UNION BANK OF AUSTRALIA. [From the Hobart Town Advertiser.]

New Zealander, Volume 4, Issue 269, 27 December 1848, Page 3

UNION BANK OF AUSTRALIA. [From the Hobart Town Advertiser.]

A most extraordinary idea hat become prevai en t, that the lottery shares so successfully disposed of by Messrs. Lowes & Macmichaei, were those of the Union Bank of Australia, and in consequence many rumours have been getting into ciiculalion respecting the stability of that vast monetary establishment. A slight similality of titles has of couise led to this. But nothin- can be really more absurd. The two establishments are in no way connected, nor have they anything in common but the name. The Bank of Australia is a purely colonial establishment. The Union Bank of Australia a wealth) English company. The former confined solely to Sulney. The latter has branches in all the principal towns of Australia. The Bank of Australia is defunct. The Union Bank of Australia the most flourishing and profitable of all the banking establishments in these colonies. The capital of the former was entirely swept away bv the losses incurred during the late monetary crisis in New South Wales. The latter lias incurred fewer losses than any similar establishment in the colonies, from the prudence with which its affairs have been managed through the able inspector, Mr. Maclaren, and the various managers and directors, by whom its local arrangements have been administered. In our present number we giv- a report of the proceedings of the bank in Lonion, by which it will appear that, so far from loss or difficulties there is after pa>ing a handsome dividend, a large reserve saved fiom the profits to meet any possible losses, which as yet the bank has been fortunate enough not to require. In truth more idle or unfounded" report wai never based upon a moie flimsy foundation. We see by the report that the system pursued by the local directois has met with the unqualified approbation of the English board. We can vouch for this being deserved at the branch established in this city. The immense power of the bank has been alwajs exerted with liberality and a provident foresight to regulate the monetary affairs of the colony in such a manner as, while it is most liberal to those who are really men of stability', discourages all wild speculation on the part of those who have nothing to support them. It has alto taken powerful mean* to regulate the balance of trade, and to remedy as much as possible, the curse of this colony, the excessive imports. In fact, when we mention that the local directors ate two of the principal merchants, men well known as the largest mercantile capitalists, the most prudent and esteem* ed men of business; we need say little more of the prudence with which the affairs of the b # ink are likely to be conducted, and the principles likely to pervade such an establishment. It is due to the. bank likewise to state that to this bank is owing the important monetary movement of reducing the current value of the five fianc pieces and rupees to that of the neighbouring colonies, by before which change we -were actually paying the difference of current value to the neighbouring colonies, and iuundated with a practically base coinage.