COMMERCIAL.

New Zealand Times, Volume XXX, Issue 4371, 24 March 1875, Page 2

COMMERCIAL.

BY TELEGRAPH.--HOKITIKA, Tuesday. • Sixty-four bead of cattle yarded; average price/40?. per 109 lbs. Sheep, 14s. The market la very poorly supplied, and prices ore rising. THE UNION BANK OF AUSTRALIA. (From the The Tim*a, January 12.) The half-yearly meeting of the shareholders in-the Union Bank of held at the offices, Bank Bulldlngs/Lotbbary.yeaterday,' The chair was occupied by Mr. William Fanning. : Mr. Joh.h Baakwxu., the manager, read the notice calling the meeting, and also the report of the directors and statement of accounts. The report ran as under:—

“ It Is with feelings of satisfaction that the directors now submit to the proprietors a balance-sheet which has enabled them, after providing.very amply for every bod and doubtful debt, to declare a dividend of 7 per cent, for the half-year and a bonus of 6s. per share, being together at the rate, of 18 per cent, per onnum. By latest advices from the colonics; trade was reported to be dull, owing to an excess of imports, but the general prosperity of the pastoral and agricultural interest*, was maintained, while public works continued to be extensively prosecuted by the various colonial Governments, and a good demand for capital existed throughout the colonies. The able and efficient services of Mr. McMullen and of the other officers of the- bank, both at home and abroad, still command the wannest and beat acknowledgments of the directors and shareholders. The annexed balance-sheet presents a net profit of £105,472 16s. 2d, available for division, of which the dividend and bonus will absorb £IOO,OOO, leaving £5472 15s. 2d. to be carried forward, lire dividend warrants will toe transmitted by post on the 18th Inst., and the dividends will be payable in the colonies at such time as the general manage* shall hi after receipt of telegram.” Statem kht oe Liabilities and Assets at the Branches on Joke 80, and at tub London Oveicie on Dec. 31, 1874. liabilities. Circulation £378,267 10 0 Deposits .. 4,160,377 8 6 Bills payable and other liabilities (Including reserves held against doubtful debts) 824,458 11 0 Balance of undivided profits .. .. 106,472 16 2 Heserve fund as per contra ~ .. 260,000 0 0 Building and other reserve funds .. 160,000 ’ 0 0 Capital 1,260,000 0 0 £7,116,678 0 7 Specie on hand and cashTalances .. £1,070,079 17 10 Bullion on hand and In transitu .. 70,086 IS 0 Bank premises and property .. ~ 160,803 14 8 Government securities .. ■ .. .. 185 97S 12 6 Local bills, bills receivable, and other securities .. .. . .. ~ 6,861,040 8 10 Reserve fund, invested as per state- . went.. .. ... ~ .. 260,000 0 0 ; £7,116,676 0 7

