THE COLONIAL BANK.

Tuapeka Times, Volume VII, Issue 397, 7 October 1874, Page 6

THE COLONIAL BANK.

The meeting of the shareholders of the Colonial Bank, held at the Masonic Hall on Sept. 30, for the purpose of appointing saven directors and two auditors, was attended by a lart»e number of gentlemen, the flail being crowded ; and Mr Larnach was voted to the t hair. The Chairman, before proceeding to ths election, mentioned wh,it had been done since the initiation of the B*nk. The manner in which the applications came in, especially at lnvercargill and Southland, places where the promoters were known, was unmisukeable evidence of the necessity of the B.rak. It being a very large company considerable difficulties had to be got through, and he could assure them that the promoters and provisional directors had earued the thanks of the shareholders for the energetic way they earned out their task Tbe monpy subscribed had not lain idle, haviug been invested in the banks in town, thereby had always been returning some interest, and was available whenever the bank required it. Concerning the purchased site some difficulty arose about the deed, and the Union Bank becoming vacant-., tlie provisional directors determined to purchase its leasehold. The freehold near the New Zealand Bank was bought for L 6.309, and the provisional directors afterwards sold it for L 7.000, thereby making a profit towards the preliminary expenses. — (Applajse.) The leasehold was for twenty-one years, and the new bank would be open tomorrow for the conduct of pubic business — ( Applause ) The Superintendent and the Bank's solicitor {Mr B. C. Haggitt) deserved their thanks for their exertions in the interest of the Bank while at Wellington. A most important matter was the appointment of gentlemen for the management of the Bank. The three gentlemen appointed by the directors were Messrs B.eal and Warren {formerly of the Bank of JNew Zealand), and A. W. Morris. The election , jave an impetus to the shares going off immediately tne selection was known. The number ot shares applied for in each Province was :— Otago, 106,731 ; Napier, 8,200 ; Westland, 5,054 ; Marlborougb, 2,077; Taranaki, 1,078; JNelson, 5,618; Auckland, 8,123; Wellington, 17,531 ; Christchurch, 15,367— t0tal 170,040. This number i 3 represented by 3,000 shareholders. Thirty thousand shares were reserved. The result of the election of directors jrill not be known till to-night. >4p