BANK OF NEW ZEALAND.

Colonist, Volume IV, Issue 423, 12 November 1861, Page 2

BANK OF NEW ZEALAND.

On Saturday last a meeting was held at the Freemason's Hall to consider this project as initiated at Auckland, with a view to extend our local interest in the same. Nelson having hitherto figured but poorly in the aggregate shares taken. E. W. Stafford, Esq., having been voted to the chair, a clear and concise statement of the position, prospects, and intention of the scheme was laid before the meeting by the chairman. He said that the people of Nelson appeared to be indifferent to a fault to an undertaking, that deserved the greatest consideration of the community. The annual profits of the foreign banker's were not only made in the legitimate way of interests, but they were made twice over by lending the money of depositors to discount for other depositors, as they merely lent the money for those purposes which ? A B Cjsflfl) falaced fti their hands, withdut trenqting upon tlieir own capital. Nothing :;coulci be?more regular than the balances which were struck, they were like the unvarying course of the tides; or the average of.deaths, that instead of being as it would in single instances seem to be—a matter of accident—was really' in accordance with unchangable piinciples. Two banks had discounted £800,000 more than the amount of their capital, and the Union Bank on one occasion had declared a profit of forty per cent, which was of course a commensurate loss to the country. He did not give these instances to infer anything wrong or improper in the conduct of the banks he had instanced, but it was clear that they had a second rate interest in keeping the money of the country while we had a first-rate interest in the matter. Now, by adopting the principle which the New Zealand Bank initiated the people would lend money to each other, wealth would remain in the country, and the net yearly profits of £60,000 which were now taken out of the country would not then have to be mourned the loss of as was now the case. He did not want to be considered egotistical, but he might state that such was his own opinion of the safety of this source of investing, that he had taken one hundred shares, arid would next week take another one hundred, having a farther desire to take the utmost number of shares allowed. He bad not taken shares until he had found that it was to be really a New Zealand Bank, because he knew that if every province did its part it must be successful, but he would not have taken shares in any provincial bank liable to losses by death, pneumonia amongst the cattle, catarrh in sheep, or such a state of native affairs as would be likely to cause a panic. He had registered all his shares in Nelson, and Bhoulddo so^hh anyother he might take, but the indifference with which Nelson had as yet, met the subject, was inexplicable. There were considerably more shares taken at Hawke's Bay than here, about 1,800 there, while only 331 bad been taken at Nelson before he took his [own, yet the population was six times larger than that of Hawke's Bay. Nelson was as wealthy as other places, and perhaps the apathy exhibited proceeded fiom negligence or misrepresentation, or a com* bination of causes; but he thought it must proceed more particularly for want of examination if not indifference. There had also been something said about " northern interest" preponderating, but there could be no foundation for any idea of disadvantage on the score, of the directory being located in a particular province; no portion of the shareholders could receive different dividends on that account. Why the directors of the other banks were resident, in London! The old feeling of the provinces having separate interests was fast dying out, and it was becoming clearly understood that no institution could be formed or act passed in New Zealand but what affected the interests of the whole. Objection had been raised by a very few on the score of the project being premature, what was there that was not premature to some ? The discoveries of Watt and the introduction of the steam engine were premature with such minds. It was true.that on the other, hand some would be rashly speculative, and therefore the former would be useful as a check, he did not then rail at them, but such was his own confidence in this project that having perforce studied the question he could conscientiously recommend it as a desirable investment .to his fellow settlers in Nelson, whose jnje.reßts?hehacl always? studied, and adviseithat no time should be lost in there proceeding to act in the matter. Nelson would be considerably advantaged by it, and he believed that the shares would very soon be at a premium. The chairman dwelt at considerable length on the subject, clearly and earnestly defining the advantages and interests involved, and in answer to Captain Bough, enquiring as to the liabilities of shareholders, and whether the bank would give interest on accounts, replied that every was only liable to a limited extent, vi».— £20 for each £10 share, instead of as it was with most of the Joint Stock Banks, where every shareholder was held liable for the whole of his property. With respect to the question of interest, he was not a director, and could not say what was intended to be done about paying interest on deposits, but anything that the public considered, defective could not last more than six months, he had left Auckland, shortly after the directors had been elected and he had not heard the question mooted previously, but whatever the usual practice was, that the bank would have to adopt, as it must be influenced by what others did. Mr. Curtis shortly addressed the meeting on the desirability of the public being put in possession of every particular with

