THE COLONIAL BANK.

Evening Star, Issue 3621, 30 September 1874, Page 2

THE COLONIAL BANK.

The meeting of the shareholders of the Colonial Bank, held at the Masonic Hall this afternoon, for the purpose of appointing 83ven directors and two auditors, was attended by a large number of gentlemen, the flail being crowded; and Mr Larnach was voted to the chair.

The Chairman, before proceeding to the election, mentioned what had been done since the initiation of t£e Bank. The manner in which the applications came in, especially at -Invercargill and Southland places where the promoters were known, was unmistakeable evidence of the necessity of the Bank. 11 being a very large company considerable difficulties had to he got through, and he could assure them that the promoters and provisional directors had earned the thanks of the shareholders for the energetic way they parried out their task The iponoy subscribed bad not lain pile, having been invested in the banks in town, thereby had always been returning some interest, and was available whenever the bank required it. Concerning the purchased site some difficulty arose about the deed, and the Union Bank becoming vacant, the provisional directors determined to purchase its leasehold. The freehold near the New Zealand Bank was bought for L 6.300, and the provisional directors afterwards sold it for 1-7,000, thereby making a profit towards the preliminary expenses. (Applause.) The leasehold was for twenty-one years, and the new bank would be open to-morrow for the conduct of public business—(Applause) The Superintendent and the Bank’s Solicitor (Mr B. C. Haggitt) deserved their thanks for their exertions in the interest of the Bank while at Wellington. A most important matter was the appointment of gentlemen for the management of the Bank. The three gentlemen appointed by the directors were Messrs Beal and Warren (formerly of the Bank of Mew Zealand), and A. W. Morris. The election gave an impetus to the shares going off immediately the selection was known. The number of shares applied for in each Province was : 10g,731; Napier. 8,200; Westland, 5.05*4; Marlborough, 2,077 ; Taranaki, 1,078; Nelson, 5,618; Auckland, 8,123; Wellington, 17,531; Christchurch, 15,367—t0ta1. 170,040. This number is represented by 3,000 shareholders. Thirty thousand shares were reserved. The result of the election of directors will not be known till to-night.