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The Cyclopedia of New Zealand [Wellington Provincial District]

Financial Institutions

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Financial Institutions.

Public Trust Department.

This department was constituted by Statute in 1872, but since then its scope has been much enlarged, and by the Public Trust Office Consolidation Act, 1894, very much extended authority is given it. The department is designed to afford to persons, either in the Colony or residing abroad, a secure agent or attorney in any case where it is desirable to form a trust, and it also provides for relieving private trustees of property in the Colony of their responsibilities where they may be unwilling or unable to undertake or continue the administration of properties under their control. There are restrictions regarding the acceptance of all trusts, and to guard the department against loss, except so far as regards intestate estates, the acceptance is subject to the consent of the Board of the Public Trust Office. The Public Trustee, in his capacity as an executor, administrator, guardian, agent, or attorney, possesses all the rights and immunities as a private person acting in any of those capacities would have. In cases of persons dying intestate in the Colony, the Public Trustee, if he thinks fit, may apply for letters of administration. The good faith of the administration is guaranteed by Statute, and the Colony is pledged to maintain the integrity of funds placed in the Trust Office either for investment or without direction. The Act provides that the funds may be invested in Government Securities either of the United Kingdom or any colony; in debentures of local bodies; on real estate up to half its value; in fixed deposits on any bank carrying on business in the Colony, or in the Post Office Savings Bank. The charges made by the Public Trust Office are calculated to be no more than sufficient to meet the expense of managing the department without loss, and it is claimed that they compare favourably with the expense of administration by any other agency. The number of estates administered by the department increased from 1678 in 1890, to 2086 in 1895, and the value from £1,240,097 to £1,562,269. Interest is paid on moneys arising from any estate at the rate of 4 1/2 per cent. up to £3000, and above that sum, 4 per cent.; in lunatic and intestate estates, 8 1/2 per cent. There are district agents at Christchurch, Auckland, Dunedin, Greymouth and Napier. At New Plymouth a Reserves Agent assists the Public Trustee in the administration of the West Coast Settlement Reserves of nearly 200,000 acres on behalf of the native owners. Upwards of 100,000 acres are leased in from five to six hundred leases to settlers. The total number of permanent officers is thirty eight, and the annual cost about £8,500. The revenue of the Public Trust Office for the fifteen months ended on the 31st March, 1895, was £19,230, and the expenditure £17,290. To relieve the Public Trustee of a portion of his extensive duties, a Deputy Public Trustee has recently been appointed.

Mr. James Kemmis Warburton, Public Trustee and Superintendent of the Government Advances to Settlers Office, Wellington, was born at Nelson. In Wellington he received his primary education, but he was afterwards sent to England to have his education completed. He entered the public service of the Colony in the early part of 1862, receiving an appointment in the post-office. For nearly thirty years Mr. Warburton continued in this important branch of the public service, and for many years prior to his acceptance of his present onerous position, he filled the post of Mr. James Kemmis Warburton page 645 controller of the Money Order and Savings Bank Department. In June, 1891, he was appointed to the head of the Public Trust Office, a department of the public service, which entails a large amount of responsibility on its officers. So ably did Mr. Warburton perform the duties of this position, that on the creation of of the Government Advances to Settlers Office, in October, 1894, he was chosen by the Government as its superintendent, and it is probably no exaggeration to say that there is not another man in the Colony who could be found to merge himself in the duties of the office as does Mr. Warburton. He is at his post from early morning till late at night, there being no limit to his office hours, and works indefatigably in the interests of the public.

Mr. Frederick John Wilson, a Barrister and Solicitor of the Supreme Court in the Public Trust Office, who acts as office referee on legal points and other questions, was born in 1831 in the “World's Metropolis.” Educated at private schools in his native city, Mr. Wilson has since 1847 been employed in legal or notarial work. He came out to Melbourne in 1852, and remained for ten years. During this time he designed a most useful index, which he brought into operation in the Deeds Registry Office of the colony of Victoria. This index is a marvel of simplicity, and by its use a considerable annual saving in the cost of searches has been effected. During the course of his work Mr. Wilson made fully 170,000 entries. In 1862 he entered into an engagement to cross the Tasman Sea and take up work as managing clerk for Mr. James Smith, barrister and solicitor, who was removing from Melbourne to Dunedin, and to whom he had been clerk from 1854 to 1859. On arrival in New Zealand Mr. Smith offered him articles on full pay, which he served, and ten years later (1872) was admitted as a barrister and solicitor in Dunedin. Mr. Wilson next removed to the Dunstan goldfield, where he practised his profession for about fourteen years. In 1886 he sold out his business to Mr. Gilkison, having accepted an unsolicited offer of an appointment in the Public Trust Office. Mr. Wilson fills a most responsible position, having to decide many and divers questions for the guidance of the office. As a member of the Oddfellows' Society, M.U., he belongs to the Loyal Dunedin Lodge, in which he is a “Past Grand Master.”