respect to the project; He accounted for the small number of shares taken at present by believing that money was so easily made, and large profits gained, by the ordinary channels in Nelson, that there was none left for investment in banks. He believed, however, that the time had arrived when the introduction of a New Zealand Bank was a desideratum, and on some questions that arose invited reference to the deed of settlement in his possession, A vote of thanks to the chairman closed the meeting. We were sorry to find that the opportunity of ventilating the question as thoroughly as it seems to have been done elsewhere, was not very largely taken advantage of. The meeting was a limited one, and but few questions raised —possibly from the general feeling of security and advantage, precluding the advisability of the scheme.

The Whits.—The writs for the election of Superintendent and Provincial Councillors for this province, reached us on Saturday night last by the Airedale. The nomination of candidates for the former is fixed for the 30th instant at the Provincial Hall, and the election will take place on Monday, the 23rd December; the Provincial Hall, Courthouse, and Odd Fellows' Hall, being the city polling places. A reference to the advertisement will give the names of fifteen other polling places throughout the province. Thistles.—Mr. Jame3 Runciraan, of Mongarei, we learn from an Auckland paper, has discovered an effectual mode of destroying that almost universal pest—the thistle. It consists of cutting the thistle down even with the ground, and dropping upon the stalk a small quantity of turpentine, which will penetrate to the root and kill it. Nelson Beep.—(Scene—an Hotel). Irascible Gent, (to Waiter): ' They say there's nothing like leather, don't they ?'—' Yessir.1 * Then it's a lie, for this steak is!' (Jeames the waiter evaporates.) Bank op New South Wales.—We hear that the large premises in Trafalgar-street, near the Chamber of Commerce, and immediately opposite the Union Bank, have been taken by the Manager of the Nelson branch of the above bank, Mr Murdoch, who is now in Nelson. The remainder of the staff, with other essentials, will arrive by next steamer. Birds, &c.—Sir George Grey has introduced into New Zealand from the Cape of Good Hope three additional game birds and animals, namely, the Grey Francolin (Francolinus clamator), the Cape Coney (Hyrax Capeosis), and the Mountain Goose (Anas montana). The grey francolins, nine in number, have been turned loose in the Domain (Auckland), the coneys are on Rangitoto, the young of the geese will be suffered to fly when able to take care of themselves. His Excellency has also brought with him a number of tortoises, which are said to be excellent eating, and to be capable of being made into a soup rivalling that produced from the Marine species; they have been placed on Motutapu. By a late proclamation these have been declared to come within the meaning of the Act for the Protection of certain Animals. Theatricals.—On Friday evening next Mrs. Foley's dramatic company will give the first of a series of performances, at the Odd Fellows' Hall, commencing with part of the play of the Stranger; an interlude and Rod well's comedy of the Young Widow, complete a very good bill of fare. Particulars of cast of characters, price of admission, &c, will be found in our advertising columns. Judging by the encomiums of the Wellington press, through a long theatrical term, this company will deserve the encouraging patronage of full houses during their limited stay in Nelson. Artificial Teeth.—We observe that the latest improvements in ,the dental art may now be obtained at Dr. Tatton's, Bridge-street, late importations from England having supplied him with ths most recently discovered mechanical contrivances for supplying the defects of nature in this important part of our economy. Nelson City Improvements.—The following, presumed to ba from the pen of a gentleman not long since a resident of and well known in Nelson, and who, we believe, was anything but favorable to the Board, is taken from a leading article of the Canterbury Standard. —We can speak from experience as to the working of such a Board in the city of Nelson, and we have little doubt that those amongst us who knew Nelson as it was some five or six years Bgo, and have visited it lately, must have been struck with the great improvement in the streets and other pubic works of that town. The vigilant supervision of the local press has effectually prevented any abuse of the powers vested in the Board, and the knowledge that the members can, at any time, be brought to book by the ratepayers ensures the faithful discharge of the duties intrusted to them.