Page 3 Advertisements Column 4

New Zealand Times, Volume XLVI, Issue 7779, 11 May 1886, Page 3

Bank Report

producer, bat Is destined to go forward as an agricultural eojlntry i and X believe that when the rise in prices tkketf place New Zealand, and tbs New Zealand growers, wiU be a position to benefit and profit ' j y such rise. X say again, that if youf ttiectorS have fiever a worse balance-sheet to place before /otJ than the one at this time, you will again and again have reason to be congratulated, I heg to second the motion for the adoption of the report and balance-sheet. Mr F, Cherry i Before you, Mr Chairman, put the motion, I should like to ask a question, and that is, Whether, in the opinion of the authorities* yourself, and co-Directors, a man who is apparently notorious as a bettor and racing man is eligible lot the office of manager of a bank? X felt very much surprised that such a thing could have happened as has oceurred in Sydney. The man was notoriously engaged in betting and gambling transactions, and yet he held sUch an important office. 1 Wish to ask that question when all the' Direct Bors are here. , , „ .. Mr D. L. Murdoch (general manager). isy the Chairman’s leave I, rise to answer Mr Cherry’s question—Whether a gentleman who is a known bettor on the racecoufae Js a proper man to be an officer of the Bank . I Mr Cherry, that the knowledge that Mr Holt was a confirmed bettor or speculator, if you can so put it, is wholly apiece of information since the default was discovered. I have P" more than one occasion met gentleman on tne street who have told toe that they were ftWu. long, long slrtps) that Mr Holt was given to gambling and betting* dnd So Oh. I think It Is very much to be deplored that If that knowledge was within the scope Of. snai'ehOlders they did not sound a note of warning to the .Directors ; but I tor one can say, although I was generally Onie a year in Sydney, that X never heard a whisper—never sa<v an net on the part of Mr Holt—that would lead me to suppose that he was leading a life that the most trusted manager might not lead, lhat he played a rubber at whist, that he went to the racecourse and might put, a L 5 note on a race, was quite within my knowledge, but surely that is not a bar to a gentleman occupying a trustworthy position; but I can assure shareholders that there was nothing, absolutely nothing, within the knowledge of the Board or within the knowledge of the nearest manager of the Bank to Me Holt that would have warranted the exeoutive.calling him in question for any of his acts until his exposure. The motion for ‘the adoption of the report and balance-sheet was put, and carried unanimously. SHANKS. Eev Shirley Baker i I bog to move that the cordial thanks of this meeting be given to the DlfeCtefs and officers flf the Bank. In doing so X dan dhlj’ reiterate tWiat Mr Clark has so ably put before thS meeting with regard to the satisfactory position of the B&nk to-day. I think it has taken epifie of Us by surprise that in these tildes df deprfesaidn the Bank stands so well. Not onlj) have .the usual dividend and bonus been declared, but a large amount has been carried forward to credit of profit and loss account. I would also like to observe—and I believe I do so not only for myself, but on behalf of some of the shareholders present—that you, Mr President, and the Directors deserve thanks tor the candid remarks you made in the report which has just been presented to thd meeting, There has been a feeling outside that dll the truth had not been told With regard to thti defdltations of Mr Holt. lam pleased that it will go forth from this meeting that we know now what is the extent of the loss the Bank is likely to sustain. I think, in taking this, course, the Directors have not only the .confidence of the shareholders, but also their thanks. I should like, also, if I may personally do so, to suggest something with regard to Melbourne and Sydney. In the course of ray travels I have frequently to go to the adjacent colonies, and if I may be permitted to throw out a suggesgestion for the Directors to take into consideration, it is whether it would not be wise, considering the position we hold In those colonies, to have a local directorate in both Sydney and Melbourne, and*, if I may say so, that there be more freqnent inspections than Has hitherto perhaps taken place. We cannot expect.oUr worthy general manager to bear all the heat and burden of the day. Could hot the inspector’s staff be increased, so that there might bs more regular inspection ? We have the interest of the Bank at heart and the welfare of this institution, and I cofisldet that On the success of this institution depends, to a .great oitent, the welfare of New Zealand, It there was a more regular inspection both of the Sydney and Melbourne branches, and I might also add the London branch as well, it would afford great satisfaction to the shareholders, and we should feel that we were on a safe foundation. In anything I have said I do not wish to throw any reflection whatever on the directors, the manager, or officers of the Bank. Considering the depression that exists thoughout the world, very few could have expected such Satisfactory result*. Mr G. P. Pierce Seconded the motion, which was put knd carried unanimously. The Chairman : On behalf of the Directors, I beg to return our hearty thanks for the vate which has just been passed. With regard to the observations which have just fallen from Mr Baker, as that matter is purely in the executive department X shall leave Mr Murdoch te reply, as he can do so • nth much more force than I can..

