MEETINGS.

New Zealand Herald, Volume XXVII, Issue 8283, 16 June 1890, Page 9

MEETINGS.

AUCKLAND FIBRE COMPANY. Tin; annual meeting of the shareholders of tho Auckland Fibre Company was held on May '20 at the offices, Stanley-street, Mr. 11. C. Bars tow presiding. Tho Manager, Mr. W. Johnston, read the following report of the directors, for the year ending 30 th April last :— Your directors havo pleasure in reporting that the result of list year's trading is a nott profit ol .Cited Us lis. Deducting i'rom this sum the amount paid on iuteiv.-t account, £2313 17s •Id, there remains an available balance of .C227S 17s 7<l, ami which lias been disposed of as follows :— t.'2i)U have been passed to credit of special repairs account, notably to create a fund to replace or renew tho boilers when such becomes necessary ; .C 220 in liquidation of a debt carried forward from former years, which we hail reason to believe would be paid in lull; and £lSf>s 17s 7d in reduction pro.it and loss debit balance of last year. Intensive repairs ami renewals of plant weie made during the past year, the cost of which was charged to current expenses, and the works are now in first-class order ami condition. We anticipate a continuance of the improvement which characterised our last year's operations, and should such eventuate, we hope to be in a position to declare a dividend when next balance conies round. two directors, .Mr. V. l>. Stone and Captain W. If. C'olbeck, now retire (the latter gentleman was elected to till Mr. .1. M. Clark's seat); both offer themselves for re-election. An auditor for the war has now to be appointed. Mr. Charles A. Jonas has discharged tile duties of your late auditor, Mr. John .Milne, and now seeks election as such.— It. C. I>ai:sto\v, chairman. The following is the balance-sheet. : —Dr. : Capital find liabilities—shares subscribed and fully paid, £15,795 ; sundry creditors, f.'.'.-TS Us 3d; total, £48,073 Us 3d. Cr.: .Property and assets—land, buildings, and machinery, £30,2;>2 Us s.l: stock on hand, Jt7:'<il 2s 3d ; sundry debtors and stock with agents, .e.'.;;r>o lf>s Oil ; stores and unexpired insurance, .CZ6I Is Id ; bills receivable, .tils 13s 7d ; cash on hand, C\:< 10s lld ; profit and loss account, £1423 17.s 2d ; total, .C 45.073 14s ltd. Special repairs account : Amount set aside for same, £21 m. Prolit and loss account ; Dr. : I'.alurv from last vear, £8115lis items debited since, £1043— Its 9d ; general expenses, repairs, and renewals, £1025 Us Ud; discounts, £014 iss Oil; insurance, £17."); bad debt, £220 ; interest paid, £2313 17s -Id ; amount to credit of special repairs account, £200; total, £10,85!) fts 4(1. Cr. : Gross profit on sales, £0430 as 2d; balance, £4423 17s 2d ; total, £10,S5'J 5s 4d. The Chairman said he had hoped to meet the shareholders in an even pleasanter position, and to announce that a dividend would be paid out of what they had made last year; but. it was natural and proper that they should set apart as much as they could to reduce the large amount by which they had cone behind during the last few years. A special fund had been set aside lor repairs—boilers must deteriorate, they could not last for ever, and therefore it was desirable to put by a sum for alterations and improvements. The rest of the machinery had been thoroughly overhauled and pub in perfect order, and was now as good as new. This year they had reduced the debt by £1800, and this would mean so much less interest to pay. lie thought that in another year they would be able so far to reduce, the balance still standing against them as to make the concern a dividend-paying one. He had been one of the original shareholders and had for a long time even despaired of the success of the company, bin he thought that their future was now assured. Their manufactures were thoroughly appreciated, and their business had very largely increased, lie moved tho adoption of the report and balance-sheet. The motion was seconded, and agreed to. Captain Colbeck, who had been elected a. director in the place of Mr. J. M. Clark, was re-elected, and Mr. C. 13. Stone was also re-appointed. Mr. Jonas was re-appointed auditor. Ho had held that ofiico since the death of Sir. Milne. Captain Colbeck returned thanks for his election. He had seen something of the working of the concern, and felt that there was a great future before the company, lie had no hesitation in saying that ik.vl year there would be a dividend, and a Har,:\antial one. He wished now, however, to propose, "That a sum of £.10 be given to Mr. Barstow and Captain Anderson as a recognition of their services during the past year." He spoke of the care and assiduity with which they lvad worked, and said he considered they richly deserved a more handsome sum than he had proposed, . 4 ;'2.i each.

