MEETINGS.

New Zealand Herald, Volume XXVIII, Issue 8473, 26 January 1891, Page 9

MEETINGS.

MEW ZEALAND INSURANCE COMPANY. • The annual meeting of the shareholders of the New Zealand Insurance Company was held on Jan. 14 at the ol'ices, Queen-street, Dr. J. L. Campbell, Chairman of the Board of Directors, presiding. REPORT AND BALANCE-SHEET. The following report of the directors and statement of accounts were taken as read :— The directors have the pleasure to submit to the shareholders the balance-sheet anil profit and lons account for the year ending SOth November, 1-390. After providing for Hscoriainod losses, and paying ail interim dividend ill .July last of is (id per share, there remains for distribution a sum of £30,529 as 9>l, which your directors recommend should be appropriated as follows pa>mi*nt of dividend at the rate of 12i per cent, per annum, £12,500; bonus at the rate of 0d per share, £2500 ; augmentation of investment fluctuation account, £8000 ; re-insurance fund, £10,000 ; balance carried to profit a'id loss now account, £3W.) os yd : total, 0,5-20 Os 9d. With the above appropriation the 10-insurance and reserve funds will amount to £250.000. The vacancy at the Board, caused by the retirement of Mr. J. MrC'ish Clark, was filled by th« appointment of -Mr. A. ft. Jlorton. Messrs. J. J,. Campbell and T. Russell retire from the Board, as provided for by the articles of Association, and are eligible for re-election. .Messrs. Jsourdman ans. Waymouth again offer their services as auditor « The dividend .and bonus will be|payable at thd Head Office to-morrow, and at the .Branches and Agencies on receipt of advice. For the Board of Directors. J. Logan Campbell, Chairman. Statement of Accounts for the Year Ending 30TH November, IS9O. Profit and Loss. Dr. £ a. d. £ s. d To reserve fund, as per report for year ended SOtli November, 188 5,000 0 0 Dividend for the halfyear ended 30th November, ISS'.i .. 12,500 0 0 Dividend for the halfyear ended 31stAlay, 1890 12,500 0 0 20,000 0 0 Commissions, salaries, and other expenses 75,877 5 4 Government taxes and payments to Fire and Marine Associations.. 5,232 0 11 Fire and marine losses and appropriation for unpaid losses .. .. 160,220 10 10 Re-insurance fund .. .. .. 10,000 0 0 Investment fluctuation account .. 8.000 o 0 Balance i 5,520 o 9 C'R. £313,51 M 17 10 By balance at 30th November, ISS9 .. 22,075 13 11 Fire ami marine premiums, less returns and reinsurances .. .. 275,243 7 0 Interest and rents 15,045 10 5 £313,304 17 10 Balance-sheet, Dr. £ s. d. £ s. d. To capital 200,000 0 0 Reserve fund .. .. 140,000 0 0 Re-insurance fund .. 110, 0 0 250,000 0 0 Investment Fluctuation Accountviz.: Amount last year 3,048 1 3 Transfer from profit and loss account _ .. 8,000 0 0 £11,648 1 3 Less written off sundry investments for depreciation .. 8,052 5 5 3,505 15 10 Appropriation for unpaid losses .. 35,85!) 0 0 Deposits and other Liabilities „ 20,070 1 0 Balance .. .. ... „ 18,529 o 9 £534,059 17 7 Or. By investments— Mortgages and sharos 111,238 5 10 Company's freehold office premises and other properties .. 318,106 15 5 United States Bonds 12,524 8 0 Cape of Good Hope ixovernment securities 10,047 10 0 Debentures .. .. 5,000 0 0 By loans at call, short periods, and fixed bank deposits .. 25,600 0 0 482,517 0 2 Accrued interest and rents .. .. 1,037 13 10 Bills receivable jifll 17 2 Sundry debtors 43 8 0 Branch and Agency balances 48,430 10 8 Cash in bank and in hand .. .. 1,073 7 9 £534,059 17 7 •We have examined the books and accounts of the Company for the year ended 30th November, 1890, and have to report that the balance-

sheet now presented to tlio shareholders is a full anil fail - balance-sheet, and exhibits a true ami correct statement of the affairs of the Company. A. JJOAIIDMAN, I Auditors. J. WAV MOUTH, I Auckland, December 31, 1800. The Chairman, in moving the adoption of the report and balance-sheet, said On the last occasion when 1 had the pleasure of addressing you I stated that the affairs of the company were in ft Round and flourishing condition." On the present occasion it is my pleasing duty to be able to confirm and repeat that statement, and to place before you a report which your directors have reason to nope will in every way lie satisfactory to shareholders. It is hardly necessary for me to revise the different items in the balance-sheet, as these speak for themselves. You will note the premiums show an increase of £5349, and although this is not a large sum still we may ourselves upon it when it has been made in the face of the general shrinkage of business consequent upon the late strikes. The losses again show a considerable decrease compared with the last year, notwithstanding under this head there is the exceptionally heavy loss by the large Sydney and Brisbane fires, and unlooked-for heavy marine losses, all in lit st-class vessels (some on their first voyage), upon four of which we had given cover amounting in all to £7600. Nevertheless, we ha ve been able to add the substantial sum of £10,000 to the reinsurance fund, bringing that and the reserve fund up to £250,000, at which it now stands. Our securities have been readjusted to their market value, having been written down by a sum of ±'80~>2. Notwithstanding these items having been deducted from our earnings, and carrying forward a, balance of £%">2l), your directors feel justified in proposing that a bonus of sixpence per share be added to the l'2J per cent, dividend. 