been put in from this shaft, and crosscutting has been started to open up the C'omstock portion of our ground. It is confidently anticipated that this work will prove successful, and enable your directors to distribute more dividends. Full particulars o work done and prospects for the coming year are detailed in the mine manager's statement. Messrs. Dickey and W. S. Wilson retire from the board this year, and being eligible, offer themselves for re-election. The auditor, Mr. Young, also offers himself for re-appointment.

The balance-sheet was as follows :—Working account : Claim expenditure, wages and salaries, £38232s 7d ; timber, powder, candles, and ironmongery, £030 IDs sd; license and rights, £08 os 8d ; general expenses, £1.78 0s 9d ; drainage, £1152: total, £5852 8s sd. Battery expenditure, wages and salaries, £493 lis 7d; ironmongery, quicksilver, &c, £316 Us 4d; fuel, £321 12s lid; total, £1131 Us 10d; to balance, profit, £1463 16s lOd : grand total, £8447 19s Id. Credit: By gold, 2911 ounces from 2260 tons quartz, £8063 16s 4d; tailings, £205 7s (id; tributes, per eentages received), £178 15s 3d : total, £8447 19s Id. Profit and loss account: To dividends, 2s fid per share paid September 14, 1887, £750; 2b- Od per share paid May 4, 1888, £750£1500, to depreciation in plant, &c, £638 ss; balance, £726 Is 9d : by balance, June 30, £1367 14s od. Working account as above, £1463 His lOd— £2831 lis 3d ; interest, £52 15s fid : grand total, £288-1 6s 9d.

ASKHAM-MOLLOY GOLD EXTRACTION COMPANY.

At Mr. D. G. MacDounell's office on the 25th July, the first general meeting was held of the shareholders of the Askham-Molloy Gold Extraction Company. There was a quorum present, and Mr. J.L.Wilson occupied the chair. The minutes of the previous meeting were confirmed, and the announcement convening the meeting was read. The first business was the election of directors to replace three who had resigned, and Messrs. J. H. Keep, James Macky, and Ralph, were chosen to fill the vacancies. Mr. J. M. Chambers stated that all the necessary apparatus was in first-class order, and that lie was willing to conduct the operations with the full force of the plant for a week, and then furnish a report to the directors giving details of the results. Mr. Hales spoke in high terms of the efficiency of the plant, and expressed a conviction that the company's operations would be an unqualified success.

AUCKLAND RACING CLUB.

The annual general meeting of the members of the Auckland Racing Club was held in the office of the club, Durham-street East, on the Oth August. There was a fair attendance of members, the chair being occupied by Mr. A. K. Taylor, president of the club.

The Secretary (Mr. W. Percival) having read the advertisement calling the meeting, and the minutes of the lust meeting, which were duly confirmed, the report and statement of accounts were presented to the meeting as follows :—

Balance-sheet.Dr. : To creditors, £609 9s ; do., secured, £11,575 10s ; to overdraft at Bank, £1206 2s 7d ; distressed jockey fund, £271 10s 8d ; nomination fees, £597 ; Marcs Produce Stakes, £2 10s; capital, £17,903 12s lOd ; profit and loss, £76 14s : total, £32,242 9s Id. Cr. : By debtors, £769 4s 8d ; unpaid subscriptions, £250 ; racecourse, £17,490 lis 2d; new grandstand, £9143 14s 4d ; Derby stand, £1949 2s; totalisator, £268 14s 9d; furniture, £309 12s 6d ; working plant, £432 7s 6d ; tan gallop, £1503 13s Id suspense, £62; Mares Produce Stakes, £6 lis ttd; cash, £56 17s 7d: total, £32,242 9s Id. Profit and Loss. Dr. : To secretary's salary, £350 ; handicupper, £150 ; wages, £355 17s ; office rent, £100 ; interest, £888 6s lid ; to charges as under, £434 9s od ; autumn meeting, £253 8s 4d ; winter meeting, £87 10s; balance, £76 14s : total, £2696 6s 3d. Cr. : By members' subscriptions, £686 ; assumed names, £10 10s ; rent of course, £62 10s ; training fees, £135 ; spring meeting, £619 16s 5d ; summer meeting, £1182 9s lOd : total, £2696 Us 3d. Capital Account. Dr. : To balance, £17,980 6s lOd. Cr. : By balance, £17,903 12s lOd; by profit and loss, £76 14s.

Report.—The report said:"ln laying the annual statement of accounts before you, I have to congratulate you upon its condition, considering the very bad times we have had in Auckland, and the depression existing all over New Zealand, which lias materially affected the position of your Club. During the year the Club has disbursed in stakes the sum of £7230. There has been a considerable falling-off in the nett profits this year. This has been caused principally by the receipts from the totalizator, being less by £1068.. the cause of which was no doubt owing to the bad times, as the receipts from gates, stands, etc., were also £560 less. The Spring Meeting this year was a success as compared with that of last year, but all the others were not so successful. The profits of the meetings for the two periods are as under: — 1886-7. 1887-8. Spring.. .. £66 5 1 _ ~ £619 16 6 .Summer .. 2037 16 7 -. ... 1182 9 10 Autumn .. 179 16 0 Winter.. .. 65 16 7 £1802 6 3 . Less autumn £253 8 * £2349 14 3 Winter 87 10 7 Net, 1887-8.. 1461 7 i 340 18 11 Difference .. £888 7 11 £1461 7 4 —Your committee have decided to try an experiment at the Spring Meeting of allowing ladies and children free admission to the course ; the additional charge of 6d to the ordinary railway fare has also, your committee believe, tended to decrease the attendance. Application for a reduction has been made to the Minister of Public Works, bnt so far without success, and another effort is now being made. During the year your tan gallop has been completed at a cost of £1503, and has given entire satisfaction to all trainers and owners, and I have very little hesitation in saying it is one of the best in the Southern hemisphere. The other gallops are all in good repair, and have stood a great deal of wear and tear during the past year. The stands and surrounding are all in good repair, and very little money will be required this year to be spent upon them. The Metropolitan Club ' 'vin<? agreed t v a new code of rules

for governing or restricting the number of meetings now being held in New Zealand, a special general meeting of members will be held immediately after this meeting to give effect thereto. In terms of rules the following gentlemen retire from your committee : — Messrs. Philson, Dickey, Morrin, Walmsley, Mitchelson, and Russell, but being eligible offer themselves for re-election. (Signed) A. K. Taylor, President." The adoption of the report and balancesheet was moved by the President and was seconded by Mr. Nathan in brief speeches, the latter suggesting that members should do all they could to stop the indiscriminate racing in little meetings all over the country.

Committee.The following were the retiring members of the committee : Messrs. Philson, Dickey, Morrin, Walmsley, Mitchelson, and Russell. These gentlemen were re-elected.

Handicapping. — Mr. Marshall asked whether the club was going to continue to pay a handicapper, or let the committee do the handicapping ? Mr. T. Morrin said he was in favour of the committee doing it, and he would like to have an expression of opinion from the meeting. Mr. Nathan agreed with this. Mr. Marshall urged that expenses it least be paid, expressing a belief in having one man in preference to a committee. No resolution was adopted, and this ended the business. SPECIAL GENERAL MEETING. Immediately at the conclusion of the above annual meeting, a special general meeting was held, when the following new rules were placed before the Club. Their adoption was moved by the Chairman, and seconded by Major Isaacs. They were as follow :— 1. That all Programmes shall bo submitted to the Metropolitan Club for approval. 2. That the Programme, when submitted, shall be accompanied, if required, by a properlyaudited Balance-sheet, showing the receipts and expenditure of the Club for the past year, and th'-tt in no rase shall any Programme be paused unless it clearly appears from the Balance-sheet that all moneys received by the Club have been expended in Stakes, making improvements to the Course and Stands, or payment of interest and sinking fund on purchase money, or generally in the interest of racing. 3. That no Club shall be allowed to hold more than five meetings in the year. i. That any Club holding more than three Meetings in the year, must give an average of at least £SUU per diem in Stakes. 5. That any Club holding three Meetings in the year must give an average of at least £400 per diem in Stakes. 6. That any Club holding two Meetings in the year must give an average of at least £200 per diem in .Stakes. 7. That subject to the foregoing Rules, and the Rules of Racing, there shall be no restriction as to the amount of money added by any Club holding only one meeting in the year. Mr. Alison moved an amendment to clause 5, objecting to the £400, and moving that £350 be substituted. The amendment was seconded by Mr. Grey, On being put to the meeting, the amendment was lost by 11 to 6. The original motion was then put and carried without opposition. Votes of thanks to the president and committee concluded the business of the meeting.

AUCKLAND BOWLING CLUB.

The annual meeting of the members of the Auckland Bowling Club was held on Saturday, July 28, in Robson's Rooms, Queen-street. There was a good muster of members, the chair being occupied by Mr. John Kirkwood, president. The secretary read the report and balance-sheet, which were adopted unanimously. Officers. officers for the ensuing year were then elected as follows :—President : Mr. W. Gorrie was nominated, but said he preferred to waive the position in favour of Mr. W. Tait, who had served the club so long as secretary, and who was welldeserving of it, and Mr. Gorrie requested the Club to elect Mr. Tait. This was done unanimously amidst applause. Vice-presi-dents : Messrs. W. Gorrie and W. C. Mirfin were elected. Committee : Messrs. J. Winks, J. Kirkwood, J. Billington, arid P. Oliphant (Mr. P. Oliphant gave notice of motion that the retiring president and champion for the past year be ex-officio members of the committee) ; hon. treasurer, Mr. J. Miller ; hon. secretary, Mr. R. Cameron ; auditor, Mr. D. S. Cattanac.h. All the elections were unanimous. A delegate to the New Zealand Bowling Association was also elected—Mr. J. Ross being elected. Mr. J. Winks was also re-elected delegate "for the club." On the motion of Mr. W. Gorrie, a vote of thanks was given to Mr. Cozens for auditing the accounts.

Greetings.—The secretary, Mr. W. Tait, read a letter from Mr. James Smith, secretary of the Welcroft Bowling Club, Glasgow, which gave some interesting bowling news from the clubs in that city, and conveyed the good wishes and greetings of Glasgow bowlers to the bowlers of New Zealand.

Presentation of Prizes. —Prizes were then presented as follows: — Champion bowls to Mr. J. Billington, club cup to Mr. J. Scott, president's gold medal to Mr. J. Billington, vice-president's gold medal to Mr. R. Saunders, club subscription prizes to Messrs. Cattanach, F. J. Jones, P. Oli phant, and W. Tait (skip), Major Isaac's prize (a handsome clock) to Mr. J. Billington, Mr. Patterson's four silver medals to Messrs. N. Harker, W. S, Lyell, Taunt, and R. Saunders (skip), Mr. J. H. Lyell's prize (pair bowls) to Mr. J. Frnter, Mr. J. Billington's prize handicap (pair bowls) to Mr. J. Patterson.

Proposed Trophy.—Mr. W. Tait, the secretary, said it had been suggested that a valuable trophy be given for competition annually to attract New Zealand players, so as to draw the most skilled play to the city under conditions similar to those of the Cunningham Challenge Cup, and he believed if such a proposal were carried out it would give a great, impetus to the game in Auckland. The idea was applauded. Votes of Thanks. — Votes of thanks were presented to the donors of last year's prizes, the name of Major Isaacs being coupled with the vote, Major Isaacs suitably responded; to the retiring officebearers, and the Press ; after which the evening was spent in conviviality and intermittent discussion. During the evening the president-elect, Mr. W. Tait, stated that Mr. W. Ross, of Dunedin, had promised to give a prize, and that he (Mr. Tait) should of course present the President's prize as usual.

AUCKLAND SOCIETY OF ARTS.

The annual meeting of the Auckland Society of Arts was held in the Society's rooms in the Municipal Buildings, on the Ist August, Mr. £. A. Mackechnie (the President of the Society) in the chair. There was a fair attendance of members. After a few preliminary remarks by the Chairman, and the reading and confirmation of the minutes, The Secretary (Mr. C D. Whitcombe) read the report, which opened by congratulating the Society on the improved prospects of the district in regard to a School of Arts, which was about to be established through the munificence of Dr. Elam, and predicting brilliant results from its establishment. The gifts of Sir George Grey and Mr. Mackelvie it was stated had endowed Auckland with art treasures unequalled in Australasia, for while Sydney and Melbourne had spent some £100,000 on their art galleries, there was not in them one picture By a master of th* great classical schools. While admitting that modern art had made great strides in the improvement of the technique, and vastly extended its powers of production, yet from an educational point of view, collections of modern artists by no means represented a high value, the works of the elder schools manifesting a refinement of feeling and an intensity of thought sought in vain in modern paintings. In the Auckland schools there were ten of the great classical schools of the world represented, as well as the English school from the times of Reynolds to the present day. The benefits arising from the establishment of this School of Art to the society were alluded to in that the funds of the Society could be used for other purposes than prize-money. The report congratulated the Society also in having found a home in the Municipal Buildings. The report then reviewed the work of the Society during the past year, and the questions of hanging and exhibiting were also dealt with. The report regretted that the exhibitions during the year had proved less favourable in many respects thau those of Erevious years, though artistically there ad been no falling off. The October exhibition included 318 works by local artists, viz., 104 oils, 86 water colours, 74 black and white studies; 22 monochromes, and 32 chalk, pencil, and other sketches. The April exhibition was weaker than the previous year's, both in number and quality, there being only 70 entries for competition as against 151 in 1887. The works for exhibition merely were, how-