Mr. Mason seconded the motion. He suggested to the directors that an effort should be made to have the amount of interest paid to the Bank reduced. The rate of ."even per cunt, was too lareo for this concern, seeing that the Bank was practically the only shareholder receiving anything out of it. The motion was unanimously passed. Mr. Babstow thanked the shareholders, and said that for the last eight years he had hardly missel a meeting. No honorarium had been paid to the directors since the first meeting ; and lie thought the want of an honorarium was one reason why some of the directors had nob attended more frequently. Captain Anderson also acknowledged the resolution. Mr. T. ALLEN said ho did not think they could separate without showing their appreciation of the able way in which the business of the company had been conducted during the year. Ho thought the thanks of the shareholders were duo to the manager, Mr. Johnston, and the staff, and he moved a vote of thanks to them. The motion was unanimously agreed to. Mr. Johnston returned thanks, and spoke very hopefully of the prospects of the company. Some discussion took place as to whether the Bank rate of interest could be reduced, this having been suggested by one of the shareholders present, and the Chairman promised to enquire into the matter. INDUSTRIAL AND PROVIDENT BUILDING SOCIETY.

The shareholders of the Auckland Industrial and Provident Permanent Building Land and Investment Society held their half-yearly meeting on June 0 at the offices, corner of Queen-street and Vulcan Lane. Mr. T. Peacock, president of the Board of Management, occupied the chair. The following statement of receipts and expenditure for the year ending March 31 was submitted:— Receipts. — Cash in hand and in bank, £751 3s 4d; investors' subscriptions, £4888 18s 10d; borrowers' repayments, £407") ss; deposits, £4856 16s 9d; rents from offices, £107 ss; rents from properties, £105 'in (id; properties sold, £400 ; insurances, £75 'in lOd ; borrowers' general account, £4; entrance fees, £9 lbs; survey fees, £7 3s; fines, £5 9a Id ; interest, etc., £0 16s; books, £1 4s : total, £15,954 4s 4d. KxriiXDiTUKE. —Loans advanced, £1338; shares matured and withdrawn, £9918 lis lOd ; deposits, £2%',i 9s ; interest paid depositors and paid-up shareholders, £341 10s 4d ; insurances, £95 13 Id; rents and rates, £190 '2n Id ; borrowers' general account, £4; properties, £150 18s 9d ; survey fees, £14 lis 9cl ; returned fees, £2 16s 4d ; miscellaneous, £336 19s lid ; cash in hand and in bank, £668 lis 3d : total, £15,954 4s 4d. The report of the Board of Management was as follows :— The Board of Management, in presenting its report on the transactions of the Society for the half-year ending 31st March last, has to report that, although signs of returning prosperity are not wanting, the continuance of the depression and the large number of properties in the city and suburbs winch do not produce a remunerative return, have had a deterrent effect on the business of the Society. Loans : The amount lent out is less than that of the corresponding period of last year, and such advances as have been made have received very careful consideration. Investing shares : The increased amount under this head shows that the investing public is fully alive to the advantages this mode of accumulating money offers, Deposits:

On account of the decreased demand for advances, your directors have restricted the acceptances of deposits, and have only renewed existing ones at current rate. roller ties : During the half-year under review, two of the properties, which had fallen into the hands of the Society, have been sold without loss to the Society. Auditor :In accordance with rule 58, the vacancy caused by the death of Mr. John Milne lias been tilled by the Board, in the appointment of Mr. J. J. Ker, for some time a member of the Soeicby. The report and balance - sheet were adopted, and the meeting closed.

