MEETINGS.

New Zealand Herald, Volume XXVI, Issue 9369, 20 May 1889, Page 9

MEETINGS.

BANK OF NEW ZEALAND. The proprietors of the Bank of New Zealand held their ordinary half-yearly meeting at the banking-house, Queen-street, on April .*!(>, the President, Mr. Geo. Buckley, in the chair. There was a large attendance. Mr. G. E. Toi.inii.ST, Acting General Manager, read the minutes of the last halfyearly meeting. REPORT AND BALANCE-SHEET. The report and balance-sheet, as follow, were taken as read :— Fifty-fifth Report of the Directors ot the Bank of New Zealand, to the Half-yearly General Meeting of the Proprietor.--, held at the lsanking-hou.se, Auckland, on Tuesday, 30th April, 1889. The result, of the half year's) operations is as follows :— Net nroiit for the hall-year ended BOth March, 1889, after appropriation for bad ami doubtful debts £13,800 1 11 To which has to be added :— Premium on new shares allotted above par, less charges and costs 11,121 0 0 Balance from -year ended 29th September, Ibis 33, MS 10 8 Making a. total available of .. 483,-143 12 7 Which it, is proposed to appropriate as follow., :— To payment of dividend at the rate of 7 per cent, per annum £33,063 0 0 Balance carried forward .. .. 55.330 12 7 ■ £88,449 12 7 The dividend will be payable at the Head Office, Auckland, to-morrow (Wednesday), the Ist proximo, and at Branches on receipt of advice. l''ur the Board of .Directors, Geo. Bucklev, —— President. Aggregate Balance-sheet of the Bank of New Zealand, at 30th .March, 1839, including London Office at Gist January, 1889. Br. Liabilities. ! Capital paid up — 100,000 shares of £7 each.. .. £700,000 0 0 20,000 shares of £10 each — £10 paid up .. .. £200,000 0 0 25,000 .shares of jCIO each — £7 paid uj),£170,000, less calls unpaid, £176 .. .. £174,324 0 0 £1,124,824 0 0 Notes in circulation 478,101 0 (J Bills payable in circulation .. .. 2,016,206 17 0 Deposits and other liabilities .. 10,0.--6,203 10 1 Balance of Profit and Loss .. .. 88,449 12 7 £13,794,987 19 8 Cr. Assets. Coin and Cash Balances at Bankers £2,287,367 17 11 Money on short call in London .. 164,952 i 1 Bullion on hand and in transit .. 198,043 <; 0 Government securities .. •• 37,521 7 9 Bills receivable and securities in 1-ondon 2,253,722 S 9 Bills discounted and other debts due to the Bank 8,480,703 0 3 Banded property, bank premises, etc. .. .. 372,012 8 5 £13,704,937 19 8 Profit and Loss Account. By Balance from half-year ended 29th September, 1888 .. .. £33,963 10 8 By Net Profit for half-year ended 30th March, 1889 43,300 111 By premium on new shares allotted above par, less charges and costs 11,121 0 0 £88,449 12 7 To Dividend at rate of 7 per cent. per annum £33,003 0 0 To Balance carried forward .. „ 55,380 12 7 £88,449 12 7 We hereby certify that we have examined the accounts of the Bank of New Zealand for the halfyear ended 30th March, 1889, and that we have counted the cash balances and oxamined the bills and other securities held at the Head Office, and compared tho returns of the Branches with the statements in the foregoing balance-sheet, and have found the same to be correct. (Signed) J. L. Wilson ) .„,,:,.„_„ R. McDonald Scott /Auditors. THE PRESIDENT'S ADDRESS. The President, in moving the adoption of the report and balance-sheet, said : — In considering the balance-sheet laid before us to-day embodying the result of the'first half-year's working of the Bank in

