Bank of New Zealand.

Manawatu Herald, Volume III, 18 February 1890, Page 2

Bank of New Zealand.

A special general meeting of the shareholders of the Bank waa held at j Auckland on Friday to pass resolu tioDS for removing the management to London which were carried— At the end of the meeticg Major George said : With the permission of the chairman, I wish to make a few remarks unconnected with the business of this meeting, which, I think, may be of interest to you, and I wish you to clearly understand that I alone am responsible for what I gay, though I think my co-Directorg will endorse a great deal, if not all, of what I state. We hare continuously and recently most carefully reviewed the position of the so-called globo assets, and I do not hesitate to say that I regard these assets most hopefully, and had ■we been permitted to go on quietly we could have carried on the bank successlly and worked out Jthese assets to the interest of all concerned, for it must not be forgotten that' though some of the accounts under this head have realised badly, most of the land we still have. I have visited some of these properties, which have been looked upon as almost the -worst of the bank's dependencies, and I feel very hopeful of their future. I would also like you to bear in mind that from the interestreturning properties there was an increase of £18,000 last year over the previous one. and we have reason to believe that there will be a furthor increase this year. This being the case, surely we can take credit for a large increase in value of the properties Jwhich yield there increased returns. ' ' ' I will ask you to give all the more weight to my opinions because, as you know. I am in no way eofinected with the past management 'of the bank, and, consequently, aiU hot called on to defend or excuse their actions. I put my good money into t on the strength of the Cbminiftf e'%* eport, and it remains in iv? still, md what is more, I intend tfiafc it shall remain in it, for lam convinced the bank is sound, -notwithstanding what may have been said, or Coffer insinuated, to the contrary. . I ,do not think it wise to attempt to hide from you the unfortunate 'circum. stance of the lara-e robbery ia Sydney, which besides the'loss, haa fsomeat a very inopportune- time.: lhe Directors kave nofclost graap *f the position, nor are they inr.ttny. sense abondoning interest in your institution. On the contrary, they are keeping the whole position ia view and will, until rblieved, tafo such decisive steps from time to time as they consider necessary to .eonperve your interests. In conclusion I may say that lam one of those who have always considered it a mi* take to take the management away from its birthplace, but it having been considered advantageous that this should be done, I bhall support its being handed over to others who under the circumstances, may be able to manage it more advantageously for you, though I claim that you will not find any body of men who will use more zeal than your present Board.

awii..3u,isxaoes instead The first raot .1 yards canie- of. yeste.day at 6 p.m. and it created-no una 1 amount of interest am ogat th* townspeop'e where being quits a hundred perso s on the river's bank to witnees it. The start was from a boat moored in the auddlft of the rive? &ud the winning post was opposite the boalshed. The resu t was as follows : — 2. ()Bbrne (i'Ospoa), ... 1 F. Younj (15 pecs), ... 2 H. Walls (15 sees.), ... 3 Thirteen gtar:ed and at the wor^ go it was easily to be seen that Mr •Obborne was no novice in the water* and that, the handicapper had been only too kind to him. His kick : .ag was a clean one and his stroke a l ' together rather surprised the other competitors. Mr Youug also swam TwywelK Indeed it was a pretty to watch the struggle between these two and'ihe finisn resulted ia 91 close a shave of being a dead heat as we haye seen. The rest were scattered about in most admired dig order. The next race takes place at &D,.m to night, the distance being : . 100 yards. As the handicapper now /. has^xperience to work on, we an* - ticipate a very exciting finish especially as Messrs Osborne and Young , will doubtless be placed much nearer -. on thia occasion to the post of honor.