COLONIAL BANK.

Otago Daily Times, Issue 10597, 18 February 1896, Page 7

COLONIAL BANK.

MEETING OF SHAREHOLDERS. NOMINATION OF LIQUIDATORS. A meeting of:tho shareholders of the Colonial B*nk (in liquidation) was held on the 22nd nit., in the'banking premises, for the pHrpora of expressing an opinion as to tho numbar of official liquidators should be appointed, and suggesting persotis for appointment by the Supreme Court as liquidators. The old boird ef directors of the bank was represented by tbe Hoos. G. ■ M'Lean, W. H. Reynold*, W. Downie Stewart; M.L.C.'s, W. j. M. Lnruach, M.H.R., Dr Hislop, and Mr P. C. Neill, and' Messrs Keith Ramsay and W. B. Vigers, who, with Mr Larnaoh, are acting ss the provisional liquidators, oocupied, together with the directors, seats at the table at tbe head of the room. Over 150 shareholders wero present.

Mr Kbith Ramsay, who presided, said: Ladies and Gentlemen.—This is a meeting of shareholders of the Colonial Bank of New Zealand called at the suggestion of his Honor Mr Justice Williams. I will read you the advertisement calling the meeting.—(Advertisement read).. As I stated before, ladies and gentlemen, this meeting has bean called at the suggestion of hisHonorthe Judge, wboiutimated that it was tery desirable an expression of opinion should be given by the shareholders on two points- thef number of liquidators and the persons who should be appointed to that office. This meeting is called iv accordance with the provisions of the deed of settlement. Shortly before we came here the provisional liquidators received a protest from Mr W. G. MacGregor, which has been submitted to the solicitor for the liquidators (Mr B. O. HagKitt), who advises us that there is nothing in it. Before proceeding to the business, I desire to say that only those who are shareholders ate entitled to be here, or to take any part in the proceedings of this meeting. When I Bay shareholders, of course that includes the attorneys of shareholders, who are at liberty to be here. At the first meeting of tho provisional official liquidators, Mr Larnach and Mr Vigera were good enough to ask me, as specially representing the shareholders, to preside, and I have taken the chair at all tbu meetings of tbe provisional liquidators. That. explains ray position here to-day; and in presidiag on this occasion. Tho object of the, meeting, as I have already stated, is to give an expression of opinion on behalf of the shareholders as to the number of liquidators to be appointed and the names of those who, in the opinion of the shareholders, should be appointed. Before proceeding to'the busings of the meeting, however, I may say that the provisional liquidators desire that I should .make a brief statement with reference to the liquidation so far as it has gone. The moat important matter, at least to the shareholders, that we bare done has been the distribution.of £100,000 by 10a per share to the shareholders on the register of the bank. That, as you arc aware, is part, of the money tbat was paid by ths Bank of New Zealand as the price for the Colonial Bank. "Naturally enough considerable complaint has been made by the shareholders at the delay there has been in payiDg this amount. If any blame is attachable to any person in connection with the matter it must be laid at my door only. Sir Larnaoh and Mr Vigors, who were possessed of information concerning the position of the bank which I had not, were at a very early date of our appointment quite prepared to pay this snm; but, of course, no one could expect that I could sign the necessary affidavits to the judge ;in favour of the payment ot that sum until ; I had thoroughly inquired into the matter, and it was only after careful and painstaking investigation of tbe affairs of the bank that I felt justified in signing, along with my colleagues, the affidavit on which Mr Justice Williams gave us leave to distribute ■ the money. I may remark that after my investigation I had no hesitation in signing tbat affidavit. We might perhaps have distributed a little more, and we might have discounted the future ' and have anticipated receipts which we know will shortly come in, bnt as prudent men I think we did the correct thing in distributing only the sum of 10s per share for the present. There are^eontingent liabilities which tbe provisional liquidators had to think of. What these contingent liabilities sreof course we cannot now say. Personally I do Dot think they will bo very large, but still there sre contingent liabilities which do exist. With regard to the • liquidation we have been very actively engaged since our appointment, with the exception of the holidays and Saturdays, upon that business. We have met every morning and afternoon for a long time, discussing this thing and that thing in the direction of furthering the liquidation of the bank. 'Perhaps not so much progress as has been expected has been made, but this is due to a large extent to the fact that there have been a large-number of general holidays and also of court holidays, but events are in training for, an early, :realisation of a considerable nnrebfSr of the' securities of: the bank.'! canaUo say that we have been enabled to arrange with the Bank- of New Zealand to take over several accounts, and to relieve a good many thousands that.were held in reserve against these liabilities. With regard to the process of liquidation, it is perhaps unwise to say what will come out of it. Persorisilly, I believe considerably more Will come than has been already paid, but the whole thing depends upon, careful and intelligent liquidation of the bank's affairs, and alao upon.'the delicate handling between the two banks of various interests which to a certain extent are common to both institutions. I do not know that I need say anything further.'" I perhaps have not given much infprmation, regarding liquidation ; but it can hardly fee expected that I should give very much information on this point, and perhaps in the interests of the proprietors of the bank the less discussion there is to-day of the affairs of the bank lii detail the better it will be. The business now is voting for the number of liquidators and also for those whom the shareholders think, should represent them. Voting papers have been distributed, and if more are required thay will be supplied.