ever, 262 as against 254 in 1887. The admissions including season and family tickets amounted to £81 16s, as against? £186 la 6d in April, 1887, and the receipts of both the October and April exhibitions amounted only to £122 15s 6cL Sales at the 1888 exhibition, including the art union, amounted to £145 18s, those of 1887 to £259 14s 6d. The present number on the members' roll is 219, of which 9.6 are honorary, and 123 working members. The cash balance to the credit of the society is £121' 13s 4d, but it also holds as assets a number of other art works and appliances. The report also made mention of and regretting the untimely death in December last of Mr. Debney, one of the most energetic members of the committee, and also of Mr. Bankart, who met his death at the same time. [

The balance-sheet showed : — Income, honorary subscriptions, £97 ; secretary of art onion, £48 10s; working members, £31 15s ; exhibition receipts (spring), £40 0s 6d ; general, £81 16s; catalogues, £20 12s ; pictures sold, £145 18s; interest and discounts, £7 15s ; balance from last year, £186 lis: total, £562 17s 6d. Expenses— general expenses, £16 19s 2d ; spring exhibition, i"64 4s ; general exhibition, £126 ; catalogues, £7 ; cash paid to artists, £138 los ; otKce furniture, etc., £38 6s; secretary, £50 : total, £441 4s 2d ; leaving a credit balance of £121 13s 4d.

The President, in. moving the adoption of the report, alluded to Dr. Elam's will and his bequest to art in the city. He thought they would all agree that if a School of Art was established in the city and carried on on the proper lines, he would have conferred a valuable bequest to the city. He also alluded to the suggestion that had been made of giving £50 annually for a picture descriptive of New Zealand life and features, to be presented to the Art Gallery, and thus make a most interesting acquisition to the gallery. The amounts given to art in Europe were also alluded to, and the President suggested the idea be adopted, concluding by hopefully prognosticating the future. The motion was seconded by Mr. J. McCosii Clark, and supported by Dr. Purchas, who endorsed the expressions of gratitude in the report as to Dr. Elam's legacy. The report and balance-sheet) were then adopted. Mr. J. McCosh Clark moved, " That the Society year by year should purchase a work by New Zealand artists, descriptive of New Zealand life and scenery." He would not stipulate the sum, but he would suggest the committee be given authority to take a sum not exceedirig £50 at the next general exhibition. The President .-aid he meant to indicate that there should be a special fund apart) from the Society's income for such purpose. Mr. Clark said while he was willing to modify his resolution in the direction indicated, he thought it would be quite within the scope of the Society's funds to do so. Dr. Purchas seconded the motion.

