WELLINGTON SAVINGS BANK.

New Zealand Spectator and Cook's Strait Guardian, Volume II, Issue 84, 16 May 1846, Page 3

WELLINGTON SAVINGS BANK.

A most numerous and respectable meeting was held at Barrett's Hotel, on Friday evening last, for the purpose of establishing a Savings Bank in this settlement. Colonel Wakefield being moved to the chair, said he had never experienced more pleasure in taking the chair at any meeting, than on the present occasion, for he trusted that they would that evening form an Institution, the want of which had been most grievously felt in this settlement* Had a Savings Bank been established at the commencement of the settlement, he felt certain, that many settlers would have been in a very different position than they at present occupied ; that the working classes would then have reaped the full benefit of the high wages, which for the first few years they had obtained, and that many useful colonists would have been prevented leaving the country. Unfortunately the want of any Government security, in which the funds could be invested, had proved an insuperable obstacle to such an Institution being formed. This difficulty was, he was happy to say, in a great measure removed by the issue by Capt. Grey, of Government Debentures bearing interest at 8 per cent., which would not only afford a safe investment, but would enable them to pay interest upon the deposits. Another serious difficulty had been removed by Mr. M 'Donald (by whom the present meeting had been convened,) consenting to undertake the management of the Bank /or the present at least, without any charge to the Institution. Col. Wakefield congratulated the meeiing upon the warm interpst taken in the Savings Bnnk by his Excellency Captain Grey, and upon his promise of giving it the utmost support of his government ; — and said the result of this meeting would shew to his Excellency that the settlers in Wellington could both appreciate his kind offer of support, and were also ready to avail themselves of it. Col. Wakefield after some further remarks, said he believed Mr. M'Donald was prepared to lay before the meeting, a statement of the steps he had already taken towards establishing the Bank. Mr. M'Donald stated, that his Excellency the Governor when in Wellington, having expressed a desire that a Savings Bank should be established, and application having been made to ascertain if be (Mr. MD.) would assist in its formation (his Excellency having promised to secure the interest to the depositors), being satisfied of the importance of such an institution to the community at large, and that such aii opportunity ought not to be lost, he at once tendered his services, at the same time giving notice through means of the press, that on aud after the Ist of May last, deposits would be received at the Bank on account of the Wellington Savings Bank. Being aware that much valuable time would be lost in arranging the preliminaries of opening, if first brought before the public, and feeling confident that he should ultimately be borne out by their approval, the books of the Bank had been opened and deposits had already been received amounting to £1 12:8:2, so that it was now necessary that the proper officers should be appointed to manage and conduct the Institution, which he hoped would be upon the same liberal and extended plan of similar institutions in England. Dr. Featherston and himself had prepared a set of rules for the temporary management which would now be laid before them ; these rules would afterwards be revised by the Superintending Committee, and submitted to the Managers previous to an Ordinance being obtained. It was then proposed by Mr. St. Hill, seconded by Mr. Wade, and carried unanimously — That a Savings Bank, to be called the Wellington Savings Bank, be formed this night. A body of rules having then been submitted to the meeting by Dr. Featherston, considerable discussion ensued, and after several alterations had been made, it was moved by Dr. Featherston, seconded by Mr. M'Donald, and carried unanimously — That the following rules for the management of the Institution be adopted, and the following officers appointed : — 1. All affairs relative to this bank shall be under the management of not less than thirty managers . 2. The managers shall elect every year from their own body a superintending committee of twelve (three of whom shall form a quorum), who shall be empowered to superintend, manage, and conduct the general business of the Bank, to fill up pro tern, vacancies in their own body, and to appoint trustees, auditors, and other i officers of the establishment. The proceedings of the superintending committee to be at all times open to the inspection of the Managers. 3. The Union Bank of Australia shall be appointed to act as treasurers. 4. All depositors shall be bound to submit to the rules of the bank. 5. Deposits of no-t less than one shilling may be received, but no person's deposits shall exceed thirty pounds sterling per annum t but deposits from charitable or friendly societies will for the present be received (at the discretion of the superintending committee) without limitation as to amount.

