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Gisborne Standard and Cook County Gazette, Volume V, Issue 661, 19 September 1891, Page 2

The Chairman said: Ou looking at the accounts now presented, the first observation that occurs to me is that the total of the bank's business on the 28th February exceeds that shown at last meeting by £400,000 Though this is larger than the increase for six months shown at our last meeting, the increase for the twelve months is less than that for a similar period shown at our last annual meeting. As regards the distribution of our resources, I find that under the head of money at call and short notice, bills receivable, loans and other securities, and Government and municipal securities in London, there is an increase in the last six months of £200,000, while bills discounted, bills receivable, loans and other securities at branches show an increase for the same period Of £700,000. Under the head of colonial expenses we find an increase in the six months of £5,000; this is accounted for to a considerable extent by colonial taxation incidental to the period of the year to which these accounts refer. But, of course, as the business of the bank increases, so must the cost of management in all departments increase also, including the department of the controlling or general manager’s staff, and we have, I am sure, every reason to oongratu late ourselves that in Mr Finlayson we have an officer so admirably qualified to organise and superintend this, the most important department of the bank's business, on which the success of its management so largely depends. The past season in the colonies has been a very good one, with the exception, perhaps, of Western Australia and parts of New Zealand, where, according to our latest advices, the rainfall is believed to have been deficient. The last six months have been anything but uneven'tut in Australia. The Victorian loan for £3,000,000 was introduced in April, and the Q leen.land loan lor £2,500,000 was introduced in May last, and came out, as you will probably remember, at a time when unusual difficulties attended any such issues, and I think it speaks well tor the confidence entertained in the ssundnsss of these colonies that so short a period should have elapsed before the absorption of the whole amount, although offered in each case at a time when the usual avenues may be said to have been almost closed to tham, I speaks well, too, for the good sense of the colonies, that they should, as would seem to have been the ease, in accordance with views which had not been unfrequeatly expressed on this side, so readily have turned tbeir attention to the reorganisation of their finances with a view to avoiding in the future such frequeat recourse to the London money market as we have been accustomed to in the past. A question of great interest and of great importance in Australia at the present time is that of the federation of all the colonies, which, under the guidance of Sir H. Parkes, has progressed during the six months to an extent which at one time could hardly have been looked for, The future progress of this matter under the somewhat altered position of the New South Wales Parliament will be watched wi h the greatest interest here as well as in Australia. Since our last meetiog, Weaterq Australia, the largest area of all the colonies, has obtained independent Government, and though it contains at present a comparatively small population, the promise of gold and the outlook generally afford promise of steady and favorable developem- nt, in which the excellent position so long held by thia bank in that colony should entitle us fully to share. In Queensland the question of separation into one or more divisions is still under discussion, and whatever may be the result of those en deavore, it is to be hoped that some solution may be found of the difficulty at) present attaching to the proceeding of labor in the Northern division of that colony. Australia, too. bas not been at all behind the rest of the world in the matter of its labor troubles, the latest phase of which in connection with the shearers in Q iceneland is now happily at an end, These troubles, in one shape or another, may possibly break out again, aud there may be more trouble and anxiety to go through before a satis*

factory conclusion can be arrived at. But I think no one who has studied the characteristics of the Australian colonists in the past, and the common sense and love of fair play which so strongly influence all lheir actions, will doubt that in the end such a conclusion will be arrived at. The question for our share in the guarantee for Messrs Baring’s affairs, which now for the first time appears in our accounts as a contigent liability for £lOO,OOO, was so fully and so dearly explained by Mr Ashton at our last meeting that I need say nothing on that matter beyond pointing out that the Governor of the Bank of England in March last expressed his opinion that “ the guarantors would be amply protected by a substantial surplus on the firm’s estates.” And as the Bank of England alone has the information necessary to form an opinion on the subject, we cannot, even if we would, go further in that direction. I would not close these remarks without commenting on the marked efforts made by the Government and all parties io New Zealand to bring about a sounder condition of that colony’s affairs, and on the decided success which has attended those efforts, as shown in a general promise of improvement throughout New Zealand, There are no changes of importance in the staff to notice upon this occasion. Mr Tolhurst, whose appointment as the resident inspector in New Zealand was mentioned at our last meeting, is now thoroughly installed, the head office of the bank in that colony having been moved from Christchurch to Wellington, which is the seat of Government, the Christchurch branch remaining under the same management as before, with Mr Palmer as local director. It only remains for me to tender on behalf of the directors our sincere thanks to Me Finlayson, our general manager; Mr Tolhurst, the resident inspector in New Zealand; Mr Innes and the staff serving under them, as well as to Mr Mewburn and Mr Carbery, and the staff in London, for their care and energy in the conduct of the bank's business, which has enabled us to declare the satisfactory dividend of 14 per cant. I shall be happy to answer to the best of my ability any questions that may be asked, and would now beg to move the adoption of the report and accounts as presented. Mr Botley seconded the motion, and expressed satisfaction that the bank should have contributed to the Barlog guarantee fund, and also his pleasure at there being no likelihood of any call being made upon the guaiantors. He congratulated the directors upon the results now presented. Mr R S. Wilkinson supported the motion, and stated that he had been a shareholder for within a few months of fifty years, and was very pleased wi h the report presented upon the present occasion, and he thought that they had every reason to be satisfied with the manner in which the board had conducted their affairs both at home and abroad.

The motion was carried. The Chairman then proposed the re-eiee-tion of Sir Charles Nicholson, Bart., as a director of the bank. Mr Slebag Montefiore seconded the motion, which was carried. The Chairman then proposed the re-oloo-lion of Mr W< Q. Gilchrist as a director of the bank. Mr J. Taylor seconded the motion, which was carried. Mr Wilkinson proposed, and Mr Sebag Monteflore seconded the re election of the auditors, Messrs Albert Deacon aud Fredk Whinney, at a remuneration of £3OO. The motion was carried. Mr Mewburn, the manager, then read the dividend advertisement, whioh was to the effect that the directors having on that day declared a dividend of £1 13s share, free of income-tax, notice was given that the warrants would be sent out on the 29ih fnst. On the motion of Mr Sebag Montefiore, seconded by a shareholder, votes of thanks were accorded to the chairman and directors, and the pioecodlngs terminated.