FATAL ACCIDENT AT GREYTOWN.

Wairarapa Daily Times, Volume IX, Issue 3020, 4 October 1888, Page 2

FATAL ACCIDENT AT GREYTOWN.

A Maori Girl Crußhed to Death. (From Our Own.Correspondent.) ■■ ; ' Yesterdayafternoon a fatal accident occurred at Papawai. A Native was-working, (driving) a heavy roller with a pair of young horses when the winkers came off and the horses bolted. The driver was jerked from bis seat, and narrowly escaped being run-over. Meantime a Maori girl who was standing near rushed forward to render assistance when the frightened animals swerved and tho girl was knocked down, the heavy roller passing over her bead and shoulders. She was shockingly bruised and crushed. Medical and other assistance were unable to restore her to consciousness, and before night the poor sufferer breathed ber. last.

Bank of New ZealandSpecial Meeting. Summary. - Auckland, October 3. A special general meeting of the shareholders in the Bank of New Zealand was held at 2 o'clock this iifiernoofl, at the banking-house, Queen-aneet. There wan a crowded attendance, Mr George Buckley, President oftlio Board of Directors, occupied the chair.' The report of the' Investigation Committee was hs follows :

" Our examination disclosed amass of securities taken in support of weak accounts, the. value of which had fallen greatly, and many ancounts were in liquidation, or which ought to be so, the cover for which had | become obviously inadequate, involving losses which the Directors had not i faced, but which, upon vigorous exi ainination, we feel convinced will not only absorb tho whole of the reserve 1 fund, but also nearly one-third of the | paid-up capital, say LBOO.OOO in all, , It is obvious to us that for years past i the bank has been paying a rate of i dividend which ought not to have. : been paid, Securities have been held I and the account kept going in the vain hope, of a recovery of the values placed upon them in what was in fact a period of inflation, ahd supervening upon this within the last iwo or three yearsheavy losses in Australia brought matters to a climax which we are now under the unpleasant necessity of facing, The principal Australian losses have been mado in Sydney and Adelaide, where tho "selection of managers was in each case, to say tho leust, unfortunate,' In Sydney, after a gambling career long known to most ' people, the manager was convicted of \ embezjling the bank funds; ; and in Adelaide, money appears lo have teen advanced, or rather squandered, in a way which dan only be characterised as reckless and disastrous,'■■ North Island, NiZ.—ln Auckland wo regret to find that, though tho head office of tho bank is there, and its affairs are under the immediate eye of the' Directors, tho general character of much of the business carried on has been most objectionable and the' policy pursued open to grave censure. In the South of New Zealand, heavy losses in the past, incurred to a large extent through rash or dishonest management, have been, so far, previously written off and provided for; but the securities havo been held without adequate allowance for a fall tyi values; and finally we find that advancos have been made to some of the direotars, upon insufficient security, and from those advances a heavy loss has arisen, estimated by us at over £160,000, while several actions have come under our notice calling for the gravest censure, -tf not more specific action. The connection between the' Bank and tho New Zealand Agency Company has not for many, reasons been advantageous to the bank,'and should on no account he allowed to continue, and wo consider the Company has beon unduly favored:by thoßink as regards responsibility, So much capital having been lost, it must necessarily be written oil', and the shares reduced from £lO to £7,. paid up, otherwise no dividend could be paid till the amount lost had beeii replaced out of the future profits, This will leave the paid up capital £700,000-and the reserve liability £1,000,000, It is proposed to take authority to create 100,000 new shares and to issue 50,000, which would make .the paid-up capital £1,250,000, and reserve liability £1,500,000; and we aie pleased to be able to Announce that applications have already been secured in London for 20,000. Notwithstanding the character of our report we see no occasion for despondency about the future of the bank, or no doubt that the shares yon hold or thosejvhich you may take up will be a good investment. The President, moved—That the capital in the bank be increased to ■tlie extent of £1,000,000 by the increase of 100,000 further and additional shares of £lO each, and- that the Board of DJrecfiorß bei Hereby empowered fo issue, dispose of, and allot 2§,QOQ. shares,, 6'r ''so maiiy of them as they see fit, op such terms and conditions, and payable at such" time : and either with or without premiums, as the Board of Directors may determine—Carried, f ' A vote of thanks to-the Committee ■ concluded the business. ■ "..■ A confirmatory caoeting will bt held ' in a week;. ..*'"' "'•""'' ''.. | Well's EUir.Baisaji.. "" If gray, restores original-color And elogant dressing, softens and beauties No.oil nor grease;. A'Tbnic Restorative Stops Kair coming out j I strenpehßl cjsjjaj'es,healsMain..'' .' .'■-.> ; :■ ■|: