THE Waikato Times

Waikato Times, Volume X, Issue 537, 28 October 1875, Page 2

THE Waikato Times

Equal and .exact justice to .all men, Oi whatever state or persuasion, reKgkras or politic?l # # # # # Here shall the Press the People's right maintain, XJnawed by influence and unbribed by gain.

THURSDAY, OCTOBER 28, 1875.

The Bank of New Zealand is a Colonial ■institution of which all true Colonists may justly feel proud. It is -an institution w'hi-dk, during the fourteen years of its existence, Las judiciously developed -and nourished the numerous industries in the Colony, thrown its protecting aegis over our trade and commerce, and brought its powerful aid to the rescue in times of | sudden emergency, when some prudent, ! prompt, and vigilant financial controlling influence was necessary to avert panic, | disaster, and social misery. It has been I in this Colony the embodiment of a system of financial providence, of far-seeing and comprehensive economy of resources • and contrivance of means to an end — that j endthfi utmost developmentof our resources consis'tant with safety, and the moat generally defused prosperity for the people. ! The institution was established, not without misgivings as to its future, on e ly fourteen years ago. Its career is a striking and gratifying exemplification of the happy i results of prudent management, of .fostering cai»e, and, more than /ill, of contentment with sure, steady, gradual development, rather than hasty and fictitious prosperity, however brilliant for- the time. The institution is the great outcome of small beginnings ; the maturing fruit of wise and far-seeing plans ; the firm and enduring structure which patient toil and study have safely reared upon foundations laid deep and BtroEg by men who havo

; propjpred with Us growth, and who will leave behind them a permanent memorial^ the prudence and foresight pos33ssed.-fayth& early Colonists of New Zealaad. Beginning with a cipital, which looks insigrii6cant, when compared to ita present operations, the Bank's business has slowly and surely expanded, until its deposits and circnlation have now reached the enormous amount of £6,180,000. In the period of fourteen years it has divided amongst its shareholders a gross sum of £920,000, carried j£ 180,000 to a reserve fund, and written off i: 100,000 for bank premises and furniture. Its net profits .for the half year ending -30th September last amounted, to £47,103 2s Id, making, together with a balance of undivided profit at the 31st March last of £16,974 lls Id, a total sum available for division of £64,077 13s- 2d. This araovmthasbeenappropriatedto a dividend afc the rate of tea per. cent' per -annum, and a bonus equal to an additional five per cent per unuum, the residue of £19,077 13s 2d being carded to profit and loss. A cursory glance at the aggregate balance sheet of this institution reveals a condition of gratifying prosperity and financial stability. Including the business at tlpe London office on July 31st in the present year, the total assets of this Bank amount to £8,755,021 10s '6d, which is very largely in excess of -all possible liabilities. It would be difficult to find anywhere an example of such unparalelled prosperity and such sure and stable growth- as the report nov before us indicates. In that ' report we find the best evidence of the -stability of our resources, and the most convincing answer which could possibly be given to the " false accusations and malicious inuendoes" (as Mr Stone termed them) of Mt bridges. To mention his name, and to further allude to the abortive attempts of that individual to cast obloquy upon an institution whose reputations and interests are so far above more individual considerations, might appear almost ridiculous at this moment, were it not that the question involves the political reputation of the foremost men of the Colony, nay of the Colony itself. Taking this view it ia matter for -congratulation that Mr Bridges' "accusations and inuendoes," were probed to the very bottom, that all excuse for prevarication,, iergiverisatioa, and concealment were removed "by a special legislative enactment, that Mr Murdoch fearlessly, challenged rigid acruitiny ; and that, in the pregnant words of the final report of a Pa rliacßenttary 'Commission the "imputations and inferences,' of this Mr Bridges " are absolutely unwarranted and without foundation." The name and lame of o«r foremost and most honored public men, arid the cherished reputation of the premier financial institution of the Colony have come out ©f the ordeal unscathed, untarnished, and undiminished. Mr Bridges' visionary charges liave been dssipated into thin air * the pubKctnind has been tranquilized ; and out of the crucial fireofacalin. dispassionate, and patient inquhy, ia which every matter was vigilantly and rigorously sifted, and the fullest latitude and protection given to the aec«ser, Sir Julius Togel^ the Government of the country, and the Bank of New Zealand have conae proved And tempered, as polished steel. Mr Whita'ker's remarks at the half-yearly meeting of -the Bank on Tuesday last, were, to use a liaoiely simile, like " throwing water on a drowned rat." Mr Bridges has contrived, by the exhibition of questionable qualities, to achieve an unenviable a/nd evanescent notoriety. He has " gone up like a rocket and come down like a stick." : 'When the institution which he -has so vaiuly assailed has developed iuto full maturity, the name of this Mr Bridg.es will have faded into the blank abyss of oblivion, sharing the commdn fate which a wise Providence has reserved for all small, Insignificant bores. Like the ephemeral -aaoth, Mr Bridges fcas fluttered against the lamp and hopelessly singed his wings, and when the poor creature's puny throes are over 1 , his little light will be quenched, and he will vanish into ob-. ficuiuty and .oblivions. .!» Another Bank now demands some notice at our hands. Anxious as we are to do justice to all legitimate institutions, we cannot faut appropriate some of our space to the Third Annual .Report of the National Bank d£ New Zealand, which now lies before -us. If we are unable, from a careful of this report, to notice such large operations and such results as have forced themselves upon <mr -attention in the .previous -article, it must be borne in mind that the National Bank is a comparatively young institution, that a great part of its shareholders and capital belong to England, that its supreme management is in London, and that it has not enjoyed those advantages which belong to purely icolonial institutions, owned and managed in the colony. We find from the balance-sheet, presented at a general meeting held in London on the 19th of August last, that the nett available •balance of profit for the previous year was £26,866 0s 2d, which has been appropriated towards the payment of a dividend at the rate of six per icent. for the year a residue of Os 2d being carried to the account of next year: The total amount of capital called up, less calls unpaid, amounts to £349,419 10rf, while the total operations of the Bank under all heads amounts to .£2,233,042 15s 3d. The Chairman in his remarks felt it necessary to refer to an "unfortunate accident" — but for which the accounts would have, been -earlier — caused by one ©£ the nnnagers, for which, in the felicitous, phraseology of the speaker •" he has had to suffer." The Chairman dismisses this 11 sacking " of a manager with becoming brevity, and proceeds to notice the "improvement" which has set ia amongst " the recently appointed officers of a new bank," who cannot be expected to. " fall into all the ways of a bank in the course of a few months* service." Herein the Chairman spoke advisedly, as recent bank changes in this colony have ;fihewn. He hopes that " next year the. proceedings of the Bank will fall into regular order," and judging from the energetic exertions i towards the attainment of that great d«sidoratum which the management has

