MEETINGS.

New Zealand Herald, Volume XXXI, Issue 9490, 20 April 1894, Page 1 (Supplement)

MEETINGS.

THE COLONIAL BANK OF NEW ZEALAND. The half-yearly meeting of the Colonial Bank of New Zealand was held at Dunedin on March 28, the Hon. George McLean, chairman of directors, presiding. The following report and balance-sheet) were read :— Tho directors have pleasure in submitting to the Di-opriotors the accompanying balance-sheet and statement of accounts for the half-year tended -S'-li l- t'b uary last. The net profits for the halfyear, a"Cter deducting interest paid and accrued on fixed deposits, rebating bills under discount, and charging all expenses of management, rent, etc., and duly providing for bid .and doubtful debts, amount to £20,470 19s; to this has to be added balance from last half-y.-ar, • 0434 12s Bd, making £20,011 lis Sd; and there must be deducted tax on note circulation and land ami income tax, £2119 17s 4d, leaving available £24,791 14s 4d, which the directors recommend to be applied as follows:— reserve fund (which will then stand at £05,000), £5000; to payment of dividend at the rate of 7 per cent, per annum on the paid-up capital, £14,000 ; to balance to be carried lorward, £5791 14s 4d : total, £24,791 14s 4d. Upon confirmation by th- proprietors of the foregoing appropriations, tho dividend will be payable at tho head office, on and after the 29th March next, and at the branches on receipt of the warrants. For the vacant seat on the Board, Kdwin J. Spence, Esq., tho retiring director, anil the Hon. W. J. M. Larnaeh, C .M.G., formerly a director, have both given the requisite notice, and being eligible offer themselves for election. They are the only candidiates. Both the auditors retire from office. One only, Thomas Aloodie, Ksq., is eligible for re election, and he offers himself accordingly. The agency at Sydenham was closed on the 2Sth February.— Geo. McLean, Chairman. DR. £ s. d. Capital—£2 paid up on 20(1,000 shares ... „ 400,000 0 0 Notes in circulation .. .. ... 116,793 0 0 Bills payable and other liabilities.. 780,441 13 6 Deposits 2,024,<13 5 3 B dances due to other banks .. 7,394 15 6 lteserve Fund .. „ CO,OOO 0 0 Profit and loss .. M _ 24,791 14 4 £3,413,734 S 7 Cr. £ s. d. Coin, bullion, and cash balances at v bankers .. « 303,093 3 3 Government securities, consols, etc. 200,417 13 0 Notes of and balances due by other banks 12,766 14 7 Remittances in transitu and awaiting maturity 654,255 10 C Lande I property and bank premises 124,396 11 9 Bank i urniture and stationery .. 9,960 7 7 Bills discounted and all other debts due to the bank „ .. 2,013,839 7 11 £3,413,734 8 7 Profit and Loss Account. Dr. £ s. d. Transferred to reserve fund on 27th September, 1593 5,000 0 0 Dividend at 7 per cent, per annum at 31st August, ISO 3 „ - 14,000 0 0 19,000 0 0 Charges for the half-year, including rent, taxes, salaries, remuneration to directors and auditors, and all other expenses at head office, 31 blanches, and 11 agencies ... _ 24,609 0 6 Tax on note circulation.. ... _ 1,184 8 2 Land and income tax .. — — 935 9 2 Proposed addition to reserve fund .. .. £5,000 0 0 Proposed dividend at the rate of 7 per cent per annum on the paid-up capital „ 14,000 0 0 Balance _ « 5,791 i ■ 24,791 14 4 £70,520 12 2 Cr. £ s. d. Balance Profit and Loss at 31st August, 1593 25,434 12 8 Gross. Profit for Half-year (after making provision for Bad and Doubtful Debts, Interest paid and accrued on Fixed Deposits, and Itebate on Bills Current) amounts to „ „ „ 45.055 19 0 £70,520 12 2 Reserve Fund. Dr. £ s. d Balance _ _ _ Cb.ooo o 0 cr. £ 8. d. Balance 31st August, 1593 .. .. 65,000 u 0 Transfer from Profit and Loss, 27th September, 1893.. „ „ _ 5,000 0 0 Proposed addition now „ _ .. 6,000 0 0 £65,000 0 0 The Chairman, in moving the adoption of the report, said : The balance-sheet itself does not call for any special remarks. Tho bills payable and the opposite item, remittances in transit, both show a satisfactory increase, due to the large volume of exchange transactions, and also to the season of the year. As was the case with the other banks when tho Australian banking crisis occurred, we lost some deposits. This experience, however, confirmed the soundness of the policy adopted by the directors in res ricting the amount accepted on deposit in London, a policy of which we are now reaping the benefit in the comparatively small disturbance caused to business by withdrawal, tho total amount of deposits now held by us in London being under £100,000, distributed in small amounts payable over the next five years. So far as colonial produce meets with a better market, to which end strenuous efforts are being directed, we may fairly count on a steady increase in the savings of the colony ; and, a3 from this source, the bank chiefly