A discussion ensued as to whether other persons than shareholders should be allowed to remfiin in the room. Mr J. Gbeen proposed that Mr Victor Braand be admitted to the meeting and allowed to take part in the discussion. He pointed out that Mr Braund was the holder of 212 shares, and was a candidate for the position of liquidator.

The Chairman pointed out that-Mr Brannd had only purchased his shares in November last, when the bank had goue into liquidation, and the shares could not therefore be transferred to him. ■

After discussion the motion was' put in this form—" That the candidates who. wish to avail tkemselves of tho privilege be allowed to be present, and also Mr W, O. MacGregor, but not to take any part in the proceedings." . . , The Chaiksian then put the question, and declared it carried, but a count being demanded the motion was negatived, the voting being: For the motion, 3i ; against, 33. .

Those not shareholders were requested to retire, and did so..

It v»as decided that the number of liquidators Should bo three. " ..-

The following gentlemen were proposed as permanent liquidators :—Hoa. W, J. M. Larnach, Messrs.W. B. Vigers, Keitli Rumsay (provisional' liquidators), Wiiiiam Brown, W. li. Simpson; and A. C. Begg. Messrs Q. L. Dennistsn, T. Mobdia, A. J. C. Brown, and P. Barr were appointed scrutineers.

During the course of the meeting the following questions were put and replied to,:—..' Mr'BAiN1 said he had a question which he had been asked to put particularly to Mr Ramsay. At a previous meeting Mr Banisay had made a speech iv which he showed the difference between the statements in the' balance sheets and the results arrived at; and his (Mr Bain's) question was: Do the provisional liquidators say from their awn knowledge that the balance sheets recently placed before the Shareholders were correct ? IE not, who were responsible for these balance sheets being incorrect ? '

TheCHAiHHAN replied that the provisional liquidators had not taken that view of the question at all. If* the balance sheets were incorrect the directors were responsible, not the liquidators; /Mr-Bain said he had asked one question which be hrid been directed td ask. There was another question he had been requested to ask. There was a very serious matter in connection with the liqnidation of the bank, and that was the power of oompromise to be exeroised by the liquidators—how they were to be allowed to compromise accounts. As the shareholders wore aware, the air was full of rumours regarding certain accounts, and he wanted to know whether the liquidators to be appointed tbat day were to have unlimited power in respect to compromising accounts. The question he had been asked to put was, Have the provisional liquidators had any proposal submitted to them to sell securities of the bank at a discount to the Bank of New Zealand, which would mem a release to some of the customers of the Colonial Bank of some thousands of pounds ?

The Chaihman : I think it a most improper question, but I give a decided answer in the negative, No.—(Hear.) Sir Bath said the propriety of the question Was a matter of opiniou. The chairman spoke as a provisional liquidator; he (Mr Bain) Spoke aq representing shareholders.

Mr Bain asked if it was not desirable that the meeting ehould limit the power to compromise ?

Mr Gbeen : They "should make a recommendation.

The Chaibiian : No power to compromise has been given to the provisional liquidators, and it rests entirely with the judge whether he will give that power. Mr Baik : But the judge will be guided by the expression of opinion from the shareholders.

The CaAiKBUN : Mr Haggitt informs me that the judge cannot possibly give it. The act provides that any compromiEe must be settled by consent of the nonet.

Mr Bain was very plowed indeed to hear that. Tbat was a quKstion he had basn asked to put to the meeting.

