UNION BANK OF AUSTRALIA.

Lyttelton Times, Volume VII, Issue 484, 24 June 1857, Page 5

UNION BANK OF AUSTRALIA.

We extract from the London ' Morning Herald' the following Supplementary Report of the Directors of the Union Bank of Australia, presented at the special general meeting of proprietors, held on the 19th of January last: — "The"advices received from the colonies since the annual meeting in July last reach down to ' the 16th of October. Mr. M'JDonald, who had then recently returned to Sydney from a tour of inspection, reports in the most satisfactory terms •'relative to the general interests and business of the bank at all its branches.

"The exchanges, especially at Melbourne, have not been asproductive of profit as daring previous years. Increased competition has kept the rough gold produced at a price on which scarcely any profit could be realised on its importation to this country. This bank has carefully abstained from any measure calculated to encourage this competition, and the directors have every reason to be convinced that their managers at the branches contiguous to the gold-producing districts have zealously and prudently carried out the views of the board in their | cautious policy,- without omitting any opportunityof obtaining the needful supplies of the precious metal on terms not less favourable than the other establishments. ..." There can be no doubt that the Australian colonies are steadily advancing in every element of wealth and national importance. The progress of railroads and other internal improvements promise J,he3 still further development of their vast resources. Commerce, although liable to fluctuations from overstocked markets, or other temporary causes, must advance with general prosperity; and it is impossible to overrate the national importance of the triumph of British enterprise and industry in these portions of the empire, "The statement of accounts now submitted to the proprietors presents an amount of net profit for the six months now reported on of £90,528 Is. 5d. ; from which £7057 6s. 3d. has been deducted for income tax paid, leaving £83,470 15s. 2d. for division. " This admits of £82,000 being appropriated for the purpose of dividend, which the directors haye determined to apply as interest on the paid-up capital; and the same will furnish a dividend, by way of interest, at the rate of ten (10) per cent, for the half-year, being at the rate of twenty (20) per cent, per annum on the amount paid up in respect of each share in the capital of the company, payable in London, free of income tax, on the 10th February; and in the colonies, with the addition of income tax, as soon as the inspector shall fix, after the receipt of advices." The reading of the report was succeeded by loud applause.