derives its deposits, we may confidently look for a steady increase in them here. Business throughout New Zealand is fairly sound, bub we cannot ignore the fact that the great farming industry this year had much to contend with. In most districts the harvest season has been bad, and consequently the yield deficient. Added to this, the price obtainable was low, and out of all proportion to the cost of production. Kauri gum, our staple product in the North, has, in sympathy with the depression in the American market, suffered a heavy fall in value, and the price this year obtained for wool, both locally and in London, has nob been equal to expectations. On the other hand, the strides that the frozen food trade has taken has given assurance of the constant progress of the colony. The largo amount of Homo capital now invested in an improved class of refrigerating steamers, which find constant employment in tho trade between this colony and England, shows that others have confidence in the frozen food trade, and with us, think it capable of still further development. New Zealand, like the other colonies, will have its ups and downs. Better seasons will come, and peopled as she is with a courageous and energetic race, her immense power of production will keep her always in the foremost rank of exporting colonies. This bank, with its entire interests centred in !New Zealand, is ever sure to share in the general prosperity. Mr. Keith Ramsay seconded the motion which was carried unanimously. The retiring director, Mr. E. J. Spence, was opposed by the Hon. VV. J. M. Larnach, and the latter was elected to the Board by a majority of 385 votes. WELLINGTON AND MANAWATU RAILWAY COMPANY. At the annual meeting of the Wellington and Manavvatu Railway Company, Mr. T. McCarthy, the chairman, said the overdraught on tho last day of the financial year was only £11,595, being £1000 less than last year. The neb profit on the railway account was £8497, and the revenue from land £3402, the total neb profit being £11,899. Therefore they could not only pay a dividend of 6 per cent, from tho earnings of this year, bub carry forward £1699 to the dividend fund next year, thereby increasing the amount of that account to £13,335, which was more than sufficient to enable the company to declare a similar dividend next year. The chairman said that, during his recent visit to England, where two-thirds of the company's shares wore held, he attended a meeting of | the largest shareholders. Those gentlemen | by resolution expressed their approval of the

management of the company's business in the colony, but they were also of opinion that it had done sufficient in the direction of accumulating a dividend fund, and that the company ought now as a railway and land company to distribute periodically their nett railway earnings and land revenue for each year. There had been large excess in the carriage of passengers and goods excepting flax, which showed a falling off of 560 tons. The expenditure was 47 per cent, of the revenue a3 against 41 per cent, for the previous year. Two material causes of this were tho lowering of rates, and that considerably more was required for maintenance and renewals. After referring to tho Company's land policy, he said: — " There are two other subjects not referred to in the directors' report, on both of which you are probably desirous to receive some information. With regard to the most important of the two, viz., our claims for land, to which we contend we are entitled under the terms of our contract for the construction of the railway, we are still pressing Ministers to complete the Government portion of the contract. At present we are unable to report any definite result of our negotiations. Neither have we been more successful in our efforts to obtain a refund of the various sums paid by the company as property tax on debentures held by the Sinking Funds Commissioners." Referring to the taxation under the Land and Income Tax Assessment Act, ho said various complex questions as to the correct interpretation of the statutes had to bo dealt with, the directors feeling bound to do all in their power to adjust the conflicting interests and claims of the debenture holders, shareholders, and the Land and Income Tax Department. Certain points were settled by the Court of Appeal, but in such a way as to raise, some still more complicated issues between the company and the Department, some of which are still unsettled. The broad result is that after incurring considerable expense in fighting various questions ab issue, the amount of tax demanded and paid for the year 1893 94 has been greater than it would have been under the Property Tax Act, although the original Land and Income Assessment Act was professedly intended to give this comply