Mr Barrok asked if they were to understand j that under tho law the power of compromiso ] could boS be Riven to ibe liquidators. '" The Chaihmak: Under the act. | Mr Baiibon : Then why did yon ask for suclf a power ? ' Mr Bain :Wo want tp know what power the perminonfc liquidators ' will have. I wish it emphaticallyunderstoba that no power of compromise exists. Tho Chairman •Mr Haggitt adds that ewh individual C3ec will have to be brought before tho judge. .' "''' '■ ■. Mr Bain : That is satisfactory. Will it be in open court or in Chambers ? ~ The CiiAinatAN: In Chambers. ' 1 Mr Baik said he had simply asked fchesa J questions for the bjnefit of shareholders who j could not attend the rneetiugs, aud he was glad i he had elicited euch information. ' I Mr J. Aukle (P&lmerston) : 'Do we under-: i stand that the liquidators Cannot compromise I any. account without dragging ie before Hie judge? . ■■•'•■ • j The CmißrtAN: Yes. ' ' I Mr Arklk said that abyofte who knew any- ! thing about winding tip a 'business hnew it should be done promptly and secretly, and without hauling the business before the court. Tbe fact was there were only'one ot two b'g cases, which were'the obstable in the': present. liquidation; and he had no doubt that if they were out of the way (he judge would give his sanction to compromising. It would'be a Very' serious hindrance to the liqnidation iE every enso had lo be "brought before the court.— (Hear, hear.) ' ■ .■'■/• HON. GEO. M'LEAN's AHDHKSS. The Hon. Geo,'.MJ£ean said : Gentlemen,^I may ask your indulgence, I think, aa the beat abused man iv the place, while I address a few words to you. I thiiifc there has been much misrepresentation in this canvassing busines3 for the position of liquidators, but 1 certainly need, not pay much heed t& it, because I am .perfectly satisfied that thoae gentlemen who ara patting up , for liquidators would not sanction the misrepresentation that has appeared in the papers throughout New Ze&lßnd. I feel certain that they would be no patties to it, and I am quite sure that the great bodies of the shareholders have no sympathy with ib. The directors, in the course of their duty, had to nominate three, provisional liquidators. I suppose, gentlemen, that had they nominiited three angels from heaven there are some who would have found objection to them. Well, the responsibility rested en us to nominate them, aud I believe myself that !in ths gent!nmen named we have a combination of qualifications such 'as •'must produce' the best results for the bank — that is, for you, gentlemen, the shareholders. '■ That was, and is, Bay firm conviction, and. in saying lit I do nob wish to cast any ■ discredit oii those other gentlemen who are putting up for .this position, and who are woll known and. valued citizens. This meeting is' called by ths liquidators. The directors h&ve no share in it. It is the liquidators who are in possession now. The judge remarked wheii tho application was made that ti:6 nomination of liquidators was left over till the1 lafet inomehf,.'- Gentlemen, when is the last moment ? We had, no idea that the judge was going away for a'holiday, but as soon as we found ,that he was going away the directors felt that the responsibilities were such that' they should not keep the position vacant until he came back. Besides that, they were very anxious that thi&' money should be distributed, and there wdre reasons given them why the: directors should not distribute it. Of course, oa Mr Ramsay coming in it could cot be expected that he would make the declaration before the _ judge that was necessary for tbe distribution of the money without first carefully looking into the affairs of the• bank, abd I say that he did investigate its affairs as quickly as any man could do. Now I will show how the newspapers misrepresented matters. In the newspapers it was stated that there wan nothing coming to, the shareholder^/ and that probably there would be a call. Another misrepresentation was that the directors and ofrkers of the baDk had been selling their shares. Another wa3 that tha directors owed the bank money, and it was olsimed.as a great thing that the getting of power to compromise had been frustrated. Well he Svbuld have something to say about thab by-aad-bye. Then piragcaph utter paragraph wag Bet_ forth from the chairman's Bpeebhus. A whole list of quotations wae given from what he had said at different times. Now I desire to say that the circmnsfcances and conditions warranted every statement I have made, and that the statements we're perfectly correct. I say that positively, and I say that I was perfectly justified in saying all that my speeches contained, taking them all through. But it is most unfair to take pieces out of a man's speech—a little bit here and a little bit there,—and not to'put in the qualifications' that appeared in the speeches. Take what waa said in March 1893. Surely one is not to be held responsible1 for'the condition, of things in future | years, but I am supposed to bs responsible iot years ahead, and to predict everything for the bank in these statements. lam now going i back to the year 1893—the time just before ths great banking crisis,—which, I suppose, all these people have forgotten all abput. In March 189.5.1 then spoke of .shares beiDg thrown on the market;. in September I spoke of the j panic, and of banks shutting their doors, and I ' gave a note of warning to shareholder*. They do not quote these things in the extracts thw . make from the' speeches.