• its re-constituted shape, wo must bear in i mind that the conditions which adversely af- > fected the previous half-year prevailed to j some extent in the opening* months of that now under review. Your directors still con- [ side-red that prudence demanded making the maintenance of the Bank's strength tho paramount object. With this in view it is not a matter of surprise, nor need be of much regret, that tho aggregate figures ' show some shrinkage as compared with the . corresponding period of ISSS. On the other ; hand, we may congratulate ourselves upon ! the amount of neb profit earned during the half-year ; the increase of £10,000 as ) compared with the previous half-year being, . let us hope, an earnest of a gradual return to the figures of former days. It may , strike you that tho better result is due to ' the employment of the now capital paid up during the half-year, and this is true to 1 some extent. ; bub you will recognise that new money cannot, with a due regard to - safety, be rapidly pub to profitable use, and ' as a matter of fact, tho £424,824 of fresh capital only became available gradually aw tho half-year advanced. Its effects should bo more fully apparent in the future. Turning now to the figures of the balance- ; sheet: Vour attention will no doubt bo first drawn to the increase as compared with last balance-sheet in the item "Capital," which now stands at £1,124,824. The 50,000 shares which your directors were empowered to offer for subscription have been taken up—2").oi)o in the Colonies, and 25,000 in London. As you are aware, £7 per share have been called up on the issue in the Colonies, but on the London issue £10 have boon paid, it having been found desirable to accept payment in full to ensure subscription. The Bank's subscribed capital now amounts to £1,200,000, with a reserve liability of £1,500,000. " Bills payable" show an increase of £752,000, ' but there is no significance in this, ; it boin£ merely the result of ordinary '- business operations. " Deposits " show a : decrease of some £G00,(K)(>. This is nc- ' counted for by withdrawals which have i been made chiefly in London, and which were expected and provided for. They took place largely in the early part of the period, at a time when there was a feeling of uneasiness as to the condition of things in this colony generally. I am now glad to say that the Bank's deposit business is an improving one. On the Asset side, I would point, to the item, "Coin and cash balances in London," £2,287.000, as evidence that the Bank is determined to maintain a position of financial strength. In the items, Money on short call in London" and "Bullion on hand and in transit." there has been a decrease of £450,000 : but this is merely owing to the fact that it has suited our arrangements to hold our asset in another form. 1 would, as against this, direct your attention to the item '" Bills receivable and securities in London," £2,253,722, an increase over the same item in the last balance-sheet of £1.01:3,000— a more than ample set off. "Bills discounted and other debts duo 10 the Bank " are less by £580,000. Homo considerable amounts have been received in reduction of advances which hail become unwieldy. Other customers, again, have taken advantage of low rates ottering for permanent investment to borrow on their properties outside their bankers. There is now a healthy demand for banking facilities, and the tendency is the other way. With the balance brought forward from last half-year and the net premium (£11,121) received on the new issue of shares we have a total available profit of £88,449. Out of this we have pleasure in recommending that a dividend at the rate of 7 per cent, per annum, absorbing £33,063, be paid, and the balance £55,380 carried forward. To give effect to the promise made at a previous meeting to bring the deed of settlement in some respects into conformity with existing requirements and conditions your Directors have to propose certain amendments ami alterations. These are now before you, and an expression of your opinion will be sought thereon. They have also had prepared an amendment to the Act, and due notice has been given of the Bank's intention to bring forward such Bill during the next session of Parliament. your Directors promised to see how far profits could bo increased by judicious retrenchment and centralisation. They tire fulfilling their promise in this respect, and the result of their endeavours will, it is hoped, be apparent in increased profits in the future. It is gratifying to note that the signs of returning prosperity to which 1 was able to refer at our last meeting have since become more pronounced. A bountiful harvest, saved in excellent condition, is meeting remunerative prices at our own doors. The revival of the flax industry, the steady demand for our dairy produce, the improved tone of the wool market, and the development of the frozen meat trade, arc amongst the factors that arc working towards a better state of things. Renewed attention is being directed towards us from outside — from Australia, where our advantages of soil and climate have recently been brought into sharp contrast with the disastrous droughts that have again afflicted our sister colonies ; as well as from London, where the marked rise in our Government securities speaks of growth in confidence and favour with the investing public. The settlement of our lands goes steadily on, increasing the number of producers, and, in this way, the national wealth. The finances of the colony have been brought into equilibrium, if indeed there is not this year a .surplus. There are, 1 think, plain indications that the habits of thrift engendered by past adversity are producing their natural fruits. Reviewing those considerations, you will doubtless,agree that am justified in taking a confident view of the future. I do not look for 'a " boom" —wo do not want "booms"— but for it steady growth in national prosperity in which we, as a Bank as well as individually, must share. You will regret to learn that the health of Mr. John Murray, our General Manager and Inspector, has not permitted his resumption of active duty. The Board, who are desirous to foster and strengthen, by every means in their power, the strong relationships formed in London, and the renewed confidence that is being manifested there, have taken advantage of his absence from head office, and requested him to proceed to London, where, in concert with the Loudon directors, ho will doubtless bo able to render valuable service in the interests of the Bank. Mr. G. E. Tolhurst, our manager at Wellington, has been appointed to act as General Manager and Inspector during Mr. Murray's absence. Sir Frederick Whitaker having, during the period under review, resigned his seat, the Board filled the vacancy by the appointment of Mr. ' Arthur Bull, who now ceases to be a member of the Board, lie has, however, given notice of his candidature for the vacant seat. Gentlemen, —I now beg to move, "That the report and balance-sheet be adopted." Air. W. S. Wilsox seconded the motion, which was unanimously- passed. DIHECTOK. Mr. James Russku, proposed the election of Mr. Arthur Bull as a director of the Bank. The motion was seconded by Mr. A. K. Taylok, and agreed to. AMENDMENTS IX TUB DKED OF SETTLEMENT. The following amendments in the deed of settlement wore agreed to, after slight discussion : — Clause 22 : The words " two thousand" were deleted from this clause wherever tho same occurred, and the words "three thousand" substituted ill lieu thereof. Clause 23: Instead of the first paragraph of Clause 23, the following words were substituted :— "That no person, or persons, shall bo deemed or taken to be a proprietor of, or to have any interest in any share, or shares, of the said capital, until he, or she, shall have signed, either in person or by attorney, a memorandum in writing—in such form as the Board of Directors may from time to time approve—agreeing to be bound by the Deed of Settlement of the Company." Clause 20 was deleted. Clause 28 : The words " execution of this deed or a duplicate thereof" were deleted from Clause 28, and in lieu thereof the following words were sub- { stituted, viz.:—"The signing of a memorandum agreeing to be bound by the Deed of Settlement as hereinbefore mentioned." Clause 02 : Between tho words " to " and "such " in the 7th line of Clause 02 the following words wore inserted :— "The Company or." Clause 84 : Instead of the words "one thousand five hundred" in the last paragraph of Clause 84, the words "three thousand" were substituted, and instead of the word "fifty" in the said last paragraph the words "one hundred" were substituted. Clause 85: All the words after "respectively" in the 85th Clause were deleted, and in lieu thereof < the following words were substituted — " Together with the Power of Attorney, in the case of a proxy by agent, shall be left at the principal ', ofiice of the Company in Auckland, at least twentyfour hours before the time fixed for the holding of '■ the meeting at which such proxies are to be used." ( Clause 90 : The first paragraph of Clause 95 was - deleted, and in lieu thereof the following words : substituted : —" No person shall be qualified to be an Auditor unless he is a proprietor of at least I fifty shares in the Company, aud in all other i ,