Mr. Arthur Alexander Keith Duncan, Deputy Public Trustee, Chief Clerk of the Trust Office, is a New Zealander, having been born in Christchurch in 1860. Educated at the Christchurch Boys' High School and Grammar School, he entered the public service of the Colony in the Christchurch post-office, at the age of sixteen, after having a year's experience in the office of the Press newspaper of that city. Mr. Duncan was soon after-wards transferred to the accountant's department of the General Post-office, in which he remained for thirteen years, rising to the position of bookkeeper. In June, 1891, he was transferred to the Public Trust Office as chief clerk, which position he still retains. As a member of the Masonic fraternity, Mr. Duncan belongs to Lodge Waterloo, N.Z.C., in which he has held the office of Junior Deacon. For many years he has taken a lively interest in acquatics, holding the office of Secretary of the Wellington Regatia Club, on the committee of which he still acts. Mr. Duncan is joint owner of the well-known yacht “Maritana ” In cricket and football he has been prominent; as a bowler he was chosen to represent Wellington in three interprovincial cricket matches, and was very successful. He is also a member of the Wellington Football Club. In literary matters Mr. Duncan has also shown great interest, and sat as a member of the committee of the Wellington Athenæum for some years prior to its being merged in the Public Library.

Mr. Thomas Sherriff Ronaldson, Accountant of the Public Trust, and Advances to Settlers' Office, was born in Cork, Ireland, where he received his early education, completing his school course at Belfast. There also he got his first commercial experience, being several years in a wholesale linen warehouse in that city. The ship “Carisbrook Castle” brought Mr. Ronaldson to Auckland, New Zealand, in 1875. After gaining general mercantile experience in various parts of the Colony, he joined the Civil Service in January, 1883, as an extra clerk in the Property Tax Department. During the same year Mr. Ronaldson was transferred to the Public Trust Office as clerk, and he has steadily advanced in the service up to the present time. About the middle of 1893 he became acting accountant, and on the 1st of July, 1894, was raised to the position of accountant of the Public Trust Office. Upon the creation of the Advances to Settlers Department, the responsible office of accountant was entrusted to him. In years past, Mr. Ronaldson has taken an active interest in football and cricket. Between the years 1879 and 1883 he was prominent in football matches, and in cricket he represented Wellington as a bowler for many years. In 1886, Mr. Ronaldson married Miss Luckie, daughter of Mr. D. M. Luckie, assistant commissioner of the Government Life Insurance Department, and has three sons.

Advances To Settlers Office.

This is a new department, the aims of which are to relieve country settlers from the burdens of high rates of interest and incidental expenses on the mortgages of land. The capital fund is raised by loans by the Government, and a sum of a million and a half was borrowed in 1895 at 3 per cent., which, after deductions for discount, brokerage, &c. left £1,400,000 available for the lending board to let out on freehold lands and Crown leases in sums of not less than £25 nor more than £2500 up to three fifths, the valuation on freeholds, and one half of the lessees interest on leased lands: every mortgage to the department to have a term of 36 1/2 years, repayable by 73 half-yearly instalments, calculated on a basis of 5 per cent. interest, and 1 per cent. sinking fund. In applying for loans, the applicant must forward the valuation fees which ranges from ten shillings and sixpence on loans not exceeding £100, to two guineas on accounts of over £500, and if the application is favourably entertained, there are further charges for preparing and registering the mortgages. The officials of the department are bound to secrecy respecting all business transacted. The Public Trustee is the superintendent of the lending board, and there are four chief valuers, who report on applications for loans in various parts of the Colony. The yearly cost of the department is estimated at £7650, which it is expected will be more than recouped by the profits of the department, and the balance, if any, will be devoted to an assurance fund.

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The Equitable Building and Investment Company of Wellington, Limited. Directors, Messrs. G. M. Kebbell (chairman and managing director), D. Anderson, W. R. E. Brown, J.P., R. Miller J. O'Meara, J. E. Smith, J.P., and W. F. Wheeler; secretary, Mr. J. H. Otto Schwartz. Offices, Equitable Buildings, Lambton Quay, Wellington. Telephone 30. Bankers, National Bank of New Zealand. The Company's capital is £100,000, in 10,000 shares of £10 each, fully subscribed, the paid-up capital being £50,000. Established in 1877, the “Equitable” has been a dividend-paying company since the first year. For the first twelve years the dividends were at the rate of rate of ten per cent. per annum, and for the last few years nine per cent. The handsome two-stoty building, valued at £5000, erected on freehold land, the property of the Company, is creditable alike to the City and its enterprising owner. The front portion of the ground floor is occupied as public and private offices by the Company, the second floor and the rest of the lower flat are well 1st. A substantial reserve fund amounting to £17,000 has been accumulated. The Company's business, as indicated by the title, lies chiefly in the investment of funds on the security of real estate. Deposits are received, and on these a fair amount of interest is given, the present rate (1895) allowed being four and a half per cent. At the end of 1894 little less than £150,000 was held by the Company in this way.

Mr. G. M. Kebbell, Chairman and Managing Director of the Equitable Building and Investment Company of Wellington, Limited, was born in Somersetshire, England, where he was educated. He came to the Colony in 1856 with his parents, per ship “Philip Laing,” landing in Wellington. For ten years he was employed in the flour mills of Messrs. J. and T. Kebbell, his father and uncle respectively. After this Mr. Kebbell took a position of purser on a coastal steamer. In 1868 he entered into the shipping business, and became part owner of steamers which were engaged is the local trade. Mr. Kebbell retired from this business in 1879, and has since been largely interested in many Wellington industries. Having a considerable interest in the Equitable Building Company, he was elected to the position of chairman and managing director in 1883. Mr. G. M. Kebbell Mr. Kebbell is married, and has a family of three sons and four daughters, of whom two are married, one being Mrs. Dr. Evans, of Christchurch, and the other Mrs. Vining, of Nelson. Another daughter, Miss May Kebbell, has graduated B.A. in the New Zealand University, and is engaged in educational pursuits in Taranaki.

Mr. John Otto Henry Schwartz, Secretary of the Equitable Building and Investment Company of Wellington, Limited, who has held the position for seventeen years, was born in Hamburg. He was educated in his native land, and left for the colonies in 1870, per barque “San Francisco,” for Adelaide. After a short time in South Australia, he proceeded to Wellington in 1871, became accountant to Messrs. A. P. Stuart and Co., and subsequently joined the New Zealand Steam Shipping Company in the same capacity. Mr. Schwartz was appointed to the position he now holds in 1878. For many years past he has taken a great interest in music matters. He was one of the principal founders of the Wellington Orchestral Society, and has taken a leading part in bringing it to its present successful condition. Mr. Schwartz has been the chairman of committees of this society for many years past.

The Metropolitan Permanent Building and Investment Society. Directors, Messrs. A. J. Littlejohn (chairman), J. G. W. Aitken, H. Hume, W. Mackay, A. Scoullar; auditors, Messrs. G. Allport and H. Kember; secretary, Mr. J. C. Hanna. Bankers, Bank of New South Wales. Office, New Zealand Insurance Buildings, Lambton Quay, Wellington. This Society was incorporated under the Building Societies' Act in 1891, it having been started by Messrs. Haselden and Thompson. The capital of the Association is by investment shares contributed by subscriptions of five shillings per annum, and repayable whenever they reach the sum of £25 each. In March, 1894, there were eighty-nine members, holding in all 518 shares. Such has been the progress of the Society since this time that at the time of writing—November, 1895—the members have increased respectively to 149 and 833. At the former period the total assets were £4416 3s. 2d.; twelve months later the amount had increased to £7010 1s. 5d.; and at the present time it stands at over £12,000. The Society affords splendid facilities to those who desire to acquire their own freehold. Money is loaned at 6 and 7 per cent. subject to monthly instalments in reductions of principal and interest, the whole indebtedness being extinguished in a given period. Borrowers can secure loans without having to pay commissions or procuration fees. The legal costs are very low, and concessions are made in cases of sickness by partial suspension of redemption payments. Money is also advanced on flat mortgage for fixed terms.

Mr. J. C. Hanna, Secretary of the Metropolitan Permanent Building and Investment Society, succeeded to the position at the end of 1895, when Mr. W. I. Bolam was transferred to Tasmania as manager of the New Zealand Insurance Company Branch in that Colony. Mr. Hanna is referred to under “Insurance,” as manager of the New Zealand Insurance Company in Wellington.

