Page 2 Advertisements Column 3

Otago Daily Times, Issue 6591, 30 March 1883, Page 2

Bpeoial Advertisements shan holder who was not catUlifd with tho report and accounts now prejentod, hut, at the sumo lime, tho shareholders would not object to havo ii little moro money to spend- (Hear, hcur.) Ho was against building til1 a colossal reseivo fund. Tho directors had put aßido almost til per share out of profits, and ho thought ihat, intend of putting aside so much, thuy might very well have- declared a larger dividend. Ho ■noted, us an amendment "That, taking into considvrati'iu >ho largely-iticreisud profits > ( Uio undertaking during the six months now reported upon, tlio directors i-lioiila havo allotted to tho proprietors uoine me easu of dividend " Mr G. Wood seconded the oiuendmcnt. Mr J. Jlurrold regretted that, the subject of an in-erea-ed dividend had been started. Tho stability of the Uank doponded upon having a good rcsorvo lund -(hear, hcnrj-itml ho shoiTld oppose any act.on which interfered with tho liberty of tho action of the directors in that respect It waa a niattor which should bo loft to tho judgment of tho Board —(Hear, hear.) Tho Chiiiramn: 1 am not unprepared lor this amendment, hut 1 most earnestly urge upon you not to press it at tho present moment to a division, but to accept our assuranco that at our next meeting, which promises to bo n .satisfactory one, we will do nil wo can in justice to what wo consider tho vital intercuts of tne Hank. (Hoar, hear) Wo lire following in the cvmrno of tho other Australian banks. Our reserve.-, amount to 62 per cent, of our capital, but some o lierj aro larger. Tho amendment was then put, and loat by a largo Ulaj'ority. ■ he original resolution waa thereupon put and cvritd. Tho Chairman then said the directors bad to regret the retirement, through ilHiealth, of two of their colleagues, JlrKobcrt Campbell and Mr lid ward liuth, and tho vacancies thus created had beeu provisionally Illled by the appointments of Mr IVm. Oswald Gilehrist and Mr Chas. Pur bury. Ho believed the directors oould not have chosen two more eligible gentlemen. They had been brought up in the midst of Colonial biißincss. Tho father of Mr Gilchrist was on tho Board at Sydnc many years ago, and rendered great ufsistanco to tho Bunk at the time when it wan required, and tho proprietors gonerally acknowledged his services. As to Mr Parbury, ho was well known in tho city, and from hia position, experience, and ovory other consideration, ho was Batisliod ho would make a valuable director. Ho moved that thocleetion of Mr W. O. Oilehrißt, to fill the vacancy caused by the retirement of Mr Ed Ilurh, bo confirmed. Uenerul Trevor seconded tho motion, which wns put and carried. The Chairman Mion moved-" That the election of llr Chas. I'arbury, to till tho vaoan y caused by the retirement of Mr Hubert Campbell, bo confirmed." colonel I'lomer seconded the motion, which was put and carried. The Maijiwor thon road the formal declaration of a dividend of .€1 IGs, and a bonus of Ss. Tho Chairman: There ia another business which does not originate on our tide of tho table, but will bo brought forward by members on that side, and that is the extra remuneration to be proposed to the directors. Mr Albert Deacon moved—" That tho remuneration of ,£3OOO a year at present paid to tho directors bo increased to the sum of iSSOiO per annum, to commence from the Ist oJ the present month."- (Cheers ) The present sum of £3000 waa fixed 18 years Bincc, and it was lair to assume that that sum was, at the time, considered a fair equivalent for tho work executed at that time. If thoy compared the responsibilities of 1865 with those of the present time, thoy would find a very large increase in the business of tho Eauk, and a consequent increase in the time and attention required f >om the directors. In 1835 tho paid-up capital of the Hank was £1,200,000, as against £1,50U,00i) at present. The deposits then amounted to £2,747,100, as against £7,011,000 to-day. The total balances of the lifink showed an equal advance, having risen from £5,737,000 to £12,116,000 to-day. As regarded the reserve fund, which he considered the theet anchor of sound business, it had increased from £4i,0,00i) to £880,000. In the same timo the branches had increased from 11 to 30 in Australia, and from 0 to 25 in New Zealand. Besides this, an altogether new field had been opened up by tho Bank, which had tstabItehou itself successfully in tho Fiji Islands. With those figures before them, tho shareholders would easily understand that with thia Increase in the volume of business, with its onormous detail, the work niUKt liavo increased in like proportion.—(Hear, hear.) As audit* of the Bank, he had good opportunities of forming an opinion of the work done by tho Board, and lie could assure tho shareholders that the directors of their Bank enjoyed no Binecuro, and ihoy gave on amount of attention and devoted an extent of time which many in this room oould scarcely' icalisc. It was the custom of this Bank that out or m-re of its directors should be in attendance day by day durinir the whole year, so that the interests of tho shareholders received, as they demanded, tho personal, constant, and careful supervision of each dircctir. In his capacity of auditor, nothing had struck him so much aa the extraordinary, he might say the marvellous, detail with which the whole of tho iiank's business transacted in the Colonies was submitted to, and supervised by the directors. Mr Wilkinson seconded the motion. If the shareholders wanted their work dono properly they must p»y for it, and no doubt the remuneration which had been paid to the directors had not been adequate to the work performed. Tho director* were gentlemen of high s:anding and positiou. He differed from them on somo i oints of policy, but they need not quarrel about that. He had been a proprietor JO years, and during tho past 18 years the business had very largely increased. Ho had pleasure iv seconding the moticn. The resolution was put, and carried unanimously. Tho Chairman acknowledged tho vote on tho part [ of the Board, and stated that a second special general 1 mteting to confirm tho resolution would bo called for the 20th Fcbiuwy. On tho njotion of Mr Lewis a vole of thinks was passed to the chairman and the directors, and the meeting broke up. 30in A RTlSTlCPaporhaugings.Dadoeß, <ftc. X3L We havo just opened an assortment ol splendid goods choaon from tho new season's patterns. Inspection invited.