material relief from taxation. He next dwelt with the amount of rates and taxes paid by the company since its incorporation. At that time no taxation was leviable; since then the Legislature has imposed, and the company has paid as general government taxation £27,527 Is lOd, rates to local bodies £14,546 Ssßd ; total, £42,073 10s 6d. Debenture-holders have also been compelled to pay £2833 as debenture tax imposed on them by the Land and Income Tax Act. The capital raised by the issue of shares and debentures amounted to £850,000; for this expenditure shareholders had received no return for nine years; sinco then they had been paid the following dividends : —ln 1890-91, per cent., £5950; in 1891 92, 5 per cent., £8500; in 1892-93, 5 per cent., £8500 ; making a total sum of £22,950, equal to an average return on the share capital of £170,000 over tho twelve years of £1 2s 4d per cent, per annum. In other words the Government and local authorities between them have demanded and been paid 24.J per cent, on share capital, while shareholders have received per cent. The report, which recommended a six per cent, dividend, was adopted. Messrs. Kircaldie, Pharazyn, and Anderson were elected directors, and the meeting then closed. THE NEW ZEALAND ALLIANCE. The annual conference of the Now Zealand Alliance opened at Wellington on April 4. Mr. Withy, of Auckland, was in the chair. It was decided to place on record a sense of the loss sustained in Sir W. Fox's death. The New Zealand Alliance secretary's report shows the year to have been one of exceptional interest, as evidenced by the rapid increase of public opinion. Tho agents of the Alliai.; « had worked unceasingly, organising and lecturing in every part of the colony, whereby workers had been cheered and public opinion strengthened. The Rev. Mr. Isitt's mission and the efforts of Mr. Melville, M.L. A. of New South Wales, had also beon successful to a very great degree. The Direct Veto Convention, held here last July, was characterised as the most representative gathering of temperance workers ever held in Now Zealand. In the matter of drink consumption and conviction things were shaping for the better, whilst the difference between New Zealand born and those from other lands, was becoming yearly accentuated. After reviewing the progress of the temperance throughout tho world, the report concludes : —" Theevents of the year point to the cheering fact that people are bocoming more than ever alive to the importance of temperance reform. Church and State had propounded methods, showing at least that serious thought had been awakened. A better understanding of this grave subject was arising, and. the growing number of v supporters gave good hopes that the longed-for measure must in a very short time find a place upon the statute book." Wellington, April 5. At the meeting of the New Zealand Alliance to day a motion by Mr, D. Gain, " That the New Zealand Alliance introduce a short Bill, to the effect that on and after July Ist, 1897, the importation, manufacture, and Hale of alcoholic beverages be absolutely prohibited," was lost. The Rev. E. Walker proposed, That the suggestion from Christcburch, 4 that a monster petition be got up, requesting Parliament to take an early plebiscite of the people respecting tho importing, manufacture, and sale of alcoholic liquors be recommended to tho new executive as i) work desirable to be at once entered upon.' " This was carried. A suggestion from Christchurch " That the Prohibition League, the temperance Friendly Societies, the 1.0. G.T., tho W.C.T.U., and the Knighbs of Labour should each nominate members to the New Zealand Alliance Executive," was adopted, the representatives for the Prohibition League to be two, and for the others one. The annual report and balance-sheet were adopted. It was decided that the headquarters of the Alliance should be in Wellington. The election of officers resulted as follows :—President, Rev. L. M. Isitt; vicepresidents, Sir Robert Stout, Messrs. J. H. Feasor, D. Goldie, J. Harding, R. C. Hughes, J. W. Jago, J. Lennio, J. A. D. Adams, Thomas Field, R. Hobbs, W. Kerr, E. Okey, R. Monk, R. Clephan, A. C. Broad, T. M. Lane, W. Seth Smith, E Withy, VV. J. Speight, W. S. Allen, W. H. Smith, T. M. Mac Donald, A. R. Guinness, C. M. Luke, J. Elkin, J. W. Carr, and J. Coupland, Hon. Thomas Dick, Dr. Knight, Revs. F. W, Isibb, W. C. Olliver, R. Waddoll, and E. H. Sbobo, and the Yen. Archdeacon Grace. Executive committee : Messrs. J. Collins, N. Dodg3hun, G. Fairbrother, D. Gain, A. Hoby, W. J. Helyer, R. C. Harding, E. W. Petherick, J. Smith, jun., and G. Tiller. A vote of thanks to the retiring officers was passed, ospecial mention being made of the valuable services of Auckland friends since the institution of the Alliance. The