MEETINGS.

New Zealand Herald, Volume XXXIII, Issue 10084, 20 March 1896, Page 1 (Supplement)

MEETINGS.

BANK OF NEW ZEALAND.

The half-yearly meeting of the Bank of New Zealand was held at Wellington on Thursday, the 27th of February. Shareholders representing 1028 shares were present. The Hon. Johnston presided in place of the President, Mr. Watson, who recently broke his leg, and moved the adoption of the report. The Chairman said : This half • yearly general meeting is compulsory aecordiug to the Deed of Settlement, otherwise the directors would not have had reason to call you together, there being 110 business to submit. However, I shall, in the unavoidable absence of the President, place beforo you some account of what has taken place since our last general meeting, which, I think, will be reassuring to you, inasmuch as events fairly well bear out the views which were expressed by the Board, and on which legislation last session was based. You will remember that for the year ended the 31st March last, there was a loss 011 the Bank's working of £37.356 6s. I am ghd to tell you that for the half year ended the 30th September the result was a profit, and we had hardly then begun to reap the benefit of the changes and improvements effected. The purchase of the business of the Colonial Bank has si far proved to be satisfactory, and that business lias been retained almost in its entirety, and it is hardly possible that any bank could acquire such a valuable business at a less initial cost. We consider that ample funds are retained to meet possible losses, and altogether that this Bank's future will be much benefited by this important transaction. ,The few trading concerns which remain to the Bank, have done unusually well for the half year; no chance of parting with these concerns will, however, be lost, and we are no* in treaty to dispose of more than one of them. Considerable -lifficultv has been experienced, and much time has been taken up in endeavouring to terminate, on reasonable terms, the expense of the Bank of New Zealand Estates Company and the Auckland Agricultural Company, both of which are costly to maintain. Negotiations have now reached such a stage that we have every hope of getting these companies speedily wound up. The Bank's legitimate business is being well maintained at every point. Every effort will be made to cut off connection with the comparatively few remaining things that cannot be classed as proper banking, and we have in these efforts been fairly successful. One of the most important subjects dealt with by the Bank legislation of last session Was the authority conforred on the directors to issue preferred shares to the value of half-a-niillion sterling, and bearing a fixed cumulative dividend of 3J per cent, per annum. This authority has been utilised, and preferred shares for that amount have been issued to Her Majesty as the property of i the colony, In exchange for debenture* pay-

able in London of a like amount and yielding a similar rate of interest. These debentures are now worth more than their face value, and can readily be disposed of at a premium, but any premium so obtained must, iu accordance with the Act, after paymeut of expenses, he set apart as a reserve fund. It is a matter of regret that legal difficulties have arisen in the way of having the inscription of Now Zealand Government stock in London transferred to this Bank, which difficulties have now so far been surmounted. Turning now to the aspect of business affairs generally, with which the welfare of the bank is so much bound up, I have much pleasure in remarking that it is very good. Prices of wool and grain are considerably improved and now stand firm at figures which are fairly remunerative. There is every prospect of a bountiful harvest, especially in the South. The importance of the revival in the gold mining industry is very great. The increased production in New Zealand duo to that revival has hitherto been mainly in tho Auckland district, but a large nrnouut of capital has also been imported for the development of mines on the west const of the South Island, and we have every reason to expect a largely increased yield of gold from that quarter. The timber trade has also improved, and altogether! think we may congratulate ourselves on the business of the colony being much better than it was last year. Such being tho facts, wo may fairly hope that extreme depression is permanently passing away, and that our institution, freed from burdens entailed upon it through a lout; series of years, may now enjoy a lengthy period of success. Mr. U. Allan urged that statements such as that read by the chairman should be circulated to the shareholders a day or two before the meeting to enable them to come to the meeting to discuss any questions contained therein. He considered the report satisfactory, and his suggestion was iu no wav antagonistic. Tho Chairman explained that under the deed of settlement the directors were compelled to present a balauco-sheet and report to the shareholders in August each year, but it was not usual to circulate half-yearly reports, and no balance sheet was prepared at those periods. He took it for granted that half-yearly meetings had been established for the purpose of declaring interim dividends. There was 110 balance-sheet or report to form a basis for the publication of such a statement as that suggested by Mr. Allan. The latter gentleman expressed himself satisfied with the explanation, and seconded the adoption of the report, which was carried unanimously. The meeting then adjourned.