Mr. Josiah Martin agreed with Mr. Clark, and said he preferred to lot the committee be allowed to raise a sum by a contribution from the funds of the Society, and also to raise it in any other way. It was ultimately agreed to allow the committee, in their discretion, to take a sum not exceeding- 50 from the funds of the Society, to supplement any sum raised in any other way. Officers for the ensuing year were elected as follows President, Mr. E. A. MackecHnie ; vice-presidents, Messrs. W. Aitken and Albin Martin ; patrons, the Bishop of Auckland, Sir G. M. O'Rc-rke, Mr. Justice Gillies, Mr. R. C. Barstow, Rev. 1). Bruce, Mr. T. Buddie, Dr. J. L. Campbell, Messrs. J. C. Firth, J. McCosh Clark, F. D. Fenton, G. P. Pierce, Rev. A. G. Purchas, Messrs. S. Percy Smith, E. Hesketh, A. E. Devote, and G. B. Owen ; committee, Mrs. J. McCosh Clark, Miss Home, Miss Stuart, Messrs. C. Blomfield, T. L. Drummond, S. Stuart, V. F. Wright; treasurer, Mr. Josiah Martin ; auditor, Mr. E. B&rtley ; secretary—Mr. Whitcombe stating he would not be able to act as secretary for the ensuing year, Mr. J. L. Holland was elected to the position. Mr. Josiah Martin proposed a special vote of thanks to Mr. Whitconibe, which was carried by acclamation. Mr. Whitcombe suitably acknowledged the vote. Mr. J. L. Holland moved, "That the secretary be instructed to communicate with the trustees under the will of the late Mr. Mackelvie, asking that the valuable collection of books on art subjects bequeathed to the citizens by that gentleman be made more available, and suggesting that they be placed in the custody of the librarian at the Free Library, under such conditions as they may deem advisable." Mr. Josiah Martin seconded the motion, which was carried. A vote of thanks to the president closet the proceedings. AUCKLAND ROYAL HORTICULTUBAL SOCIETY. The annual meeting of the Auckland Royal Horticultural Society was held on the 23rd July in Robson's Rooms. There was a good muster of members, and the meeting was presided over by the Mayor of Auckland, as Vice-President of the society, Mr. A. E. Devore.

Report.—The report was read by the hon. sec, Mr. S. E. Hughes. After alluding to the prevailing depression, from which the Society had suffered as well as the general community, it stated that while it could not be said it was in a flourishing condition, yet they had been fairly successful, aud showed a slight balance to credit. After reference to the various shows held the report stated that as considerable interest had been evinced in the exportation of fruit, the committee had collected all the data obtainable on the subject, and a report brought up by the secretary was adopted and issued by the Society, and published in the daily papers, which had given considerable satisfaction; but, unfortunately, arrangements could not be made for shipping the fruit, as the freight demanded was extortionate, so but few shipped, although many prepared their fruit for so doing, and it was hoped that by next season something would be done by the shipping companies to meet them in the matter. Allusion was made to the Codlin Moth Bill, and the steps taken by fruitgrowers in regard to it were detailed, as well as the ultimate rejection of the Bill bv the Legislative Council. The suggestion had been made to hold camellia and fruit shows in the suburbs, as well as in the city, and the idea was commended to the new committee of holding such shows in Newmarket and Ponsonby. A desire for the co-operation of ladies, especially in the floral exhibits, was expressed, and the report concluded by urging members to endeavour to enlist such sympathy and co-operation, and the expression of a hope for a prosperous future.

Officers.The officers for the next year were elected as follows President, Si* William F. D. Jervois, G.C.M.G., C.B. Vice-President: His Worship the Mayor, Mr. A. E. Devore. Patrons: His Honor Mr. Justice Gillies, Hon. E. Mitchelson(M.H.R.), Mr. W. F. Buckland, Messrs. T. Peacock, R. Hobbs, E. Withy (M.H.R.'s), W. Thome, R. C. Barstow, E. Hesketh, D. L. Murdoch, G. B. Owen, J. Dilworth, J. McCosh Clark, G. P. Pierce, J. M. Lennox, D. B. Cruickshank, A. Isaacs, T. Morrin, Percy Smith, T. Buddie, J. L. Wilson, H. Brett, J. B. Russell, and W. McCullough. Managing Committee: Messrs. C. S. McDonald, F. Bennett, J. Allen, A. Dewes, D. Mo Indoe, A. Gillespie, E. Jones, J. Stemson, E. G. Jane, F. Forest, S. E. Hughes, G. Cruickshank, G. Nettlingham, W. J. Palmer, J. Blonffield, J. Craig, and J. B. Bull; auditors, Messrs. C. Hesketh and Dr. Sanders; hon. treasurer, Mr. A. Aitken j hon. secretary : Mr. S. E. Hughes was urgently pressed to act for another term, but he replied he could not possibly give the time, and Mr. W. Rattray was elected to the post. Votes of thanks to outgoing committees and officials and the retiring secretary, Mr. S. E. Hughes, concluded the meeting.

KINDERGARTEN AND CRECHE.