deferred monthly meeting of the Auckland University College Council was held on March 31, Sir G. M. O'Rorke in the chair. Mr. J. A. Pond, as executor of the estate of the late Professor C. A. M. Pond, wrote stating that the deceased gentleman had desired to present his library of classics and English, comprising some 1300 volumes, for the_ use of the College. His parents entirely concurred in the matter, and the books were now the Council's property. On the motion of Sir G. M. O'Rorko, the following resolution was agreed to: "That the Council desires to record • its sincere appreciation of the munificent bequest ' of the late Professor Pond, and returns its grateful thanks bo his parents for having concurred in carrying out the desire of their son in this bequest." It was further resolved to have the volumes properly bound and stamped, giving particulars of Professor Pond's connection with tho College and the nature of his bequest. The first annual meeting of the New Zealand Society for the Protection of Women and children was held at the office of Mr. F. A. White on Monday, April 2, ab four p.m. Mr. H. Wilding presided. The annual reporb, which was read by the ; secretary, Mr. J. Bridgewater, abated that

for the year ending 30th of December, 1893, there were on the books 104 members who had paid thou- subscriptions, amounting to £31 4s. The expenses for the corresponding term amounted to £24 lis lid, leaving a balance of £6 12s Id in hand. The election of officers for the ensuing year was bhe concluding business, the following being appointed :—President : The Right Hon. the Earl of Glasgow, G.C.M.G. Vice-presidents: Righb Rev. Bishop Luck, 0.5.8.; Hon. W. Jennings, M.L. Hon. W. McCullough, M.L.C.; the disbricb chairman of the Baptist Union ; Rabbi Goldstein; district chairman Wesleyan Church ; Staff Captain Edwards, Salvation Army; president Primitive Methodist Conference, Rev. R. F. Macnicol. Council: Mesdames F. King, A. K. Taylor, Blaikie, Pastor Blaikie, Drs. King, Kenderdine, Knight, and Wine, Mr. E. Baker, J.P., Inspector Hickson, Messrs. A. C. Browne, A. C. Caughey, J. Elkin, H. Field, A. Heather, A. H. Nathan, R. Udy, J.P., H. Wilding, J.P., H. W. Wilding, J. McCabe, J. L. Wilson, S. H. Matthews, and Muldoon. Hon. | treasurer : Mr. R. Udy. Committee : Mr. H. Wilding, J. P. (chairman), Dr. F W. King, Mr. H. Field, Mr. R. Udy, Pastor Blaikie, Mr. J. Elkin, Rev. S. A. Goldstein, Mrs. Blaikie, and Sister Blakeley. Honorary solicitors : Messrs. Theo. Cooper, E. Mahony, F. E. Baume, G. E. Button, J. St. Clair, W. Thome, Thos. Gresham, W. A. Carruth. Secretary: Mr. J. Bridgewater ; office, High-streeb. The annual meeting of the D.S.C. was held at their offices on the 30th March. A considerable number of shareholders wero present. In moving the adoption of the reporband balance-sheet, the chairman (Mr. Peacock) said that the resuls of the operations for the year, while nob equal to what they might reasonably expect in the future, might be considered satisfactory. They had already a large number of shareholders, and had the pleasure of recommending a dividend of 5 per cent., and also of declaring a bonus of 5 per cent, upon the amount of shareholders' purchases. The number of shares taken up ab the end of the financial year was 37,457. Since that time 8089 shares have been taken up, making a total of 45,526 shares, and leaving a balance of 14,474 unallotted. At the meeting of the National Mortgage and Agency Company of New Zealand, the chairman (Mr. Grenlell) said that during the past seven years £40,000 had been applied out of profits towards depreciation of securities, and after careful examination the directors were satisfied that the capital was intact. A dividend of 5 per cent, was declared. The chairman said thab £114,000 of debenbures would fall due this year, and to meet this ib might be neodful to mako two calls of 10s each per share, payable in December next and June, 1895. Mr. Grenfell, during his speech, made a vigorous attack on the New Zealand Government for establishing a complete system of State Socialism, which must bring its own punishment. Tho graduates of Auckland held a meeting in the University Buildings on the 9th April, for the purpose of considering the question of forming a Graduates' Association. There was a large attendance, the Rev. Canon Nelson presiding. A very lengthy discussion took place upon the subject. On the motion of Mr. Fred. Baume, seconded by Mr. Turner, bho following resolution was agreed upon : — " That an association be formed, to be called the Auckland Graduates' Association. Thab the Association comprise (1) all members of the New Zealand University who have graduated from the Auckland University College; (2) all graduates who having graduated at the New Zealand University where than Auckland, bub who were resident in this provincial district ; (3) all ad eundem graduates of this district of the New Zealand University whoso names are on the calendar of tho college.' 