Mr. William Isaac Bolam, late Secretary of the Metropolitan Permanent Building and Investment Society, is a son of Mr. J. Bolam, Bilton House, Northumberland. In 1883 he came to New Zealand—by Orient steamer to Sydney, and by the ill-fated Wairarapa to Auckland. Having come to the Colony with the idea of settling on the land, Mr. Bolam travelled over New Zealand, but page 647 finally abandoned the idea. Joining the staff of the New Zealand Insurance Company in February, 1884, as a clerk in the accountant's Department at the head office in Auckland, he rapidly worked his way upwards. Two years later he was appointed chief clerk in the Company's Napier office, a position which he filled for five years. In June, 1891, Mr. Bolam was transferred to Wellington as accountant, and shortly afterwards he had to fill the office of branch manager for a period of seven months. On the death of Mr. Lawson in June, 1893, he was appointed acting-manager, which position he held till July, 1895, when Mr. Hanna became manager of the branch, Mr. Bolam taking the position of assistant-manager pending an appointment elsewhere. The subject of this notice was appointed secretary to the Metropolitan Permanent Building and Investment Society in December, 1893, and took up his duties in the month of March following. Under his energetic management the business has rapidly progressed, and there is every prospect of a prosperous future before the Society.

National Mortgage and Agency Company of New Zealand, Limited. Head Office, Dunedin. Agents for Wellington District, Messrs. Levin and Co., Limited. Bankers, National Bank of New Zealand. Fuller information will be given in the Otago volume of the Cyclopedia.

The New Zealand Trust and Loan Company, Limited, Head Office, London. Chief office in New Zealand, Christchurch. Agents for Wellington, Taranaki, and Hawkes Bay districts, Messrs. Levin and Co., Limited, Wellington. Bankers in Wellington, Union Bank of Australia, Ltd. Further information concerning this large Company will appear in the Canterbury volume of the Cyclopedia.

Petone and Hutt Building and Investment Company, Limited. Directors, Sir James Hector, K.C.M.G. (Chairman), Messrs. S. R. Johnson, R. C. Kirk, and C. W. Benbow (Managing Director and Secretary). Office, South British Insurance Company's Buildings, Lambton Quay, Wellington. Bankers, Bank of New Zealand. This Company, which it was originally intended should confine its operations to Petone and the Hutt districts, was established on the 12th of May, 1886. The Company now undertakes general business and is making good progress, dividends at the rate of eight per centum per annum having been regularly declared.

Wellington Building and Investment Company, Limited. Directors, Messrs. J, R. Blair (Chairman), James McKerrow, James Barry, J. M. Richardson, Paul Coffey, F. H. Fraser, and R. M. Simpson (Managing Director and Secretary). Phœnix Assurance Company's Offices, Customhouse Quay, Wellington. Bankers, Union Bank of Australia, Ltd. Capital, £100,000, in 10,000 shares of £10 each, of which 4000 shares are allotted, £5 per share being paid up. This Company was incorporated under The Companies Act, 1882, in 1886. The business, which consists of investments on mortgage of real estate in town and country, has been successfully conducted, and a reserve fund of £6500 accumulated.

The Wellington Trust, Loan, and Investment Co., Ltd. Directors, Messrs. E. Pearce (Chairman), G. Allen, J. Lockie, J. P. Maxwell, C. Tringham, J. Wallace, and C. T. Richardson (Managing Director). Secretary, Mr. R. E. Rawnsley. Offices, Lambton Quay, Wellington, Telephone, 41. Bankers, Bank of New Zealand and National Bank of New Zealand. Capital, £200,000, in 20,000 shares of £10 each, which is fully subscribed, £101,250 being paid up. The Company, which was incorporated in 1873, makes advances on freehold and leasehold properties, shares, and other tangible securities. For many years, dividends at the rate of 9 per cent. were paid by the Company. The dividend for the year ending December, 1895, was at the rate of 8 per cent. From its foundation, and for a period of 21 years, Mr. William Boyd acted as Secretary for the Company, but retired in 1894, much to the regret of the Directors, who fully recognised his devotion to the welfare of the Company during his long period of office. Mr. George Allen was Managing Director for some years, and on his retirement, in 1894, Mr. C. T. Richardson was appointed to that important position.