CHAMBER OF COMMERCE. The annual meeting of the Auckland Chamber of Commerce was held at the Chamber of Mines on February 25th, Mr. M. A. Clark presiding. There were about twenty members present.

The Kuuual report stated that there had boon considerable accession of new members, and greater interest manifested iu the proceeding* of the Chamber. In moving the adoption of the report and balance sheet, the Chairman said: I have much pleasure in congratulating the Chamber on having now every expectation of assuming the position which it should occupy in the city. The membership has been largely increased, and with the new members to be elected to-day will number about 160. This will give greatly added weight to the opinions expressed by the Chamber, and the revenue should now he sufficient to enable the Council to carry on their woik without being so much hampered by lack ot funds for necessary expenditure. During the past year trade has been fairly satisfactory, the volume, as shown by the return of exports and imports, has not been much greater than in 1894, but it has been done on a sound basis. With improved prospects for all of our main industries wo may look forward with confidence to the coming year. The year 1 S9."> will I believe be looked upon as the beginning of a new era in our goldmining industry. I have not been able to obtain full information as to the amount of foreign capital subscribed for the actual working of the mines in the Hauraki Peninsula, but it must amount to at least £1,000,000 sterling. The export of precious metals last year was of the value of £441,557, as against £218,697 for 1894. Ido nut think I am too sanguine in anticipating that the additional, batteries now under construction will give as great an increase for | the present year. What may be the outcome ! of any special mine which has been floated it would be impossible to forecast, but as the money is expended by the various companies in the development of their properties, a very considerable increase in the output must follow, as no doubt many of those mines only require judicious expenditure upon them to become highly remunerative. A thorough test of the deep levels of the Thames is now assured. This, in the opinion of many experts, will give to mining in that district a long and profitable future. During the year a Chamber of Mines has been formed in the city. It was felt that there was need for such an institution, which may he made of great usefulness, and we congratulate their Council upon the successful start they have made. The agricultural interests, although not so large in proportion as in other districts of the colony, are still of the first importance. It is gratifying to know that our friends in the country are likely to have much more prosperous times than they have lately experienced. Most of pur products are now selling at comparatively payable rates. Although the exports of wool show a large decrease for 1895 as compared with 1894, this is partly to be accounted for by cortain shippers delaying the passing of Customs entries to the value of some £30,000, and partly by the wet weather causing delay in the shearing, thus throwing the shipments into this year. The timber trade has not been so brisk fur many years as it is at the present time. The mills are all working full time, giving profitable employment to a large number of men. The export of kauri cum for 189.) was 74'20 tons, valued at £418,705, as against 83.'i8 tons, valued at £404,.Vi7, This shows an increased price of nearly £8 per ton, and we may consider that the decrease in quantity may be attributed to the men leaving the gumiields for better paid work, in the timber, mining, or other industries. Mr. John Rkid seconded the adoption of the report and lance-sheet, and in doing so referred to the growing influence of the Chamber. Last year, he said, had brought Auckland more hope than had been experienced for many years past. Mr. Author Nathan also spoke of the great usefulness of the Chamber which had successfully dealt with many matters affecting the commercial community, a record of which did not appear in the report. Tho commercial outlook was very hopeful for the pvovince, Population was coming here from other parts. Mr. Nathan then went on to speak of the necessity for improved harbour accommodation, and hoped the Chamber would do all possible to facilitate and promote the commerce of the port. The report and balance • sheet were adopted.