* In February 1394 I spoke of the low price of products affeoting the country, and in September .1894- I expressly gavea severe warning as to the future outlook. I said words of encouragement and of hope, which are taken up and reprinted, but no mention is madeof the warnings whichl gave They are nob set out at all. •At the September meeting I spoke strongly of the amalgamation scheme with the Bask of New Zeatandi.and I Said then, and say now positively, that it would have been a good thing for the bank and for the Bank of New Zealand, and a,r good thing for the country, had that scheme been carried out. I say that perfectly plainly and distinctly. In March 1895, in addition to the words of encouragement I .gave you, I told you that the outlook for profits was not good and that the dividend must be reduced, and you were paid a less dividend. In. November 1895 there were negotiations for the s»le of the bank, and no dividend was declared.' Have you all forgotten the terrible panic of 1893, in which numerous banks shut their doore, and when it was only by the good grace of the Government of New South Wales that every bank in the place did not shu% its doorß,' and ' Jours ; amongst the number ? Do you think that the directors had not great responsibilities on their shoulders then ? I say, and say it advisedly, that there ".was then. a danger in every word that prceeeded from tha mouth of the chairman at this table.- There wes a feverish state amoDgSt the depositors, whowere getting anxious about their money in bH | the banks. You all know fee saving that mis-. I fortunes never come alone, and have all probably had proof of that. Y<jti have all had knowledge of men who were very prosperous in busineßßextraordmarily 80,-ahd yet through no, fault of their own, through bad debts coming upon them from one day to the other, their estates have gone to the bad, and from being wealthy they have been unable to pay 2& in the pound. Gentlemen, I mean to say that I made no statement which could not.ba verified! but there was a danger in every statement. I made. Suppose I had come.aud.said with a poor mouth, "The capital must be writteD down." Then, I venture to say, the probability is that the dooH of the bank would not have besh open for three days. And where would the shareholders have been then ? Instead of receiving a good amount for" your shares, the probability is you would all have been paying calls. Then, aa!youknow,., we; lost a large amount of deposits, and. that was a loss of earning power. If you loss £500,000 of deposits, you lose so much earning power, because your expenses are the same. Then, since the ptaic, we have been obliged to double the.amount of money we kept in hand. If you have £300,000 both here and in London and a lari;e amount- of money lyiDg in the coffers and are receiving-nothing'for it, that, of course, interferes very much with your dividend or profits; but'you could not in these ticklish times lay out your money you had to keep it. Yon see now all the banks declare 35 per cent, liquid assets, but I say thabinks will sot do very much go long as they'keep that amount of liquid assets, especially at the present tima. We had o.very Urge amount in London, and I venture to say we did sot get over^per cent, pcr 'annum for it. Then we had the Legislature taking the Bank of New Zealand iv hand. That was a bad blow to this institution. It gave the Bank of New Zealand considerable strength in competing, and I can assure you that, when in connection with that legislation we j?oS into Committee and saw tha large amount (£8,350,000) that had to he written off that institution; I began to get afraid as to what would probably take place respecting our own institution. A feverish sta'e.of excitement prevailed and there was a terrible load on the shoulders of the directors. Oaring that panic in Melbourne there was no sleep for your directors because of the fear that any day might bring the crisis to New- Zealaud, and it was only through tho Governmenb'taking the matter in hand that a crisis was prevented. Whether it was good judgment to take it up or not is another question. The Government were responsible to the country, and the country approved of every action that they took at that time, and although it was, not done the way I proposed to do it, they had the responsibility, and they may have been right and I probably wrong. Then to avoid a panic in New Zealand last jear the Legislature further strengthened the Bank of New Zealand, and would you like yourselves to go on :and fight a battle against an institution baoked up and made strong by the colony ? Our difficulties at tho time these panics were going .on were exceptionally great. Shares were being forced into the market at any price they conld get, and this was ruining our credit. They went down to 13$, anil that completely damaged your credit, and during i these negotiations fee ibo gala of tha hank