The annual meeting of the Auckland (city) Kindergarten and Creche was held on July 25 in the schoolroom in High-street, the Mayor (Mr. A. F. Devore) presiding. There was a fuir attendance of the subscribers to and friends of the institution. The room was nicely decorated with mottoes, and a number of exhibits of the work of the children attending the school. The Mayor, in opening the . proceedings, made a few very pertinent remarks. He complimented Mrs. Ward upon the inception of the scheme, and the good work she had done in connection with it. He stated that the committee's report was an excellent one.* The good work of the institution was not all yet seen or felt, but would be as the years rolled on. Mrs. Lilly read the report, which expressed satisfaction at the work done during the twelve months just completed, and the efficiency to which the institution had been brought, the economy in the management and the good done to the otid. dren, as well as help afforded to mothers. The report paid compliments to

Mrs. Dudley Ward for instituting the Kindergarten; to the, Mayor and City Council, for the use of the old Free Library building; " to the Mayor, Mr. Devore, for his practical interest and help in working; to Mr. Bartley, architect; to Mr. R. G. Owen, for artistic work done: to Mr. James Dilworth, for liberal donations; to Mrs. Maclean, Miss Halcombe, Miss Wilkins, and Miss Turpin, for Sunday school attendance to Dr. Bond, for medical assistance; to Miss Gordon, and her staff of teachers, and to Mrs. Chase, the matron of the creche. The report was prepared by Mrs. M. A. Percy Smith (vicepresident), and Mrs. Zoe Lilly (hon. secretary). A list of donations was appended. The report was adopted on the motion of Mr. Cohen and Dr. Laisiu.kv.

The MAYOR read an interesting letter from Mrs. Dudley Ward, expressing her gratification at the good report she had of the institution, and complimenting Mrs. Lilly, the secretary, for her indefatigable efforts in aid of the institution. On the motion of the Mayor, it was resolved to place the letter on the minutes. A report from Dr. Bond was presented, as to the children's health, and what lie had observed of the working of the institution.

BALANCE-SHEET. The balance-sheet for the year ended June TO, 1888, was as follows : —

CK.—Annual subscriptions. £173 Is 6il : donations, £107 5s Cd ; net proceeds of concert, £15; net 'proceeds of sale of gifts, £."> lis 2d ; conversazione, A'ls IDs 3d; Pain's fireworks, per A. E. Oevore, ."Esq., £4 ; contribution boxes out creche, Altfus 2d; treasurer, Is 2d. Total, £410 14s 9d. DR.—Alteration and renovation. £IS4 Ss 6d: charges, £34 Hs : gas and coal, £1S 4s 5d : provisions, i.:4s i>s 10<l; wages, and salaries, £134 12s : total, £410 14s Hd. Balance due treasurer, Is 2d.

The balance-sheet was adopted on the motion of Mr. Mcrghie.

Dr. Kino made a few remarks on the •working of the institution, as also did Dr. Xaishi.ky and Mr. G. B. Lilly.

Votes of thanks to the hon. secretary, the committee, and the Chairman closed the .■meeting.

AUCKLAND LAW SOCIETY.

At the half-yearly meeting of the Auckland • Law Society, held in the Supreme Court on August 10, Mr. E. Ilesketh, vice-president In the chair, the following report was submitted and adopted : —■

During the past six months, two cases of Members charged with professional misconduct have been brought under the notice of Che Council, and separate committees were , appointed to investigate each ease. In one ' case, on one of the charges, the committee re- ' ported that the information and materials ■necessary to enable the Council to proceed tor misconduct were only possessed by one of **ie members of the Council, who declined to .disclose it upon the ground that such inforvmation was not his property, but the property of his client, who would lose several iiundreds of pounds if the solicitor complained of was proceeded against. After consideration the Council unanimously derided that without the client's consent the Solicitor could not disclose the information. in respect of this charge, therefore, the Council have been rendered helpless, and •■unable to proceed. A further complaint has ■since been made against the same solicitor, and the Council have given instructions to .have this matter placed in the hands of counsel to bring before the Court. In the second case above alluded to. the committee reported that, though it was clear that several members of the community had suffered through the misconduct of the person charged, yet on being a]'plied to they absolutely refused to give any evidence or make the necessary affidavits in support of the "allegations made, and in this ease also the Council were unable to take any further steps in the matter. In the case of Mr. Rigby, which was mentioned lit the last general meeting of the Society, an Implication on behalf of the Society was made Some time ago to Mr. Justice Gillies, supported by affidavits which had been received irom England, to have Mr. Rigbv's name struck off the rolls. As Mr. Kigby had in the meantime left the colony, the Court was asked in this case to dispense with personal service upon him. At this point His Honor Intimated his intention of consulting the other Judges at Wellington before deciding upon the application. On Wednesday, the 11th instant, Mr. Button, who had made the application, called the attention of Mr. Justice Gillies to the case, and His Honor said that he had spoken to the other Judges on the subject, and the majority of them were of opinion that in such a case personal service could not be dispensed with. A new set of rules for the management of the library has been framed, by which the use of the libra.:;," of an evening will in future be limited to the members of the Society and caretaker of the library, who will see to the closir.g of the doors of the library at eleven o'clock every night.—Edwin Hes'keth, ViceTre.'.ident.