respects an Auditor shall be subject to the same disqualifications as a Director." Clause 100 : In the last paragraph of Clause IUU, the word "Auditors" was deleted, and the worn " Directors " substituted in lieu thereof. Clause 105: The last twenty words of tho first paragraph of Clause 105 as follows:—' Or In respect of tbo share or shares of any person or persons who shall not have executed these presents, were doleted. In answer to Mr. Wood, the President said that it was the intention of the directors to print the deed of settlement as amended, and circulate it amongst the shareholders. THE SHAKE REGISTER. Mr. G. P. Piekce : I think, sir, it was hinted at a late meeting that an alteration would be made in the deed of settlement with regard to the share register. I think you indicated that the matter would be brought before the directors and considered with a view to amendment. The Joint Stock Companies Act enables any shareholder to claim a sight of the share register ; and I think it is highly necessary that shareholders should know who are their co-partners in this matter. It would not only show us whether the requisite number of shares belonged to the directors or not, but it would be a guarantee of the strength of those who are our partners in this business. Under the Joint Stock Companies Act you can claim tho right to see the register, and I see no reason why the Bank of New Zealand or any other joint stock company in the colony should refuse the shareholders this right. The President : I may say that this question has not escaped our notice. In inspecting tho books, wo found that in October, 1879, it was brought beforo the shareholders, and a resolution was passed that tho register should not by open to the shareholders. There is much to be said on both sides on this subject. I think the Bank is in a different position to a company established under the Companies Act. I may say that the names of the shareholders are published every half-year, but the number of the shares is not given. However, it appears to be the resolution of the directors, passed in 1879, that the register should not be open ; that resolution is still in existence, anil the Board see no reason to alter it.