1 now beg to move the adoption of the report and balance-sheet. Air. James Russell seconded the motion. Sir. Bankuakt said he would like to draw attention to one matter. In the balancesheet the investments were stated to be £!S'-\f>l7; but he noticed that there were £15,045 to represent interest and rents on that sum, or a little over I? per cent. - The Chairman replied that lie believed that m last year's balance-sheet; the amount from interest and rent was £19,000, and there had been no doubt a shrinkage, arising from the depression. The investment rate j of interest had fallen, and from that cause ] the shrinkage had taken place. With the return of more prosperous times they might look for an increase. They would no doubt be aware that the item of rents had fallen. Many rents hail fallen more than half ; but he hoped that state of things would not last long. The report and balance-sheet were adopted. 1)1 RECTORS. Mr. J. J. Taixk proposed the re-election of Dr. Campbell and Air. Thomas Russell as directors. The motion was seconded by Mr. Gisohgk. Mr. Cam.nan said he wished to ask a question: A very powerful company had commenced business in the colony, and he had heard that Mr. Thomas Russell had become one of the directors of that company. Under those circumstances, he did not think it would be advisable for them to elect him to a position on their directorate. . 'Hie Chairman, replying, said that Mr. Russell had been a director in the company referred to ever since he went. home. He thought it right to say that he was a most powerful friend of the New Zealand Insurance Company in London, in securing business for them, and in preventing loss. His appointment as a director of the other company would not militate against the business of the New Zealand Insurance Company, but, on the contrary, would tend to conserve their interests. The motion was agreed to. auditors. On the motion of Mr. Callnan, seconded by Mr. Prime, Messrs. A. Boardman and J. Waymouth were re-appointed auditors. FOREIGN BUSINESS. Mr. Cam,nan said he had read a few days ago, in a paper which devoted considerable attention to insui-aj.ee matters, that only three insurance companies out of the large number doing business in the colony had made any profits from underwriting during tiie last three years; and the paper had further stated that it' the profits made by the successful companies were deducted from the losses of those which had been unsuccessful there would be a balance of ±'.">OOO against the whole of the insurance business of the colony for a certain period of years. He thought this a matter of interest not only to the shareholders but to the outside public, who appeared to be under the apprehension that large profits were made from underwriting. Their own company, he was glad to say, was one of those which had been fortunate, and, in fact, it headed the list in profit-making ; but, notwithstanding that, lie did not know that it was in so favourable a position as it ought to be, when they came to consider that the amount of capital invested was half a million pounds, and the total amount of interest was only a fraction over 3$ per cent. Of course, they could understand that the depression and its effects had had something to do with this: but be believed that the fact that the leading companies were doing large business in the United States of America had caused them to sustain heavy losses. Hewas glad that those companies I Kid withdrawn from those fields, and lie wished to ask if it would not be better for the New Zealand Insurance Company also to withdraw? He could quite understand that it was necessary for an insurance company to have a large field, but it was just possible to have too wide a field, and one of too risky a nature. Ho. remembered a company the chairman of which, had frequently congratulated them that their business was extending in all branches; but whilst this process of extension had been going on, the credit balance had been growing beautifully less until it ceased altogether. They hud, of course, nothing whatever to do with other companies except as a warning, and lie admitted that the report presented that day was a good one, and, when compared with those of other tallies, a splendid one ; but it was with a view that it might remain so that he raised the question whether it was in accordance with sound finance to do business in a large way in Brummagem cities. lie had been requested to speak on this subject by other shareholders who were diffident; and he therefore asked whether it was the intention of the directors to withdraw or reduce the number of agencies in the United States other than those of a maritime nature? The Chairman thought that the reply to the last speaker could be summed up in a simple question : Which are the risks to be avoided? Who was to select the risks? or to say that one city was " Brummagem " and another was not? They had an inspector of