NATIVE LAND SETTLEMENT COMPANY.

_, An extraordinary general meeting of Shareholders of the New Zealand Land Settlement Company was held on August 4 at the Company's Office, Victoria Arcade. There was a quorum present, and Dr. J. L. Campbell occupied the chair. The object of the meeting was to take steps for the voluntary winding up of the company. Mr. S. Thorxe Georgk moved, and Mr. W. S. Wilson seconded, the following resolution, which was adopted:—"That this meeting confirms the action of the directors in entering into and executing an agreement made between the above-named company of the first part, William Lee flees, of Gisborne, solicitor, and \\ i Pere, of Gisborne, an aboriginal native, of the second part, and the several persons more particularly described in the first schedule to the said agreement (and who are thereinafter called ' the said committees'), of the third part, which agreement lies at the registered office of the company at, Gisborne, and a draft of such agreement lies at the office of the company, in Victoria Arcade, Auckland, for inspection of shareholders." Mr. H. Brett then moved, "That the company be wound up voluntarily under the provisions of the Companies' Act, ISS'2.*' Mr. Wilson seconded the resolution, and it was adopted. On the motion of Mr. J. M. Clark, Messrs. G. S. Kissling and J. B. White were appointed liquidators ; and on the motion of Mr. Bi'DL'LE the remuneration of the liquidators was fixed at £100 each. A vote of thanks to the chairman terminated the proceedings.

THE VILLAGE SETTLEMENT SCHEME.

A public meeting was held on Wednesday, July 18, in the City Hall, to consider the question of resuming and extending the village settlement scheme. The Mayor presided, and there was a large attendance. The Mayor formally opened the proceedings. He did not think that in the many public meetings held of late business of greater importance had been considered than that which they were to consider that evening. (Applause.) Something should be done to prevent the exodus fi cm the colony. He did not wish to give his opinion on the merits or otherwise of the scheme generally, but he thought the system of ultimate freehold was the best. The Chairman introduced a petition which would be open for signature at the close of the meeting. Mr. W. Duncan moved, " That, seeing the great success which has attended the system of special village settlement in this district, in at once solving the question of the unemployed, and in promoting sound, industrial settlement of our rural lands, this meeting desires to express its regret that the system has been suspended by the Government." He referred to his long connection with this scheme, and which had met with very drastic criticism at its introduction ; but had eventually proved to be one of the best ever "formulated for its purpose. (Cheers.) Mr. Duncan mentioned the names of Mr. Ballance—(applause)— Mr. Lundon—(applause)— of those who had been mainly instrumental in introducing the village settlement scheme. In the Auckland provincial district there were 49G holdings, occupied by 436 people, 404 of whom were male adults, If these male adults were not on the land. they would probably be swelling the ranks of the unemployed. Only 10 people had returned from "the village settlements. (Cheers.) The improvements effected in the settlements to the north of Auckland cost £5801, and were lately valued at £7511, a credit balance of £1710 being thus shown. Whilst they agitated for retrenchment they should recollect that this scheme directly benefited the colony by settling the land. Mr. F. G. Ewikgton seconded the motion. Several having spoken on the subject, the motion was carried, there being two dissentients.

Mr. T. B. Hill moved, That the Government be requested to bring in a Bill to encourage and enable the Maoris to dispose of their lauds to Europeans under the village settlement and perpetual leasing scheme." Mr. Hill spoke at some length of his efforts in the direction of settling the land. Mr. J as. Maxwell seconded the motion. , The motion was unanimously passed. . Mr. M. Niccol moved, "That the'members for this district be called upon by this meeting to use all the influence they possess in pressing upon the Government and Legislature the necessity of giving effect to the previous resolutions." Mr. John Lamb seconded the motion, which was agreed to. Mr. G. M. Reed moved, " That copies of this resolution be forwarded to the Government and members of the district."