Mr. Boardman said he had some years ago been asked at one of the Bank meetings whether a shareholder had a right to inspect tho register, and his reply was that the law provided that every shareholder of a company had such a right, and every non-shareholder had the right on tendering Is. The explanation of the refusal by the then manager was that the directors had power to prevent a shareholder from inspecting the register, and they had considered it wise, to exercise that power. Tin- speaker said that the Courts in England hail decided the question in favour of the shareholder, and on the ground, among others, that the shareholders were copartners, and each partner ought- to be able to know the interest his other partners had in the concern, and the shareholders could only know tins from the register. He thanked the directors for the very great service they hail done to the Bank, for which ho was deeply grateful, but he hoped they would have the register open for inspection, for he was quite suro the privilege would not be abused by the shareholders, and would tend to give increased confidence in the Board when it was seen there was no attempt to hide the desired information from the shareholders.

Mr. Kwixutox pointed out, that tho terms of the third clause of the deed of settlement prevented any shareholder from seeing the register.

The Pkksidext remarked that if any alteration was to be made, it would be for the shareholders to take action.

Mr. F. CiiKitKY mentioned that the Bank of Victoria, in publishing the names of their shareholders, put a letter after each name signifying the number of shares held by that person. The Pkesidkxt : If any alteration is to be made it will be necessary to give notice, and the question will come on at the next meeting. These resolutions, of course, will have to be submitted to outside shareholders— we have shareholders scattered over the world—and these amendments will have to be submitted to them, with forms of proxy attached ; and as this will take a considerable time, there will be no opportunity of confirming them until the next half-yearly meeting'. In order that they may thereupon take effect, they will be brought forward for confirmation as the first business. It will be necessary that the resolutions be confirmed promptly, particularly in the case of the auditor, as an auditor will be appointed at that meeting. VOTE OK THANKS. Mr. ,1. H. Upton : Before the shareholders separate I wish to propose a motion. I think, every shareholder will agree with what 1 propose. It is a vote of thanks to the directors and otlicers of the company for their services during the past half-year. As everyone knows, this Bank has passed through unexampled difficulty, and those who have sailed the ship out of the storm, and have taken care that the leaks do not yet ahead of the capacity of the ship to bear them, deserve our thanks. As you have pointed out to-day, the new capital of the company has not yet come into fruition, and therefore a further increase in the returns may be looked for in the next report. I must express my great regret at the continued illness of Mr. Murray : 1 am very glad to hear from you that he is now really employed in the service of the Bank, and that he has resumed duties, though not his special duties. Every shareholder must have recognised the very great banking abilities of Air. .Murray, and the skill with which he performed the no doubt trying duties he had to perform. The motion was seconded by Mr. EwiN'Oton', and agreed to. The Pkksidknt: Gentlemen,—On behalf of the Board, 1 have to acknowledge your vote of thanks, I can only say that there lias been no want of work for the directors; they have had a difficult task before them sometimes, but 1 think I may claim, at all events, that they have used their best efforts in looking after the affairs of the Bank and the interests of the shareholders, and it will be very gratifying for them to know that they have your confidence. If not out of place, I would wish to call the attention of the shareholders to the valuable services rendered to the Bank by the deputation that went to London. Of course the directors had the best opportunity of knowing the nature of these services, and they can only say that they were most valuable to the Bank and the shareholders, and that their ell'ect will not lie forgotten. The deputation were Mr. W. W. Johnston, of Wellington, and Mr. A. G. Horton, of Auckland ; and, as I said before, the Board cannot value too highly the services rendered by these gentlemen. Mi-. Tolhdkst acknowledged the vote of thanks on behalf of the stall', and said that it would give him very great pleasure to inform Mr. Murray of the kindly terms in which the shareholders had spoken of him. The scroll minutes were read, and the meeting terminated. THE COLONIAL INSURANCE COMPANY. At the annual meeting of the Colonial Insurance Company, at Wellington on the 15th May, the report and balance-sheet, as below, were unanimously adopted. The shareholders generally spoke favourably to the company, except Mr. Warnock, of Auckland. Some of the shareholders were dissatisfied with the company not paying a dividend for four years, and therefore thought that the management was bad. Messrs. J. Kirkcaldie and G. M. Keeble were re-elected directors. Hearty votes of thanks were passed to the directors and officers. The report shows receipts, £60,445; expenditure, £02,052 ; leaving a balance of £4393. The directors say:—" The profit of the past year has enabled us to pay off a heavy debit balance, which lias for some time been a serious drag on the company, and also to write off the loss caused by the death of the Calcutta manager. The debit balance and all outstanding claims and losses having been provided for, the company commences its present financial period with a better prospect than has been its fortune for some time past." The fire and marine losses are set down at £26,853. PARNELL ORPHAN HOME. The 20th annual meeting of the friends and subscribers to the Parnell Orphan Home was held on the 26th April at the Y.M.C.A, Hall, when there was a large attendance. The children of the Home were also present. Sir George Grev presided, and Bishop Cowie (president of the Home), Mr. M. Rawlings (hon. treasurer), and Mr. G. P. Pierce (hon. secretary) occupied seats on the platform. Mr. 0. P. Pierce read the animal report, which showed that there,