great experience who visited those risks periodically; and they could only say that they made a large profit out of them. At the suggestion of Mr. Buhdle, Mr. Warwick \\' eston, Inspector of branches, addressed the meeting on this subject. He remarked that he had not come prepared to speak, and he could only generalise. Mr. Callnan had spoken of ''Brummagem cities in America"; but they were doing business only on the Pacific Slope, where it was under strict supervision and control. If profits were any indication, it was one of the best places they could possibly do business at. As to the future, of course ho had no more a miraculous or supernatural vision than any of the shareholders. He could speak only of the experience of the past 10 years, and from that experience their business on the Pacific Slope was as good as that at any branch under the immediate observation of the shareholders, and was under very able management there. As to what had been said of Brummagem cities, San Francisco in some parts was as fine a city as any in New Zealand or Australia; there wore other parts not so good, but their business there was kept within very circumscribed limits. He had just completed a tour of Australia, and business was also ably and conservatively conducted there. It was true that they had recently lost by fires at Sydney and Brisbane ; but what were their losses compared with those of some English companies ? 'flic existence of insurance companies depends upon losses as well as profits; but certainly our margin of profit was evidence that the business was well looked after, and well considered. As to other foreign parts in which they were doing business, the same remarks would apply; they were periodically inspected, and to withdraw from some of them, as Mr. Callnan had suggested, would be to circumscribe our limits a good deal, and bring the company into a very secondrate position. Mr. Callnan had also spoken of the unprofitable experience of other local companies. He (Mr. Weston) did not think the experience of other local companies any guide for the New Zealand Insurance Company in this respect. The New Zealand Insurance Company had marked out its policy years ago, and had been successful, and if other companies had adopted the same policy and made a mess of it, surely that was no reason why the New Zealand Company should retrace its steps, as Air. Callnan suggested. Mr. A. Boardman said it was quite natural that shareholders in an insurance company should be a little bit jealous of the policy, and more especially of a foreign policy, when they had seen that companies once in splendid positions had made heavy losses. He wished to say, without divulging anything that an auditor should not divulge, that in looking over the accounts of the New Zealand Company for two years lie had been struck with the vast care that had been taken in Sroviding against losses in the foreign places. [e attributed this not only to the directors

and the general manager, Mr. Pierce; but he attributed a very great deal of it indeed to the efficient inspection of Mr. Warwick Weston. Since he had been auditor he had been asked by various shareholders as to the property of the company and as to whether it was overvalued, or rated at values which would not stand a depression. _ He could assure them that there was nothing of the kind. What he did in every company in which he had been auditor, whether alone or with others, was to save every security connected with the company passed through his own hands, that he might see them ; and if any security that he did not see were entered in the ledger, he must have the authority for that. He had also been asked aboutstocks. If stocks dropped a £1 or 10s per share, they fearlessly wrote that off. The buildings anil landed property were valued by the d.rectors at sums below what qualified men in various places said they were worth. . For instance, during the boom in Melbourne and Sydney, they might have added many thousands of pounds to the property. Nothing of the kind had been done. VOTES OF TIIAKNB. On tho motion of Mr. S. Vickers, a vote of thanks was given to the directors, officers, and agents of the company, and was acknowledged by the chairman and Mr. Pierce. A vote of thanks to the chairman closed the proceedings. HARBOUR BOARD ACCOUNTS. The annual meeting of the Auckland Harbour Board for the consideration of tho accounts was fixed for January 19, but had to bo adjourned, as tho accounts have not yot been returned by the auditor. Mr. Malcolm Niccol presided, and Messrs. Dignan, Nathan, and Button, and the secretary (Mr. Brigham) were also present. THE chairman's address. The Chairman delivered the following address:—Gentlemen, — This is merely a statutory meeting for the consideration of the accounts ; but they are not ready to be submitted to you, as they are in the hands of the Government auditor, who is now busy with them. He will not be finished with them for another week at least, and they will then have to be sent to "Welling'ton, and then returned to us. This meeting, therefore, must be adjourned until the accounts are before us, A copy of the accounts, as they were submitted to the auditor, has been