Telephone Number, 108. SMITH'& SMITH, 12 Painters, &c, Octagon. "OEACOCK'S NEW SEASON'S JAMS. MANUFACTURED IN DUNEDIN. Superior Assortment. Square Tins. Sold Everywhere. 191 W& A. GI L B EY. • WINE-GROWERS AND SHIPPERS, DISTILLERS AND EECTIFIEKS. No better guarantee of quality anil value can bi given than tho fact that about every eighteenth bottle of Wine and every fortieth bottlo of Spirits consumed in tho Unitod Kin{,'dom ie suppliod from W. amp A, Gilbey's stock. This statement Is based upon th< Government returns. For the convenience of thoe< who may be inclined to compare tho quality of anj of W. and A. Gilbey's £00 varieties with those hithortc consumed in thoir households, any quality from i single bottle can bo obtained from thoir Agent: W. D SciusiiLANi), Gcorgo street, Dunedin.' WINES. PORTS l From 810 B0 yoare ol j. K00( i bod , ORTUGAL. / «Hlwellii»taiwL SHrrom lES lFrom ito 20 ycara oWi <Jualit2 SPAIN 3 unsurpassed. SPARKLING ) WINES (Superior to that uaua y sold uni'ei from f special brands at fancy prices. ' FRANCE. ) SCOTCH ■) and (Nothing imported hero equal t< IRISH f them in quality. WHISKIES. ) COGNAC ) LOr Extract dv Yin ; well maturec BRANDIES, j by great age, and proof strength. A " Completo List" of W. aDd A. Gilboy'a Winci and Spirits, containing full particulars of inoro that 200 varieties, sent free on application to their Agent, W. D. SUTHERLAND, Grocer, Wine and Spirit Merchant, GEORGE STREET. DUN EJ3 IN. riIORPEDO BOATS!—YARRUW" a^Tc JL CO., rj^ORPEDO BOATS.—LONDON. JL TORPEDO BOATS.—Fastest iv tht World. ' npOKPEDO BOATS.—Highest Speed JL on Record, 26 miles per hour. mORPEDO BOATS. XTARROW and CO. have supplied— rr^ORPEDO BOATS. JL English Govt. Dutch Govt. French Govt. Greek Govt. TOKPEDO BOATS. Russian Govt. Spanish Govt. Austrian Govt. Portuguese Oovfc. TORPKDO BOATS? Italian Govt. Argentine Govt. Brazilian Govt. Roumanian Govt. 16js a & J. M'F A R~L INK f% « PRINCESS and MACLAGGAN STREETS. ' Only holders of Reynolds' F&vourito Wines. Por doz PORTS, from .. .. .. 16 ( Very rich old Port, Vintage 1871 .. .. 70 I Amontillado, sujiorior dry ; tho finost over introduced Into this Colony .. .. SO I Royal, very superior fruity, full-bodiod Wine.. 40 I RICH COLONIAL WINES. Grenacheo Rich Red Burgundy .. .. 30 I Port, good family wine .. .. .. 30 I Frontijjnac, a dessert wine .. .. 35 I Tokay, white, rouud and nice flavour .. OT I Jluacadine, white, a dessert wino .. .. 35 I WHISKIES. Teacher aud Sons' 11-year-old, per i;al. l'ruof.. '23 I OH Highland, well-matured do do .. 28 I Suporior old Glcnury Whisky (por case) .. 10 i English and Colonial llama and liauou, 7d to Is pcrlb Cheese, Colonial, rich and old, 7d and 8d per lb. 17n BANKS, BAIIRON, & CO. GKOCERS, WIiVE AND SPIRIT MERCHANTS, DUNEDIN. Tho CaoffN Pkrtomkiit Company, 177 New Bonl stroot. London, Distillers of choico Perfumes am Manufacturers of lino Toilet Soaps. Sovon Piiz Medal. .iwarile.l for oxce'lonco of quality.— Aitontj Mp«)rn SIAIKSBITH7. Xl, if,l:r.N. avd <!n .-tAIH'T.I Messrs Xeill Bkos. hu-.'e been appointed Wholosal Ajcnts for Otspo for tlio flalo of the Odontil Tc Company'a Slaauard Packet Icia.—[Abvi.]