MAKERS OF AUCKLAND.

New Zealand Herald, Volume LXVI, Issue 20322, 1 August 1929, Page 6

MAKERS OF AUCKLAND.

(FINANCIAL INSTITUTIONS.

LTHE BANK OF NEW ZEALAND.

[TWO INSURANCE COMPANIES.

STORY OF SMALL BEGINNINGS. BY F.W.W, No. XTX. There v.-a 3 not always the prosperous nrray of banking institutions that we know to-day catering for the financial requirements of the Auckland business community. The earliest was the New Zealand Banking Company, which was formed in the early forties at the Bav of Islands, th»n Governor Hobson's administrative centre, with the modest capital of £7OOO. ; Whcn tho Government was removed to [Auckland, overtures were made to induce the northern capitalists who controlled the infant bank to shift with it. They insisted, however, upon remaining where they were, and the bank was of short life.

Tho Oriental Bank and tho Union Bank of Australia established a footing in tho city/ quite early. There was some newspaper and business outcry in 1861, when the Oriental Bank withdrew from business in New Zealand, but tho Bank of New South Wales took its place almost immediately, so far as Auckland was concerned Birth of Bank of New Zealand. From about 1860 there was a movement in Auckland for tho foundation of a 6trong local bank. In the early part of 1861 it definitely crystallised, its promoters in this city being supported by leading business men in the South. In the middle of that year tho prospectus of the Bank of New Zealand was advertised in the city newspapers. In September it was announced by Tho New Zealander that " tho bank may ba regarded as an

established fact. Thei convenient and central premises in Queen Street, at present occupied by Mr. Forsaith, are to be tho headquarters of the company, and Mr. Alexander Kennedy, lately manager of tho Union Bank of Australia, who, since 1840, the day of tho Kororareka company, has been engaged in business here, has resigned his post with tho Union Company to accept tho post of inspector and general manager of tho Bank of New Zealand."

Meanwhile the Authorising Act of Parliament had been passed, and on October 1, 1861, a meeting of tho proprietors was held, to elect the first board of directors and two auditors. Mr. Jarnes Williamson presided. Tho directors chosen were Dr. J. Logan Campbell, Messrs. T. Russell, James O'Neill, Thomas Henderson, G. Burgoyne Owen, C. J. Taylor and James (Williamson. Captain Daldy and Mr. S. Browning were elected as auditors. And to tho bank was fairly launched upon its career. Its headquarters remained in 'Auckland for many years, but were shifted in the nineties to London, and then, when the crisis of 1894 came, and led to the credit of tho State being put behind this greit national institution, they v>cre brought back to Wellington. Soil ol General Managers. The general managers of the bank during the period while the head office was in Auckland were Messrs. A. Kennedy (1861-8), D. L. Murdoch (until 1888), John Murray, G. E. Tolhurst and W. T. Holmes. Mr. Kennedy was mrnager of tho Auckland branch while also general manager, and Mr. Murdoch during his period of inspectorate, up to the end of 1870. Their successors in the position have been Messrs. T. M. Stewart, G. S. Kissling, C. G. Andrews, P. L. Dignan, T. L. Murray, W. B. Buller, H. Buckleio'n, A. R. W. P. Green and J. B. Henry. In 1864 was formed tho Bank of Auckland, with a capita! of £IO,OOO. > Its directors woro Messrs. James O Neill, Edward King, G. M. O'ltorke, H. Isaacs and A. K. Taylor, and Messrs. H. M. Jervis and A. H. Davis were at tho first meeting of proprietors elected auditors. Its main office was in Princes Street, on the present site of tho Northern Club. Mr. Jones, a man of English banking experience, \vi»3 manager. This bank, however, lived only two or three years. New Zealacd Insurance Company.

frequently mention has been made in of articles of the business men ■who were associated with the foundation of the New Zealand Insurance Company. Those who attended the preliminary meeting, held on May 31, 1859, were 'Messrs. Thomas Henderson (chairman), Thomas Russell, William Crush Daldy, Hugh Coolahan, Walter K. Graham and Captain Jarres Stone. Such were the signatories to the original resolution, and the first directorate comprised thest citizens, with the addition of Messrs. Wm. Buckland, J. S Oliver, W. C. Wilson and S. Browning. Of the capital of £100,001) with which the company started £52,000 was subscribed in the room, in sums ranging from £2OOO to £SOOO.

The company's original manager wa3 Mr. Hansard, and when he resigned and left the colony lie was succeeded by Mr. G. P. Pierce, already mentioned. After <ho retirement of Mr. Tierce in 1891 Mr. .Warwick Weston became general manager, find on his death five years later he was followed by Mr. E. W. Walker, who was acting manager for a year, and then by Mr. David Craig (1896-1903), arid Mr. James Buttle (1903-19). Mr. J. U. P. Kissling. who suceeded Mr. Buttle, held the position until his death in May of this year. Mr. A. I. Johns is the present general manager. The South British Company.

Of llio South British Insurance Company, as already stated, Mr. Abraham Boardman was t?ia first general manager. The company was formed in 1872, and its first directors were Messrs. A. Beetham (chairman), Wrn. Earle, W. C. Daldy, "VV. Morrin arid Stannus Jones. The first proposal for insurance the company received was from tiio Rev. David Jones, then vicar of St. Matthew's, with respect to the furniture of the vicarage. The company's net fire and rnarino insurance premium income in its first year was £31,934—a very striking comparison with the large figures of the business carried on to-day all through the Southern Hemisphere and even beyond it. In succession to Mr. Roardman as general manager came Messrs, George Johnston (1880-90). James Kirker (1890-1911) and Robert Hislop (1911-14), and the present holder of the office. Mr. P. H. Upton. Auckland Savings Bank. While dealing with big institutions that liiul their origin in Auckland ono is reminded of the foundaton of tho Auckland Savings Bank the principal depository of tho capital owned by the working people of the city and suburbs, which had its birth long before any of those already mentioned. Its, elate of foundation occurred as fa, back as 1847. In its early it bad no official dignified with the BUtus of manager, it s chief executive officer, being Dr. J. Logan Campbell, as honorary secretary, and Messis J Dil worth and J. J. Mnntifiore as honorary auditors. * Mot until 1875 was the title 0 f manager med, and then Mr. Richard Cameron, who had succeeded Mr. Joseph Coombe as the official head, received it. Mr. Cameron vns a son of another Richard Cameron Who hadl arrived with o'lher Scots settlers by the Jane Gifford in 1842, and he was fcom and educated in the city. His sueeessors in ihe manage, nent of '"'the people's fcank have been Messrs S. G. Rountree, J. M. Barr and Mr Clern. Bartlov th« present manager. tile .('.Co bo continued daily.J