Our Imports and Exports.

Otago Witness, Issue 1797, 30 April 1886, Page 14

Our Imports and Exports.

The following is a return of the value of imports at the principal ports during the quari ter ended March 31 and corresponding quarter of last year : — 188(5. 1885. Auckland ... ...£463,894 £544,072 Wellington ... 374,804 384,241 Lyttelton ... ... 333,853 352,491 Dunedin ... ... 521.368 642,606 Total for Colony £1,964,948 £2,172,373 EXPOKTS. The exports for the same periods were : — Auckland ... ... £245,912 £174,502 Wellington ... 533,402 801,511 , Lyttelton ... ... 6W,«0(5 722,497 Dunedin ... ... 594.410 555,321 Total for Colony £2,481,491 £2,536,684 SHIPPING RETURNS. Return of vessels which entered inwards during the last quarter at the principal ports : — Vessels. Tonnage. Auckland ... ... 57 -13,673 Wellington... ... 25 19.785 J-yttelton ... ... 23 17,639 Dunedin .. ... 25 23,410 Total for Colony ... 181 130,106 Total for corresponding period of 1885 : 209 vessels; tonnage, 138,55*1. Strange Insuboudination. — Who has not experienced 'a sort of malady when all the faculties seeminrebellion, and labour is absolutely impossible ? It is a condition of nerves and stomach and brain that can only be cured by the use of that irresistible remedy American Co.'s Hop Bitters. JJtfld.

The Bauk <f New Zealand. (From Our Ov> s Correspondent.) Auckland, April 28. I The half-yearly meeting of the Bank of New ' Zealand shareholders was held to-day. A dividend of 15 per cent, was declared* and £30,000 carried forward. The Chairman, in moving the adoption of the report and balance-sheet, said : Gentlemen, before moving the adoption of the report and balance-sheet which have just been read, you will no doubt expect me, as usual, to offer what comment is called for by the figures put before you. Fully recognising the. abnormal condition of business in the colonies, owing to the continued and unexampled depression in the price of all ourpioducts in European markets, our policy has necessarily been of a, restrictive character. Under existing circumstances there is no room for speculative business, and as a rule he is doing tho best who is doing the least. The general desire, therefore, among mercantile classes has been to confine transactions within the narrowest limits consistent with the efficient supply of the ordinary requirements of their customers, and in this policy the bank has lent it« aid. Skill, the general turnover has not been unsatisfactory, and, as the figures just read will have shown you, the average of profits for the last few years has been well maintained. We still look hopefully for the long-expected revival in business and a through recovery in the prices of colonial products. Such a revival, we feel assured, cannot be much longer delayed ; and though it may be taking too sanguine a view to expect a full return to the prices which ruled some years since, the present anamolous condition of markets — which leaves no profit for almost any produce — can hardly be permanent. Turning to the figures of the balance sheet, it will be seen that on the debtor or liability side the only item which presents material alteration from previous statements is a slight decrease in deposits, which is more than accounted for in the operations of the Government account. On the other side, the cash equivalents included under the headings of " coin and bullion," " money on short call," " Government securities," and " bills receivable and securities in London" show some contraction, owing to the more active employment of the bank's resources and some reductions in the Government balances. With these remarks, I beg to move the adoption of the report and balance-sheet.