Mr D, L. Murdoch (general manager) said : On behalf of the staff I have very much pleasure in returning to you our sincere thanks for your vote. But on this occasion I must say that in receiving the vote I feel as if some apology were duo to the shareholders for the misconduct of one of the staff, and one who had occupied such a very prominent position and been one of the most trusted officers of the service. It is now 25 years since the Bank started, and this Is the first occasion on which we have had a default of any magnitude ; and it is all the more to be regretted that it should have been the act of one who in other respects. I have no hesitation in saying, was a man of singular qualifications, and who built up for us a business in Sydney such as under other circumstances we had no right to expect. (Hear, hear.) It is all the more to be regretted, therefore, on that account alone, that he has been so tempted as not only to wreck his own life, but to deprive ns of his services. He has, however, put himself within the meshes of the the law, and no doubt just punishment will be meted out to him, but I am sure I speak the minds of the Board, and also of the shareholders, when I say there is no desire to import vindictiveuesa into the prosecution, and that we would be content with such a punishment as will prove to wrong-doers that they can scarcely expect to escape the result of their own acts. (Hear, hear.) With regard to the Rev Mr Baker’s remarks as to more freS‘ inspection and the appointment of a Board of Directors in Australia, the question of Local Boards has frequently been under the consideration of the Directors, but after the most careful deliberations and inquiry we have found that Boards as a rule are a detriment to an institution —(hear, hear) —that the public have very much greater confidence in dealing with Banks who have no Boards, and that for various reasons which I need not take up your time by recounting; but it has appeared to the Board of this Bank that it would be a disadvantage to have Local Boards in Australia, As to the question of more frequent inspection, I am very glad Mr Baker has referred to it, as it enables me to state that that step has already been taken, and Mr Stewart, the recent manager in Melbourne, has been appointed assistant inspector for Australia, and his duty will be periodically as frequently as he feels it necessary to visit the various Australian branches. . Mr J. M. Clark : And he was appointed prior to Holt's misconduct. Mr Murdoch : The individual appointment was made before this occurred in Sydney; but from a difficulty in filling up the managership in Melbourne, the absolute appointment was deferred, although Mr Stewart has for the past two or three months been doing the duties of Australian inspector. I therefore hope that the minds of shareholders will be quite satisfied that every step possible is being taken to have adequate inspection. As to the suggestion of Mr Baker about London, you can well suppose that it is a difficult matter—that we cannot' well appoint an inspector for London ; and it is not always convenient that an officer from the colonies can proceed to London to make an inspection, the travelling taking up so much time. But I may say, when I was in London last year, I made a most exhaustive inspection of the branch and found everything in the most perfect order—there was not an item that was out of order—(hear, hear)—and no doubt opportunities will from time to time arise to enable us to have other inspections. With these remarks, X beg again to thank you most sincerely for the kind vote that you have passed, and I trust it will be a long time before we have any further misconduct on the part of the staff to allude to. The rough minutes ware then read, and the meeting terminated. 146

Land Transfer Act Notices. NOTICE is hereby given that the several parcels of land hereinafter described will be brought under the provisions of the Land Transfer Act, 1885, unless caveat be lodged forbidding the same on or before the 13tb June, 1886. 1669 ALEXANDER GRAY and WILLIAM RICHARD WATERS.—Part of Section 174 City of Wellington (Quin-street). In occnpation of Amelia Bender. 1674. JAMBS BARBER and HENRY BARBER.— part of Lot 71 of subdivision of Lot 1, Harbor District, Wadestown. Unoccupied, 1675. ALFRED DE BATHE BRANDON.—Part of Section 186, Hntt District. Unoccupied. _ 1677. JAMBS BBBRES TONNER.— Sections 69 and 167, Bangxtumau. In occupation of Applicant Diagrams may be inspected at this office. Dated this 7th day of May, 1836, at the Lauds Registry Office, Wellington. GEO. B. DAVY, 141 District Laud Registrar.

ME HENRY P. PALMER, formerly of the firm of Paterson, Kay, Palmer and Co., London and Melbourne, and late of Palmer, Walley and Go., Manchester, an. nounocs that he has joined his son, Mr E. R. Palmer, of 59 Mark Lai e, K.C., from March Ist, ISS6. The style of the firm, R. K. Palmer and Co,, remains unchanged, ,147