AUCKLAND PERMANENT CO-OPERA-TIVE BUILDING SOCIETY. The eighteenth annual meeting of the Auckland Permanent Co-operative Building and Investment Society was held on the 10th dune at the Y.M.C.A. rooms. There was a bare quorum of 20 members present. Colonel Haultain, the president, occupied the chair. REPORT AND RALANCE-SHEET. The following report and balance-sheet were presented : — •The committee present their report for the year ending Mist March, IS9O, with the annual accounts ami the auditors' report thereon, for the information of shareholders. I'rotlt and loss: The gross earnings are £398t3 5s 2d; the gross expenses. £1340 l!)s Od; net profit, a.'JMm f>s fid. The committee have credited all investors' si tares with interest at the rate of d per cent, per annum, and have transferred the balance of the net profit (£3Bl Cs Oil) to " properties in liquidation suspense account." This account has now a credit of ,CiC,-tt Ills sd, sufficient, in the committee's opinion, to meet all losses likely to arise. Securities : Those have been, as usual, carefully scrutinise I. The number of properties hold under foreclosure has increased since the last animal meeting, as it. has been found all but impossible to sell property except at a sacrifice ; and the committee have, therefore, thought it better to hold nearly all the securities that have fallen into their hands, as full provision has been made for depreciation. Shares : 1172} new shaves have been issued. The shares on the register on 3lst March were :—llß3 investors' shares, producing £209 lis per week ; 2210 borrowers' shares, producing £109 5s SAd : total, £37S 8s Kid. Officers": One of your auditors, Mr. 1,. A. T)nrrieu, having removed from Auckland, resigned his office, ami the commit appointed .Mi. Henry Gilailaii.junr., in his place. Xew Committee and Auditors: There are twelve members of the commit-too and two auditors to be elected for the ensuing year; and, as there havo been no nominations in excess of the number.' required, there will not, on this occasion, be any necessity for a ballot. KKCKII'TS AND Disbursements for the YEAH K.MMNt; MAJtcn 31, ISUO. HECKIPTS.—Fees : Kntranrv fees on 1292 shares, £04 lis; transfer fees, £3 ss; survey foes, £30 18s 3d ; refunds on account of insurance premiums, rales ami expenses, £&3 lis lid. Kinos : Amount received, £28 2s. Pass-books and rules : Sales, £4 Ms. Shares: Subscriptions en 41 S3 investors', £10,823 4d ; repayments on 221!) borrowers', £7339 pis (id; repayments on redeemed and surrendered, £t.~>7:> 2s ' 7d. Interim accounts: Received on account of borrowers' accounts temporarily suspended from weekly repayments, £2493 lis 2d. Properties in liquidation: Recovered on account of sales eliected, rents collected, etc.. £2398 7s Gil. Deposits: Amount received, repayable at. seven days' notice, l'3os'i 17s 2d; repayable at fixed periods, £41,31S 9s 2d. Sundries, commissions, discount.*, etc., £23 Is Sd : balance at hank and en hand, Match 31, 1889, £7403 lis 3d total, £79,045 It's Gil. i Disbursements. — Fees : Insurance premiums, rales, etc., paid on account of "borrowers, £13!) 17s 3d ; insurance, ground rent, rates, etc., paid on account of interim accounts, £139. lis fid. Deposits: Repayments to depositors, £10,611 llsßd. Interest,; Paid depositors, £839 Its 9d; oil bank overdraft, £14 iris :>d. Shares: Matured shares paid oil, £7304 Is Id : withdrawn before maturity, £15,081 12s id. Loans: Paid to borrowers and secured on mortgage, £SHOO. Properties in liquidation : Ground rents, rites, insurance, etc., £099 17s 7d. Outstanding liabilities: Paid accounts outstanding, "Ist March, 1889, £291 (is .Sd. Miscellaneous; Management, agencies, office rent, fees, advertising, etc., £1124 On Oil; balance at bank and on hand at date, £3040 His ;,;! : total, £79,015 19s stl. Profit and Loss Account. Dr.—March 31. 1890: General expenses, £1318 lss.il; office furniture, amount for depreciation, 'J'', 18s til ; office improvements, proportion of expenses written oil', £10 ; balance, £2015 f,s 5d : total, £3980 5s 2d. Appropriation : Amount transferred to credit of investors, being interest at the rate of £5 per cent, per annum, £1703 18s Sd ; transferred to properties in liquidation suspense account, £881 (is yd : total. £2045 :>s',,l. (in. March 31, IsOJ : Kntranee foes, £58 12s 0.1 ; transfer fees, £3 8s; fines, £341 18s 3d; interest, £3582 0s Oil; total, £3980 5s 2d; balance, £2015 5s 5.1. Properties IN LIQUIDATION' Suspense ACCOUNT. DR.