Mr J. M. Clark : I rise to second the adoption of the report and balance-sheet, and in doing &o I shall take the opportunity of congratulating shareholders upon the results of the last half-year's operations. In the midst of a long-continued and severe depression, the result which enables the usual dividend and bonus to be declared, and also enables a balance on the profit and loss account to be carried forward of £3500 in excess of that brought forward from the previous half-year, cannot be' considered anything other than satisfactory. The president, in his remarks, referring to the longcontinued depression and the prospect of a revival, said " that such a revival, we hope, cannot be much longer delayed." I think he might have put it a little sti onger than that, and have said that this depression cannotpossibly exist much longer in this colony. Depression, for the most part, arises, as has been stated, from the low prices of our main products. These low prices cannot continue much longer, because for the last two years these prices have left a loss to the producers. Now we may expect a rise in price from one of two things — either an increase in consumption, or from a diminution in production. Although in some little points we might expect an increase in production — such as frozen mutton, if the arrangements were more complete regarding the selling of it to the consumer at prices something like what thes producer receives in the wholesale market, with a profit added ; and if those negotiations for an alteration of American tariff in the matter of wool come to anything, possibly there ;may be a slight increase in consumption. But I look for an increase in prices more from production being lessened, for those who are in the w^orst condition for producing must abandon the business. Then how will New Zealand fare in this respect is a question of the survival of the fittest. She is handicapjjed considerably by a heavy rate of wages, but even in that respect the money does not go out of the country. She is handicapped also by reason of her distance from the market ; but other countries suffer equally, I might say more, in that respect, because in addition to water carriage they have a long land carriage, which is more expensive than water carriage. But to make up for points in which we are handicapped we have good soil, a climate free from droughts, and a very large yield per acre. I believe that on account of her soil and- climate New Zealand will not only maintain a high position as a producer, but is destined to come forward as an agricultural and pastoral country ; and believe that when a rise in prires takes place New Zealand and N"w Zealau t growers will be in a position to benefit and profit by such a rise. I say again that if your directors have never a worse balance sheet to place before you than the one in your hands at this time they will again and again be con- J gratulated. I beg to second the adoption of the I balance sheet and report. The motion was carried unanimously. (Peb United Pkess Association.) Auckland, April 28. The following references were made at the Bank of New Zealand meeting to Holt's defalcations by the chairman in moving the adoption of the report: — It will no doubt be expected that some allusion should be made to our recent unfortunate experience in Sydney — an experience which came upon us as a great shock to the board, as I am sure it did. to the general body of shareholders. I need hardly say that the sensational reports to which currency has been given in our public prints had but a slender foundation. We will make a loss, but the extent of it cannot be defined until the value of the defaulter's private estate is tested ; but as far as can at present be judged, the extent of the loss cannot exceed £10,000 to £15,000, and may come to be much less. The bank in all its career has been singularly exempt from such cases, and it is much to be deplored that the first serious instance should have occurred in one of the most prominent and promising offices of the institution. As, however, his case is still suh judice, I refrain from more than these general comments on it. Before the motion was put to adopt the report, Mr F. Cherry rose and said : Before putting that I have a question to ask. It is, Whether, in the opinion of the authorities and the board of directors, a man notorious as a racing and betting man was fitted for the trusted office of manager of the bank. I have been very much surprised that such a thing did occur with this bank. A man notorious for mixing in betting and racing transactions should not have held such an important office. Mr D. L. Murdoch : With the chairman's Jeave, I rise to answer Mr Cherry's question,

whether a gentleman who is known better on the racecourse— (ls that what you mean, Mr Cherry? How did you put it?)— is a proper man to be an officer of the bank.

Mr Cherry : To hold such an important and trustworthy office. Mr Murdoch : I may say, Mr Cherry, that the knowledge that Holt wa v s a confirmed better or speculator, if you can so put it, is wholly a piece of information. Since the default was discovered, I have on more than one occasion personally met gentlemen on the street who have told me that they were aware long since that Holt was given to gambling and betting, and so on. I think it is very much to be deplored that if that knowledge was within the scope of shareholders they should have sent no warning to the directors. But I, for one, can say that although I was generally once a year in Sydney I never heard a whisper, or ever saw an act on the purt of Holt that would have lead me to suppose that he was not leading a life that the most trusted manager might not lead. That he played a rubber of whist, that he went to the racecourse and might put a £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 the shareholders that there was absolutely nothing within the knowledge of the board or within the knowledge of the nearest officers of the bank next to Holt that would have warranted the executive in calling into question any of his acts until this disclosure.

The motion was then put and carried mem. con.

The Rev. Shirley Baker moved that a cordial vote of thanks should be given to the directors, officers, and agents of the bank. There had been a feeling outside that all had not been told regarding Holt's defalcations, and he was therefore pleased that it should go forth from that meeting that now they knew the extent of the loss which the bank was likely to sustain. Mr Baker went on to suggest that local boards of directors should be appointed at Sydney and Melbourne, and also that there should be more frequent inspections even being extended to the London branch.

Mr G. P. Pierce seconded the motion, which was unanimously adopted. Mr Murdoch, in responding for the staff, said he felt some apology was due to shareholders for the misconduct of one of the staff who had occupied such a prominent position and had been one of the most trusted officers in their service. It was 25 years since the bank was started, and this was the first occasion on which they had had a default of any magnitude. It was all the more to be regretted that it should have been the act of ane who in other respects was a man of singular qualifications, and a gentleman who had been able to do for them a business in Sydney such as in other circumstances they had no right to expect. It was regrettable, too, that he should have been so prompted as not only to wreck his own life but to deprive the bank of his services. He had, however, put himself within the meshes of the law, and now just punishment would be dealt him; but he spoke in the name of the board, and also of the shareholders, ! when he said that there was no desire upon their part to impart vindictiveness into the prosecution, but they would be content with | such punishment as would prove to wrongdoers that they could scarcely escape the results of their own acts. Mr Murdoch proceeded to say, in reference to the Rev. Mr Baker's suggestions, that the question of appointing local directors in Australia had already^ received careful consideration, and that there was reason for believing it would prove detrimental to the institution. He was very glad that the matter of more frequent inspection had been referred to, as it enabled him to say that Mr Stewart, recently their manager in Melbourne, had been appointed inspector for Australia, and that his duty would be as frequently as possible to inspect the various Australasian branches. . That appointment was made before Holt's defalcations were known. The appointment of an inspector for London could not be made ; but he might say that whilst there last year he had made a most exhaustive examination of that branch and found everything in good order.