Financial Institutions.

THE COMMERCIAL PROPERTY AND FINANCE COMPANY, LTD. Directors: Messrs. W. Wright (chairman), C. Haynes, A. Lees, T. Moodie, and A. Melville. Mr. Alexander Herdman, manager, Moray Place, Dunedin. Telephone, 12. Bankers: National Bank of New Zealand. Private residence of manager, Dundas Street. This company was established in 1870. Its authorised capital is £111,810 in 24,770 shares of £4 10s., and forty-six shares of £7 10s. each. Its subscribed capital is £110,887 10s., the amount paid up being £12,397 10s. The company, which is a successful one, accepts deposits from the public at current rates of interest, and makes advances on freehold and other stable securities. The dividend for the year ending September 30^th, 1897, was at the rate of five per cent.

Mr. ALEXANDER HERDMAN, J.P., the Manager, who was born in Edinburgh, was for some years in the service of the Com­mercial Bank of Scotland, which he left to join the Union Bank of Australia in London; from London he was transferred to the Mel­bourne branch of that bank, and In Novem­ber 1864 from Melbourne to the Dunedin branch, where for a number of years, he held the position of accountant. He was subse­quently promoted to the managership of the Oamaru branch, which position he held for ten years. Some time after severing his connection with the Union Bank, he under­took the management of the Commercial Pro­perty and Finance Company, which he has managed successfully. He is a member of the Dunedin Stock Exchange. In local politics he has been a member of the Maori Hill borough council, and occupied the mayoral chair for two years. During his residence in Oamaru he was a member of the local school committee.

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