DISTRICT COURT.

Marlborough Daily Times, Volume II, Issue 118, 7 May 1880, Page 3

DISTRICT COURT.

Blenheim, Wednesday, Ma* sth. (Before L. Broad, Esq,, Judge,) IN BANKRUPTCY. IN RE JOHN RAOG. Mr M‘Nab made an application for the discharge of the bankrupt. No objection was made to the application which was granted accordingly. Mr M‘Nab then asked for an order for costs out of tho estate, which was also granted. IN RE JOSEPH GIEBS. Mr M‘Nab applied for bankrupt’s discharge. The application was not opposed, hut Mr M‘Nab stated that as between the Trustee and the creditors there wero some matters in dispute, which might come before the Court in another shape. The application was granted. IN RE BENEDICT GOPPEKTH. Mr Sinclair asked the Court for instructions as to the person in whom the property in this case was vested, —whether in Mr Sienhouse, who was elected by the creditors, or in Mr T. O'Sullivan, who was Trua tee under a deed. His Honor said in his opinion it was not the duty of tho Court to give legal advice as to which of the claimants was entitled to the property. The clause under which the application was made was intended to meet the case of trustees wanting instruction as to the management of the estate. He would, however, deal with the case judicially if it was brought before him in such a way that he could so deal with it. Mr M‘Nab appeared for some of the creditors and made an application for costs out of the estate, but the Court said this matter had better stand over for the present. The Court then rose.

IN THE SUPREME COURT. [Before H. Mein tire, Esq., Registrar,] IN BE OWEN AND PICKERING V. DIVE. Mr Rogers and Mr McNab appeared for plaintiffs and Mr Sinclair for defendant. In this case the following deereo was issued on the 26th June, 1579 :—“ On hearing Mr Travers, counsel for the plaintiffs, and Mr Conolly for defendant, ami on reading the declaration in this action and by consent, this Court doth decree and order that the following accounts and enquiries be taken and made by the Registrar of this Court at Blenheim, that is to say:— “(1.) An account of all dealings and transactions between the plaintiffs aud the defendants as eo-paitners. “(2.) An account of the credits, property, and effects of the partners on the 7th January, 1878. “(3.) An enquiry as to what has become of the partnership property since the 7th January, 1878, and whether any and what part thereof still remains in specie, or outstanding, or undisposed of. (4.) An enquiry whether any and whioli of the partnership debts and liabilities have been paid or satisfied since tho 7th January 1878, and by whom, and out of what fund. (5.) An enquiry as to what sum (if any) is due from the defendant to the plaintiff, Charles John Owen. (6.) An enquiry into what sum (if any) is due from the defendant to the plain! V, William Pickering the younger. (7.) An enquiry as to what sum (if any) is due from the jilaintiff Charles John Owen to the defendant. “ (8.) An enquiry as to what sum (if any) is due from the plaintiff William Pickering to the defendant. “ Aud this Court doth further decree and order that such of the partnership property and effects as still remain in specie be sold or converted into money and the proceeds paid into Conrt. Reserving further directions, “ By the Conrt, “ H. WILMEB, “ Deputy Registrar." A mass of accounts was laid before the Registrar : Mr McNab sa d his clients were not satisfied with the accounts as laid before the the Registrar and it was intended to taka objections and to have an issue of fraud tried by a jury. The accounts were unintelligible, as could he explained hy Mr O’Sullivan, who was an experieuood accountant. These accounts ought to go hack to the timo of the commencement of the partnership in 1874 instead of from September, 1877. No monies had been paid into Court as ordered by the docroe. Mr Sinclair said it had been assented to by Mr Rogers that if tho accounts were made uj) from the latter date it would be sufficient. Mr Rogers said this was so. It was agreed after a good deal of desultory discussion that a month’s time should be given for farther accounts to he filed. In reply to Mr McNab the Registrar said it would bo for tho Court to deal with tho question of costs.

