UNION BANK OF AUSTRALIA.

New Zealand Spectator and Cook's Strait Guardian, Volume III, Issue 153, 16 January 1847, Page 4

UNION BANK OF AUSTRALIA.

Thk following Report was read rat the annual general meeting of the proprietors of the Union Bank of Australia, held at their offices, in Old Broad-street, London, July 20th 1846 :— 11 The affairs of the Union Bank of Australia, at-the .close of the eighth year of its operations, are in a very satisfactory position, although the abundance of money which has arisen from the returning prosperity of New South Wales has rendered the colonists in a great degree independent of banking accommodation, and the opportunities at present afforded for employing the funds of the bank safely and profitably at the branches are few as compared witr former years ; and a very Jarge portion of the bank's funds-consequently remain in London, and is employed at such a rate of interest as is considered to be-compa-tible with security and-convertibility. " The directors have, however, some evidence of an improved demand for money in the colonies ; and they expect that the revival of confidence now taking place will produce an active internal trade, and create, before long, a legitimate demand for banking capital. ** It has been stated in a previous report that the branches in New Zealand had been almost reduced to small exchange .agencies. They have, therefore, yielded scarcely any profit during the past year. The directors trust that a more favourable state of things will soon arise in those fine islands, and they will yet afford a4arge and remunerative field for British enterprise. " The bad and doubtful debts due to the bank from the commencement of its operations have been closely investigated by the respective managers at the branches and the inspectoT ; and their reports have been carefully examined by a sub committee of this board. There have been variations during the past year, some estates proving better, and others worse, than the former estimate. The result, however, leaves the uncovered balance j £24,559 3s. 5d., which is rather less than the sum mentioned in last year's report. The j loss which will arise upon this amount, when finally closed, will form, as there stated, a charge upon the balance of undivided profits. "J. G. Jennings, Esq., the late manager at Hobart Town, bas tetired from the service of the bank, and entered upon commercial pursuits, with the esteem and respect of the directors. He has been succeeded by Mr. Clark, the late manager at Launceston, which has led to the promotion of Mr. Mann, from Geelong, to the management of the Launces- . ton branch. " Amongst the changes which have taken place in the bank's establishments during the year, the directors have to mention with deep regret, the decease of their late much esteemed colleague at the London board, J. W. Buckles Esq., and of Robert Kerr, Esq., one of their highly- valued local directors at Hobart Town. The vacancy created in the London board by the demise of Mr. Buckle has been provisionally filled, in conformity with the deed of settlement, by the interim appointment of William Wilson, Esq,, a partner, in the house of Messrs, Thomas Hankey & Co., of this city, who now offers himself to the proprietors for election. Robert Brooks, and James R. Todd, j Esq., two of the present directors, retire by rotation, and likewise offer themselves for reelection on this occasion. " The directors cannot bring this report to a conclusion without again making mention of the services of the inspector in the highest terms of approbation. The communications received from this gentleman, during the last' few months, upon his return from a long and minute inspection of the branches, have brought every item of the bank's business, in the. clearest and most satisfactory manner, under their notice, and all the arrangements . made by him, during his tour of inspection, have met the entire approbation of the board. ''The directots have much pleasure also ,iv expressing their satisfaction with the proceedings of their managers during the year, and in acknowledging the zeal and judgment manifested by the gentlemen forming the local boards in superintending the business of the bank. " The directors now proceed to submit their annual statement of accounts, the general resuit of which enables them to declare dividends at the rate of six per cent, per annum on the entire paid-up capital of the bank, to be pay- j

able in London on the 3d of August, and in the colonies as soon as the inspector shall fix after receipt of advices." On the conclusion of the report, the Secretary read the following statement of accounts :—: —

Bills payable Sundry balances Bad debt reserve Ino i^n q n (balance) | 28 » 142 9 ° Reserve Fund T A * «oe fi (lOpercent.) J45J 45 ' 335 1& 6 Profit and 1055.... 44,822 7 6 3£80,U00 O 3,806 19 118,300 12 •i. 5 0 207,162 19 Paid-up capital :.. 820,000 0 9 0 £1,027,162 19 STATEMENT OS .PROFIT. Balance of undivided profit, at June, 1845 ..« £43,568 14 To which add profits for year ending at the branches, 31st Dec, 1845, and at London office 30th June, 1846 ~... £56,059 12 4 Deduct one-tenth for reserve fund.. 5,605 19 3 50,453 13 9 5 .1 £94,022 7 6 Deduct dividend paid at Midsummer, 1845- £24,600 Do. do. Christmas 24,600 0 0 0 0 — 49,200 0 0 Balance of undivided profit at this date £44,822 7 6 ASSETS, Branch accounts (balance)-. . . . £270,211 1 7 Bills receivable 90,036 7 3 Investments, government stock, and loans on security 648,524 13 6 Insurances, open policies, &c. 8,227 7 3 Cash 10,163 10 2 £1,027,162 19 9 RESERVE RUND. At June, 1845, as per statement £39,729 16 3 Add to June, 1846, as above . . 5,605 19 3 •£45,335 15 6 * Not included in the above balance of undivided profit, and held in addition thereto.

STATEMENT OF THE ACCOUNTS TO JUNE 80, 1846. LIABILITIES.