WELLINGTON SAVINGS BANK.

New Zealand Spectator and Cook's Strait Guardian, Volume III, Issue 152, 13 January 1847, Page 3

WELLINGTON SAVINGS BANK.

A general Meeting of the Managers, Depositors, and others interested in the Wellington Savings Bank, was held on Monday evening pursuant to advertisement at Barret's Hotel, when it was moved* by Mr. St. Hill, and seconded by Mr. M'Donald, that Mr. Hickson be requested to take the chair. The Chairman having opened the business of the evening. Dr. Featherston read the following Report of the Superintending Committee : — In submitting the report of the proceedings of the Wellington Savings Bank from its commencement to the present period, the Superintending Committee congratulate the public on the success which has attended the Bank hitherto, and the encouraging prospects that may be anticipated with respect to the future. The favourable light in which the Wellington Savings Bank ras been viewed by the public is evident and conclusive from the number and amount of the deposits already lodged, viz., within the short ipace of seven months. The firit public meeting for the formation of the Bank took place on the Bth of May last, when a code of rules and regulations w»re agreed to, and a board of Managers to the number of 75 appointed, out of which number 12 members were chosen to act as a Superintending Committee for the then ensuing, yetr. The time determined upon for the close of tHe first year having now arrived, When a new election or re-appointmenUshoulduke place, tht Superintending JMHHb that

a short summary of their proceedings, accompanied with a statement of accounts, will convey all the necessary information required, previous to their resigning the truit into the hands of the Managers. On the 11th of the same month the Superintending Committee elected the following members to act as Trustees viz., Messrs C. Clifford, A. M'Donald, the Hon. H. W. Petre, Hy. St. Hill, and Col. W. Wakefield. And Messrs. Kelhara, Moore, and Woodward were appointed Auditors, and further, a Sub Committee, consisting of Messrs. Brandon, Hart, M'Donald, and Woodward, was appointed to frame a body of rules preparatory to an application being made to the Government for a local Ordinance. Advertisements were then ordered to be inserted in the local newspapers for the purchase of Government Debentures, which have been obtained, upon the terms specified in the accounts now to be submitted. On the 6th of July the Committee agreed to solicit an interview with his Excellency Governoj: Grey for the following objects, viz. : — Ist. — To apply for a local Ordinance for the guidance of the institution, based on the rules (now prepared) and the Act of Parliament for regulating Savings Banks in England, 2nd. — To ascertain if the Savings Bank would be allowed interest at the rate of 5 per cent, from the date of issue up to the date of funding, as specified on the face of the debentures issued by the late Governor Captain titzßoy. 3rd. — To ascertain if his Excellency would instruct the Treasurer, in case of emergency, to advance funds on security of funded debentures, such advance to be repaid to the Treasurer with interest. And lastly, to ascertain if his Excellency would be inclined to recommend his Government to accept of a loan from the Savings Bank at per cent, interest in the event of the present funded debentures being withdrawn. His Excellency stated to the deputation that he did not think it sufficient to frame an Ordinance from the Act of Parliament, for that in New South Wales an Ordinance had been prepared agreeably to the Act, but that some parts had been disallowed as inapplicable to the colonies, but that he had these Ordinances in Auckland, and that on his return he would cause a draft to be prepared founded on such Ordinance, the Act of Parliament, and the Rules prepared here, and that he would forward the draft to Wellington, to be submitted to the Committee before passing it through the Council. That as to the Institution being allowed interest on the Debentures up to the date of funding, he should wish time to consider the point, as it might affect the interests of other persons. He felt anxious to give the Bank every advantage, but that he would probably reserve his decision until his arrival at Auckland, where he would lose no time in replying to the application. As to our receiving assistance from the Sub Treasurer in case of emergency, he would authorize an advance, on our making the necesstry deposit, but it would be for a limited sum, as he would not wish such application to be made, unless he could depend upon our at once obtaining the amount. And, looking at the present amount of deposits, he would authorize the Treasurer to make advances to the extent of £100. The amount might be altered from time to time to suit the position of the Bank. As to the Government receiving a loan from the Savings Bank in the event of the Home Government withdrawing the funded debentures, he "stated that a mere expression of his willingness to do so would amount to nothing, as his successor might decline to receive or pay off any such loan, but he thought the; object might be accomplished by inserting a clause in the Ordinance to the effect that the local Government should receive loan* from the Savings Bank to the extent of £. His Excellency then requested that a formal application should be made to him by the Wellington Savings Bank for such Ordinance, and this application was accordingly made on 14th July and acknowledged 18th July. On the 3d of August, his Excellency having been again applied to, to ascertain whether if the bank funded its debentures up to that date, it would militate against their receiving interest up to the date of funding, his Excellency assured us that it would only be necessary to take a list of the debentures sofunded. The committee also agreed to appoint Mr. James Inglis, the Acting Actuary, to hold the office of Actuary, at a salary of £10 per annum, commencing from the formation of the Bank, on h» agreeing to giro security for £100. On the 7th December,' it was agreed that the Rules of the Wellington Savings Bank as translated in the native language by Mr* Kemp, be printed and distributed among** the natim.