—March 31, 1899 : Ascertained losses to date, £5 2s 2d ; balance, £3083 His Sd : total, £30iS 12s lild. C'lt.—April 1, 1889 : Balance, £2607 0s Id. March 31, 1300: Amount transferred from profit and less account, £881 6s Oil ; total, £30b3 12s lod ; balance, £3083 los 8.1. Balance sheet, 31st March, 1890. Liabilities.Shares : Due investing members, as per ledger balances, £41,903 lis Hid. l)epos;-<« Amount in hand, £17,019 IDs ; interest due on deposits, £301 P.is 10.1. Borrowers : Loans on mortgage, unpaid balances, £100 ; prepayments of burrowers, £53 ys 2d. Accounts payable: Sundry liabilities outstanding at dale, £381 is.s Id. Properties in liquidation : Suspense account, £3083 I'M 8d : total. £03,590 His 7d. Assets.—Securities : Present value of loans on mortgage, viz., liquidating by weekly repayments, £28,215 Us 3d ; temporarily fixed at eight per cent, per annum, £1->.S;'.I); present value of loans on .shares, C_'.">4 us 2d ; amount due on properties which tie: society has entered into possession of, as ; per schedule, £10.860 fis Sd ; borrowers' repayments due, but unpaid, £1118 7s lod ; borrowers' insurance premiums and charges unpaid, £'.;.", Is Sd. Office : Present value of improvements, £114 Us 7d ; safes, furniture, stationery, etc., £00 10s. Cash : At bank and on hand, £304U lGs ;>d : total, £03,50,; 13s 7d. i In moving the adoption of the report and balance - sheet, the Chairman said:—The report and balance-sheet of last year's operations have been circulated amongst members, and have no doubt been carefully analysed, and I will only add a few remarks to emphasize their more salient points. We have again thought it prudent to limit, our dividend to 5 per cent. We devote £SSI, which is just one-third of our net earnings, to bo added to the £2507 already set apart to meet possible losses on the properties we have taken into possession on the borrowers being unable to continue their weekly payments ; and wo believe that this amount, which is onefourth of the estimated value of these securities, will be found a sullicient provision for the purpose. Wc aro in no hurry to sell these properties. We can afford to wait, and we see .signs of the passing away of that wave of depression which has been paralysing our community, ami which has been most severely felt by the proprietors of urban property. .Should these hopes be realised, house property will rise again to its legitimate level, .and the full provision we have made will not, be required ; for you must bear in mind that the money originally advanced on these securities was in every instance below the then real value of the properties, and that in a largo proportion of the cases weekly repayments had reduced the debts of borrowers and added to the suilicteney of. the security. Wo have been exercising flu; greatest caution in making fresh loans, but the capital of the .Society is fully employed, and a sound and healthy business is being carrie, on. The number of investors has diminished, for in addition to matured shares paid oil', the accounts show that £15,681 have been withdrawn. This is no sign of a want of confidence in the Society, but the pressure of (he times lias-obliged many to realise before their shares have reached maturity. The amount now on deposit, £17,019, which would have been increased had we encoutaged depositors, is a proof of the confidence with which we are regarded. lie concluded by moving the adoption of the report and balancesheet. Mr. Watts seconded tho motion, and it was carried unanimously. Subsequently the Chairman explained their grounds for looking forward to more prosperous times. Several shareholders who had suspended payments had now resumed their weekly payment?. There were more enquiries for properties, and borrowers generally appealed to have less difficulty in meeting their payments. Withdrawals on account of matured and unmatured shares for current year had been £10,000 less than last year, and 34 new shares had been taken up since tho Ist April. Election of Officers.— The following oflicers were elected for the ensuing year on the motion of the Chairman, seconded by Mr. Ewington : —President : Hon. T. M. Haultain; vice-president: Thos. Thompson, Esq., M.H. K. ; treasurer : Mr. Joseph Potter ; committee : Messrs. W. S. Cochrane, F. G. Ewington, 11. N. Garland, G. Harper, C. Hesketh, VV. Lodder, W. H. Skinner, S. Vickers, and I. Watts; auditors : Messrs. W. Gome and H, Gilfillan, jun.

