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New Zealand Tablet, Volume XII, Issue 29, 7 November 1884, Page 19

The extent of the division between Freemasonry and the Catholic Church, shown in the Bacyclical Humanum genus recently issued by Leo XIII., is further accentuated by the organ of that brotherhood— the Masonic Bulletin of tlw Grand Symbolic Scotch Lodge. This journal says: "Leo XIII., with an incontestible authority and a great abundance of proofs, has demonstrated once more that there exists an impassable abyss between the Church of which he is the representative, and the Revolution, of which Freemasonry is the right hand. It is well that minds hesitating still should cease to deceive themselves with a vain hope of conciliation ; each one should accustom himself to comprehend that the hour is come to choose between the ancient order, which is supported on revelation' and the new order, which recognizes no other foundations than science and human reason, between the spirit of authority and the spirit of liberty." The issue between the two great powers — the Church and the Revolution, or Freemasonry, could scarcely be defined .in a plainer or more forcible manner,— PiZptf,

direct stearafers will tend much, not only to prevent any future glut bat generally to economise capital. Appreciable recovery has takeu place both in the demand for and price of wool, and the future prospects of the market appear favourable. Frozen mutton, which up to a very recent period left it open to doubt whether the export might not have been discontinued, at all events for a time, has lately attained a pos tion in the London market which seems to ensure a fair return to growers, and most encouraging accounts have been received of the probable future markets foe New Zealand tinned meats and dairy produce. The prospects for wheatgrowers are not of so assured a character^ The high average of the harvests in America and England and the rapidly-increasing supplies being obtained from India, leave little hope of remunerative prices for the coming season, but it is understood that a considerably diminished area is under this crop, farmers having given more attention to grazing and the growth of other cereals, for which there is a better market. New Zealand being the chief field of operation for this Bank, and our share of ita business being so large, we have naturally felt the influence of the past 'depression; and until a more marked recovery takes place we have thought it better to make provision for possible losses on a more than average scale rather than make any further additions to reserve. I trust, however, that such caution will not long be necessary, and that- portion at least of what is now provided for possible contingencies may yet be returned to profit. Notwithstanding the influence to which I alluded, and. the general fall in the value of money , we are enabled to meet you with the very satisfactory report and balance-sheet which have just been read, and after paying our usnal dividend and bonus, to open the new half-year with the respectable balance of £21,093 17s 7d, a result which, under the circumstances, will, I am sure, commend itself to shareholders. As compared with last balance-sheet, there is little room for comment on the figures put before you to-day.. It will be seen that in point of resources our position is a strong one, and we are ready,«at any time to take advantage of any opening which offers for more active business. The coin and equivalents show an increase of over £150,000, while our advance of all kinds exhibit a slight decrease. The circulation, in sympathy with inactive business, shows slight contraction ; bills payable, which indicate the volume of this Bank's exchange transactions, are, as is usual at this season of the year, at their lowest point, while deposits and other liabilities are higher by more than half a million. The available balance of profit and loss is better by £8000 than in last report, due partly to increased profit and partly to the larger balance carried foiward from last half, yesr. With an expression of confidence that before we again meet a very marked improvement in general business will have been experienced in the Colony, I beg to move the adoption of the report and balance-sheet.

Sir Frederick Whitaker said : I have much pleasure and satisfaction in seconding the adoption of the report and balance-sheet. You have heard them read, and you must be gratified, looking at the state of affairs which has existed for some time past in reference to the different commercial prospects of the country. But lam glad to say that the depression which has hitherto apparently to a certain extent existed is now showing indications of passing away, and I have no doubt the Bank, which has always been ready to avail itself of fair opportunities for promoting and increasing its business, will be able to meet any demands upon it. Its position is oue of great strength, and it is quite capable of carrying on all the busiuess which ie has, and more. The object of the directors has b<>en to <lo a safe business rather than to do a large one with, it might be, a cortaia degree of want of safety in it. The consequence of this has »wen that \hn Bank ia in such a position that whatever openingi may present themselves for the extension of its business it will be thoroughly able to take advantage of them. The accounts placed before you are something like those for some yeaw past, with little modification. The balance sheet cannot be otherwise than satisfactory to the shareholders, and I have, therefore, much pleasure in seconding the adoptiou of the report and balance-sheet. The motion was carried unanimously. Mr. W. Innes Taylor was elected a director in place of Mr. J. C. Faith, who retired by rotation. Messrs. J. L. Wilsoa and A. K. Taylor were elected auditors. The usual vote of thanks to the directors and staff was then passed, and the meeting terminated.