ANGLO-COLONIAL NOTES.

Star (Christchurch), Issue 4741, 5 September 1893, Page 2

ANGLO-COLONIAL NOTES.

[FROM OUB LONDON COBRESPONDENT.] London, July 13. THE NATIONAL BANK OP NEW ZEALAND. There was a general look of satisfaction on the faces of the three score shareholders of the National Bank of New Zealand who gathered together in one of the rooms in Winchester House on Tuesday last, for the purpose of adopting the report and accounts submitted by the Board. Usually the function is purely formal and devoid of interest, but on thiß occasion a little fun was provided by the pugnacious behaviour and eccentric queries of one of the shareholders. Mr James M'Andrew presided, and opened proceedings by referring regretfully bo the resignation of Mr E. Brodie Hoare, M.F., brought about, he explained by circumstances entirely personal and in no way due to differences of opinion with his colleagues. The late Chairman, he said, left them with the most friendly feelings, and held himself ready in the future to lend the Bank any assistance in his power. Touching briefly upon the aspect of Australasian financial matters, the Chairman remarked that it was a matter for congratulation that the ! crisis had not extended to New Zealand, where business had pursued its normal courEe. The Bank did not hold any bills upon any of the suspended Banks. Their institution had had its period of trial and now that it was passed, it w&b moat gratifying to mention the consistent support they had received from their Colonial friends. The news of the suspension of the New Zealand Loan and Mercantile Agency Company was a disturbing piece of intelligence for all having relations with the Colony, but it must be remembered that the Company had carried on an extensive business in Australia, and probably its relations with that locality had led to the difficulty. Shareholders would be pleased to learn that the Bank held no bills drawn on the New Zealand Loan and Mercantile, and so far as could be judged would in no way suffer on account of that Company's temporary halt. There had been some drain on (he Bank on this side as regarded their interest-bearing deposits, but any money taken from them in that way had been more than made up by the deposits of their constituents in New Zealand. A few shareholders in this country had parted with their holdings at what he might term panic prices, and this had exercised a I prejudicial effect on them. All the shares ! that had been offered at what the Directors thought absurdly low prices had been immediately absorbed, mainly by orders from the Colony. Passing to the balance-sheet, the Chairman remarked that the business of the Bank bad been fairly well maintained, although the figures were somewhat les3 than in the previous year. This was partly attributable to the decreased export trade and the low values of merchandise, and partly to the great caution exercised by the Directors regarding their advances in the Colony. Their profit was smaller, but it enabled them to pay the usual dividend, and to carry forward about .£3BOO more than they did last year. The investigations made into the position of the Bank by Mr Stobart and the Secretary during their visit to the Colony last year had been of the very greatest eervice to the Directors, and had elucidated the various important questions which had since come before them. In conclusion, Mr M'Andrew said there could be no question as to the very material improvement that had taken place in the position of New Zealand of late. Mr John Stobarb seconded the motion for the adoption of the report and accounts, remarking that he could endorse

every word the Chairman bad 1 saicf regarding the position of the Bank. Mr Parsons, the pugnacious Bknivholder afore* mentioned, started the discussion which followed by a^kim-: a question as to the liability on his shares The Chairman promptly answered that Mr Parsons and every other English shareholder were liable for £5 (the amount uncalled) on each Bhare held. The New Zealand Act Btated that there was a liability of .£lO for the payment of the notes in the event of the Bank winding up, but it had never been determined whether that was applicable to English shareholder?. Mr Parsons was apparently satisfied with this answer, but then wanted to know if it waß true that the Directors had been buying Bhares in order to raise the price whether the Bank had advanced inoro ti an was prudent to Mr Brodie Hcare, M.P., aid whether, when that gentleimm visite 1 New Zealand ostensibly to look into tl c affairs of the Bank, his trip was not; taken rather in the interests of the Zealand Midland Railway and h'B own pleaaure. Mr W Andrew denied the two first statements point blank, and taid tha^ Mr Hoare'a visit to th« Colony tonk place prior to his (the Chairman's) holding a seat on the Board. The report and accounts were then unanimously adopted, and the re-nlei-tion of the retiring Directors, Mr M'Andrew and Mr Stobart, waß . confirmed nan. con. When the usual vote of thanks to the Directors waa proposed by a bI areholder, Mr Parsons a,ain rose up and demanded to know if the vot;> was spontaneous or merely read off from a bit of paper emanating fr m the office. The "bit of paper" in the proposer's hand betrayed him, and Mr Parsons thereupon read the delinquent a severe Jecture upon being a party to such " bunkum." He would, he said, be delighted to second a spontaneous vote of thanks, "but you" (turningfiercely upon the meek-looking proposer), "an old man like you, ought to* know better than read off a vote of thanks written out in tbe office and handed you by the officials." Mr Parsons* tirade was greeted with suppressed chuckles, and so encouraged, he was proceeding to elucidate his views on votes of thanks. But shareholders had had enough of his pickles, and » voice enquired, " Shut up. D > you intend to second the vote ?" " Why, c rtainly," quoth Parßonß; " Gentlemen, I b«« to second the motion so kindly read out by my friend here.'* Amid laughter iho Chairman put the question, and of course every one raised his hand. Business over, Mr Parsons promptly button-holed a couple of the Board before they could escHpe from the room, and gave them his viewß on sundry matters c>nnecei with banking tnd the duties of|Directors. The victims were still under torture when I left. "TRUTH" ON PROFESSOR ALDIS' CASE. Truth's comments on Colonial matters are always noticeable— not always worth noticing— owing to the free-handed fashion in which "LabbyV paragraphists ladle out their stock of quaint adjectives. Listen to this on the subject of Sir Maurice O'Eorke and hia colleagues: — "This University Council can allege only the huckstering and squalidly despicable reason that they can «et the work done cheaper, utterly regardleaß of the fact that a professorship is invariably accepted on the understanding that the holder is to retain it so long as he can perform his duties (and is of good behaviour, the writer should have added). Otherwise how could any distinguished ruin take such a po3t? * * * * This ia all very discreditable to the Council, who may advertise in vain for any competent successor to Mr Aldie, for apart from their 'cheap' policy, who would accept Bucha post if it is to be held merely at the pleasure of a Council of jolter-headed Colonials ?" DIOMEDEA BULLEKI. The Hon Walter Rothechild, only son of Lord Eothschild, is making quite a name for himself as n-n ornithologist. He has collectors travelling for him all over the world, and he devotes much of his spare time to the classification and elucidation of the collections thus procured, all of which find their location in the beautiful Museum at Tring, and so become public property. Mr Rothschild has just de- [ scribed two new Hpecies of albatrosß from Now Zealand, one of which he has named Diomedea Bulleri, in compliment to Sir Walter Buller, whom he denominates " the premier ornithologist of that country," and the other Diomedea Salvini, by way of dedication to Mr Ashert Salvini, the greatest living authority on the petrels of the world, a monograph of which he has been engaged upon for some years past. MR J. B. RUSSELL. I am glad to be able to announce that Mr J. B. Eußsoll is better again, and will, should the improvement continue, be removed next week to Morden, sear Wimbledon, where he will git fresher air» &c. The relapse has left his faith in Dr " Kidney " Morris unshaken. Whether he wholly recovers or not, it is, Mr Russell* says, a satisfaction to feel that all that, humanly speaking, can be done for him is being done. The doubt appears to be whether the surgeon b&s cut away the root of the evil. He went as far as he dared. Time alone can prove if it was farenough. Mr Russell's demeanour under this great trial continues to be the admiration of all who see him. One seldom indeed finds such cheery fortitude and patience in serious illness.