UNION BANK OF AUSTRALIA.

Nelson Evening Mail, Volume IX, Issue 319, 26 September 1874, Page 4

UNION BANK OF AUSTRALIA.

[From the Morning Post t July n f 1374.] The annual meeting of the sharehol^^thfifjUfnionßaDk of Aitstral.a was held yjfcfcrdjiy at the offices, Bank-buildings, Lothbury, under the presideggfcftf Mr.Bobert Garfcer. Mr John Branavetf, tbe manager, read the notice calling the meeting, and alBO b3&ft ) r «PPF* J?t the . and , statement of accounts. The two latter" docaoaairfarran as under'; — - ."The directors! have satisfaction in again presenting to tb« proprietors' a statement of w^ousrs which, after amply ' wmms fer every' 'bad and doabjfdLiiebt; iias enabled them to declare a dividend equal to that] of last half-year, viz.," 't pexlcent, or at the latest advices from the_colonies affaire gQDeral^rr^niin^ued prosperqus, wjbule, from 'the rapid prosecution of extensive public works by the__ various colonial GoT^rnmflj^^ mqnej. was ; becoming mo8»j!A deawiod f «cd \better rates oU interests now raled-' there than for a long time past! Mr Robert Campbell ftnd!'*r?>»eliibdld iT'Lacklan retire from the direction bo the present 00--casion in conformity with the provisions otter themselveMor . re-election* The directors renew the expression of thsir confidence in the zeal aod ability of Mr M'Mullen, the inspector and general manager, aatfbf his entire devotion to the interests of the' bank,, They wouWa^onlebire/again to record their warttf Itf&nbwfed'gementg of the able and^fficient manner in which the officers of LSflvJPitiia.fipn generally, both at home and abroad, continue to discharge their respective duties. The annexed statement of accounts presents a net profit o| ££)2,264 10b available for division,.^ which the dividend for the half year will absorb £87,500, leaving £4,764 10s to be carried 'forward. The dividend warrants will be transmitted by port on ; ih& ! 20th insi., and the dividends will be payable in the colonies at such time as the general shall fix ftfUt receipt of telegram. Statement of Liabilities and Assets at the branches on December 31, 1873, at the Lpsdbri'Office on June 30, 1874. .irjrtsiUl.i -.ii'r.l ' •-■:'■ .... ...UABILIXIES. : Orcßtattoij \'.\[ .. -.'... .. £382^43 15 0 DepQwt*' '.''.. .- .• 3,858 J273 16 9 BfiW^y&fe'^d' ether liabilities (incladingr reserra held agsinst _^«Sll#WMtsJ , ... v • .-. „ 746,890 18 > 6 Balance of andiTided profits .. 02.2&1 010 Seserve land as per contra .. 250,000 0 0 BollOA^an* other reserreiliiidfl .. 150,009 0 0 Capital .-•:.»«• . i.. ■ ..1^50,000 0 0 hd£ ,bm'..-i » • .' : ■ ■ ■ , . iii ' £8,729,673 11 1 V{ „ „ ASSETS. Specie m htod. and cash balances -. £934,688 13 9 Bullion on hand and in transitu .. 34,883 0 3 Bank premises and property .. 170,043 14 8 Government securities .. .. 186,475 12 6 Local bills, bills receivable, and other securities 5,153,581 9 11 Reserve fond, invested as per statement .. .. .. .. 250,000 0 0 in „: , - — . ,iV=.~;. : . £6,729,67211 1 STATEMENT OF PROFITS. Balance of undivided profits at June 30,1873 .. .. .. .. £88,560 0 0 Out of which a dividend was declared of .. .. .. 81,250 0 0 Leaving a balance of .. 7,300 12 8 Profit* of the past year, after making provision for alFbad and doubtful debts ;.. ..£260,605 6 S KemnneraCfon to Bf the ! local diractOTß and 1 salaries and allowances to the colonial staff.. :a?6jtf69 14 7 General expen- • selo touitbc't -' ■ .-; . ' . colonies, in- „, . . . .■■ eluding: rent, taxes, station- " •-. ery, Ac .. 19^86 17 4 Bemrnerationto the beard of directors, salaries of London office rtaS; re4tjA ifaTfarr.-i • ■„ . ■ Incoßßetax . \>.jt l;440 8 9 2£'"l 9704118 6 _ : 172,463 8 S Dedoct—.i: .] , £17a,764 0 10 Dividend paJUI in January, .. „ 87^00 0 0 BalanWo^ciidivMedpTonts at this date .'LTi.i' >■ ■£ .. .. £92,264 010 •i "' ' BEBV&VE PrjKD. New Zealand Imperial four per , Cent DebjsSfeesL' v .. ..£200.000 0 0 Colonial six per Cent, Debsotures .. 50,000 0 0 £250,000 0 0 Lorfopf July 9, 1874. r (Signed) EdwakoP. W. Miles, . -: ',]}•:: ■ . Chairman of Committee. 4: . j'..' JoHNBaAMWBLL,Maqager. F. Buckler, Accountant. ThffChairriiab. in moving the adoption of tb,e/reportread to the meetting, desired to .draw attention to the paragraph in the report which was perhaps the mo&^liifrftofr one, which stated that theidemaifffoF money in the colonies hadiacsry Improved and increased, with, of course, a corresponding increase in the rate of discount. The. accounts presented to the meeting related to the half year lending December, 1873, during which there was an improvement in the ras» ; of discourit,- accompanied of coarse with-/ a correepoodiDg augmentation in the amoont of interest the bank had to pay upon deposits for fixed terms and he was happy to say that the improvement then commenced had been maintained up to the present by which both the bank and its customers ware benefited. At the last discbirni trilhrg m, New Zealand had been exflreifi&fy fo^biit he Was glad to say that an^jmprpyemeot in bosioeaa in this 1 ™/»* important colony, and that tne .improved to an extent whicfc would ai ]mft o f this bank and others engaged in banking opera, tions making a fair profit upon the capital embarked. The latest advices received sbo^red^ fhsit^the moderate imVtoWm&m* Cdhtinuedv Beferring to the stat^inenA of accounts, he consider^ it'm'oir taiLpfactofy, as giving