I had large numbers of people pleading wilh me, and pleading no doubt with my colleagues. They said they did nod mind what they got for their shares co long fts "they got clear of the reserve liability on thorn. Gentlemen, it is said we might ha7e written down our capitsl, and have made.a call; but what would hays been the effect of tbat policy ? Your shares would have gous down to,nothing, end.we did not require a callj because we had too much of other people's rrioney ; but had we wtitton down our capital we would have bad to make a call in order, to show the, public that there was something between them and loss. That is the use of a' call. Although you do not require the money sud can not make U3o, of it, it has to bs called up. Thou, suoposo you bad made a call, tbe shares would have gone down to nothing. The history of that I will show you presently from tbe experience of other banks. During this time, when the panic took place in Melbourne, we know that 6 lot ot banks that were thriving, paying good dividends, and mukiug good reports, in a few day a through runs upon them had to (hut their doovs.

Mr Babeon : I do not like to interrupt, bat really a good many who are present would like to get away. The Hon. G. M'Lban: I will not fee two minutes. Probably Mr Barron does not want to hear, although othirs will give roe the 1 justice of a hearing.- There have baett misleading statements made, and probably my friend himself has circulated them and does not like to hear them refuted. I will sho?/ how it is you have respoa to be thankful: Banks that shut their ddocs made satisfactory statements of their positions though shareholders are now paying calls and most of them getting no riivideuds. Still they did not abiue their directors.' Ead the Government of New South Wales not come to the rescue no doubt the name panic would havo shut the doois of all the banks, and probably yours, for no bank in the world could long stand a run in such a panic as took place in 1893- In tho beginning of that year, taking 1 the published lUt of priess, the eh«ea of banks i going business in tfcis colony, the Bank of Australia were quoted at £90, New South Wales £61, Union' Bank £&%, white now they are quoted at £60, £29 10a, and £28 respectively; the fall in the value of each share being: Bunk !of Australasia £30, New South Wales £31 10/ i, aud Union £26. I wonder how many of you could stand such a fall ia shares *6 that. The National Bank wrote off their capital floras ; timn ago to the tune of £250,000, abd their sh&res have never got above tho value oE the last call of 30a made on their shareholders, and it is only lately this bank has beguu to recover - ito' loafc prestige. The Bank of New Zealand has altogether written off £3,600,000, and ' its shares aro worth nothing, while its shareholders are now fiading more capital. You h<ive sold your business to them, whereby they greatly strengthen their position, and by calmly aDd quietly liquidating you will be likcjly to get ■a'fair amount for your shares—you are practically clear of liability and in a haven of safely. The colony has taken the Bank of New Zealand in hand, putting it in a strong position to compete, with others, and you cautiot be shutting your eyes to the war of rates going on in connection with the acquisition of business. Indeed if yon were in the fight at the present time I am sure you would not feel very comfortable. The Bank of New Zealand enn show £3,000,000 standing between their depositors and loss, and backed up by the colony. I am sure you would all think seriously before entering into competition with such a powerful competitor. These are reasons for the Bale of the bank. They drove a hard bargain and with prudent management they should succeed, but | they will have to euduro much jealousy and ill-. I will, and statements such as that Ministers will have access to customers' accounts are and will bo made for political purposes, even though such statements arc a delusion ; but they will likely dia at tb.fi close of the next general election. j Such matters and all uncbaufcubleness tho Bank | of New Zealand will have to live dowu, and can do so with such a powerful backing as they ■ have, and certainly the colony is butter with one strong institution than two weak ones. Now, gentlemen, I will come to the nest matter. A great amount of credit is taken for I frustrating the application to get power to compromise. It seems to me there is some ! introduction of the political element into this j matter, which should certainly be kept out of all financial transactions. I venture to tell you candidly that unless there is power of com- \ promising without appealing to the judge your [ Shares will not realise what they ought to do, ! and that if any shareholders are taking credit jto themselves over this matter they are taking credit) for having . done a very bad thing ■ for the bank. When we put liquidators • there we ought to trust them, and if tho [ bank had been wound up under its own constitution, as it ought to have been, then the ! liquidators would have had power to compromise. I hate td have political matters brought into bank business. It is one of those things that should never be done. Then what do we find stated ? That the directors are selling their shares. Gentlemen, the directors have never sold a share for the lait 18 months, nor for a longer period. For myself 1 never deal in shares—l hold what I have got to the end. The directors are large shareholders and have not sold their shares, neither have the officers of the bank sold shares. Officers of the bank have acquired shares lately, and that shows that they, at all events, do not agree with thece statements about the directors issuing falso balance sheets. As lo owing money to the bank, not one of the directors owes the bank a shilling, and it should go forth to the public that these slanderous statements, made for the purpose of affecting the selection of liquidators, are baseless. Then it was stated in the circular that Mr Ramsay was an auditor of tbe bank. Mr Ramsay left the bank as auditor in February 1892, aud has never been auditor since, so that cannot be brought against his beitig a liquidator. I say, gentlemen, that whatever tbe result of your voting may be, aud I say it emphatically, proxies have been got by misrepresentations all over the colony. We have seen that meetings of small knots of shareholders have been held, and it has been telegraphed all over the colony th&t such and such shareholders hsvo unanimously decided to support certain candidates as liquidators. Why was that done ? No doubt it had its effect all through New Zealand, but i 3 that fair ? I advUed everybody to allow the shareholders to take their own way. lam certain there is a large body of shareholders who aro quite satisfied with what the direotora. have done and who never wanted to bo troubled to vote on this question at all. I say the directors have had a hard time of it, and have done everything it was possible to do for the interests of this institution. I have myself worked for it night and day.. I could not have been inducad to leave the bank on any consideration. I never would leave a tbicg in difficulties, and all the directors agreed with me to. see it but of its difficulties. I am sorry, gentlemen, to have kept you waiting bo long, but in justice to the directors, who have fought t, vory hard fight, I. do not think the hard words should have been said about them that have been said. Gentlemen, I thank you very kindly for your hearing.—(Applause.)