RAILWAY REFORM LEAGUE. A meeting of the Railway Reform League, convened by advertisement and circular, was held on May 22 at the New Zealand Insurance Buildings. There were present: Captain W. C. Daldy (in the chair), Messrs. Knox, U.E., A. Bell, R. Duncan, S. Vaile, J. Young, Thomas T. Thompson, M.H.R., R. W. Moody, J. Reid, Geddes, Kelly, and Mr. C. 1). Whitcorabe, secretary. The report of the Executive Committee was read. It dealt with proceedings of the committee and their communications with the Railway Commissioners. The committee arrived at the conclusion that it was useless to waste further time in corresponding with the the Commissioners, and suggested that a public meeting should be called to consider, the i'ollowinc questions;

—1. That since the appointment of the Commissioners there had been no change in the system of administration which was the intention of Parliament and of the people ; the old system of railway administration, which the Commissioners still pursue, being most unsatisfactory to the country. '2. That (a) in the opinion of this meeting the passing of the Government Railways Act of 1887 was a mistake, and that it ought to be repealed without delay ; (p.) that Parliament should at once give effect to the recommendation of their committee of 188G, and order a trial of the stage system they reported upon, on the whole or a portion of the railways of the colony. The committee also reported having written to the Hungarian Minister of Commerce asking for information as to the working of the zone system in that country. The Hungarian Minister had very courteously replied, giving the fullest details as to the working of their new system. The committee also reported that associated Leagues had been formed in Waikato, Helensville, and Invercargill. They also thought it worthy of mention that the system of railway administration the League advocated attracted the attention of the authorities in Berlin, and the Imperial Government of Germany had twice officially sent to this country for all the information obtainable with reference to it. The committee recommended the League to adopt, the following petition, and cause it to be printed and circulated throughout the colony for signature and presentation to Parliament:— To the Honourable the House of Representatives of New Zealand in Parliament assembled. The petition of the undersigned inhabitants of the colony of New Zealand humbly showeth : That in the opinion of your petitioners the working of the Government Railways Act of 1887 has been most unsatisfactory. That this Act expressly provides for the introduction of "differential rating," which is now strictly prohibited both "in Great Britain and the United States of America, anil in the latter country is punishable by tine up to £10'J0, and two years' imprisonment. That in ISSIi your honourable House appointed a Committee to investigate and report on a stage system of railway administration which has been proposed for adoption in this colony. That your Committee reported, " That a trial should be given to the system on an isolated section of our railways." Your petitioners therefore pray : (1) That the Act of 1887 maybe at once repealed. (2) That an unconditional trial of the system your Committee reported on may be ordered to be made on the whole or some considerable section of the railways of the colony. Mr. Andkkw Bell, chairman of thee: ecutive committee, moved the adoption of the report, which was seconded by the Chair- ; man" and carried. The Secretary; read extracts from a letter from the chairman of the Hungarian Department acknowledging receipt of Mr. Vaile's publications forwarded, a copy of , the zonal tariff, and details as to the working of the stage or zone system. It was agreed to acknowledge the courteous letter of the Hungarian Minister, and the answer sent by the chairman was unanimously adopted.

CHAM OF COMMERCE. The monthly meeting of the Chamber of Commerce was hold on the 12th Juno. In consequence of the nature of the business to be transacted, there was an unusually large attendance, and by invitation a number of members of the House of Representatives were present. Captain Colbeck, president of the Chamber, occupied the chair, and amongst the members of the Chamber present were: Messrs. A. Porter, S. Vailo, A. Brodie, Caughey, Jas. Adams, Anderson, Cranwell, Buddie, F. A. White, G. Lewis, Bridgewatcr, D. C. MacDonnell, Captain I'aldy, Nathan, Keesing, Dr. Campbell, J. Reid, W. MeCullough, J. Newman, R. .1. Duncan, S. T. George, R. Garrett, Li. W. Moody, Whitehead, A. Dell, J. B. Russell, .1. M. McLachlan, and a large number of other members. The following M.H. R.'s were also present:—Messrs. Monk, Withy, J. B. Whyte, T. Thompson, F. .J. Moss, 1). Coldie, and F. Lawry. The Chairman, in opening the proceedings, expressed, on behalf of tho Chamber, the pleasure he felt at seeing so large a number of their M.H.R.'s present, and lie trusted the proposals to be made would recommend themselves to their approval. The first question to be brought before them was the law with respect to auctioneers. At present; a person sending goods for sale to an auctioneer, unless lie sent notice to have the proceeds placed to a trust account was in tho position that the auctioneer could treat the matter as a private debt, and place the proceeds to his own account. What the Chamber asked was, that tho law should be so altered that the sending of such a notice was not necessary, but that penalties for misuse of the trust should be applicable. The next question was with regard to the troldfields, and the Chairman of the Goldfields Committee would propose a resolution. Then there was the report of the Railway Committee, the Chairman of which would move a reso- ' lution. LIABILITY or AUCTIONEERS. The Chairman then moved "That all goods sent to an auctioneer for sale should be treated as a trust account without any written notice from consignees." .Mr. A. Porter seconded the resolution. The Chairman read a copy of a letter which the Ollici.d Assignee had received from the Minister of Justice, in which it was stated that the proposed restriction would interfere with the operations of trade. Mr. G. Lewis said he thought this whole matter was brought up on account of tho failure of D. F. Evans ; but, if business was conducted on the cheap and nasty principle, and owners liked to tako the risk, it was their own fault, and it was for them to consider. But to open a trust account for each consignment would surely be quite unnecessary. The consequences were already sufficiently protected. This whole matter was brought about on the representation of the Ollieial Assignee, but in his oprruon the consignors were already sufficiently protected if they chose to tako up the position which they ought. The Chaiv.man before putting the motion said the Chamber had no intention of pubting obstacles in the way of business men. Until tho ease was referred to by Mr. Lewis, he did not know the auctioneer in question, but he did not know that an auctioneer would not be liable on a charge of felony, if after receiving notice he misused the money of the consignor. He felt strongly that the motion was in the right direction, and he moved accordingly. The motion was then put and carried, 11 voting in its favour and 15 against. GRADING MINE MANAGERS. Mr. A. Porter moved the adoption of the report of bho Gold Mining Committee, which was as follows : — " That existing legislation with regard to mining certificates under the Mining Act, 1880, and the Coal Mines Act, 1880, be repealed ; that a Bill be introduced providing for'the grading of mining managers, and the issue of certificates accordingly, also to mining engineers ; that in any such Bill provision should be made for tlia issue of certificates other than first class to such candidates, upon proof that they have been in actual successful practice for three years as under - ground managers." In speaking to the resolution, Mr. Porter said that down South they had a Chamber of Mines, anil some communication had taken place between that Chamber and the committee of this Chamber of Commerce, and the result was the resolution just submitted. What the committee recommended was that mine managers should be graded as school teachers wore. If a gentleman then wanted to get a certificate for a lower degree, there was nothing to hinder him, and he could, if competent, pass to the higher grades. But they had three grades of mines, and it seemed nonsense that a man should have to pass the same examination for manager of a third-class mine, to what would be required from a manager who had machinery and pumps and extensive works. He knew from his own knowledge that the miners were in favour of the proposal. Mr. S. T. GEORfiE seconded the motion, and, on being put, it was carried without dissent. RAILWAY COMMITTEE'S REPORT. Tho report of this committee was that the recommendations of the Railway Committee appointed by Government in 1880 be carried out. Mr. S. Vaile moved, "That in the opinion of this Chamber Parliament should at once order a trial of the stage system, which their committee of 1886 investigated and reported upon, end think tho trial should be made on the Auckland railways, or some section of not less extent, as per sections 1, 2, and 3 of report, that ia to- say, without any guarantee."

