COMMERCIAL.

New Zealand Times, Volume XXIX, Issue 4217, 25 September 1874, Page 2

COMMERCIAL.

CHRISTCHURCH. : , , The Times of Saturday reports > No change for the better can bo’rcported, in business during the past week. This, to a great extent, is attributable to • very. wet- bub seasonable weather. Large supplies of general goods have reached the stores of importers from the vessels now in port, and stocks of nearly every lino arc more than equal to current requirements. The- Merope and jEndyraion are both about due from London, but the principal part of their‘space is taken up by passengers. : Sugars have been moving moderately well; whites particularly, leaving very limited margin to sellers however. Next month the new Mauritius sugars will bo arriving. The cost Is expected to bo-high, but really fine white and yellow crystals arc running short. Spirits are in very full supply. Brandy in bulk ja difficult'to. place, at 10.1 3d. for Hennossy’s pale cose brandy is all but unsaleable. Considerable shipments of Geneva have come to hand by . late arrivals,- and prices are by no means ' firm. Whisky moves slowly. Old’Tom and rum are also dull. ; Candles arc selling in moderate parcels at Ud. • Kerosene is quiet at 25..2d. for. fair.lots,,. Oilmen’s stores are largely held, but not being pressed oh tho market, except to meet current trade wants. Bottledale and stout are as much neglected as ever ; 11s. Od. for first brands is. tho nominal, rate. No.sales can be_ recorded. Some parcels, of Bass In'hogshead have' changed hands- at £lO, but the demand must be limited until tho warm weather sets in.: Building materials bold their value better.. Cement, notwithstanding tho large quantity advised as ; on tho way from England, meets a steady sale at 235., to land. : Galvanised iron Is-firm-at £35 10s.-to £3O for first brands. . < v: r.v>. : * ,-’ r : .Money continues rather tight, but no changes are anticipated In the rate of either exchange or discounts, ’ . . - UNION BANK OP AUSTRALIA. i : >’ r ' (Afominy Post, July 14.) i; - - ; . The annual meeting of the: shareholders in the Union Bank of Australia was held yesterday at tho offices, bank buildings, Lothbury,. under tho presidency of Mr. Robert Carter* • - '■** Mr; John Bramwell, the manager., read tho notice callingfho meeting, and also the, report of the directors aod statement of accounts... The two latter documents ran as under‘ : ‘ -1 ' ‘ , * .“The directors have- satisfaction - In- again presenting to; the proprietors a statement 'dL accounts which, after for .every bad and doubtful .debtj has enabled them, to r dficlaro ,a dividend equal to that oP last half-year,, viz*> 7 percent., orAtthorate of-14 per cent, peri-annum.By latest advices from the Colonics, affairs generally continued prosperous, while from tho. rapid prosecution of extensive public works f by . tho various

Colonial Governments, money > wag.- becoming njqr einVde'mand, and better rates-Of now ruled , there than for a long time past. Mr. Robert Campbell ind Mr. Archibald x >lcLachlan retire from the direction on the present .occasion in conforpiity^un, th6 J provisions of the deeipf, settlement, and now, 'offer themselves for re-election. The directors renew the expression of their confidence in the zeal and ability of Mr. 3to#ullcn, the inspector aqd general ■manager, and of hia entire. dei'otiQnlo'tho-intercsU :'of • the Bank. They woidd 'alao desite again to Record their warm’acknowledgments of the able and efficient manner.in wluch tho officers of .the , institution,-genc> rally, both at Home and abroad, continue to discharge their respective duties. The annexed, statement ? ot_ accounts presents’a net prbftt'oC£92,2C4los. able for division; of’which the’dividend for the halfyear. will absorb £87,600, - leaving .£4764 ;;10s./to be; carried forward. The dividend warrants will be transmitted by post oh the 20th inst.; and the divi-dends-will .be payable-in the Colonies at such time as the general manager sliall fix after receipt of telegram:— i. Statesiznt’ op Liabilities and Assets at the Branches on December 31st, and at the London Office on June 30th, 1874. ,

