TELEGRAPHIC.

Wairarapa Daily Times, Volume IX, Issue 2884, 27 April 1888, Page 3

TELEGRAPHIC.

A Liberal Bankrupt.

Wellington, Friday, A meeting of creditors in the assigned estate of F. H. Pickering and Co, of Blenheim, was held yesterday,

with Mr E. W. Mills in the chair and

x over twenty creditors present and * represented. The position of the estate was laid before the meeting by Mr Cock, of Messrs W. and G. Turnbull, and it was decided to accept from the trustees of the estate a composition of ten shillings in the pound, cash,

The Bank of New Zealand,

Half-Yearly Meeting. Auckland, April 26; The Bank of New Zealand yesterday held its half-yearly meeting at Auckland. The profits for the past half year aro £54,000, a sum equal to 10 per cent, per annum on the Company's capital. The directors recommended the payment of a dividend of 7 per cent. The report shows that the confidence of depositors is unabated, the deposits having only decreased L 64,000, on ten millions deposited, The Chairman's speech states that the reduced profit is attributable to the accumulation of securities not yielding full interest, which it may be opportune to realise now. Tlio directors recommended the appointment of a committeo of influential shareholders to examine these securities and decide which should bo immediately realised. This step completely removes all doubts regarding the nature and value of securities held by the Bank. The Committee appointed to examine the Bank's securities are—Mr Justice Gillies and W. H. Colbeck, Auckland ; the Hon. Walter Johnston, Welling ; John McLean, Otago ; George Birafley, London. The new directors, fire Hon, J. Williamson, dead, and Mr G. B. Owen, resigned, are the Hon. Walter Johnston, Wellington and Mr George Buckley,

Auckland, i'riday. The committee appointed by tiie Bank of Jlew Zealand to investigate tlie affairs of the Bank have issued the following circular to shareholders, in case their appointment should create uneasiness in the minds of shareholdersWe think it well to state without delay that care-fully-compiled certified returns, propared by the Bank staff, supported, where necessary, by independent valuations, and whicli we have examined, satisfy us as to the soundness and stability of the bank, which has ample cash resources at its command for all probable require- ' ments, and though its earning power is for the present curtailed by the locking of much of its funds in assets whicli are for the time unproductive, these assets are mainly of a substantial character, and must, with the progress of the Colony, soon recover their value, which the prevailing depression has affected. We propose to examine the position thoroughly and to give mature consideration to such • as may seem calculated to tlio bank to utilise tlio whole of its resources in developing its excellent and valuable business, As this will involve communication with distant points some time must elapse before we are prepared with our full report and recommendations."