BANK OF NEW ZEALAND. J Thk ordinary half-yearly meeting of the i shareholders was held ycstei day, the f fon. j .lames Williamson (President) mi theemair. j The Manager (Mr D. L. Murdoch) read j the advertisement convening the meeting, j also the half-yearly report and balance- | sheet, as follows : Tliirtv-aoTOiith II |«r! "! IV Ulm-mr- <•' Mr; [*’'!:' f Koi? /‘"Ullllil. to til-* till. 1 * e,’ l!, - •* -'eric ‘M. of the l*rt.prletern, In4:l 1.1 ii;>" ■•'} nfWiw, A'le,.lun'il, on TlnUMlay, ‘Jaw! April. C- 0. Tin; Din.'i'l'iT have Pie • 1 ■ • ti• ■ >• *•' ' •’•aiu." x tl.« f'jl'ievinK re-alt of Hie fit ' • « T'Crxtu.nn. The net i-ruli!; lit H'-l Air: -t. full.- (ii-ev'iKie' f-.i 'ill hi. i er"'i'il..'nl •nl.illi-.i-S lIJI-I • '■ 'III! (Im-tieiis in Ilull"' i • ’te '-ie ture tiM'imit'!, n n'. ines 1.0 .. .. £71,101 17 4 To wliicli ini ■ e. Inpremium nlitaiiiuil on salo of lmlintco of Now Slianis .. •• • • 1 /,1 J 3 0 0 Balance from half-year ondcil 80th September, 18711 • ■ • • o 5 Making a total available for division of -ti11,18.7 3 9 Which it is now recommended lie approprinted Its follows To - payment of divideii'.fatthorateof 10 jKjr cent, per annum 70,000 0 0 To bonus of 5s per t share, equal to 5 per annum .. •• 27,000 0 0 To balance carried to profit and loss new account .. 22,185 3 0 p The dividend and bonus will he payable at the Head Olfico, Auckland, on Saturday, the 21th April, and at branches on receipt of advice. For the’Board of Directors. - James Williamson, President. AaentKOATE BAI.ANCE-Rlir.KT OF THE BANK OF NEW Zealand. At tlie 31st March, 1880, includin'' London Office at 31st .January, 1880. j> r liabilities. £ s. d. Capital 1-000,000 0 0 Deserve Fund ._ n 0 Notes in circulation , iLZ ,! , Bills payable in circulation .. .. > j Deposits and other liabilities.. .. 1,(^1, .111 9 . Balance of prolit and loss .. .. A J £11,110,808 10 7 Cr. assets. £' S. d. Coin and cash balances ai'Bankers .. 2,111,007 0 0 Money on short calls in London .. 875,450 0 0 Bullion on hand and in trunsitu .. 110,548 15 4 Government securities .. .. 282,502 10 0 Bills receivable, and securities in London ..- 1,081,481 9 7 Bills discounted, and other debts duo to the Bank .. •• •- •• 0,454,1.71 11 2 Lauded property, Bank premises, &c. 188,101 18 0 i 11,110,808 10 7 mom and loss account. Dr. 2 d. To dividend on 100.000 Shares, of 110 each, lit the rate 10 per ee.it, per annum •• •• - - «0,000 0 0 To bonus at rate of 5s per share, equal to per cent, per annum .. .. 25,000 0 0 To balance carried t» profit and loss. " New Account." 23,187 8 0 £97,185 3 9 Cr. „ £ il- - Balance from half-year entletl JOth * Kept., 1879 5,810 0 5 Bv premium on balance of New Shares sold 17,193 0 0 Bv net profit for half-year ended OKt ' March, 1880 71,101 17 4 £97,185 8 9 Dr. £ ». d. To huluneo , 5:..>,000 0 0 £555,000 C 0 Cr. £ a- d. Bv balance from half-year ended 80th September, 1879 555,000 0 0 £555,000 0 0 We hereby certify that we have oramiocl the Accounts of the Bank of New Zealand for the half-year end ; .",' 31st March, 1880, and that we have counted the Cash Balances ami examined the Bills and o.ber securities held at the Head Office, and compared the ilofnrus of the Branches with the foregoing Bn’ances, aud have found the same to be correct. (Signed) Joseph T, Wilson,) Auaitorf) . Allan, K. Taylor, ) The Chairman said : Gentlemen,—A very easy, but at the same time a very pleasing duty, lias been assigned to inc to-day, in proposing the adoption of the report and balance sheet which you have just heard read. They require very little comment from me, aiid I will not long detain you in the remarks T have to make. The Colony, during the past half-year, has been “ suffering a recovery.” The cloud of depression which, you will remember, was so clearly depicted in the chairman’s remarks at your last half-yearly meeting has gradually—hut very gradually—lightened, and though not yet altogether dissipated, what is left is but the shadow of the dark cloud which enveloped us last year, Depending so Hindi as New Zealand does on her pastoral and agricultural resources, the relief afforded hy a favorable season, a bountiful harvest, and enhanced prices for our staple products, although not yet fully realised, has materially altered the financial condition of the producing interests, and has correspondingly improved the prospects of the monetary institutions doing business in the Colony. While freely rceognisiiigtliese evidences of improvement, we are still aware that there is a good deal of lee-wav to make up, and this, combined with the prospects of public finance, as disclosed from time to time in the Government returns, lias induced a policy of continued caution, which has not been conducive to large profits. The balance sheet will prove to you that we have still felt it incumbent on us to keep our resources well in hand ; and the exceptionally low rate 3 which have ruled for money in London, where we have considered it desirable to keep large reserves, have’ considerably curtailed the half-year's profits. We are, however, able legitimately to pay our usual dividend and bonus, and to carry forward such an amount as affords a reasonable prospect of our being able, at next half-year, to make a substantial addition to onr reserve fund. A reduction in the extreme rates for deposits, which lias been forced upon us in the past, has been effected during the halfyear ; and this, with the more active demand for money, affords the pr« spact of more profitable use of our large resources, the effect Of which will, I hope, he made apparent in our next report. In view of contemplated further taxation, it may be well that I remind shareholders that we already pay in duty on circulation, and on property, considerably over £IO,OOO per. miunm ; and, although we fully recognise the obligations of colonists to provide for current liabilities, it behoves us to. sec that the* incidence of taxation does’ not too severely press on local institutions. Turning to the balance sheet, it will he seen that our capital lias been fully made up to a million by the disposal of the remnant of last issue, which was on hand at last balance—the premium on which apt cars at credit of prolit and loss account. The circulation and bills payable arc not materially altered, hut an increase of a million is noticeable in deposits, which is due to temporary lodgments by the Government. Our.cash balances and resources at short calk you ivill see, are ample for every con* Cogency, and our ordinary advances remain Inu.ch as they were at close of last half-year. While expressing my firm conviction in our ability to maintain our usual return to shareholders, the Directors are determined to be influenced more by consideration for the stability of the institution than by mere profit. It will be in the recollection of shareholders that at a special general meeting, held on the 27th October, 1575, an alteration was made in section hi) of the deed of settlement, by a transposition of the words, “elsewhere in

