UNION BANK OF AUSTRALIA.

Lyttelton Times, Volume VI, Issue 423, 22 November 1856, Page 8

UNION BANK OF AUSTRALIA.

J.XXTJAL REPORT. (From the " Standard," July 21st.) A: the meeting of the proprietors of the L , i ij-uik of Australia, the subjoined report a' < 'iij-"1 -heet was unanimously adopted:— j. ,' Health annual report of the Directors c ' '."•lion Bank of Australia, presented at ">' - '■* il meeting: of the proprietors, held on t . .JuL. 1856: — counts for the year, now to be reported f n/ mi the colonies on the 31st December, -' " " i 1 in Lyndon on 30th June last, will be l > i \'obit a diminished amount of profit j»t.-d with the previous year. This 3 - .) ohi»-uy from an adverse state of ex- < 'he general business of the bank being < 't!*-i:ictory character. The deduction ( - »>'j lepiired to meet the income tax for « pud by the Bank for the proprietors, 5 - i piv,N»il heavily on the amount of net ) j i.. d vlared. The sum required for this ] ' 'oi the previous year's income-tax was < i - ,-jrv {-ratifying to the directors to be able 1 •<- t icir con-fidence in the present prosper- '_ '' of the Australian Colonies and of "New '/. 1. Tips confidence arises not only from t -' * production of gold and the new d ':'.*■» continuing to be made, but also

from the accumulating wealth of the commercial community and of colonial proprietors in general. The directors, therefore, feel justified in believing that the advancing prosperity of these great colonies will secure to the banking establishments, if prudently conducted, an ample field for the profitable employment of capital. " The directors have abstained from opening any new branches during the past year. They have, however, caused inquiry to be made as to certain localities into which it may be deemed expedient to extend the bank's operations. " The directors have much pleasure in bearing testimony to the zeal and prudence of their inspector, of the local directors, and of the managers and officers of the bank generally. '"Their late esteemed colleague, William Fletcher, Esq., having resigned his seat at the board in consequence of bis continued residence on the Continent, they have provisionally filled the vacancy thereby created by the appointment of Frederick G. Dalgety, Esq., late of Melbourne, who, in accordance with the terms of the deed of settlement, offers himself for election at this meeting. Mr. Dalgety's long .connection with the bank as one of its local directors, his colonial experience, and large business relations with Australia, pointed him out to the directors as peculiarity eligible for a seat at this board. " RobertCampbell and William Wilson,Esqrs., retire from the dirction by rotation, in conformity with the provisions of the deed, and now offer themselves for re-election.

" The directors proceed to submit the statement of accounts, which presents an amount of net profit for the year now reported on of £194,171 7s. 2d., leaving, after payment of dividends to Christmas last inclusive, £91,767 6s. 7d. as the amount of the undivided profits. This admits of £86,100 being appropriated for the purpose of dividend, which the directors have determined to apply as interest on the paid-up capital; and the same will, therefore, furnish a dividend by way of interest at the rate of 10| per cent, for the half year, being,-with the previous dividend, equal to 24 per cent, for the year, on the amount paid up in respect of each share in the capital of the company, payable in London, free of income-tax, on Tuesday, the sth of August, and in the colonies, with the addition of income-tax, as soon as the inspector shall fix, after the receipt of advices. " STATEMENT OF LIABILITIES AXD ASSETS, AT THE BIIAKCHES. ON- THE 31ST D?C, iSSS,AXD AT THE LOXDON OFFICE, OS 30TII JU.VE, 1856. LIABILITIES. je s. a. Circulation 408,752 0 0 Deposits 2,518,181 4 10 Bills payable and other liabilities .... 1,115,863 2 1 Balance of undivided profits 91,767 6 7 Keserve fund (invested as per contra) 200,000 0 0 Paid up capital 820,000 0 0 1,020,000 0 0 -£'5,164,504 3 6 STATEMENT OF PROFITS. Balance of nndivided profits at June, 1855 131,295 19 5 Oat of which adividend was declared, by •way of interest, amounting to 123,000 0 0 Leaving a balance of j.. 8,295, 19 5 To which are now to be added the profits of the past year, ending at the branches on the 31st December, 1855, and at London Office, 30th June, 1856, viz: — For half-year, as reported in January, 1856 119,988 16 9 Ditto, now reported.. 92,278 12 1 Deduct : 212,267 8 10 Income tax paid for year, on the average of the last three years 18,096 1 8 191,171 7 2 jJ-202,-167 6 7 Amount of intercut paid to proprietors at ChrUtmas, 1855 110,700 0 0 Balance of undivided profit at llii* date., 6 7 ABSKTH. Specie on hand, and caxh balances 1,161,33' i 2 1 Bullion 83,187 5 6 ■ 1,2.1.1.523 7 7 Bank premises and property 48 062 9 5 i Bill* receivable.Government Sioclc, and | other Sacuritien 3,67i,978 6 6 Investment of reserve fund, New Three perCenls.... 2C0.000 0 0 j?5,164,564 3 6 IIEHEBVE PUSD. Am reported at June, 1155 < jf200,000 0 0

Worth Knowing.—A quart of pons sown in a shallow box, fifteen inches wide by eighteen inches long, tit any time of tho year, and cut off when about four or live inches high, and boiled like spinach, with a little salt, make a delicious dish. Boiled watercress also makes a wholesome and delicious dish. It must not, however, be overboiled. For impaired constitutions it is invaluable.— Gardeners Chronicle.