laid on the table. THE DAWN OF I'ROSI'KIITTY. I have prepared a statement which I propose should be attached to the accounts and printed, and which I will now read : In reviewing the accounts of the past year, it is gratifying to find that while no startling or phenomenal changes in t he trade of the port have taken place, yet the general result indicates a steady continuance of the improvement which set in about eighteen months since, produced not by any casual or spasmodic causes, but by the natural expansion of our imports and exports, in consequence of the large increase of settlement upon the laud in and about Auckland. (Hear, hear.) There can bo no doubt that a period of substantial and permanent prosperity has dawned upon New Zealand, and in spite of the disabilities under which Auckland unjustly rests, from being comparatively isolated from tho rest of the colony, yet our magnificent forests and rich goldfields, our valuable gum deposits, combined with the infinite variety of products which our soil and climate are capable of raising, and the favourable conditions under which small homesteads can be secured, will always keep Auckland well to the front, and retain for her the position of pre-eminence she has always enjoyed. AN in,jr.STICK. In mentioning the isolated position that Auckland occupies in relation to the rest of the colony, 1 refer first to the noncompietion of the Central Trunk Railway, and 1 trust hat agitation upon this subject will never cease until tardy justice to Auckland is done by the Government of the colony ; but I direct your attention also to the fact that so far as communication with Europe by the subsidised direct steamers is concerned, Auckland has lately been placed on the same footing as Taranaki or Gisborne, all our cargo being transhipped at Wellington ; and thus, iii addition to the delay and annoyance arising from the system, our merchants are actually forced into contributing to the support and maintenance of another harbour, to the detriment of our own port. In these days of strong competition and rival steamship lines, combination among our merchants and insistence upon direct shipments to and from Auckland are all that are required to secure fair play ; and I do trust our Chamber of Commerce will take this matter in hand. THE SOUTH SEA ISLAND TRADE. There is, I am happy to say, a steady increase in our trade with the South Sea Islands ; but I think it necessary to warn our Auckland merchants and tradesmen that determined efforts are being at present made to divert this trade elsewhere, and that if all these efforts succeed, we shall have only our own supinencss and indifference to thank for it. Much has been done of late by individual firms to develop the Island trade, but combination of capital and united action are necessary to produce complete success, and a movement in this direction is desirable. Of course, gentlemen, I refer to the fact that Wellington is now making very great efforts to secure the Island trade. They are sending shipments to Noumea, Tahiti, Rarotonga, and to a number of other places winch we looked upon as our own in trade, and they have sent a steamer to Noumea to take up a trade that we have looked upon as our own. SAN FRANCISCO MAIL SERVICE. The vexed question of the port of call for the San Francisco mail steamers has, as you are aware, been settled in our favour, but the fact of any attempt having been made as it were to fly in the face of nature, and deliberately to propose divergence from the ocean highway, and carry the .mails past our dqors, only shows to what extremes the centralising policy of Wellington will carry its advocates, and makes it the more needful for our representatives to be on the alert in future. WOOL. In view of "the rapid increase of sheep in our provincial district, as shown by last Government returns, and the certainty that the export of wool from Auckland will soon assume greater importance than in the past, I invite you to consider the question of providing facilities for storing and dumping wool and flax. (Hear, hear.) My idea is that the Board should, if possible, erect sheds on Quay-street, with proper hydraulic presses, and a tram line from tho sheds to Quay-street Jetty. If, however, the Board should not decide to undertake this work, then the site should be leased for the purpose under proper conditions and restrictions as to charges, etc. At present a great part of the wool from the East Coast goes to Wellington instead of coming to Auckland for shipment, simply because of our lack of appliances for pressing, etc. I daro say that tho number of sheep in this provincial district will in two or three years be double what it is now. CALLIOPE DOCK. Up to the present our experiences in connection with the Calliope Dock have been somewhat disheartening, and the advantages have been so remotely indirect as to have been scarcely recognisable ; but there can be no doubt that in the future the fact of our possessing this dock will prove of great value in securing for us the headquarters of the navy in New Zealand, and in determining the terminus of ocean steamship lines ; for it must be apparent, to all that in a very few years New Zealand