Mr. Vaile read the report of the Parliamentary Committee, and said it was needless to say more than that one clause introduced iuto it stultified the rest. Ho said that in the colony, as throughout the world, the desire was for simplification, and cheapening the railway tariffs, but the Railway Commissioners when appealed to added 16 pages of complications to their already voluminous list. This was an instance : A man at Papakura sent a load of stayes to Auckland and was charged £4 f« Id, but on making representations this was reduced to £2, and on the next occasion when he sent a larger number ho was charged the lower rate. Mr. Vaile held that it was impossible for legislation to deal with the matter. He had not time then to deal with the goods tariff, but he pointed out to them that the value was leaving real estate, and what then, he asked, was to become of their life policies and other securities '! That problem was worked out in the pamphlets which were on the table. The next problem was how it was to be worked, and he submitted a printed statement of what the Government accountant said would be the financial result of adopting his (Mr. Vaile's) system of railway charges, and Mr. Vaile's comments on it (published in sheet form by the Railway | Reform League). Mr. Vaile then proceeded ! to demonstrate how the value was taken out I of country lands by the cost of transit, and I he elaborated the average of fares, show- ] ing that according to his system a person could travel twice instead of once, and still be money in pocket; and after further explanation of the stage system was illustrated on a diagram, he moved the resolution. ■ Captain Dai.dy said he would briefly second the motion. So much had been written on tins subject that they all were or should be familiar with it, but they must all feel surprise that in this country, in which local self-government existed, any body of men should have the power to impose taxes such as were imposed by the Railway Commissioners. Another question for their consideration was this : The new system was being introduced into other countries and inquired into by Germany, that nation having recently sent for information as to the system. There was one matter Mr. Vaile had omitted to mention, and that was that his system would disperse population through the country. The Hungarian zone system had a contrary effect, but there people could obtain rail way tickets at the tobacconists' shops, while here they had to crush into a narrow space to obtain tickets. They ought to have a system which would be understood by all. It was a great reform, and it was a question whether New Zealand would be last or first in it. The motion was put and carried. IMMIGRATION. The Chairman read the petition to the House drawn up by the Chamber of Commerce, and the series of resolutions carried on the subject, and hoped the members would accord the matter their support. He, on behalf of the Chamber, thanked the members of the House for their attendance. RAILWAY reform. Mr. A. Belt, moved, " That this Chamber ask the other Chambers of Commerce throughout the colony to co-operate with them on this question of obtaining railway reform." He considered that Mr. Vaile should be allowed to appear at the bar of the House to explain the project, and he hoped the country would support the resolution. The motion was agreed to. AGRICULTURAL COMMITTEE. The following gentlemen were elected an Agricultural Committee : —Messrs. F. Andrews, C. Hesketh, M. Kirkbride, VV. P. Massey, J. Wallace, J. Wylie, T. Wylie, T. Steadman, A. Bell, R. R. Hunt, and A. H. Grainger.