The following officers were then elected President, Mr. B. Rent; vice-president, Mr. S. C. Johnatou; Council, Messrs. Graves Aickin, M. A. Clark, R. A. Carr. John Hall, A. H. Nathan, C. Seeitner, ana S. Vaile; auditor, Mr. Waymouth. Mr. Kent returned thanks in a short speech, showing the good work done in the past, and advocating increased interest for the future. New members to the number of 52 woro elected. STANDARD INSURANCE COMPANY.

The annual meeting of the Standard Insurance Company was held at Dunodin on Monday, the 2nd of March. Mr. A. (J. Bogg, who presided in the absence, through illness, of Mr. John Roid, moved the adoption of the report recommending a dividend of 7£ per cent., and loaving £3654 12s Id to bo carried forward. He said the profit was small and did not justify the pavment of a bonus on this occasion. Looking at tho figures in the balance-sheet they would see that tho gross income had amounted to £73,858 from underwriting account, or an increase on the previous year of about £1200, which was a satisfactory feature in view of the fact that the company's operations had not been extended to any new fields, and that it had had to contend against such fiorce competition for business. Thero was a small reduction in the amount received on iuterest on investment, viz., £260, but this wai not unexpected in consequence of the great induction in the value of money. The amount) received was £4339. Looking at the other side of the sheet, the losses had aggregated £32,600, or 66'52 per cent, on the neb premium income, as against 61'51 per cent, for the preceding year. The company unfortunately had had some rather heavy marine losses on vessels engaged in the trade between Great Britain ana Australia, and the fire rates until October last, when the tariff came ' into operation were bo low thab, with the ordi-

nary losses, there was no room to look for any profit on the business. In dealing with the new tariff as revised at Wellington, the Chairman said that in some parts of tho colony the average rate was reduced. In Otago and Auckland there was no doubt a considerable advance, but it was as well to noto that tho tariff rates all risks on the same principle throughout tho colony. Mr. A. Sligh seconded the motion to adopt the report. He regretted the outcry over the tariff had enabled persons to raise a cry for government and municipal insurance.

After further discussion the reporb and balance-sheet were adopted. Tho Hon. T. Fergus and Mr. David Baxter were re-olected directors, and Mr, A, Bartlemsn, auditor.

Tho annual meeting of the Burns Club was held on Feb. 27 in tho Masonic Hall, Newton, Mr. Charles Dunn presiding. Tbo annual report and balance ■ sheet read showed the club to bo in a good position with a balance of £5 13s 8d to its credit on the year's transactions. Officers for the ensuing were elected as follows President, Mr. James Stewart, C.E. ; vice-presi-dents, Messrs. G. Fowlds, A. Murchie, and \Vm. Henry ; secretary, Mr. John Homo; treasurer, Mr. John Henry ; committee; Messrs. C. Dunn, A. Dunn, W. Moncur, E. Jones, and A. Wright.