will cease to be regarded merely as a supplement or appendage to Australia, and will be quite able to wholly employ many more ocean steamships in carrying our mails and products to Europe and America ; but, in its present incomplete state, Calliope Dock is little more than a name, and additional expenditure to make it ti. effective is 1 unavoidable. I am very sorry to have to say so, but it is a fact. Exactly where the money is to come from I do not know, but we shall have to find it somewhere. FINANCE. The whole of the loan money having been now expended or anticipated, all further expenditure must be provided for out of ordinary revenue, and as the treasurer's forecast of income and expenditure for the current year shows only a small margin after providing for fixed charges, great care must be exercised in deciding what new works shall be undertaken. We have about £15,000 to credit of general account, but the renewal of the eastern tee of the Queen-street Wharf will absorb a great part of that. We cannot, therefore, indulge in any extravagant or luxurious expenditure merely because other ports have done so, but must accommodate | our expenditure to our own special circum-,

stances and requirements. Were it not for the fact that about one-third of our ordinary revenue goes to pay interest on (the cost of our two graving docks, we would be under no necessity to levy charges of any kind upon shipping, and could also provide many desirable appliances and conveniences which are at present necessarily deferred. It takes about £10,000 a year to pay interest on the two docks, and from this we get no return, as we barely pay expenses. On the motion of Mr. Button, seconded by Mr. Nathan, a vote of thanks was given to Mr. Niccol for his address. The following is a synopsis of the accounts :—General account: Balance, income, interest and refund, £47,091 12s 3d; expenses and fixed charges, £9,958 9s Id; interest and sinking fund, £22,294 19s 7d ; balance, £14,838 3s 7d : total, £47,091 12s 3d. Loan expenditure: Balance, £12,885 2s 4d ; expenses, £7014 15s 9d ; balance, £5870 6s 7d : total, £12,885 2s 4d. EMPLOYERS' ASSOCIATION. On the 21st January the first annual meeting of the above -association was held at the Harbour Board Offices. Mr. C. C. McMillan, president, occupied the chair. Mr. F. (3. Ewington, secretary, read the minutes of the last meeting and the annual report. The report narrated the incidents which had led up to the unionists in New Zealand leaving their occupations, and then proceeded ;—The emergency called into existence in the great centres of population in Australia and New Zealand Employers Associations, and nowhere did they act more promptly or unitedly or do more good than in this colony. At Napier and Gisborne Free Associations of Employers and Workmen have been formed, and are in full vigour now, the former having, it is said, a membership of several hundreds with a reserve or guarantee fund of about £14,000, and the latter a great many members with a similar fund of about £4000. Strangely enough some work-people who claim the right not only of forming unions, but of coercing free labourers to join them, question the right of employers to combine even in self-defence ; but employers should not merely assert their right, but should also assert for free labourers the great principle that no bodies of men have a right to coerce,, them to join unions against their will. The interests of civil liberty require that. Had it not been for free labour, the industrial strife might have been prolonged. The report then referred to the Labour Conference, and proceeded :— The Association is formed by the Employers of Labour with the object of providing a recognised body having authority to deal deal with the authorised and responsible representatives of labour, who shall be empowered to settle any differences in all matters affecting their common interests, and with a view to the amicable adjustment of all differences between employers and employed ; also to secure the benefit and protection of its members, and unanimity of action in regard to all matters affecting the interests of employers, and to empower them as an organisation to deal with such matters as they shall deem necessary to carry out the objects of the Association. Our constitution provided for the representation of the various trade and industrial interests, but the rules, on being found to be crude and inadequate, were amended, and will require your approval. The amendments were indicated by underlines in the copies sent to each member. Some very important alterations have been made, the principal being provision for the establishment of Boards of Conciliation, the sending of delegates to conference of employers ami employees in other places than Auckland, the better representation of members by delegates, and the extension of general operations when desirable. Some ambiguities have been removed, the appointment of a vice-president provided for, ttie month for the annual meeting definitely fixed, and other minor amendments are made. The Association now comprises 99 members, representing the largest and most influential merchants and manufacturers in Auckland. The