the British Dominions.” Doubts have now been suggested whether that alteration, taken in connection with the New Zealand Hank Act, 1801, was properly made, and the Directors intend to imply, in t!v next session of the General Assembly, for a dedicatory Act, to set at vest the suggested doubts. It will he remembered that at last half-yearly meeting it was announced that we had notified. to the Government our desire to ter-

nil,etc the then-existing agreement as to i,account. During the last session of V.!''iameut the I’uhlie Accounts Committee

•oeommended that the matter he left in the lands of Hie Government, and negotiations , vc SMico been in pro- wes.-i, hut are not yet

eonr-lnd. h for a continnanec of the account on modi lied terms. We have ouite resolved that unless such reasonable terms can oe secured as will ensure a. profit on the heavy responsibilities attaching to the account, we will prefer to dispense with it; hut I have little doubt that in the interests of the colony, Urn terms for which wc stipulate will be acceded to. Shareholders will have been pleased to notice that our London Hoard lias been strengthened by the acquisition of >Sir Penrose Julyan, late Grown Agent for the Colonics, whose long .association with financial circles, and acquaintance with the requirements of the colony, will no doubt prove of material advantage to the Dank. Although no official intimation lias yet been received we arc aware that Sir James Fergusson has been appointed Governor of Bombay, which will for a time at least, deprive us of his valuable assistance; but wc trust that at a future period, his relations with us may he renewed. I congratulate shareholders on the improved aspect of commercial matters in the colony, the steady influx of capital and the continued rapid settlement on our rich agricultural and pastoral lands; and, without taking too siuguine a view of the future, we may reasonably look forward to increased prosperity for this institution. With these remarks I beg to move the adoption of the i epoi t and balance ■ dicct.

Mr C. J. Stone said: I beg to second the adoption of the report and balancesheet just read. In doing so, I am not aware that it is requisite for me to make any remarks, after the very lucid statement that has fallen from the mouth of the President. I can fully endorse what lie has stated, as to the policy of caution which has characterised our operations as an institution during the past year. A reference to the naked figures of the bal-mieo-skoi t does not disclose that policy, but those, who, like myself, have had the opportunity of'considering the returns of the branches and the correspondence of the managers, will perceive that our policy has boon a careful and conservative one in every place where wc do business. This has been forced upon us by the aspect of the times. The wave of trouble which started at Glasgow, and extended through the length and” breadth of the monetary world, was felt strongly by every instiltion doing hanking business, in every quarter of the globe. I think it speaks well, not only for the management of this institution, hut of colonial institutions generally, that, with one or two trifling exceptions, that wave of trouble passed without any serious disaster. Of course our profits have, in consequence of this state of things, been lessened. The money at short call, hacked as it is by substantial security, yields hut a small modicum of profit. But 1 am sure the policy we have pursued will commend itself to shareholders, and if all onr customers have not been able to get all they would wish to have—although even somewhat tempting accounts we have been obliged to reject, accounts which, under other circumstances, we would have been proud to see in our hooks— our failing has, if there was one, leant to virtue’s side, and the difficulty will be appreciated by the stockholders of the company. I have much pleasure in seconding the adoption of the report and balance-sheet. The motion for adoption of the report and balance-sheet was put and carried unanimously.

The Chairman said lie would he happy to give any information to the that they might wish to have. No question was asked.

Mr Stark : T beg to propose a vote of thanks to the directors and officers of the Bank. In doing so. I feel there is reason f<y- very agreeable surprise .at the amount of success that has attended the operations of the Bank during the last year. I think that the thanks of the shareholders are due to all the directors for the careful and eqnsorvativc in which they mu,iiucr li.ave ca-’i icd the Bank through the recent crisis. The reaction in mattars of this kind is more 1o he apprehended than the trouble itself, and I am chid to see that we have passed 1 ln-oueh anv such stage that was to lie feared with safety. lam very well pleased with the favorable returns show in the bal-ance-sheet. The thanks of the shareholders arc also due to the officers, for they must have very ably assisted the directors in carrying out that careful and cautious policy which had been initiated.

Mr David Nathan : I have very great pleasure to second the vote of thanks to the directors and officers of the Bank. Considering the very favorable report, and the. difficulties tbev had to pass through, I think they are fully entitled to this compliment at the hands of the shareholders. '[’he motion was put and carried unairmously.

The Chairman : In acknowledging the compliment vou have paid ns, I may state, on behalf of the Board of Directors as well os for myself, that it will he highly appreciated : it will stimulate us. if possible. to greater exertions in the interest of the share holders. I may add that T have been connected with this institution from its birth—in fact I may state that I was partly instrumental in bringing it into existence. I am, therefore, very proud of the position which tin’s institution had attained. Fo long as lam on the Board, it will he my anxious endeavour to maintain that position. I look on this institution as the special product of the colony of New Zealand. I think it is a credit to Now Zealand, and to all who are connected with it. (Dear).

The Manager: It has often been my privilege to return thunks to the shareholders oil behalf of the staff. On account of your expressions of confidence in them, lam sure they will feel particular gratification at this time. There is no question that we have been passing through very troublous times. I am hound to say that that your staff; have acquitted themselves wei!.' They have willingly earned out the policy dicated to them by the Board of Dii •cctors. There is no doubt that a great deal of the success has been due to the zeal and judgment your officers have brought to bear on your business. I feel sure, that they will be much encouraged by this renewed expression of your confidence in them. They will very much value your vote of thanks, as I do myself. I shall have much pleasure in conveying it to them. A train I thank you very heartily for your vote.

The scroll minutes were read, and the meeting seperated.