recently exhibited in New Zealand, the prediction Is in a fair #ify of verification. MiVB ridges next ?coines under review. Re was, says the Cha^K^n, ifcent to the colony "for the purpose ofv, .impressing' upon the offijsers of th© Bank^tlie distinct views and, intentions &£ the 'Directors aato the conduct of the business of 'the establishment." It would be faint praise to say that Mr Bridges has "impressed" those viewa and intentions iritira fortitude" and determination of purpose almost Spartan in its thorough earnestness and intensity, and, if the Directors only reward him- as ii 6 desentts, He* will prdbably receive what even in jbiai'ttaost sanguine anticipations he never hoped for. The ChWr.nian thus attempt* to paint hit many virtues and sterling" cleserts : " A man insatiable for work;: never ' tired \ always ready.". The Chairman does not say- what he, is ready for, but those whoknow Mr Bridges will have -no difficulty in supplying the necessary word. • Of course, it is nefedlesa td remark tKa£ these eulogiums were passed before the lale Parliamentary Commission on the public accounts of the colony had presented its report. - The remainder jof the Chairman's remarks speak hopefully of the prospers of the Bank, and point to the necessary reforms which are being introduced an order to/ "ensure a safe and steady business " in this colony. f . , »' THE PROPOSED AOBtCXTLTUBIL Show is now in a fair way of becoming " au fait accompli. r ' Delegates have now been appointed by Te AwaoAuta, Cambridge, and tfamdbton, whd will meet at an early date on the neutral ground of Obaupo, and endeavour to arrange the preliminaries for a Show to be held in the Spring of 1576. So far there has been a very pleasing: unanimity of" opinion from the three districts, and we only hope that no untoward circumstances may disturb the harmony that exists. To render the Show what it ought to' be, it will be necessary for the delegates to exercise mutual forbearaace and patience. The first steps Having been satisfactorily surmounted, tho way will be comparatively, smooth, and a Central Agricultural Show may be established as -cmc of the permanent institutions of the Waifcato, as a stimulus to stock owners and agriculturalists, aa attraction to outside capitalists a»4 sightseers, tnd. generally as a benefit to the district. Snch results are worth patient endeavours, an 4 some .amount of sacrifice of personal feelings, » Ova Special Cosrespondint at Weilington informs us that the Government have determined to place at the disposal - of the Enetineer.in-'Chief, all the men of the . Armed Constabulary who can be spared from garrison duty to be employed on necessary public works. We believe it is estimated by the Defence Office that as many as 800 men will be available for this duty by dismantling a few of the outposts which need be no longer -maintained, and redistributing the force to suit the'altened -circumstances of the times. The party thus released from military duty will not be employed in the towns, brjt«G>n the construction of roads and other -necessary works in the 1 otit-<sistricts. The changes will be effected at an early date. We trust the Government will mate arrangements, for the employment of the Constabulary in those poor and struggling districts which suffer most from want of roads and bridges. There are many such districts, in in tho Waikato, in wkick the population, though numerous, is aeaittored over a wide •area of country, and the aggregate amount accruing from rates is miserably inadequate for .carrying out improvements upon an efficient aad permanent scale.