MINING COMPANIES. THE DEEP LEVEL CROSS PROPERTY. A meeting of the shareholders of the Deep Level Cross G.M. Company was held on Juno 12, at the long room of the New Zealand Insurance Company's Buildings, Queen-street. Mr. G. S. Kissling presided. The Chairman, who apologised for the absence, through illness, of Mr. C. C. McMillan, the convener of the meeting, said the object for which they were assembled was to consider a proposal which seme time ago had been made to the shareholders of the Deep Level Cross Company ■with regard to the formation of a new company for the purpose of acquiring the Deep Level Cross property. He believed the liquidator was now in a position to deal with a representative of the company on the subject. Mr. Kissling read a report from Mr. J. Dreyer, mining surveyor and engineer, as to the prospects of the mine, and the proposed method of working it. Mr. Spkatt moved, "That a new company be formed under the no-liability section of the Mining Act, for the purpose of purchasing the assets of tho Deep Level Cross Cold Mining Company, such company to have a capital of £50,000 in 100,000 shares of 10s each, of which 2s per share is paid up, 75,000 of which shares will be allotted to the Deep Level Company's shareholders who have pud their calls on their making a further payment of 2d per share, the balance of 25,000 shares to be offered to the public at 2s per share." Mr. C. A. Harris seconded the motion, which was agreed to. On the motion of Mr. Lkiohton, seconded by Mr. Hancock, a committee—comprising Messrs. Batgvr, Dickey, C. A. Harris, C. C. McMillan, and W. S. Wilson—wore appointed to carry out the formation of the company, A vote of thanks to the chairman closed the meeting.

KuAOTU.viT Quartz Ckushinu Company. —A meeting of the shareholders of the newly-formed Kuaotunu Quartz-Crushing Company was held on the 6th June at Mr. vV. JR. Cook's offices, when the following gentlemen were appointed directors : — Messrs. H. Brett, J. M. Alexander, E. Hardy (Porter and Co.), Sandiman, and W. Holla by. Mr. Cook was elected secretary, and his offices were decided upon as those of the company. It is intended to erect a plant and begin operations at once. Junction G.M. Co.—A largo meeting of gentlemen interested in mining was hold on Juno G, in Mr. D. G. MacDonnell's office, Insurance Buildings, for the purpose of converting the Junction claim into a company. The chair was occupied by Mr. James Frater. It was resolved that a company be formed, and registered under the Companies' Act, 1882, under the name of the Junction Goldmining Company, Limited, with a nominal capital of £7500, in 30,000 shares of 5s each, nil paid up. The limit of call to be threepence. The following gentlemen were appointed directors : Messrs. James Macfarlane, James Frater, Win. Gorrie, Win. Hellaby, and Wm. Cnron. Mr. D. G. MacDonnell was appointed legal manager, Mr. T. A. Menzies, auditor, and the Bank of New Zealand bankers to the company. The company's property is in a good position, being situated in Kuranui Hill, near the Moanataiari Company's ground, Thames, and has an area of 15 acres. The company commences operations with a credit balance of £282. A meeting of the Puhipuhi Reduction Works Committee was held in the office of Mr. G. Clark-Walker, mining agent, on the 7th June, at which it was re. solved to at once form a company, with a capital of £3000 sterling, in shares of £1 each. The object of the company is to obtain a milling plant, to be placed in the most convenient site on the field, at Puhipuhi, to enable all the claims to have parcels of their ore treated, and to prove the value of the numerous reefs. We understand that one gentleman alone has offered to take up 500 shares, and two or three others 100 each. Many of the claims have offered one-tenth of their mines to the company, as an inducement to persons to take shares, and theroby assist in the development of the field. It is expected all the claims will join, and there arc already 23 licensed holdings, besides others taken up under miners' rights. A largely-attended meeting of the shareholders of the Lady Carrington claim, Kuaotunu, was held on the 21st May, in Mr. D. G. Macdonnell's office, Insurance Buildings, Mr. A. Porter presiding. It was agreed to form a company to be registered under the Mining Companies Act, 1882, with a capital of £12,500, in 50,000 shares of 5s each, nil paid up. The following gentlemen were elected a first Board of Directors :Messrs. Kohn, W. Gorrie, A. Porter, P. Brodie, and D. B. McDonald. Mr. D. G. Macdonnell was appointed legal manager, and the articles of association as submitted were adopted. The Bank of New Zealand was appointed bankers to the "Company, and Mr* A» Meozjea,-audiv9r. It was stated