The seventh annual meeting of the New Zealand Institute of Surveyors was held ab Thames on Wednesday, the 26th of Feb., The following officers were duly elected for the ensuing year President, the Hon. G. F. Richardson; vice-presidents, Messrs. H. A. Gordon (Government Inspector of Mines), and James Fulton (of the Manawatu Railway Company); auditors, Messrs. Harrington ana Richmond ; members ot Council, Messrs. O'Donahoo, Bridge, McKerras, Lord, Mason, and Soaton. Messrs. M. McNicol and L. Jackson wore also elected members of the institute and Mr. S. Fairhill an associate member. The balancesheet showed that the receipts amounted to £3SI 5s 8.1 and the expenditure to £119 1 Is Bd, leaving a credit balance ot £250 fixed deposit in tho bank and £11 14s to credit of current account. The assets showed a balance over liabilities of £337 14s 6d. This was all the business of importance. 1 Tho first annual meeting of the Auckland Old Chums and Schoolfellows' Association was held in the Metropolitan Hotel 011 March 18, Mr. C. 1). Grey (president) in the chair. The business of the meoting was for the purpose of adopting the constitution of tho Association, as drawn up by a subcommittee, and to revise and mil thereto, if necessary; also, to elect officers and committee for the forthcoming year, and any other business that might be brought before the meeting. Tho draft rules and regulations, as drawn up by the committee, were read by the secretary, and adopted unanimously. It was decided that the Association should be styled, "The Auckland Old Chums and Schoolfellows' Association," and shall bo comprised of persons who have resided in the Province of Auckland for a term of twenty years and upwards ; tho object of the Association being to promulgate facts relative to tho early history of tho provincial district of Auckland, and to promote the advancement of the-Association, and encourage a friendly recognition of itsmembers. The election of officer? was then proceeded with, and resulted as follow? Patrons, tho Hons. J. Carroll and A. J. Oilman ; vice patron, .Mr. F. Lawry, M.H.R. ; president, Mr. C. D. drey ; vicepresidents, Messrs. J. B. Fairs, J. Marshall, and J. J. Dickoy; committoo, Messrs. T. B. O'Connor, J. (iallagher, C. Fonton, T. Leadham, W. H. George, A. H. Cotter, B. Goldwator, R. G. Todd, J. Dixon, I. Mondelsohn, J. Shepherd, H. Whitelaw, A. Williamson, N. W. Pollard, and F. W. Edwards ; auditors, Messrs. W. C. Speight and B. J. Esam.

The annual meeting of the Auckland Institute was held on Feb. 21 in tho Museum Buildings, l'ri.ices street, Professor Thomas presiding. The annual report stated that the number of members 011 the roll at the present time was 172, of which 13 are life members and 151) annual subscribers. Tito financial position was very satisfactory. By virtue of their offices as the two last retiring presidents, Professor Thomas and Mr. J. 11. Upton are the vice-presidents for the ensuing year,as provided for by tho rules. The members of the Council who retired by rotation wero Messrs. G. Muoller, E. Withy, and Professor Tubbs. The Chairman also announced that tho Rev. J. Bates had resigned owing to ill-health. The following gentlemen were severally proposed and elected to fill the vacancies Messrs. Craves Aickin, C. Cooper, J. Batger, and Dr. A. G. Pure has. The retiring auditor, Mr. W, Gorrie. was re-elected.

A meeting of the Auckland Employers' Association was held on March 11, to consider tho liiglit Hours I )cmoiiitration League's proposed new constitution, On a former occasion the employers wore written to asking them to send delegates to tho League, and Mr. Graves Aickin president), and Mr, F. G. Ewington (secretary), were elected to represent the Employers' Association. As the delegates considered that the object of tho League to securo an unconditional compulsory legal eight hours working day for all wage earners whether male or female was an extreme one, they wished to add tho words " whore practicable." This was at first agroed to, but afterwards rescinded. The Association by resolution threatened to withdraw their delegates if tho deleted word* wero not insertod. A meeting of the Eight Hours' Demonstration Committee was held on the 13th March in the Foresters' Hall for the purpose of considering the adoption oi the constitution of the League. Mr. Ewington moved that the words, "where practicable," be inserted after " the legalism); of eight hours as a day's work for all wage-earners." After several of the labour delegates had spoken to the motion, it was put to tho meeting, and lost by 14 to 4. It was then moved by Mr. Stanton, as an amendment to Mr. Fawcus's motion, "that the clause as originally printed be adopted." The amendment was carried. The clause which has caused all the discussion is now exactly as Dr. Baker originally had it in the constitution which he drew up at the request of the committee, namely, "To form a permanent association, which shall have for its object the legalising of eight hours as a legal day's work for all mechanics, artificers, and labourers; and to gel the same carried out in all Government contract:, building contracts, manufactories, mills, and mechanical trades." The constitution was then adopted, and the chairman was authorised to take the necessary steps to hare it registered, and call a further meeting.