Mr ARittE said in spite of all the faults the directors had committed he believed the shareholders were very largely indebted to Mr If.Lean and some other directors. The position, bat for what they had dove, would have been that the shareholders would have loot all their money and very likely have had to meet a call of £1 or £2 ; and he thought they should express their thanks to Mr M'Leou.

Mr Alex. Stuakt (Clifton) supported the suggestion of the last (speaker, An that was the last meeting of the shareholders and directors, he would move that the shareholders tender their hearty thanks to tUe directors for what they had done for the bank. He wna sure it was gratifying to the shareholders to know that the directors had done their best for the bank.

Mr B. Pin-riT seconded the vote of thanks, which on being put to the meeting was declared to be carried unauimously, though there was one "No" uttered.

Mr "W. Bhown desired to say a word in reply to what Mr M'-Lein had said. He did not wish to enter into a criticism of what Mr M'Lean had put forward, as gathered from the balance sheets, but his special purpose was to reply to the remarks which Mr Bl'Lean had made in the latter part of his speech. Anyone listening to those remarks would suppose that all the statement? to which Mr M'Lean referred had emanated from the shareholders' committee meeting in Duhedin, or whom the speaker was the nominee. That he denied. 1 The Chairman thought Mr M'Leari had emphatically said they had not isd emanated. ' *' Mr Beown : Excuse me. ', ■ " The Hon. G. M'Lean : I specially said that I did not believe that the gentlemen who were coming forward as liquidators would be a party to any of these misrepresentations. Mr Beown : I remember that, and I remember also that Mr M'Lean said that some of these statements emanated from Mr Barron. The Hon. G. M'Lkan : I think it very likely 'they did. Mr Browh: TII9 Dunedin committee had nothing to do with the meetings in the north, and I say this, and I desire it to be known, that a large number of proxies whioh have been received in our favour came in entirely voluntarily. There was no canvassing for them.

The Chaibman : Was no circular sent out by you?

Mr BnowN: There waß, but that was not canvassing.—("Oh.")

The Chairman : That was all the canvusaing on our part.

Mr Bbowk : So far os the statements which Mr M'Loan hai complained of aro concerned, I distinctly say they did not come from our committee.

Mr Baeison : 1 do not want to sit still and apparently acquiesce in what Mr M'Lean has said. I listened to what he said and felt a sort of foaling of charity stealing over me. After all, it will take a great deal of explanation to reconcile the position the bank is now in with the balance sbests Mr M'Lean has presented to us in recent years. In charity I say nothing more. '

The Hon, G. M'Lean ; Thank jon,

Shareholders had for «otns time been leaving tho rootii, depositing their b»,Uot papefs in tbe boxes as they departed, and the rncatiug. which had becomti very thin t now finally broke up. Tbe i=crutiueers met,at 7.30 plm. to exaroibe the.voting pivpefs. It was nearly midnight before the couat was concluded, with, thfl result thit tho following was ascertaintd to bo the result, 6295 votes,. representins 143,234 shares, being-recorded :-'- :.'.'-.■ Votes. Sbaro3.. Vigars „ ... 4,089 . 95,5E« liamsuy ... ... 3,91-1 ffi.&SS' ' • Larnach ... ... 3,327 77,627 ' Simpson 2.887 59,212 Begg £341. : 48;46S " Erown 2,053 45,404