UNION BANK OF AUSTRALIA. {From the Morning Herald, July 17.)

New Zealander, Volume 5, Issue 379, 1 December 1849, Page 6

UNION BANK OF AUSTRALIA. {From the Morning Herald, July 1 7.)

Ybsterray the eleventh annual meeting of the proprietors in this undertaking was held at the Bunk in Old liroad#street. Mr. Cummings took the chair and read the following reporr .• — 'Ihe (Vcet-rs have great pleasure in p'esenting fo the propiietois the eleventh annual rcpoit ol tlie all'nrs of the bank, together with the accounts of its financial position. Since the last half-yearly meeting they have received an important despatch from the Inspector, duted 2nd January, he having then just relumed to Sydney from hit visit of inspection to the branches in Atisdalin arid Van Diemen's Land, in winch he expresses in very stiong terms his approbation of the Btute in which he had found the business at each biancli, and his high estimate of the character of the several managers, and of the prudence with which they were canying forward the business of their respective brunches. Although much depression had been caused by the low price of wool in the English markets, intelligence of which ihe advices then bring received in the colonies continued to carry out, it was yet most sa'isfuct ry to find that credit had received no shock ; whilst on the other hand the reports of the inspector bear strong «'vidrnre of increasing enterprise and of the growiiw importance, in a commercial point oi view, of all the Australian colonies. The directors were particular! v gratified 10l am from this despatch, that at Hobart Town the character of trade had greatly changed for the better, and that whaling operations were being extensively carried on from that port, ond hitherto with much success. He states that nearly forty ships were then on the whaling ground, and that several more were preparing to follow, Ship building generally had been extensively introduced, and this branch of industry was evidently prospering, the colony having the advantage of abundant supplied of fine and suitable timber. The accounts from New Zealand are also saHsfactoiy. Our banking operations there arc ncci'ssat i'y of a restricted character. No injury of any cons- quence has resulted to the bank from the shocks of earthquakes experienced at Wellington in October last ; and the branding, both at Wellington and Auckland, are judi* ciously and profitably managed. On the whole the directors believe that the prospects general'y of these great dependencies of the British empire ure of the most cheering kind. In accordance with a wish more than once expressed at the general meetings of the proprietors, and from a conviction thst the time had arrived when it could be done with every prospect of safety and advantage, the directors have instructed the inspector to proved to Adelaide, in South Austtalia, and to open a branch of this bank in that city. A vacancy in the London board, created by the resignation of Thomas Sands Es^., has been provisionally filled, in conformity with the deed of settlement, by the appointment of Joseph Dowson, of this city, who now offers himself to the proprietors for flection. Robert Brooks and Robert Gardner, Esqi., two of the present directors, retire by rotation, and likewise Offer themselves for re-election on this occasion. ii The directors proceed now to submit the statement of accounts, the result of which enables them again to declare a dividend at the rate oi >'• per cent, per annum on the entre paid up capital of the bank, together with a bonus of ss. per share on the 32,000 paid-up shirrs ; and a like proportion of si. bonus on the 21 10*. per share paid up on the 8000 shares of the third series, payable in London, free of income tax, on Wednesday, the Ist of August, and in the colonic, with the addition of 7d. in the pound as soon as the inspector shall fix after the receipt of advices. Also the following statement of accounts :—

The results of these accounts would prove to the shareholderh that the directois were not wrong in exceeding the dividend last year, by adding thdeto a bonuß, as although it had been paid their leserves h»d all mcrcasfd, and they weie bater prepared to meet the bonus than they were when it was announcid. (Applauir.) The diicctois wished the propiiefors to consider, that hose bonuacswere extra of the tli deud, and would b •

givi'n when the, proliis of their business would allow of <t ; should I lie business not allow of it, then it would l>c withho'd until their prospects improved, without touching the dividind. Coiisidcrintf that tlio ditectors had cleared off every bad and doubtful debt which had arisen 'mcc 1843, the statement showed that the bank was now in that pnsi'iou, thai unless tome unforseen circumstnncrs should aiise ihoie was evcrv prospect of their bung in the receipt of a handsome dividend on future ocensions. If lc^es occurred they must be met by the profits of the half year in which they aroie, but at that inomrut they had not a single penny of doubtful debt on the books. (Cheers). Without any exaggeration, the directors could congratulate the proprielmy on the posit i"v in which the bank stood. He did not ftol himself called upon to say imicli in respect of tlie colonies of Australia, the report pivin^ full information upon that buhject. The accounts fn,m all their branches wimc of the most cheering kind. The propiietois would rucollict, when the last accounts vuie sent off the colonies were sufferi "q from the news which hud cone out of the unprecedentedly low price of wool ;n Englan '. That w«i now at an end— the prospects were mine cheering, whi-h, added to ths vast emiguiMou which had and was still taking place, main thfsc colonies not only most important in a commcrciil point of view, but nationally they could coiij'rutulatc themselvus on the posi iou of colonies so valuable to the British empire. IL> had nothing more to add, but would be happy to ais^er any question which the accounts might surest. Mr. Buckle — As no one seemed inclined to rise, he would move that the report just read be adopted, printed, and circulated amongst the piopiictors. The report itself, nneomnanird as it was by the valuable observations of the cbaiun m, must be satisfactory to every proprietor in the) bank. Even had tbeV done no more i huii mamtuin then ground in a yenr of such unpiecidentid dihtiess — distress ulnch must ht: fi It ut ihe antipodes as much as at home— liiey ought to have been Sii'iwlied ; hut seeing not only the present but the prospec t.ye jio.sii.nin of the bank they bad much causj for lej licinu. Mr. Robinson — The dividend was a very good one ; so also was the bonus system. Il was much easier, as well as better to omit giving a bonus than to break down a dividend. The motion was agreed to unanimously. In answer to Mi. lliteliens The Chairman said the bmk held £1 10,000 of government securities. Mr. Joseph DowMon, Mr. Robert Brooks, and Robert Girlner were re-elected directors, Mr. James said they bad never had so good a report as upon that occasion, nor bad their fair legitimate prolit* ever been so large. They bad well got over a time of heavy difficulty, and bad a fair view of mu b proi* perity before them. Surely then it was hut a duty to return their cordial tlianku to their directors. The proposal was hulled with acclamation, and pa6icd with npplauso

At June, 1846, as per KUtoment £56.? 84 Hi 1 Add to June 18-19, as per contra 7,340 17 9 .£63 731 13 10

KESFRVK FUND.

Bills pnyable and sundry balances — £144,007 I 3 Rcseive fund (10 per ceut) .£63,731 13 10 Profit and loss 54,58fi 13 4 118,317 7 2 Paid-up capital. 820,000 0 0 .#1,082,324 8 .'i Assets. ~ Branch accounts (balance) £543,148 10 7 Bills receivable 127,577 18 6 Investments, government stock and loanson (-county 28.0,501 18 11 Insurances and open policies &c 3 f>92 17 7 Casb 18,503 2 10 £1,082,324 8 5

LIABILITIES.

STATEMENT OF PROFITS.