Mr. R. E. Rawnsley, Secretary of the Trust, Loan and Investment Company, was born in India. Educated at North Hill Grammar School in Plymouth, he entered Sir Henry Waring's shipping office, and after twelve months, went to sea. In 1874, Mr. Rawnsley came to New Zealand, and accepted the post of purser in one of the coastal steamers of the New Zealand Shipping Company. He afterwards became manager for the Wellington and Wanganui line of steamers, holding the position for two years, till the sale of the Company's vessels. Mr. Rawnsley was appointed to the Wellington Trust, Loan, and Investment Company, as accountant, in 1888, and on Mr. Boyd's retirement became acting-Secretary, in August, 1894.

The Commercial Trust and Loan Company of Wellington, Limited. Directors:—Messrs. George Carter (Chairman), Job Wilton, William page 648 White, J. K. Powell, Thomas Jamieson, and James Jamieson. Manager, Mr. J. Jamieson; Clerk, Mr. H. Curtis. Office, Opera House Buildings, Manners Street, Wellington. Telephone 125. Bankers, National Bank of New Zealand. Capital, £10,000, fully subscribed in 50 £20 shares, £4,700 paid up. This Company, which was established in 1887, has been most successful in its operations. Founded to extend to shareholders and the public additional monetary accommodation to carry out their various commercial and other pursuits, it has justified the aim of its promoters. By careful and economical management the directors have been enabled to pay regular dividends, which for the first few years amounted to 15 per cent., but latterly to only 13 1/2 per cent.; and such has been the confidence enjoyed that the Company has had more money offered on deposit than could be accepted.

Mr. James Jamieson, who is one of the Directors and the Manager of the Company, was born and educated in the Shetland Isles. Coming to the Colony per ship “Rodney,” which arrived in Wellington in 1875, he had a general experience in various occupations for a year or two. Mr. Jamieson subsequently entered the ironmongery establishment of Mr. Matthew McCready in Lambton Quay, with whom he remained for five years, receiving a very flattering reference on leaving. It was not in the hardware trade, however, that he was destined to spend his energies. Mr. Jamieson always had a penchant for finance. He assisted in the formation of the South Pacific Loan and Investment Company, Limited, and occupied the position of Secretary far a period of six years, during which highly satisfactory results were realised. In 1887 he severed his connection with this Company and started the Company of which he is now the manager and one of the directors. The capital of £10,000 was at once subscribed, and the Company has done a profitable business since its inception. Mr. Jamieson is a member of the firm of Jamieson Brothers, Financial and Commission Agents, with whom the Company shares its offices. In aquatics he is a member of the Port Ncholson Yacht Club and part owner of the Mr. James Jamieson yacht Waitangi, which was built by Mr. Logan, of Auckland, and which now holds the championship of New Zealand. In 1883 he was married to Miss C. A. Wilton, of Wellington, and has one daughter.

Empire Loan and Discount Company, Limited. Messrs. E. Jones, J.P. (Chairman) and W. McLean, J.P., Secretary. Messrs. Bell, Gully, and Izard, Solicitors. Bankers, Bank of New South Wales. Office, 10 Lambton Quay, Wellington. Capital, £10,000, in 500 shares of £20 each, which are all allotted, and on which £7 10s. per share is paid up, representing £3750. The Company lends on freehold, leasehold, and personal security, the leading line being the discounting of bills, and has been successful in paying dividends at the rate of ten per cent. on the average.

The London Loan and Discount Bank (L. L. Harris, proprietor), 7 Panama Street, Wellington. Bankers, Union Bank of Australia. Private residence, Occidental Hotel. The London Loan and Discount Company was established in 1875.

South Pacific Loan and Investment Company, Limited. Directors Messrs. E. W. Petherick, (Chairman), J. Ranson, J. W. Evans, M. Tabuteau, and W. H. Williams. Secretary, Mr. W. H. Cook, 25 Manners Street, Wellington. Telephone 534. Bankers, National Bank of New Zealand. This successful Company was incorporated on the 15th of May, 1878. It was established to undertake the granting of loans repayable by monthly instalments, the discounting of bills, and other financial operations, as well as the acceptance of deposits upon which the best market rates of interest are allowed—the present rate being 5 per cent. The Company's page 649 capital is £10,000, in 1000 shares of £10 each, of which £4756 has been paid up. A highly lucrative business has been built up, and the Company has been paying dividends from the beginning. For years, the rate paid to the shareholders has been from twelve and a hall to fifteen per cent. A fine two-story brick building has been erected on the Company's freehold section in Manners Street, where the business is conducted.