were at present 90 children in the Home, 58 boys and 32 girls, ranging from three to fourteen years. The Treasurer, Mr. Rawlings, read the statement of accounts, which showed the total receipts to be (including balance from last year), £3003 15s 2d, and there was a balance to the credit of the Home in the Bank of New Zealand, the Savings Bank, and on mortgages, of £1676 16s 2d. Sir George Grey moved, " That the report and statement of accounts be adopted and ordered to bo printed and circulated among the subscribers." Sir George made some remarks in commendation of the report, and at the conclusion was loudly applauded. The motion was seconded by Mr. Moss, and carried.

On the motion of Bishop Cowie, seconded by Dr. Pukchas it was resolved, "That the thanks of the subscribers be given to the honorary and other officers of the institution for their services during the past year." '

The motion was carried,

The following gentlemen were, on the motion of the Rev. C. M. Nelson, seconded by Mr. Lodge, elected to serve on the Board of Management for the ensuing year : —Dr. Coom, and Messrs. Thos. W Doonin, G. P. Pierce, M. Bawlings, J. B Stoney, and R. Walker. Mrs. Cowik then presented tho prizes awarded to the foremost children, as follows : —sth standard, George Wallace ; 4th standard, George Holland and James Williamson ; 3rd standard, Ernest Arnold and Frederick Fieldsend ; 2nd class, Harry Reynolds and Lawrence Dunn; Ist class, John Nazer and Maggie Dunn ; infants, Sam Burns and Arthur Franklin ; best allround girl, Lizzie Rae ; best all-round boy, William Shires.

The annual meeting of shareholders of the Tramway Company was held on April 29. The balance-sheet showed that through surrendered mortgages and other losses the total loss of capital had been £46,768 Is 4kl. There was a balance to credit on the working expenses of the year of £2329 12s 7£d, but that only meant about 4 per cent."on the capital, irrespective of the land, and as the debentures were held at 7A and 8 per cent, this meant an actual loss. The directors had no recommendation to make, but Mr. James Stewart, C.E., and others pointed out that by the introduction of electric motors a saving of £3000 a-year could be effected on working expenses, and this view was favourably entertained. But the difficulty was that the company was too weak to finance for the necessary plant, and their only hope was to got some electric company to supply the plant and run the tramways on a guaranteed security. Mr. John Milne was re-elected auditor. A cordial vote of thanks was, accorded to the directors for their past services, and to the chairman.