On the 25th December, application having again been made to his Excellency, as to the interest being allowed on the old debentures, the following answer was received on the sth January, 1847, from his Honor the Super- : intendent : — '• By direction of his Excellency the Governor, I have the honor, in reply to your queries relative to the interest on Government ' Debentures, to acquaint you that it appears the reference is similar to others for broken parts of a year set up by Messrs, Hort and Tame, at Wellington, and by certain large holders of debentures at Auckland, whose claims have all been disallowed. His Excellency xannot, therefore, sanction in this instance, on behalf of the Savings Bank, at Wellington, a departure from the general rule which has been enforced against all.

The above statement of accounts, shews a deficiency of £9, 19s. 6d., and although the large sum of £113, ss. has been nominally obtained by purchasing Debentures at a discount, the auditors recommend (and very properly so) that this apparent amount should be carried for the present to credit of a Reserve Fund, until greater confidence is established and these documents become a marketable commodity, as at the present time should the Bank require the funds, an equal discount might require to be paid. Should his Excellency however, upon further consideration order payment of the interest due, it would not only give confidence in the present issue of Debentures, but it would enable this Institution to show an actual Surplus Fund, out of which your Committee think it would be desirable to devote a portion for purchasing or erecting a building suitable for a Bank, an object in itself necessary for the continuance of the Institution. The Committee have further to state, that' in consequence of the resignation of the Actuary, Mr. Inglis, who is about leaving 'Wellington,, they have appointed Mr. Woodward in his place, who has kindly consented to officiate, in that capacity. * The Superintending Committee fully expected that they would have been able to announce in the present report^ that an Ordinance had been prepared by which the Bank would have been placed on a legal and satisfactory basis, and an investment secured for the funds of this Institution, in the event of the funded Debentures being withdrawn by the Home Government, while at the same time the Managers would have been relieved from the heavy responsibility which they have hitherto incurred, a responsibility which they certainly would have hesitated to have undertakes, bad they not confidently relied upon •aeh an Qrdipanjce being passed. The Committee cannot refrain from expressing their regret at the determination of the Government not to allow interest upon the old Debentures, as they are satisfied that &• Government is not only morally but also legally bound to.pay this interest — but they stul trust, that upon a reconsideration of the subject, his Excellency may be induced to alttr his decision.

The following resolutions were then carried unanimously :— Moved by Major Baker, seconded by Mr. Waitt — That the report now read be adopted. Moved by Dr. Dorset, seconded by Mr. Stokes — That the superintending committee and the Managers be re-appointed. The following is the list of the Superintending Committee: — Kenneth Bethune A. M'Donald Charles Clifford Geo. Moore Dr. Featherston Capt. Sharp W. Fitzherbert Henry St. Hill John Johnston* Col. Wakefield Wm. Lyon J. H. Wallace The thanks of the Meeting were then voted to the Chairman for his conduct in , the chain

Statement of the Wellington Savings Bank, from 2nd May, to the 31st December, 1846 :—

Dr. £ $. d. £ '. d. To balance of deposits on hand with int... 890 11 10 890 11 10 £890 11 10 Cr. £ m. d. £ t. d. By funded debentures onhand 439 18 9 364 « 9 Interest due by Govt. to 3 1st December .. 7 5 9 Debentures on hand unfunded 476 5 0 428 12 6 Balance, deficiency due by the Bank 9 19 6 Balance of cash in hands of the Union Bank of Australia .♦ 80 7 4 916 3 9 £890 11 10 56 individual accounts, including interest to 3lst December, 1846 471 17 9 32 Trust accounts, do., 214 14 5 6 Friendly and Benevolent Societies, do., 203 19 8 94 £890 11 10 ASSBTI. Debentures on hand funded 439 18 9 Do., unfunded .... 476 5 0 Cash in hands of Union Bank of Australia.. 80 7 4 996 11 1 Interest due to the Bank on funded Debentures 759 £1003 16 10 X.IABILZTXZI. Amount due to depositors with interest thereon 890 1110 Balance in faror of the Bank £113 5 0