XiOiUlUii, vuijr v, iO(T, ' (Signed) Edward P. W. Miles, ; • . ; - Chairman of Committee, . : John-Bramwell, Manager. . j . , . R., Buckler, Accountant. The Chairman, in moving the adoption, of , the report read to the meeting, desirbd to draw* attention. ’to the paragraph in the report which was perhaps ■ the most • gratifying oije, which stated that the demand for money in the Colonies had lately, improved atul increased, with, of course, a correspond*: ing increase in'the rate of discount. The accounts presented to t the .meeting related'to the half-year ending December, ,1873, during which there an improvement in the rates of discount, accompanied of course with a corresponding 'augmentation in the amount 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 were benefited. ’At the last meeting it was stated that, the rate of discount ruling in. New Zealand had been extremely low, but he was glad to say that there had been an improvement in business in this most important Colony, and that the rate, had improved .to an’extent; which, would admit of this,-Bank and others engaged in . banking operations making a' fair profit' upqn the .capital embarked.' The ‘ latest advices received showed that the moderate ‘improvement had 'Continued, Referring . to; the statement .of j,accounts, he, considered it most/satisfactory,. as giving. evidence of a steady and substantial progress.’ ’The deposits showed an-in Crease amounting to £150,000, whilst the advances and discounts had increased by tlje sum of £500,000. -.There was«one point which-migljt have attracted : the attention of the shareholders, and that was thednerease in the expenditure on .tlie half-year.-' -That was, however! a matter easily explained, and arose from the- fact of its being found necessary ; in the interests of the bank to establish three agencies, the preliminary cost of which had, as usual, been charged to profit and loss for the halfyear, deducting which-shareholders would find -thdt there had been : nominally a saving of £BOO in the expenses as compared, with the previous year. Some two years ago the shareholders passed a resolution authorising the transfer of shares from the London to the Colonial register, and the wisdom of that step, which was intended to widen the basis of support in the Colonies, had been fully established by the-success which had attended it. From August, 1872, up to the present time, the number of shares so transferred .amounted, t0,:;3290, of which no less than .1020 were transferred during the current year. (Cheers.) The dividend. was an. increase of l • per cent per annum as compared with .the corresponding period of last year. The Board paid th’6’increased dividend in January last, but to do so had to draw-upon., the Individual profits,’whereas now they were able to pay the same increased dividend and carry £I7OO to the undivided profits. The acCOunts;recelved from the Colonies continued to be most satisfactory. From Melbourne In particular they were informed that the season had been -a most .favorable one, and that there was a steadily increasing improvement in the ‘business of tl|e .Colony. He desirfed to ( remind' the-, meeting’.that Colonies and communities were subject to the same laws as 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-sanguine;.view; of the continuance of prosperity.; There was, however, this most gratifying feature in-regard to-tho-Australian Colonies, that whatever the ebb tide of depression might be,.the.flpo4-of prosperityJmd ever earned them higher,-so’ that there has been a uniform arid steady improvement. Ho concluded by moving the adoption of the report and accounts.:; '/■i i 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; Lecbay moved a*-vote oLthanks to the general manager, the manager, and officials. s The Chairman, In seconding-,the motion, said that the Board were greatly pleased that such a resolution should come from the shareholders, the directors having, expressed their full satisfaction at thb,mariner in which every one, from the general manager downwards,, discharged his.duty., Such absolution coming-from the shareholders would no doubt be very gratifying. i The motion was unanimously !Mr. Bramwcll having acknowledged the compliment, the advertisement announcing the dividend was read, and the proceedings closed with a vote of thanks to tlie chairman. BY TELEGRAPH. . \ AUCKLAND. Soptorpbcr 24.: Mr/-Alexander Saunders reports Sales ; Auckland Steam Packet Company/455. Buyers : Bank of Now Zealand, 3555.; National Bank, 605.; South British, 60.; Crown Prince, 10s. Sellers—Caledonian, 105 s; City of London, 245. Od. \

' ' LIABILITIES. £ s. d. Circulation i382,24315 :o Deposits .. .\ .. •• •• 3,858,273 1C 9 Bills payable and other liabilities . , } (including reserves held against doubtful debts) 740,890 18 6. Balance of undivided profits .. ... , 92,264 r 0 10 Reserve fund as per contra .. .. 250,000 0 ;o Building and other reserve funds .. 150,000 0 ;o Capital .. .. •• ■ 1,260,000 0 i° , ...... ■„ ,£6,720.072 11 ;i - ASSETS. ! ... ... . £•. s. d. Snecio on hand, and cash balances .. 034,uss 13 9 Bullion on hand and in transitu .. 34,883 0 3 Bank premises and* property:.. ; .. 170,043 14 8 Government securities .. .. 180,475 12 ;o Local bills, bills receivable, and other ! -.securities - i '.. ‘ ... 5,163*581) Oil Reserve fund, invested as per statement... ., .. ... .250,000 0 ;0 s £0,729,072 H ,1 . STATEMENT OF, PROFITS. " ‘ - -■■■■' " ■■■ £ . ,s. d. Balance of undivided profits at 30th ' 11 r : ;June. I873\ :. - f .. 88,650 12 ,8 Out of which a dividend was declared , of . 81.250 ;0 jo I'i Leaving a balance of ! ” ;7,300 12 8 Profits of the past year, after making provision for all bad and doubtful debts, £269,005 Cs. 8d. ; less renumeration to the local directors ; and salaries .and , allowances to : the;colonial staff, £01,160:143,; ■ 7d. ; general'expenses in’the colo- ' . . dies; Including rent, taxes, sta-. tionery, &c;,-£10,280 17s. 4d; ; remuneration to the board of directors, salaries of London office staff, rent, taxes, stationery, and general expenses. • £15,244 17s. lOd, ; income tax, £1440,8s. 9d. .. ‘ 172,463 8 - Deduct— 179,764 . 0 lo Dividend paid in January .. .. 87,500 0 0 Balance of undivided profits at this date-.* * .. ■,., •• , £92,264 0 10 . . ’ RESERVE'FUND.— ■ ' ■ £ . ; 3. d. New Zealand Imperial 4 per Cent. Debentures .. ... .. . .. 200,000 0 ! 0 Colonial 6'per Cent. Debentures 50,000 0 = • £250,000 0 0 London.'July 9, 1874.