Mercer. — Our Mercer correspondent informs us that a new steam launch for the Maratnarua coal trade is being built at WelFs .Railway Saw Mills. A young man named Edward O'Neill ha» "been killed by a fall of earth at Geraghry's cutting, between Mercer a.id K'ngiriri At the inquest a verdict -of " Accidental Death" was returned. Auckland ajsd AJebceh Railway. — lie traffic returns of . the Auckland ami Mercer Railway for the four weeks ending 25th September show a returo from passengers and parcels of £860 15s Id, aud from goods of £705 8s 5d miking a total'©? £1,565 3s 6d. RiT£a Steamers.— The p« Alert ma Ac a smart run on Hxieafay, from Cambridge to the Heads and "back to Mercer, making a journey of about L 36 miles, including stoppages, in a little under twelve hours. The Rangariri, Waikato, wad Alert are expected to arrive M Hamilton during the coarse of to-day. Ma G-eokgb^ucck. — The Herald of yesterday contains an excellent description of Mr George Quick's new steamer, now being built ior the Waikato trade, and further says "As to Mr Quick himself, he is sufficiently wellknown to need no praise the long service He has rendered to the public will be the best security for his success in the direction he is at present pursuing. " We cordially $iid<3r*e .the sentiments of our contemporary. •KiHisiiKi. — Ah entertainment of varied' attractions including an '• illuminated Tableaux, b'ulliant fairy scenes, songs, and recitations," concluding with a dance, will take place at the School-roe m, Kihikihi to-morrow ( Friday) evening. We confidently expect thai our fi-ieud>>jof Kibitihi and the surrounding districts will muster " muchly " as Artemus Ward would say, on tins festive occasion. 'Pu©*RBSoS Bbdce at At,bxjlxdri. — Profet* sar Brace delivered a highly entertaining and ' instructive lecLure on Phrenology and mesmerism, in (he Alexandra Hall, on Monday evening last. A number of well-known residents ia tne township having offered tbeuiselvet for examination, the lecturer proceeded to examine them iand his delineation of their respeoti re characters was so striking and truthful as to elicit the j warrant ,apprural from »he audjence. Professor Bruce will lecture at Cambridge, on Saturday nad Monday next, and atHaxiilton on Tuesday and Wednesday, , Case on Distrbss. — We learn that a tmjw wriral named Williams, who has been employed by Mr Coatesin the Swatap, has been proat rated by illness, and now lies at tbe Koyal Hotel, too ill -for removal. He is suffering from inflammation -of the chest. Mr Coates has treated tbe unfortunate man with great xindnesa, butm the absence -of some suitable place wbero such patients may undergo medical treat oaect with proper attendance and appliances, suffering is muelf increased, and invalid* of limited means are placed in some jeopardy. Oases of this kind show the great necessity that exists for the establishment of a Central District Hospital in Waikato, "where patieQts would be enabled to undergo treatment under the most favorable circumstances, and would be spared the heavy expeaso of private attendance.