6. Deposits may be received from, of foT tt>* benefit of, minors ; in the same manner in every respect as from persons of 21 years of age ana upwards. 7. Every person desirous of becoming a depositor in this Bank, shall sign a declaration that he is not a depositor in any other Savings Bank' in New Zealand, and that he has no interest in any sums deposited in the names of other parties in this bank — except so far as he may be interested in any charitable or friendly society. 8. All sums received shall be invested in Gov j eminent sd&urities only. 9. Interest shall be allowed on deposits at the rate of 4 per cent, per annum, but no interest shall be allowed on the fractional parts of a pound. 10. Depositors may receive 1 the whole, or atnjj part, of their deposits, on giving fourteen days notice ; and interest will be allowed up to the day of such notice. 11. The Managers shall be at liberty to return to any of the depositors the amount of their deposits, and may refuse to receive deposits in any case when they shall deem it expedient* 12. Three Managers and one member of the Superintending Committee shall attend every Saturday evening at Mr. Ross's office, from six to eight, and every Monday morning from ten to twelve at the Bank, for the purpose of receiving deposits, making payments, and receiving notices of withdrawals ; all deposits received to be paid into the Bank the same day. 13. The deposits shall be entered in the books of the Bank at the time they are made, and the depositor shall receive a book with a corresponding entry therein, which book must be brought to the office every time any further sum is deposited or withdrawn. 14. The Superintending Committee shall have full power to alter and revise any of the above recited rules ; to frame any other rules neces - sary for the temporary management of the Institution , and shall prepare a body of rules for the permanent management of the bank, which they shall submit to the Managers, previous to any application being made for a Local Ordinance. 15. The next general meeting of Managers shall take place on the first Thursday in July, at Barrett's Hotel, at 8 o'clock, p.m.; but the ' Superintending Committee shall call special meetings whenever they deem it expedient; and'»naK also be compelled to call a special meeting of the Managers whenever they receive a written requisition to that effect from any five managers. 16. The following persons shall be appointed Managers for the ensuing year, provided they consent to act : — Major Baker Mr. J. M'Carthy Mr. K. Bethune Mr. A. M'Donald Mr. J. Blyth Mr. J. May Mr. A. de B. Brandon Mr. C. Mills Mr. E. Catchpool Mr. S. Mocatta Mr. Justice Chapman Mr. G. Moore Mr. C. Clifford Mr. T. Northwood Rev. R. Cole, M.A. Rev. J. P. O'Reilly Mr. I. C. Crawford Mr. T. M. Partridge Mr. R. Da\is Mr. C. Perry Dr. Dorset Hon. H. Petre Mr. J. Dun Mr. S. Revans Major Durie Major M. Richmond Dr. Featherston Capt. W. B. Rhode* Dr. Fitzgerald Mr. H. Ross Mr. W. Fitzherbert Mr. St. Hill Mr. R. Hart Mr. W Schultze Mr. P. M. Hervey Capt. C. Sharp Mr. W. Hicksoti Mr. J. Smith Mr. P. D. Hogg Mr. W. Spinks Mr. T. Hoggard Mr. R Stokes Mr J. Hoggard Mr. R. R. Strang Major Hornbrook Mr. C. Suisted Mr. Hort, sen. Mr. R. Sutton Mr. G. Hunter Mr. W. Swainson Mr. R. Jenkins Mr. T. W. Tankeriley Mr. J. Johnston Mr. J. M. Taylor Mr. J. Inglis Mr. J. Wade Rev. S. Ironside Mr. R. Waitt Mr. J. Kelham Col, Wakefield Mr. H. Knowles Mr. D. Wakefield Mr. R. Langdon Mr. J. Wallace Mr. D. G. Lardner Mr. J. H. Wallace Mr. N. Levin Mr. T. Waters Mr. W. S. Loxley Rev. J. Watkin Mr. A. Ludlam Mr. J. Wilson Mr. W. Lyort Mr. J. Woodward Mr. J. M'Beth It was moved by the Hon. H. Petre, seconded by Captain Rhodes, and carried unanimously — That his Excellency the Governor be requested to accept the office of Patron of the Wellington Savings Bank. It was moved by Mr. Ross, seconded by Mr. Moore, and carried unanimously — That the thanks of this meeiing are due to Mr. M'Donald, for the zeal and energy he has shewn in establishing the institution. It was moved by Mr. Revans, seconded by Mr. Loxley, and carried unanimously — That the proceedings of this meeting be published in the local newspapers. It was moved by Mr. Clifford, seconded by Mr. Brandon, and carried unanimously — That the thanks of the meeting be given to Col. Wakefield, for his conduct in the chair. Col. Wakefield having left the chair, Mr. Hart moved, and Mr. Loxley seconded — That the meeting should resolve itself into a meeting of managers, and that Col. Wakefield should again take the chair. It was then moved by the Hon. H. Petre, seconded by Mr. Loxley, and carried unanimously — That the following persons do form the Superintending Committee for the ensuing yearMr. Betbune Mr. Clifford Dr. Featherston Mr. Fitzherbert Mr. Johnston Mr. Lyon Mr, M'Donald Mr. Moore Capt, Sharp Mr. St. Hill Col. Wakefield Mr. J. H. Wallac© The thanks of the Meeting being voted to the Chairman, the Meeting separated, and the Superintending Committee fixed their first meeting for Monday evening, the 11th in&t. , at Barrett's Hotel, at 8 o'clock.

'At a Meeting of the Superintending Committee held at Barrett's Hotel, on Monday evening, the 11th May, at 8 o'clock, Mr. K. Bethune, in the chair, present Mr. Clifford Dr. Featherston Mr. Lyon ~Mr. M'Donald Mr. Moore Mr. St. Hill Col. Wakefield Mr. J. H. Wallace Moved by Mr. Moore, seconded by Mr. Xyon — That Mr. Justice Chapman, Mr. Clifford, Mr. M'Donald, Hon. H. Petre, Mr. St. Hill, and 'Col. Wakefield, be appointed Trustees. Moved by Mr Clifford, seconded by Col. Wakefield— That Mr. Kelham, Mr. Moore, and Mr. Woodward, be appointed Auditors. Moved by Mr. M'Donald, seconded by Mr. J. H. Wallace— That an advertisement for the purchase df Government Debentures he-inserted in the newspapers. Sealed tenders to be addressed to the Superintending Committee of the Savings Bank, at the Union Bank of Australia. Moved by Mr. St. Hill, seconded by Mr. Lyon — That the Committee meet on the first Monday in every month, at 8 o'clock in the evening, at Barrett's Hotel. Moved by Mr. J. H. Wallace, and seconded by Mr. Clifford— That a Sub-Committee for the -purpose dT framing a body of rules previous to applying for a Local Ordinance, be appointed, and that such Sub-Committee consist of Mr. Brandon, Mr. Hart, Mr. M'Donald, and Mr. Woodward.

Wellington Savings Bank. — Mr. Brandon, Mr. Catchpool, Mr. J. C. Crawford, and Mr. 'M'Donald the first Managers in rotation ■will attend to receive deposits at Mr. Ross's office, from six to eight o'clock this evening (Saturday), and from Hen to twelveVclock on the forenoon of the following Monday.