LATEST TELEGRAMS

Te Aroha News, Volume VII, Issue 472, 17 May 1890, Page 2

LATEST TELEGRAMS

(Bt Electric Telegraph). (KROM otm OWJi CORRESroKDBNT). ~ •LATEST FKOM AUCKLAND.! THE- STUD COMPANY. TO BE WOUND UP. D* Last Night. ’ • At a raeoting of the Stud Company, held to-day, it wa9 resolved to wind op tlie Cdriipany ▼olmitarily, Mr H. E. Whitaker was appointed liquidator. ;-3‘4 v \ '■ The Chairman stated that the. Company had been carriod on at a great disadvantage for some lime past owing to the large amount of interest due to the- Bank,-' which crippled its efforts. Mares , Had diedvfrom 'time to time and were not reinstated, and no other course was: open td ; the'Company than to go into liquidation.. The Bank had no desire '-that the institution should he shifted from'Auckland ; and it, was their intention, to parry it on ,an.d nurse the

stud until it could be disposed of to the best advantage.

THE BANK OF NEW ZEALAND. MR HEAN’S REPORT TO LONDON BOARD OF DIRECTORS. NETT DEFICIENCY, £165 000. MR HEAN - RETURNS TO . LONDON.

The following is the text of Mr Hean’s message to London Board of the Bank of New Zealand, despatched on 12th inst. ; “ I njake the nett defhicce/ L 165,000; viz., additional loss on globo assets to December 1a5t..L349.000 ; loss in current hnsinses mainlv on old neconnts, as at 24th February last, L 54.000 ; Sydney defalcations, L 28.000, agxinst. which there is a surplus from Bank premises of L 150,000 ; at. ere'lit of sundry suspense account", L 16.000 ; aud a total undivided profit, including the Ma'ch half-yearly balance of Ll 00,000. Fresh Valuations hare been obtained of all t.lm station properties by perfectly in lependnnt valuer*, whose opinion will carry weight in the Co’ony. I have not obtained outside valuations of the New Zealand town nvd suburbnn properties, hut I have personally examined many of them, and in all cases revised, and, where necessary, modified them. The Australian properties have all been revalued by outside reliable valuers. These amounts have been arrived at after earefnl investigation and represent to the best of my heli»f the true and actual position of the Bank as far as it is possible to ascertain it. The current business is sound and good and the connection most valuable and capable of indefinnte extension with sufficient resources, and efficient management. The directors have issued a circular to the shareholders giviugHpan’s report, nnd stating that being satisfied as to Henn’s knowledge and capacity, nnd knowing the care he hns taken, they 'do notdiesitate trv nccept his conclnsinfis, although they believe a more sanguine view might justifiably have boon taken. Hetn proceeds to London immediately to confer with the London Board.