* STATEMENT OP PROFITS. Balance of undivided profits at 30th _ 0/ _ t June, 1874 .. .. •• •; 02 » 2W 0 10 . Out of which a dividend was declared Q Q Leaving a balance of .. •• 4*04 010 Profits of the past half year, after making provision for bad and _ , _ doubful debts .. £151.888 4 9 Less remuneration to the local directors, and salaries and allowances to the Colo- • : r nlal staff, £32,466 2s. Sd.: general expenses - - in the colonies, including rent, taxes, • - stationery, &c., £10,510 15s. 5d.; remuneration .to' the board of directors, salaries of London office staff, rent, taxes, stationery, and general expenses, £7572 93.2 d.; income tax, £625 3s. 2d. .. 51,179 10 5 ’ 100,708 14 4 Balance of undivided profits at this date £105,472 16 2 - RESERVE FUND. New Zealand Imperial 4 per cent. debentures .. £200,000. 0 0 Colonial 6 per cent, debentures . 50,000 0 0 £250,000 0 0 London, 7th January, 1875. (Signed) Edward P. Miles, Chairman of Committee. John Bramwell, Manager. R. Buckler, Accountant. The Chairman said that the account which the Board were enabled to render of their stewardship for the past six months, in the report just read, and the accompanying balance-sheet, would, he felt sure, be most’satisfactory. Measured by the standard to which all business efforts must ultimately be subjected, that of results, he was able to claim for the manager and staff, both at home and abroad, that they had earned an expression of -approbation.-* (Cheers.) True the time under review had not been one 6f any marked difficulty, but still there had been difficulties which required to be met with judgment and discretion, and those qualities the Bank had always found in the general inspector. In the present instance, Indeed, to use a familiar expression, that gentleman had been “all there when wanted.” It would be idle for him to pretend that in the widely oxtendod-fiold-wbioi*' the bankJ*c ou P io d , ' iis ~husine6s could be conducted without a scratch here and there ; but, notwithstanding these, UpSl results submitted to the meeting had been arrived at after a most cajreful study*-of the bank's position, viewed from all points,'and after the most ample provision had been made for all .bad and doubtful debts. The form in which the board proposed distributing the amount available was, so far as this bank was concerned, a novelty, but shareholders would be familiar with it as a nractice of kindred institutions, and he was. inclined to think that- the shareholders would not much care by what name the dividend was called so long as they got a good one. The proposition appeared simply to say that, in the board’s opinion, the dividend they were asked.to confirm was satisfactory, and the bonus was something beyond that which the board could ordinarily rely upon; but he need not assure the shareholders that their common interest would always ensure their aiming at the highest mark.. f He might with great confidence give a general assurance of the sound position which the bank occupied. ’ The pas-* toral interest, as regarded both flocks and herds, both in their increase and condition, was highly flourish- , ing. The wool had escaped the depression which had attended many other articles brought ,to this country during the past year, and indeed lie might say which had attended many of the manufacturing industries. Some might think that immunity would not last, whilst others would see, in the growing consumption of the manufactures, the maintenance of prices, but the shareholders might take this assurance in support of the Board’s confidence that the position of the flock-master was very much improved by the wealth which.had been realised, and the firmer tenure of his land, and he would be enabled to stand a rude shock should it unfortunately come. Further, the favor in which the wool of Australia had been held, both at home and abroad, had been more than established by recent tests made on the Continent, and it would , be their own fault if the wool did not fully maintain that position. Ho alluded thus prominently to wool, because it stood first on the lengthening list of exports, but if they turned for a moment from that to other articles, whether they regarded sugar—the production which would no doubt this year reach 25,000 tons—whether they regarded tin, copper, or coal, in all those things they would sec a slow hut a sure progress. Whether they regarded the comparatively slow progress of the manufacturing industries which promised great things by and by, and whether they considered the quantity of land under cultivation, the increased export of cereals : the extension of railways, the increase of the population, or the growing volume of the commerce generally, they would in one and all find the strong grounds on which the board based its confidence in the future. There had been a great declension in the. export of gold from the high point which it attained in the earlier years after the great discoveries. But that was to be expected, as the miners’ task became more difficult, the large amount of machinery and plant required absorbed a good deal of 4iu»,coUV and hence they found a smaller miner nopulation, attention being diverted to other interests, .which would have remained comparatively undeveloped but for the means acquired, previously by the. diggers. , . s A Shareholder: How about Australian meat? The Chairman replied that the export of meat bad not been maintained at the point at which it stood, for the simple reason that the owners of flocks and herds had 'found a better market f r their meat in Australia than they could in'this country. Without much difficulty he might interest the shareholders; but possibly he might weary them, by giving an army of figures in support of what he had advanced, but it : would no doubt be sufficient foe him to-indicate ! generally the grounds of the con Silence which he pro- ; leased, The period to which the accounts extended was the 30th June last, but the Board were in possession of telegrarnsup to the7th inst, containing mostsatisfactory advices. Prosperity continued general, and he hoped it would long endure; but at the same time they must not shut their eyes to the lessons taught by experience, nor fail to remember that great prosperity was always attended by some reaction, and so. occupying the position which the bank did, he could not believe that there was reason for anything more than ordinary caution—certainly none for any anxiety.. At the last half-yearly meeting the chairman gave them his valuable experience respecting the ebb and flow of the tide of colonial fortune. He then counselled prudence,.which the board were disposed to advocate, and they_had the satisfaction of learning that those opinions were in perfect accord with those of the general manager Thus impressed, he had not the slightest doubt that when they had the pleasure of meeting again six months hence the board would be in a position to render an account which would hot be discreditable to the directors, and one which they.hoped would be satisfactory to the shareholders. (Cheers.). Be concluded by moving the adoption of the report and accounts. Mr. William Boxljsv briefly seconded the motion. He considered that a more favorable report was never presented to the shareholders. There was a slight depression in some trades, as the chairman had most frankly said ; but no doubt the colony would continue to make substantial progress. The motion was unanimously agreed to. Upon the motion of Mr. Sebaq, seconded by Mr. J. S. Wilks, a unanimous vote *of thanks was accorded to the chairman, directors, officers, and staff for the ability and. energy with which the bank's operations had been conducted. The Chairman having briefly acknowledged the compliment, and announced that the dividend and bonus would be payable on the 18th inst., the proceedings terminated.