Page 17 Advertisements Column 3

Otago Witness, Issue 1602, 5 August 1882, Page 17

PUBLIO NOTICES. moro satisfactory shoot than hithorto. And I think that tho shoot shows that tho business of tho Bank is gradually growing, that it is being well established, and tliat we aro now working on a safe and sure foundation. Tho profits have been a little larger this half-year, notwithstanding tho vory low rates which you are all a'jvaro havo been ruling for money ' for some time ; and although we havo had difficulties before this to contend with, I may say that we have gradually and surely got into smooth water now. Although it was necessary at one time to write off a considorablo amount for bad debts— the Bank having had a large number of properties in certain portions of New Zealand thrown on thoir hands,— l am happy to say that some of these have been realised very fairly well— equal to our expectations. Others are in course of realisation now ; fair offers are made for some bf them, and we have every anticipation that within a moderate time all of them •will be realised satisfactorily. That is # more than could be said some time ago, for it was roally difficult to know then what was their value, because we could not actually get an offer for them. Now we know what we can get, and can so reckon their value. I say with gre^t satisfaction to the shareholders that I think we are now in the way for matters to go on smoothly, and that we may fairly look for larger profits and rather better dividends. Although during the last six months we opened no new branches ; still lam happy to tell you tliat notwithstanding that,,we have had a large accession to our business in the shape of new accounts, and that we are gradually going on gaining fresh accessions and strength every day. You will also see that the deposits have considerably increased since last half-year, and have increased in a way that is most satisfactory. The large lumps of money that were then lying waiting for investment are getting smaller, and the Bank's capital is now fairly well employed, the class of deposits that we are now getting is a class of deposits that we may safely rely on remaining with us in the ordinary course of business. Ido not think, gentlemen, that it is necessary on this occasion that I should enter more fully into the business of the Bank, further than congratulate you übon its success, and to repeat that it is gradually growing, and growing m a very satisfactory manner. I therefore, with these few remarks, have very great pleasure in moving the adoption of the report. If any gentleman has any questions to ask on the balance-sheet, I shall be very happy to answer them.— (Applause.) ! No questions were asked. ,Mr Alex. Rennie said : Mr Chairman and gentlemen, I have much pleasure, sir, in seconding the adoption of the report. I have looked at this report as a whole in connection with the explanation which you have just given, and I think the shareholders may congratulate themselves upon the prosperity of this Bank. I think, as you say, Mr Chairman, things appear to be in a very satisfactory state, inasmuch as we are always progressing. That is a! reason, I think, for being satisfied. Without making any further comments at present — I think it is unnecessary on my part — I have pleasure in seconding the adoption of the report. — (Applause.) i The Chairman : Well, gentlemen, as no one wishes to ask any questions, I will now put the resolution to the meeting— that the report be adopted. | The motion was carried by acclamation.

1 ELECTION OK.DIBEOTOB. , j The Chaibman said: The next business for the meeting, gentlemen, is the election of a Director. When going to England Mr "Rattray resigned his seat on the Board, and the Directors appointed Mr E. B. Oargill to take his place, and it is for you now to confirm that appointment. He (Mr Cargill) is the only Shareholder that has given requisite notice, and he is the only candidate now eligible for nomination. One shareholder should propose and another second him. i Mr Edmund Smith ;■ I beg leave to nominate Mr Cargill to the vaoaucy. It is unnecessary for me to say anything in favour of Mr Cargill, I am sure. ! Mr W. Downik Stewaet| I have much pleasure in seconding Mr Cargill's nomination. I Themotion was put, and carriedunanimously. ' Mr D'Aroy Haggitt said : Gentlemen, it is usual on these ocoasions to propose a vote of thanks to the Directors and officers of the Bank for their servioes during the past halfyear. I have now much pleasure in proposing such a vote of thanks. ' Mr N. Y. A. Wales :_ I rise to second the yote of thanks to the Directors and officers of the Bank, It is satisfactory to find that we have a better Balance Sheet than we had last year. lam sure the officers have shown a great amount of zeal in discharging their duties, and merit the confidence of the Shareholders. I have much pleasure in seconding the vote of thanks.— (Applause. ) ,The motion was put, and carried with acclamation.

The Chairman said: Well, gentlemen, I desire to thank you, on behalf of myßelf and correctors, for passing that vote. It is always gratifying to receive approbation from the shareholders. Sometimes the directorship of a bank is not an easy bed of roses for the directors ; but I am happy to say that reoently our duties have not been so irksome as they were when times were bad. Business is more prosperous, and our money is now fairly employed. Throughout the Colony business confidence has been restored, and business is growing; and I am happy to say that we are receiving a fair share of that increase. As far as the officers are concerned, I will leave Mr Cowie to return thanks for them : taking our officers as a whole, they will, I think, compare very favourably with any other institution in this Colony, and they are always ready to do their duty, and are willing and anxious to push on the Bank's business.— (Applause.)

Mr Cowie said : Mr Chairman and gentlemen, it again affords me great pleasure to acknowledge your vote of thanks, and I am sure the officers will appreciate it all the more knowing that it is so fully endorsed by the chairman, who has perhaps more opportunities than most of the proprietors, by his constant contact with our officers all round the Colony, to form an opinion of them. It also affords me pleasure to say that they have discharged their duties in a very zealous and assiduous manner. A more zealous staff it would be difficult to find. Before sitting down I may here allude to what you will have noticed in the newspapers with regret— viz., the loss by a sad accident at Balclutha, of one of our young and most promising officers. He was in my office, and is thus intimately known here, and while his loss is much deplored locally, it is, I assure you, equally felt by his brother officers. I allude to the late Mr Fergus Ferguson, of Balclutha. Mr E. B. Cargill said: Mr Chairman, I may be permitted to thank the shareholders for having elected me to the vacant seat on the Board to-day. In doing so I may say that having come quite recently on the Board, I have been getting, just by qegrees, a thorough manner in which it has been conducted ; and I may perhaps be at liberty to state to the shareholders that I find myself on a board in connection with ft body of gentlemen who give