1 It was decided that the officers of the Association shall consist of a chairman and secretary. A committee consisting of Messrs. Baume, Boyle, Turner, and Lippiatt was appointed to draw up rules, etc. The Conference of delegates from tho Trades Councils of Auckland, Wellington, Dunedin, and Christchurch, opened at the Harbour Board Offices on March 24. There were present (Auckland): Messrs. J. Regan (president), T. Tudehope and T. Hatfield. Wellington: A Ward, A. Collins, H. C. Jones. Southland :T. Crawley, A. Bain. Dunedin: S. Lyon, J. Caradus. The Southern delegates having been welcomed by the president and Auckland members, preliminary business was taken. Mr. H. C. Jones, secretary of the Wellington Council, having been elected secretary of Conference, it was agreed that any certified member of a trades union be admitted to the room during the Conference, except when matters of a private nature are under discussion. The deliberations of tho Conference extended over the whole of the following week, and the proceedings were conducted with ability and proper decorum. The opening meeting of the session of the Athenißum Literary Society was held on April 3, there being a good attendance. The following officers were duly installed : 1 —President, Mr. E. Bell; vice-presidents, Messrs. Hay, Leyland, and Eugster ; secretary, M. A. Carr; treasurer, E. E. Vaile; editor, C. Williamson ; reporter, J. R. Lundon; delegates bo the Union, Messrs. Hill and Vailo. The following were elected to represent the society in the Union Parliament :—Messrs. E. H. Burton, F. M. Hay, E. Eugster, A. A. Hough, M. A. Carr, J. A. Young, R. H. Potter, and J. R. Lundon. The annual meeting of Lodge Albion, Now Zealand Constitution, was held ab the Lodge-room, Devonport, on the 16th AprilThere was a very large attendance, includ. ing visitors from all the sister lodges in Auckland and suburbs, as well as from other places. Brother M. Niccol, M. W.G. M., performed the duties of installing master, and duly installed Brother William Hoile in the Master's chair. The W.M. then invested the officers for the ensuing year as follows:—S.W., Brother W. R. Goudie; J.W., Brother R. L. Caldwell; treasurer, Brother J. G. Allen : secretary, Brother Harry Fountain ; Director of Ceremonies, Brother <*. H. Powley; S.D., Brother D. Markham ; J.D., Brother J. Bowden; organist, Brother T. H. Webb; 1.G., Brother G. W. Hulmo ; stewards, Brothers W. Avenell and E. J. Charles; tyler, Brother James Mays. The annual meeting of the Young Men's Christian Association was held on March 30, ia the Social Hall of the Y.M.C.A. Rooms. There was a moderate attendance, and Mr. J. L. Wilson, President of the Association, occupied the chair, and in his opening remarks made special reference to the death of Bishop Hill and his wife in West Africa, and the valuable services which Mr. Hill had rendered in Auckland. He referred to the proposal for a memorial to Bishop Hill, and suggested that it should take the form of reducing the debt on the institute. Mr. T. Buddie, general secretary, read the quarterly report, which made reference to the City Hall services, the gymnasium classes, Sunday afternoon , services, young men's meetings, evangelistic meetings, and other matters; and, in a special obituary notice, made reference to the death of Bishop and Mrs. Hill in Western Africa. The Treasurer (Mr. Hemery) presented the balanco-shcet. The receipts amounted to £651 Is 4d, and the expenditure left a balance of £4 4s Id on hand. On the motion of Mr. T. Buddie, Mr. J. L. Wilson was unanimously re-elected President, and he briefly returned thanks. The following gentlemen were elected vicepresidents :—Right Rev. Bishop Cowie, Ven. Archdeacon Mauusell, D.D., Revs. S. Prior andR.F. Macnicol,Colonel Haul win, Dr.Kenderdine, Messrs. F. Battley, R. B. Shalders, F. G. Ewington, C. E. Button, M.H.R. The following gentlemen were elected an Executive Committee: Messrs, J, Douglas, L. St. J. Kekwick, S- McCauley, P. A. Cheal, H. Potter, J. Rigg, S. G. Rountree, Arthur Carr, John Smyth, A. P. Todd, S. T. Twentyrnan, G. Waterhouse, E. Withy, and C. J. Hemery; hon. secretaries, Messrs. Thos. Buddie and E. Hough; general secretary, Mr. W. Brakenrig. Mr. T. Buddie was unanimously re-elected secretary on the motion of Mr. Hemery, and Mr. E. Hough was elected assistant secretary. Mr. Hemery was unanimously _ reelected hon. treasurer of the association. On the motion of Mr. Hemery, Mr. Nutter was re-elected auditor, aud Mr. Hemery moved a cordial vote of thanks to their paid officers. Messrs. Brackenrig, Macnicol, and Nuttall, tor their services.