that the Company starts with a credit balance of £700. The directors met immediately afterwards, and elected Mr. Adam Porter chairman. Mr. John Campbell was appointed mine manager, and instructed to prepare specifications and call for tenders for driving 100 feet on the western side of the claim, also to employ such labour as may be necessary for prospecting other portions of the mine.

YOUNG WOMEN'S CHRISTIAN ASSOCIATION. The annual meeting of the Young Women's Christian Association was held on the 13th June, at the Y.M.C.A. Rooms. A social meeting was held from half-past five to halfpast six in the social hall, when about 100 members attended. Subsequently a business meeting was held, about 12 members being present. Mr. Brakenrig, at the request cf the committee, read the annual reports. The report of the Association stated that during the year new members had been added to the Association, and increased interest manifested in the several departments. Deep regret was expressed at the departure of the Rev. J. S. Hill and hi:; family, as he had been an earnest worker on behalf of the Association. The report also spoke very highlv of the services of Miss Leachman and "Mrs. Hill. The attendance of members at the luncheon rooms had steadily increased during the year, the average attendance daily being from 60 to SO. The balance-sheet of the Association showed the receipts of the Association to be £255 13s Id, and the expenditure £249 lis lid. Under the heading of "refreshments" the receipts were £116 19s 4d and the expenditure £67 lis lid. The reports were re- ! ceived with applause, and were unanimously adopted. The following office-bearers were elected for the ensuing year :President, Mrs. Angus White; vice-presidents, Mesdames Major, Kenderdine, Lincoln, and Caradus ; Committee of Management, Mesdames J. L. Wilson, Mactier Schnackenberg, and Gilbert, and Misses Mason, Kenderdine, Vickers, and A. Wilson; hon. treasurer, Mrs. W. S. Wilson ; hon. secretary, Mrs. Christian. A hearty vot) of thanks was passed to the Committee of management and the officers for their labours during the past year, and a similar compliment was paid to Miss Alexander for her devoted labours amongst the young women during the past year. At eight o'clock Dr. Kenderdine took the chair, and gave a short and amusing speech. He was followed by the Rev. T. F. Roertson, Mr. J. T. Arundel, and Mr. Brackenrig, who gave interesting and practical addresses. The meeting was concluded with devotional exercises.

The first meeting of the session of the Auckland Institute was held on the 2nd June at the Museum Buildings, Princesstreet. Mr. James Stewart, C.E., presi dent of the Institute, occupied the chair, and there was a fair attendance of members. The following gentlemen were announced as new members : —R. D. Duxfield, M.A., Thames ; L. Ehrenfried, Auckland ; G. Fowlds, Auckland ; J. Goodall, C.E., Auckland. A'list of additions and donations to the Library and Museum was read by the secretary, Mr. Cheeseman. The President then delivered the usual anniversary address, reviewing the present position of the Institute. He also urged the importance of securing and completing collections in the Museum illustrating the manners and customs of the Maoris. A meeting of the master ironworkers and farriers of Auckland was held on the 31st May, in the club room of the Park Hotel. All the branches of the trade were well represented. After some discussion, an association was formed, to be called " The Association of the Master Ironworkers and Farriers of the Province of Auckland." Mr. J. Patterson was elected president ; Mr. T. Inglis, vice-president; Mr. J. Mclntyre, treasurer; and Mr. E. M. Page, secretary pro tan. It was unanimously agreed to adopt the eight-hour movement. A committee was appointed to draw up a tariff of prices, and to report at an adjourned meeting. The annual meeting of the South Franklin Agricultural Society was held at Miller's Pukekohe Hotel on the 26th of May, immediately after Mr. A. Buckland's sale. There were about 30 members present, and Mr. James Rutherford, the president, presided. After a few remarks from the Chairman, he called on Mr. Chadwick, the secretary, to read the annual report, which was highly satisfactory.