evidence of a steady and substantial progress. The deposits" showed an increase amounting to £150,000, whilst the advances and discounts had increased by tbe sum of £500,000. There was one point whioh might have attracted the attention of the shareholders, and that was the increase in tbe expenditure of the half year. That was, however, a matter easily explained and arose from tbe fact of its being found necessary in the interests of the the bank to establish three agencies, the preliminary cost of which had, as usual, beeu charged to profit and loss for tha half year, deducting which shareholders would find tbat there had been nominally a saving of £800 in the expenses as; compared with the previous year. Sdme two years ago the shareholders passed a resolution authorising the transfer of shares from the London to ; tli_d colonial register/ and the wisdom of that step, which was intended tb widen Use basis of support in the colonies, had been fully established by .th'e sucfeess which had attended it. Tfom August,- 1872, up to the present timo the number of shares so transferred amoWhfetF to 3,290; of which no less than 1,020 were transferred during the current year. (Cheers.) The dividend was increase of one per cent, per annum as compared with tbe corresponding period of last year. The board paid the increased dividend in January last, ' but to do so bad to draw upon the undivided profits, whereas now they were ablo to pay the same Increased dividend and carry £l } 7oo to the undivided profits. The accounts received from the" colonies continued to be most satisfactory. From Melbourne in particular they were informed tbat the season had been a. most favourable, one, and. tbat there was a steadily increasing improvement in the business of the colony. He desired to remind the. meeting that colonies and communities were subject to tbe same, laws aa individuals ; that their fortunes were subject to ebb and flow, and that a time of .great prosperity was a time when great care and caution should be used, and when people should guard against taking an over-, anguine view of the continuance of prosperity. There was, however, tbis most gratifying feature in regard to the Australian colonies, and whatever the ebb tide of .depression might be, the flood of prosperity had ever carried them higher, so that there bad been a uniform aud stea'dy improvement. He concludeT by moving the adoption of the: report and accounts. Mr Brooks briefly seconded the motion, which was unanimously agreed to without discussion. The retiring directors were also unanimously reelected. Upon the motion of Mr Balfour, seconded by Mr William Botly, a unanimous vote of thanks was accorded to the directors. Mr Leebay moved a vote of thanks to the general manager, the manager, and officials. The Chairman, in seconding the motion, said that the board were greatly pleased that such a resolution should come from the shareholders th§. directors having expressed their full satisfaction at the manner in which . every one, from tbe general manager downwards, discharged his duty., .Such a resolution coming from the shareholders would no doubt be very gratifying. The motion was unanimously agreed to, and Mr Bramwell having acknowledged the compliment, the advertisement announcing the dividend was read, and tbe proceedings closed with _r vote of thanks to tbe chairman.