COLONIAL BINS.

Otago Witness, Issue 2179, 28 November 1895, Page 61

COLONIAL BINS.

THE ADJOURNED HALF-YEARLY MEETING. The adjourned half-yearly moating of the Colonial Bank of New Zealand was held on the 20lh at 3 o'clock. Tho Hon. Qeo. M'Lean presided, and the following directors (iv addition to 25 shareholders) were also present :— The Hons. W. D. Stewart, W. J. M. Larnacb, and W. H. Reynolds, and Mr P. C. Neill. The Chaihman said : GeDtlemen, — This meeting, as you are aware, is a further continuation of the half-yearly meeting of the 25th September, which was first adjourned to the 30th October and then to this day, in order to allow the special or extraordinary general meeting called for the Bth November to be held and the contract for the sale of the business of this bank to the Bank of New Zealand to be considered and discussed, and the sale either ratified or rejected. As the result of that meeting was the almost unanimous ratification of that contract by the proprietors of this bank, and as the "effect of that contract is to dispose of our business as it stood on the 31st August last, there is no business now to be brought before this meeting save and except the formal adoption of the report and balance sheet for the half-year ending 31st August 1895, which were laid before you on the 25th September last, and I -do not know that even that is essential to be done. I have to inform you that the business of this hank was taken over by the Bauk of New Ze^Jand on Monday last, the 18tu inflt., and that this bank is now only carrying on such business as is necessary for the liquidation of its affairs. There is one other circumstance I would like to mention to you — viz., that a large number of the staff of this bank throughout the colony have been taken over by the Bauk of New Zealand. This will relieve the bank at once of a -heavy expenditure, and there are indications that others of our staff will be required later on. I therefore beg to move that the report and balance sheet be taken as read, and that they be adopted. The Hon. Mr Larnach seconded (he motion. Mr Keith Ramsay asked if there wa3 anything to inform the shareholders with regard to the liquidation of the bank. The Chairman replied that the matter was engaging the serious and most anxious attention of the directors at the present moment. They were very anxious that it should be done expeditiously and well. They had not come to any decision yet as to who was to liquidate, but tljey were giving the matter their very earnest consideration. Mr Ramsay asked if the shareholders were to have no voice in the liquidation of their property. The Chairman said that the directors would submit the matter to the Supreme Court, and it would be for the judge to say whether he approved of the liquidator recommended by them or not. Captain Stewart asked if it would not look a little more fair if the directors nominated one and allowed the shareholders to nominate one before the matter came before the judge.

The Chairman replied thafc ifc was for th« judge to say who was to be the liquidator n<t matter who the shareholders or the directors said it was to be. Tho responsibility rested upon the directors now, and aa he had already said they were giving tho matter their anxious consideration. Evidently the shareholders were nob taking a very aotive interest in the matter, as only a very few were present that day. Mr Ramsay said the explanation was that no notice of tho meeting had bean given in tha newspapers. Tho Chairman eaid that circular noticas had been in the uaistl manner sent to each share* holder. Mr BAnnoN would like the chairman to say whether it was probable that! the first 13j 4d which was coming to tho shareholders as the result of tho sale to tho Bank of New Zealand would ba paid entirely and soon. His reason for asking was that he had met many shareholders since last meeting, who had said, " There is no certainty at all that we will get even thia 13s id. We were led to believe one tima that we would get something like 30a a share. Now if is uncertain what we will get." Many thought that it would ba much better to part with their shares than to run the risk of a liability on them. Ho would like if the chairman would let the shareholders know approximately what would ba. coming to thsni. If he did so it would steady the rnarktt, and his action would bo greatly appreciated by the shareholders. The Chairman said thafc the whole matte* had bsen threshed out at the meeting when the ssla of the bank was dealt with, and ho did nof! feel inclined to go into it again. Those who Wked as Mr Birron had said had better sell fcbeir shares. Ho, however, thought there was a mirkefc for them at n. good deal more than whaf; Mr Barrou seemed to think. He declined! to make any further statement about the matter. If people would nob take what ona said at one meeting he was not prepared ia discu'.s it again. Mr Barhon : You certainly did not give "us any information at the last meeting whioh would lead us to know what to expect on tha subject of liquidation. The Chaihman observed that he had told Mr Barron all he could tell him. There was tha matter for everybody to entimate as weil a$ himself, and for anybody to make a statement such as was made by Mr Birron must ba wil« fully stating what he knew was not the case. The motion was then put and carried with« out dinapnt. The Chairman said thQ.jonly other business was the appoiutment of auditor. He proposed Mr G. L. Deuniston. Mr Ramsay seconded the motion, which was carried. Captain Stewart esked if the shareholders could gather together and present themselves, before the judge and ask him to appoint one liquidator. The Chairman : I would advis9 my friend," who was pretty severe on us ab last meeting, with all respect, to apply now to his solicitor for that advice, because I cannob give it ta him. The meeting then terminated.