boot manufacturers, the master tailors, and the grocers and storekeepers have affiliated with this Association ; others are thinking of doing ho, and it is gratifying to know that already the " boycott," which was once so much dreaded, proves harmless to any members of this powerful Association, whose course of action it approves and directs. But it is hoped that all members will exert themselves to get other employers to join it, because unity is strength. Since the formation of the society, there have been on an average a meeting every week either of the general members, delegates, executive, or a subcommittee, and frequent correspondence has taken place between ours and the other Employers' Associations throughout New Zealand. Good service has been rendered by your Association in printing and distributing throughout the colony the law in New Zealand respecting strikes and combinations, in acting in concert with the other associations in matters affecting our general interests, in getting the electoral rolls purged, and in watching over the industrial interests of Auckland. Your executive are happy to report that an effort on their part to get the Trades and labour Council and the Knights of Labour, as representing wage-earners, to join with this Association in forming a Board of Conciliation for Auckland, has met with such warm approval as augurs well for the success of the undertaking. It will be one of the first duties of the new executive to meet representatives of the above two organisations in friendly conference to arrange preliminaries for the forming of a Board of Conciliation to settle industrial disputes, and try to avert strikes. Satisfactory arrangements have been made with Mr. F. G. Ewington, secretary, to carry on the work of the Association at such a minimum cost as will enable us to defray salary, office rent, printing, postage, stationer}', and other expenses for about £90 a year, unless some extraordinary trade difficulties arise. The expenses in establishing the Association are shown in the balance-sheet, and it is only necessary to remark that the expense is always greatest in starting any new project. The executive considered the desirability of opening a free labour bureau, but decided that it is inexpedient at present. The balance-sheet was then read as follows : — Dr.—Subscriptions, £129 IGs; Emergency Associations balance, 10s : Total, £130 6s. Cr. —Postages, £2 17s Id ; telegrams, £5 6s j 8d; printing and advertising, £9 15s fid ; ' stationery, £5 14s 9d ; miscellaneous, £32 6s ; salary, £54; balances, £20 6s ; bank, £17 8s 4d ; cash, £2 7s 8d : Total, £130 6s. On the motion of the President, seconded by Mr. R. Salmon, the report and balancesheet were adopted. Mr. A. 11. Nathan moved that they be printed and circulated amongst the members. The President said that he was expressing the mind of tho executive is testifying to the zeal and discretion of Mr. Ewington as their secretary. He then delivered a lengthy address, pointing out tho lessons to be learned from the late strike, and expressing pleasure that the employers and the Trades and Labour Councils have agreed upon the principle of Boards of Conciliation as the true solution of the labour difficulties. WAIUKU AND ONEHUNGA STEAM NAVIGATION COMPANY. The annual meeting of the Waiuku and Onehunga Steam Navigation Company, Limited, took place at the company's office, Waiuku, on Monday evening, the 22nd December. Mr. C. Hosking, chairman of directors, presiding. The secretary, Mr. D. Campbell, read the following report and balance-sheet: — Gentlemen,We now present to you a statement of accounts and balance-sheet made up to October 31, 1890. You will notice by the balance-sheet that the assets exceed the liabilities by £168 3s ; and we may remind you that this is the first time since 1884 that the company has been in such a satisfactory position. You will also notice that there is still a sum of £500 owing, as loan on mortgage ; but this amount is fully covered by the assets, and we recommend that £300 be paid off on December 31, 1890. The last balance-sheet showed £800 owing as loan, but £300 was paid since then,_ reducing it to £500, as mentioned above. Both income and expenditure for the year ending October 31,1890, exceed that for previous year. Tho net profit, as per foregoing statemen, is £374 10s 2d, being £22 7s 4d more than the profit for the year ending October 31, 1889. As the whole of the company's plant has been kept in good repair, we have not thought it necessary to write off anything tor depreciation. The profit and loss account shows a credit balance of £158 3s, and we recommend that a dividend of 3s per share be paid on 973 shares, which will absorb £100 19s ; the balance to be carried forward to next year; the dividend, if approved by the shareholders, to be payable on and after February 2nd, 1891. Balance-sheet made up to October 31,1890. Liabilities.—Capital, £2000— 320 shares, value £640, transferred to the company by the representatives of J. Barr Brown, deceased (Mrs. Brown and Mr. Hanltain), and not dealt with ; loan on mortgage, £500; ÜBSlaiawd OiYideate, £5 2s;:

sundry accounts owing by the company, £33 as 2d ; balance, profit and loss, £158 3s : total, £2056 3s 2d. ASSETS.—Steamer, s.s. Manukau, £1475 ; store, office, and furniture, at Waiuku, £124 Is 8d; office and content*, at Onehunga, £15; punt, £10; fixed deposit account. National kink, £253 ; current account, National Bank, £34 2s Sil ; accounts owing to the company, £02 15s Cd; cash on hand, £52 Ss 4d : total, £2050 8s 2d. , Profit and Loss Account. DR.—October 31. 1889—Balance, £114 7s • 2d ; February 3, 1890— Dividend, £102; October 31, —Sundries, as per income anil expenditure account, viz., discount, waged, coal, etc., £1410 14s 5d ; to balance forward, £108 3s : total, £1785 4s 7d. Ctt.—October 31, Sundries, as per income and expenditure, account, viz., fares, freight, etc., £1785 4s 7(1 : total, £1785 4s 7d. October 31—by balance, £158 Bs. Income and Expenditure Account to October 31st, 1890. Discount and allowances, £43 7s ; advertising, printing, stationery, and stamps, £5117s Sd ; interest, £41! ; wages, on steamer, £505 10s; salaries, on shore, £220 ; coal, £215 9s 8d ; sundries, £262 10s 4d ; carried to profit and loss account, £1410 14s od. CK.—Fares, £751 4s ; freight, .€B7O 18s Od ; mail gratuities, £15 3s lid ; sundries, £131 5s 8d ; discount and allowances, £9 12s fid ; interest, £7; carried to profit and loss account, £1785 4s 7d. The report and balance-sheet were adopted. Messrs. Macpherson and Hosting vtere elected. Mr. J. T. Mellsop was re-elected auditor. THE GEAR MEAT COMPANY. The annual meeting of the the Gear Meat Company was held at Wellington on Tuesday, the 6th of January. The balancesheet showed :—Reserve fund, £10,000 ; insurance reserve, £8274; amount carried forward, £3657. The report recommended the payment of 10 per cent, dividend, and a bonus of 2& per cent., making 12£ per cent, for the year. The report and balancesheet were adopted. The Chairman stated that the company had killed 25,000 more animals in the past year than in 1889, and had preserved 1,054,2121bs meat. Referring to the latter, he said the company's meat was second to none in the world, and the industry paid. During the year the company exported 2233 bales and 13,506 dozen pelts: He mentioned that the average value of sheep had increased 2s 6d per head during the twelve months. The meeting voted £500 to the directors, in addition to their usual fee, for their services during the past eight years. Messrs. J. S. M. Thompson, N. Reid, and G, Didsbury. were re-elected directors. THAMES DRAINAGE BOARD. The annual meeting of the Thames Drainage Board was held at half-past ten a.m. on Jan. 7. Present: Messrs. Brodie (chairman), W. S. Wilson, Morrin, Prater, Comer, and Spratt. Report.The report of the manager of works was read, and ordered to be received. Assessor.—Mr. Clark, of the Moanataiari G.M. Co., was appointed an assessor in the < place of Mr. Smith, who had resigned. Thanks. —A vote of thanks was passed to the chairman of the Board (Mr. Lennox) for the very able, courteous, and efficient manner in which he lias conducted the affairs of the Board during the past year. Mr. MacDonnell, the secretary, also received a vote of thanks for his services. Balance-sheet. —The balance-sheet submitted showed the receipts for the year to be £4778 ISs, and the expenditure £4760 14s sd. The "assets, including cash balance and drainage contributions due to 31st December, amounted to £823 Is Id, and the liabilities to £440 7s 9(1. The balance-sheet was approved and adopted. Contributions. — The contributions from the various goldminin<* companies during the year, as shown by the balance-sheet, were as follows —Saxon, £935; Waiotahi, £765: Deep Level Cross, £590 12s 6d; Moanataiari, £420; Cambria, £290; Caledonian, £'240; New Prince Imperial, £215; Victoria, £180 ; Trenton, £150 10s; May Queen. £115; New Manukau, £96 10s; Kuranui No. 2, £116; Kuranui No. 1, £73; Kuranui No. 3, £49; Crawford's Special Claim, £56; Hazelbank, £18. The Thames Borough Council contributed £230, and the Thames County Council £195. Contributions since the compilation of the balance-sheet Trenton, £136 10s; Waiotahi, £65; Cambria, £25; May Queen, £10; Kuranui No. 2, £8 10s. GOLD MINING COMPANIES. Victoria.— meeting of shareholders in the Victoria G.M. Co. was held at the office of Mr. J. M. Cameron on Jan. 16. The report and balance-sheet were adopted, and Messrs. Watson, Hanchard, and Bartner were re-elected directors. Perseverance. — A meeting of the shareholders of the Perseverance G.M. Co. was held on Jan. 16 at the office of Mr. W. R. Cook, when the following gentlemen were elected directors :—Messrs. W. R. Bridgman, Robson, Walker, Wilson, and Fenton. Meetings of the shareholders of the following companies lapsed :Stanley, Maori Pah, and Monowai. Arizona.—The general meeting of the shareholders of the Arizona Goldmining Company was held on January 15th at the office of Messrs. Cook and Grey, A.M.P. Buildings, Mr. Robson presiding. Messrs. Fenton, Geddis, Robson, Shackelford, and Wilson were re-elected directors for the ensuing year. Keystone.—A meeting of shareholders in the Keystone Goldmining Company was held in the same place, when the following directors were elected Messrs. Denby, Frood, Hanchard, Hellaby, Scott, and Dr. Knight.