The motion was seconded by Mr. Jury, and adopted. ..*-.% . The proceedings terminated with a vote of thanks to the Mayor.

A special meeting of the Chamber of Commerce was held on Wednesday, August 8, when a resolution was agreed to recommending that the San Francisco Mail Service should not bo discontinued, except in favour of one which would further shorten the time of transit of mails. I At the annual meeting of the New Zealand Refrigerating Company, at Dunedtn on the Ist August. Mr. John Roberts, the chairman, said that about 30 per cent, of the cost of works had now been written off. As the profits depend entirely on the amount of work which the company gets, it has been impossible to say till the end of the year what the result would be, but it is possible they could see their way at the end of next year to make a reduction of one - sixteenth of a penny. Shippers at Burnsido and Oamaru will be placed on an equal footing. He mentioned that the tendency seemed to be towards a reduction in the number of shipping. The retiring directors, Messrs. Brydone and Roberts, were re-elected, and a vote of thanks was passed to the owner of the Elderslie and Fifeshire for having reduced the freight while under contract to carry at l l d per lb. The usual meeting of the District Committee of the Auckland Oddfellows (M.U.) was held in the District Chambers, Oddfellows' Hall, Cook-street, Auckland, on Friday, July '27th. Officers were elected for the present year, and a balance-sheet was presented showing the receipts to be £'2.'-!rV2, and expenditure £1378.

On the 6th August a well-attended meeting of Mount Eden residents was held at Wake's Hall in response to an announcement calling a public meeting to consider the case of James Champion, at present in Mount Eden Gaol for disobedience of an injunction of the Supreme Court. It was asserted by the conveners of the meeting that Champion had been the victim of a malicious attempt to vilify his character by certain persons having circulated an injurious report concerning him. Messrs. H. M. Shepherd, L. Rimmer, H. Waite, E. T. Cartwright, Rev. Mr. Bray, and others, spoke strongly upon the alleged injustice done to Champion, and resolutions were passed to the following effect : —" That the meeting felt the warmest sympathy with Mr. J. Champion and his wife and family, who were suffering under the stigma of a malicious attempt to vilify his character, and hoped that the originators of the slander would be brought to justice;" and "That a subscription be at once raised to provide funds for Champion to vindicate his character." The half-yearly meeting of the Auckland Working Men's Club was held on July -7. Major Payne, president of the club, occupied the chair. The business was of a formal character, but special reference was made to the loss the club had sustained by the death of the late Mr. 11. Ridings, who had been treasurer of the club siuce its inauguration.

The annual meeting of the Birkenhead and Northcote Fruitgrowers' Association was held on July 23. Mr. Kay occupied the chair, and the secretary read the report and balance-sheet, the adoption of which was carried by acclamation. The election of officers was then proceeded with, and the following are the results:- President, Mr. \Y. Thompson ; Vice-Presidents, Messrs. Stafford and Swindall ; secretary, Mr. H. Rawlinson: treasurer, Mr. Kay; committee, Messrs. Wernham, A. Wilson, A. Wilson, jun., Stanley. and C hay tor. On the 31st of July a meeting of the shipwrights of the port v. as held at the dock shed, to consider what steps should be taken in consequence of the dismissing of two hands employed on the barque Coulnakyle by the contractor, Mr. J. Big-elow. There were about twenty workmen present, and Mr. Creighton, one of the men who had been dismissed, was voted to the chair. After some discussion, the following resolution was passed, " That none of the shipwrights should do any dock work for Mr. Bigelow on account of his treatment of the men discharged." A public meeting of the taxpayers of the Auckland district, convened by the chairmen of 14 road districts south of Auckland ami the Mayors of Onehunga and Newmarket, was held on Saturday, the .'lst of July, at the old Otara School, Papatoetoe. The object of the meeting was to consider the present financial condition of the country, and to support those members of the House who are endeavouaing to effect a necessary reduction in public expenditure and simplification of Government. There was a large attendance of settlers and a strong representation of the Auckland Financial Reform Association. A number of resolutions were passed, urging the necessity for further retrenchment, and a committee was appointed, consisting of the chairmen of Road Boards, to act as a Vigilance Committee to watch the action of the Government and Parliament.