Mr. William Henry Cook, the Secretary, who lives at Nelson Street, Petone, was born and educated at Bristol. He came to New Zealand in 1872, via Melbourne, and settled at Wellington. A sailmaker by trade, he entered into business in that line in 1876, and conducted a good business solely till 1882, when Mr. R. G. Knight joined the firm, under the style of Cook and Knight. Five years later, Mr. Cook retired from the business, and has acted as Secretary of the South Pacific Loan and Investment Company since that time. In 1860, he was married to Miss Davis, of Tewkesbury, who died in 1869, leaving four children—three sons and one daughter.

Te Aro Loan, Discount and Investment Company, Limited, 16 Cuba Street, Wellington. Directors, Messrs. Alexander Murray (Chairman), George Poynter, W. E. Woods, R. E. Bannister. Manager, Mr. Thomas Whitehouse. Telephone 742. Bankers, National Bank of New Zealand. This Company was founded in the month of April, 1886. The principal business undertaken is the discount of bills.

Mr. Thomas Whitehouse, the Manager, is an old colonist. Born in Birmingham, England, he eame to New Zealand with his parents in 1841, per ship “Lord William Bentinck,” landing in Wellington. In 1848, he entered the grocery establishment of Mr. G. P. Wallace, who was drowned at Terewhiti when the barque “Maria” was wrecked, some years afterwards. Mr. James Wallace, brother of the deceased, succeeded to the business, Mr. Whitchouse remaining altogether for sixteen years at this shop. In 1865, having gained a large experience, he built the premises at the corner of Dixon and Cuba Streets, now occupied by Mrs. Herrman photographer. Here he conducted a large business for many till the accommodation became too small for the trade, Mr. Whitehouse then purchased the fine section on the corner of Dixon Street opposite Te Aro House, and on that site he erected the two shops now in the occupation of Messrs. Pettie and Cochrane. He continued in business till about the end of 1835, when he sold his stock and goodwill to Messrs. Barr and Co., who still conduct, although in other premises. Mr. Whitehouse is an enthusiastic bowler, attached to the Wellington Bowling Club.

Wellington Loan Company, Ltd. Directors, Messrs. W. G. Tustin (Chairman and Managing Director), F. Wills, and W. E. Hall; Secretary, Mr. I. Graves. Office, 6 Grey Street Wellington. Telephone, 462. Bankers, Bank of New Zealand. Incorporated on the 25th February, 1884, this Company has proved a successful undertaking. Its capital is £12,000, in 240 shares of £50 each, of which the sum of £4500 is paid up. The principal business undertaken is the discounting of bills. For the last eleven years, the dividends have averaged 17 per cent. per annum.

Mr. William George Tustin, J.P., Chairman and Managing Director of the Wellington Loan Co., Ltd., was born in Sheffield. He came to Wellington with his parents, per ship “Matoaka,” in 1859. Educated at the Wellington College, he afterwards learnt his trade as decorator and oil and colour merchant, and at the age of nineteen was in charge of a business. Mr. Tustin has been in business on his own account for the past ten years. He was one of the founders of the Wellington Loan Company, of which he has been a Director since its inception; he was appointed Managing Director about two years ago. Mr. Tustin has been prominent in connection with the Wellington Debating Society, of which he was President for some time. He gained the gold medal of the Society in 1890. In bowling he takes great interest, being a member of the Wellington Bowling Club, and the originator of the successful Club at Newtown. Mr. Tustin held a championship for single bowling in the Wellington Club in 1892. He was for some years President of the old Star Cricket Club. In 1879, the subject of this sketch was married to the daughter of Mr. H. J. Pilcher, of the Queen's Bond. His family numbers seven; three sons and four daughters. The eldest son, William Henry, was the first son of an “Old Roy” to attend Wellington College.

Mr. Ivatt Graves, Secretary of the Wellington Loan Company, was born in Cambridgeshire, England. Educated at private schools in Cambridge, he was apprenticed to the general storekeeping, serving two years on the grocery and a like period on the drapery side. After further experience in Brighton and London, he came to Dunedin, per ship “Seoresby,” in 1862. After a short goldfields' experience, he spent about two years in Dunedin, and was afterwards successively in business as a storekeeper in Naseby, Hokitika, and Westport. For ten years prior to 1889, Mr. Graves conducted a large drapery business in Wellington. He was appointed to the position he now holds in March, 1893. In 1875 he was married to the second daughter of Mr. James Bentley, of Wellington, and has two daughters and one son.