North Star. —At a meeting of shareholders, held on the 14th of January at the Victoria Arcade, at which Mr. S. C. Macky presided, it was resolved to form a company, to be called the North Star Gold Mining Company, with a capital of £10,000, divided into 50,000 shares at 4s each. The rules of the company were adopted as submitted, and the following gentlemen were elected directors :Messrs. S. C. Macky, R. Wilson, A. Cookson, and J. Macky. It was resolved that the bankers for the company be the Bank of New Zealand, and that the company's office be 119, Victoria Arcade. The grounds are situated next the Occidental Claim, on Una Hill, and is being at present worked by tributes with great success. Mr. J. J. Macky s the secretary for the company. The quarterly meeting of the Sden Tent, No. 2, 1,0.R.,5.U., was held in the tentroom, Newmarket Hall, on Jan. 19. The auditors' report and balance-sheet showed the tent to be in a good position financially, it having a membership of between 30 and 40 only, and having upwards of between £700 and £SOO in its sick and funeral funds, were then read and adopted. The election of officers for the ensuing six months then took place, and resulted as follows:— Chief Ruler, Brother J. Kent (Mayor or Newmarket) ; Deputy Ruler, Brother F. W. Duckering; Secretary, Brother F. Knight (re-elected); Treasurer, Brother H. Jackson (re-elected); Stewards, Brothers J. Timms and H. Kent; Levite, Brother C. Smith; Guardian, Brother A. Kent; P.C.R., Brother J. Andrew; auditors, Brothers Duckering and A. Smith ; juvenile superintendents, Brothers J. Andrew, H. Jackson, and F. Knight. Brother Knight was also elected representative for the tent on the District Council. The officers were then duly installed by the retiring P.C.R., Brother A. Smith.

The annual session of the Orange Grand Lodge of New Zealand was held on Jan. 9 in the Protestant Hall, Newton. Grandmaster R. Farrell presided. There was a full attendance of representatives. The balance-sheet was read and adopted. It showed a substantial credit balance, and the secretary read the half-yearly report of the same which was adopted. Various resolutions concerning: the Order were passed, and a considerable amount of business transacted. The following were appointed officers for the ensuing year :— Grandmaster, R. Farrell; Deputy Grandmaster, J. Jamieson ; Grand Secretary, W. Thorne ; Grand Treasurer, E. Baker ; Grand Chaplain, Rev. A. J. Smith; Deputygrand Chaplains, Revs. Laycock, J. J. Hawkea, J. C. Eccles, C. E. Ward, J. G. Patterson, T. J. Willis. Grand Committee : D. Taylor (foreman of committee, and Messrs. D. Goldie, T. S. Gibbins, J. Collis, W. H. Hazard, J. McCannon, and W. Sherson. Lecturers : Messrs. D. Cromarty, R. Scott, R. Farrell, Col. A. Crowe, R. Shepherd, W. Hartley, R. Nesbitt, T.T aylot, J. Collis, S. Austin, J. Clark, J. Grant, S. Wilson. Grand Tylers: T. McMa3ter (inside), J. H. Purcell (outside). Grand Auditors, J. Collis and J. Carnahan; Stewards, J. W. Boone and William F. Dawson. After refreshments were discussed Brother Sherson, as Installing Officer, installed the officers, and the meeting closec^. The annual meeting of the Poultry and Dog Association was held on Dec. 29 at Mr. McEwin's rooms, Queen-street, Mr. Kidd presiding. The report presented showed that four very successful shows had been held during the year, two for poultry and two for dogs. According to the balancesheet the total - receipts amounted to £366 lis, and the expenditure to £353 19s 7d,

leaving a balance in hand of "£l2 lis 5& Votes of thanks were passed to the outgoing committee, and also to the treasurer 1 and secretary for their efficient services. Ib was further decided to have an address drawn up thanking the president, Mr. Grainger, for his time and trouble on behalf of the association, such address to be signed by all members of the incoming committee. The following officers were then elected for the ensuing year :President, Mr. Grainger; vice-presidents, Messrs. Kidd and Hey ward ; treasurer, Mr. C. Phillipps; committee, Messrs. Bartley, Fawcett, Holmes, McEwin, Mowbray, J. Phillipps, White, Waddell, Garlick, and Shewring. The annual meeting of the friends of the Costley Institute took place on Jan. 22 in the dining hall of the institution. There was a large attendance, the hall being crowded by a representative assemblage of ladies and gentlemen. Captain Daldy, chairman of trustees, presided, and was supported by his co-trustees, Hon. Colonel Haultain and Mr. William Thorne. Mr. Thorne (hon. secretary) read the report and balance-sheet for the year ending 31sfc December, 1890, which showed the number of inmates in the Home to be 35. The income for the year was £1184, and there was a credit balance of £106. The third annual meeting of the Auckland Phonographic Association was held at the Young Men's Christian Association Rooms on the 7th of January. Satisfactory reports were received from the secretary, treasurer, and librarian, after which the following officers were elected :—President, Rev. J. Chew; vice-president, A. G. Jarrett; secretary, H. T. Maclean; treasurer, H. Driver; librarian, H. Kitchener; reporter, T. Heath ; committeemen, Messrs. Gould, Mackey, and Gledhill.