Page 5 Advertisements Column 5

Clutha Leader, Volume V, Issue 226, 8 November 1878, Page 5

New Advertisements. adoption of the report. He said he had recently had an opportunity of hearing in the other f Colonies the opinion entertained of the position of. the Bank of New Zealand. The necessity for , opening in Australia was proved at a time like this, when the Directors were compelled to take the defensive measures referred to by the Chairman. The motion was put and carried unanimously. DIRECTORS. ■Captain- J. Stone was nominated to fill the place of the Hon. James Williamson upon his resignation * and to the seat vacated by Mr Browning, who retired by rotation, the Directors nominated the Hon. J. Williamson upon his return to the Colony. — Confirmed. AUDITORS. On the motion of Mr .T. P. PiEROE, seconded by Mr F. L. Prime, Messrs Samuel Browning and Benjamin Tonks were elected auditors, INORBASE OF CAPITAL. The Chairman (Di* Campbell) then said : Gentlemen — Tn my previous remarks T allud n d to tbe desirability of a •nibstantial increase of the paid-up capital of the Bank. It will be in the recollection of shareholders that at a special general meeting, held on 29hh July. 1870, authority was taken for the increase of the Bank's capital from T. 500,000, to Ll .000.000 under certain restrictions as to issue of new sharps, one of whicli was that, unless otherwise ordered by an ordinary general meeting, not more than ten thousand shares should be alloted in one year, and that twelve months at least should elapse between any two allotments. Under the authority of that mpeting ten thousand shares were tben issued, and it was not until the Ist January, 1876, that the Directors felt warranted to make a further issue of ten thousand shares, which in the next year was followed by a partial issue of two' thousand five hundred shares for the purchase of the business of the Fiji Banking and Commercial Company, leaving the capital as it now stands in our balance-sheet. At the meeting in 1870, to which T have alluded, the Chairman, Mr T. Russell, in proposing the doubling of the Bank's capital, quoted figures to show the progress of the Colony from the time the Bank had origin ated, and thus remarked :— " If the Colony has made this progress during the past nine years in the face of a disastrous local war lasting nearly the whole period of the time —a war. that has retarded its progress and repelled wealth and population from* its shores — is it too much to 1 expect, too tnuoh to hope, that the Colony will make greater strides in the next nine years?" Those nine years have not yet elapsed, but the progress already made fully justified the hope and expectation then expressed. Population has already doubled, and the deposits of this Bank alone are double the amount then held -by the united Banks of the. Colony. In view of the largely increasing business of the Bank, your Directors consider the timo has now arrived when the full authority you committed to them in 1870 should be exercised, and the capital made L 1,000,000. To effect this in one issue your ' authority is required, and I feel sure you will : fully endorse the opinion of the Bank by granting this authority^ It is not intended to make the issue at onoe ; we propose that payment shall not be asked before the close of the present half- i year, on the 31st March, 1879 ; but, if you authorise it. we shall, during the half-year, issue letters of allotment, affording shareholders the i opportunity, as on former occasion, of making < payment in anticipation of that date, which payment will bear interest at the rate of 6 p.c. per annum. Recent reports placpd before you will fully assure you of our ability to pay , dividend on the increased capital, even without ( the aid of the increased earning power with which that capital will furnish us, and, with a < paid-up capital of a million, and our Reserve Fund increased by the premium we have a right . to expect on the new issue, this Bank will occupy ' a position second to none in the Colonies. J 1 have, therefore, much plpasure in proposing- ] " That this meeting autlioiises the Directors, at their discretion, to issue' 27,500 shares, of LlO each, at such premium as the Directors consider i equitable ; and that such shares be first offered T to the shareholders— payment of the increased canital not to be called up prior to 31st March, * 1879," Mr Firth : I rise to second the proposition , which has been made by the Chairman of the Board of Directors. I have really very little to ■ add to the lucid statement which has'been sub- . mitted to you by. the President of this mpeting. He has shown that the business of the Bank is of groat magnitude — that it is sustained by I resources of equal magnitude, and it has appeared j to the Directors that, looking to the great prosperity of the Colony, to the sound basis upon which that prosperity is founded — namely, the • bounteous gifts with which Nature has endowed this countiy — in its climate and the fertitity of its soil -there is open to^hem thp opportuu'ty of * layins; tbe solid and sure foundations, not only . of this institution, but of-the trade of tbo Colony, 7 and promoting the welfare of its people hy in- i creasing and even multiplying their available resources. Looking to the progress that has been made during the period which the Chairman ' has just reviewed, I think there is every reason 1 to expect that, if the shareholders put the Bank * in a position to take advantage of the advance ( which may be anticipated to t"ke place during* , the next ten years, there can be little doubt, it < will occupy, relatively, as pre-eminent a position at the pnd of the second decade as it does at the close of thi first. The influx of capital to the . Colony has lately been large, and I see no. reason -. to doubt any cessation of a continued accession of ', material wealth which is so beneficial. Heavy '' losses have, as we are all aware, been made by ' English investors in foreign bonds. These losses ( have turned the attention of capitalists to the i Colonies as a field for investment, and the success of every venture in this dirpotion gives promise that large amounts of English ca.pit.al < will he from time to time invested in this i country. In view of these two circumstances, i the progress of tbe Colony and its popularity at ! Home, the Directors consider it is the proper thing for the shareholders to do— to authorise i them to avail themselves of the powers conferred upon them at the half-yearly meeting he'd in 1870, so that the Bank may be in a position to ] aval itself of all occasions to increase our resources and to increase the prosperity of the shareholders at the, same time that it assists in devoloping the resources of th» country. Should the proprietors agree to authorise the step proposed to be taken, the capital of the Bank will then amount to L 1,000,000, and its r -serve fund will approach somewhere near to L 700,000 within the year. These ficu'es are of such magnitude, and represent so vast an amount of resources thus placed at the disposal of your Directors, that it will enable them to maintain that pre-eminence among the banking institutions of the Colony, which they hold at present, and which — there is no reason to the contrary— may be expected to continue. I have therefore great pleasure in seconding the. proposal whish has been made by Dr Campbell. The motion was put, and carried unanimously. Mr Goodfellow moved and Mr J. Thomson seconded, a vote of thanks to the Directors and officers. 7 The Ch mrman returned thanks on behalf of the Directors. ' " -yy Mr D. L 7 Murdoch:. I do not know th&fS need repeat now what has been so often" repeted : that our .best efforts are yours, and ; our-- continued efforts will -be exerted in favour 7of an institution of which we are so justly proud., • The rough minutes were read,' and the business pt the meeting was concluded.- - 867 Special Advertisements. TX7E cannot refrain from calling attention to the really excellent stock of BOOTS, SHOFS, CLOTHING, &c, now being sold by Mr 0. V. Brewer, at DELUGE PRIOES. Such efforts to supply the best goods at tlie lowest rates should command a large trade. _-v > <■- , f**s-& ™i'Awy -.-,.- **.-A-,.fc- , '-\.<*4.. >■ ■■."■ ■'■' U-miI.„.IV..I.I.iJTt.ULIUL-l^^JI J -:-.--.il-....-..ll.«ll.-ilf.ll..l. 11..1..H.11 -111,'..,.*.-.