UNION BANK OF AUSTRALIA.

Hawke's Bay Times, Volume 13, Issue 694, 24 June 1869, Page 3

UNION BANK OF AUSTRALIA.

The following 19 the Supplementary Ee port of the Directors of the above-named Bank, presented at the Special General Meeting of the Proprietors, hell at the Company's Offices, Bank Buildings, Lothbury, London, on 11th January last: — The Di ectors regard with satisfaction the Statement of Accounts which they now submit to the Proprietors. As is well known, pastoral interests in the Australian Colonies have been seriously affected by the low prices obtained for Wool; this has depressed all branches of local trade, thereby increasing the supply of unemployed money, and diminishing its value for Banking purp ses. It is reasonable, however, to believe that cheaper money must woik to the permanent advantage of the Colonies, and further develop their great resources. The Directors are gratified in recording the punctuality with which engagements of the Bank have been met during a period so unfavorable as that under review.

The Directo s have followed their invariable ru;e of strictly eximining all the Accounts of the Bank, and of providing amply, as they believe, for everything bad and doubtful. The sound principles which have governed the General Manager and other responsible officers in past yeais, have been faithfully adhered to to latest dates ; and the z:;al of the staff for the Bank's interests continued unabated. The lamented death of William Wilson, Esq , has deprived the Directors of an old and esteemed coll•>aguo. To supply the vacancy thus created, Arohiba d M'Lachlan, Esq., has been provisionally appointed. Mr JM'jLaohlan brings to tiie Board the advantage of his long practical acquaintance with Australia, and oiler shimself for eiection as a Director at this meeting. The subjoined Statement of Accounts presents a net profit duriug the past haltyear of £9i,946 10s 9d, available for division. The Directors have, therefore, determined to apply the sum of £93,750 as a Dividend of £1 17s GJ per share for the half-year, equal to 15 per cent, per annum on the Bank's paid-up Capital, which amounts to £1,250,01)0. The Dividend Warrants wiil be transmitted by post for the 19th inst., and in the Colonies the Dividend will be payable as soon as the General Manager shall fix after receipt of advices.

The following is a Statement of the Liabilities and Assets: — Liabilities. — Circulation, £341,713 j deposits, £3,695,006 14s 8J; BUU Payable uhd ulher Liabilities (including Reserves held against doubtful Debts), £975,688 6s 6d ; Balance of Undivided Profit, £99,080 7s 3d j .Reserve Fund, £250,01)0 ; Insurance Eeserve Account, £75,000; Bank Premises .Reserve Account, £75,0u0 j Capital, £1,250,000. Total, £6,761,518 8s sd. Assets. —Specie on hand and Cash Ba lance, £961,620 is 2d ; Bullion, £136,110

3s 7d; Bank Premises and Property, £172,918 Os lid ; Government Securities (British and Colonial), £223,560 5s KM; Local Bills, Bills Keceivable, and other Se eurities, £5,011,009 163 lid; Reserve Fund, invested as statement, £250,000 Total, £6.761.518 8s sd. Uksehvk Fund.—New Zealord Imperial 4 p>r cent. Debenture, £2<X)000; Colonial 6 per cent. Debentures, £50,000. Total, £250,000.