The first annual meeting of the Auckland Savage Club was held on April 29, the Rev. D. Bruce, one of the vice-presidents, in the chair. The retiring secretary, Mr. Bilbrough, read a report for the past year, which stated that 160 names of members and associates were on the books, and a balance in hand after paying all expenses. Several alterations in the rules, suggested by the experience of the past year, were then discussed. The following were elected office - bearers : —Patron : His Excellency Lord Onslow, G.C.M.G. President: Sir Fredk. Whitaker, K.C.M.G. Vice-presi-dents: Mr. G. P. Pierce, Rev. D. Bruce, Dr. Lewis, Mr. E. E. Bilbrough. Secretary : Mr. C. F. Vickers. Treasurer: Mr. J. B. Macfarlane. Committee : Rev. W. Realty, Messrs. G. Shirley, J. H. Keep, P. C. .Hamerton, J. A. Beale, F. E. Baume, J. L. Kelly.

At a meeting of the directors of the New Zealand Stud Company, held on May 10, Major George was elected to the dual position of chairman of directors and managing director, and the other vacant seat on the Board was filled by the appointment of Mr. A. G. Horton. With regard to the managership at Sylvia Park, we understand that Mr. George Cults has been appointed to the position, ami that ho may be expected to arrive at an early date to take up his duties.

The ninth annual meeting of the Auckland Band of Hope Union was held on the 13th .May in. the Alexandra-street School. There were about thirty present, and Mr. D. Golclie presided. The proceedings were opened with prayer by Mr. Robinson, after which the Chairman called upon the secretary, Mr. W. J. Macdermott, to read the annual report of the .Society's proceedings for the year. Tins, in giving a resume of the work accomplished, stated that there had been a considerable revival in several dormant societies, and the projected movements promised a busy and successful year. Mr. Plummet' read the treasurer's report, which showed a small credit balance. Both reports were adopted. The election of the executive for the ensuing twelve months was proceeded with, and resulted as follows : —President, Mr. D. Goldie ; vicepresidents, (Sir Win. Fox, Mr. C. G. Hill ; secretary, Mr. W. J. Macdermott; treasurer, Mr. 0. Plummer ; auditors, Messrs. F. Cherry, J. M. French ; collector. Mr. S. Merrick ; visitors, Messrs. J. M. French, S. Merrick, K. 11. Souster, C. G. Hill. Votes of thanks to Mr. Frith for his efforts in training the choir, and to the retiring officers, were accorded unanimously.

A meeting of persons interested in the Irish national cause was held at the Catholic Institute on the 13th May, to arrange for the reception of Sir Thomas Esmondc and Messrs. John Dillon and John Deasy, the Irish delegates now in Australia. Mr. J. M. Shera presided. On the motion of Mr. M. Danaher, seconded by Mr. Miller, it Mas formally resolved to invite the delegates to visit Auckland, and a numerous committee, including several country residents, was appointed to arrange for their reception.

The annual meeting of members of the Pakuranga Hunt Club was held on April 20th, at the A. B.C. office, Durham-street. The balance-sheet was submitted by the secretary, and the finances were found to be in a fairly satisfactory state, the outstanding debts of the club being wiped off, and a small balance left to credit. Mr. W. Percival was re-elected Master of the Hunt, Mr. K. Garrett treasurer, and Mr. H. H. Hayr secretary. The following gentlemen were appointed a committee of management for the ensuing year ;—Messrs. Robt. Garrett, W. McLaughlin, T. Stephens, J. S. Buckland, and the master, W. Percival.

The first annual meeting of the Auckland Coursing Club (the successors to the Plumplon Park) was held on April 20 at the Commercial Hotel, and there was a fair attendance of about thirty members. On the motion of Mr. Cawley, seconded by Mr. Macready, Mr. T. McEwin was called to the chair. The balance-sheet, audited by Mr. A. Stichbury, showed the total receipts to be £285 Os Gd, and the expenditure left a debit balance of lis lid. On the motion of Mr. Fcnton, seconded by Mr. Bcchan, the balance-sheet was adopted. The next business was the election of oflicers. Mr. P. Lawry, M.H.R., was re-elected president, and Messrs. W. F. Backhand and R. Garrett reelected vice-presidents, Mr. John Bull was elected treasurer, and Mr. 11. H. Hayr was re-elected secretary. The chairman proposed, " That the existing committee, Messrs. Barker, Quigley, Maeready, McEwin, Martin, Bull, and Sheehan be re-elected." Mr. Gordon seconded the motion, and it was unanimously carried. This concluded the business. f