AUCKLAND.

Poverty Bay Herald, Volume VI, Issue 684, 25 April 1879, Page 2

AUCKLAND.

April 23. Tha Ohinemutu natives started to-day m perfect cavalcade for the King meeting. Sir George Grey and Hon. John Sheehan are expected at Russell to-day. Great preparations are going on. The cutter Start, insured m the South British, has been got off the rocks at Ngunguru and it is expected will be here •m a few days. The repeal of the timber duty is causing considerable disturbances m the timber trade. Steps are being taken to constitute Cambridge, Waikato, a Borough under the " Municipal Corporations Act." Similar steps are being taken respecting Coromandel. The report that Mr. R. J. O 'Sullivan, Inspector of Schools, had become heir to a property worth £10,000 a year is not true. It is probable, however, that he will yet become possessed of the property, through the death of his uncle, worth £30,000 to £40,000 a year ; but at present a rather eccentric will stands between him and such possession. This Day. The annual meeting of shareholders, Alburnia Mining Company was held today. The report showed last year's operations resulted m £6000 being divided among shareholders, being at the rate of 15sj)er share. DuringDecemberthere was a run of poor quartz, and the reserve fund of £4000 reduced by £362 10s. The half-yearly meeting of shareholders of the .Bank of New Zealand was held yesterday, Dr. J. L. Campbell m the chair. The report stated that the net profit at 31st March lose, after making full appropriations for every bad and doubtful debt, and the usual reductions m the Bank premises and furniture, amounted to £80,240 2s. Bd, added to which is the balance of the undivided profits of last half-year, which were £8,800 9s, making a total of £39,128 11s Bd. The directors recommended that the amount should be appropriated as follows : — Payment of dividend at the rate of 10 per cent per annum, with a bonus of 5s per share, which would be equal to 5 per cent per annum, £18,125 ; increase reserve fund, £25,000 ; and balance of £9753 11s 8d be carried to profit and loss on the new account. Dividend and bonus would be payable at the Auckland Office on the following (Friday) and at the branchos on receipt of advice. The report was adopted without discussion, after which a vote of thanka was passed to the directors and officers which was acknowledged by the chairman and manager.