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Wairarapa Daily Times, Volume 5, Issue 1292, 1 February 1883, Page 2

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| UNITED PRESS ASSOCIATION | Dunedik, Thursday. The Herald says that theOtagoLaw Society intend meeting to Consider Judge Gillies' reflections on Mr Hesketh. Dunedin, January ,31. The seventeenth half-yearly meeting of the shareholders of the Colonial Bank was held in the bank buildings this afternoon. There were about 70 shareholders present, and the Hon G; M'Lean, chairman of the board of directors, presided. The Chairman, in asking the shareholders to accept the .balance-sheet on this occasion, did so with a feeling that! they would be unanimous in adopting it. Seeing that the directors had come before them with a considerable balance, he had the greatest confidence in asking them not to look for an increased dividend, but to build up the bank and the reserve fund in a way to advance the institution in the future. It was not putting the money out of their way, but increasing it in many ways, He had no doubt that they would be able to have a reserve fund equal to their paid-up capital,'after which they would be able to donble their dividends. There was one thing in putting this to the roserve fund, it was not necessary to put- more than. £IOOO every year, and they would be able to put by a certain sum every half-year instead of putting a large auto at a time. The shareholders would see by the balance-sheet that business had boen satisfactory, that it was increasing considerably, and that they had been able in time of trouble to keep their customers in funds/ There had been great pressure of late, as all would know, through various circumstances, but he hoped .they would Be# good times again, For instance, they had the Bank of England keeping up its rate of 5 per cent, for an unprecedented time, which had helped to keep money ..away that would otherwise have come to the colony., Then there was' no doubt that they had had heavy importations, but that only created deadness for the present, and would soon pass away. In New Zealand, howevei, we'had a good harreft and & good wtol dip, bttth- of which would go to bring easier tijUM. We had also the frozen meat bijginsß going on, and there was ondpubt' that this industry wiquld go .to establish our prestige M.wporters. The New. Zea ; land .loan had been successfully floated, which, of itself, was a .favorable sign. They would agree with him' that London speculators 'had made enough out of New Zealandloans, and although' we had done well it would show the prudence of only putting £1,000,000 per annum on the London market. The Victorian loan, prol ably through a misunderstanding, and tho Victorian authorities failing to recognise that the btokers of London were a power who must be taken into consideration, had been a failure. He had no doubt, however, that easier times would come to Australia, as well as to New Zealand, He would not detain the meeting, but if any questions in regard to the balance-sheet i, required to be' answered, he -would be • pleased to answer them. He moved the adoption of the report, and Mr. Sneith seconded it, and it was carried- nm eon, Mr R. Wilson was the only' nominee for the vacanoy on the ,(directory, in place of the Hon 0. McL?od, who retires, and a hearty vote of thanks was accorded to the officeg|pl ;: directors of the bank. , \