UNION BANK OF AUSTRALIA.

Otago Daily Times, Issue 113, 27 March 1862, Page 6

UNION BANK OF AUSTRALIA.

The half-yearly General Meeting of tl-e shareholders was held on tha l:Jth January, »t the office 3-<, Old Broad-street; Mr. V. G. baigetty hi-.tha. chair. ..-.•■■

T/ie report stated that there was greatly diminished commercial depression in the colonies generr.iiy.* In Nnw^Zealand the discovery of important trold-tfcjlds/ in the southern province had increased the 'activity of trade, and iv the. northern province, the speedy restoration of peace might ha confidently expected. Tlie accounts exhibited a great improvement, which was due, in a considerable degree, to the conduct of tbfi manageis. The accounts showed a net profit of £70,180 12s 5:1, of which the directors proposed tn appropriate £70.000 tor dividend, by the payment of 7 per cent, for tht> half-year, payable in London o.i the 28th Jan.

The following balance-sheet was presented :-

Statement of liabilities and n^ets, at the brmu-iio-t, - on the 30th of June, 1861, and at the London ..Hi: r> on the 31st of Dccemb'T, 1801.—Liabilities : cuim .1tion, £429,177; deposits, L2,051,0>.> 2- 2d ; bills payable and other liabilities (including bills for collection, and reserves held against doubtful debts), L1,841,22i os4d; balance of undivided profits, L74,GOu" 4s fld ; reserve fund, L2(K),000 ; amount held applicable thereto, in terms of report oflOlh of January, ltd!), LI 1,000; capital, L 1,000,000; total, L 0.107,029 6* lid.

Assets. —Specie on hand and cash balances £842/291 9s ; bullion, £13,003 2s 2d; bank premi-.es ami piuperty, £103,897 10t> lOd ; Government securities. £298.199 ISs 9d ; local bills, bills receivable, and other securities (including bills for collection), £4,(549,547 6s 2.1: reserve fuiul, invented as per statement, £200,000 : total, £6.107,209 Cs l]d. Statements of Profits.—Balance of undivided protits at June, 18b11, £61,423 ]2s; out of which a dividend was declare! of £00,000 ; leaving a balance of L 4425 12a. Profits of the past lmlf;car, after making a provision for all bad and div.l,!"! debts, ~ L1in,204 0s 3d; less: remuneration to t-i« local directors, and salaries and allowances to tne colonial staff, L' 29.217 9s 7d ; general expenses in the colonies, including rent, taxes, stationery, &c., LBPOB 19s ;. amount applied in reduction of "bank premises arcount, L3lll (J? ik\; remuneration to the board of directors, salaries of London office staff, rent, taxes, stationery, and general expei^es, L 4624 11s 9d ; in-come-tax paid, L3IU3 0s lid ; together, L-19,023 Ss : net. profits, L 70,18() 12s sd; balance of undivided profits at this date, L 74.606 4s sd. Reserved Fund.—New three per Cents., LSO,QUO ; Now Zealand Imperial Four per Cent. Debentures, LI 50,000 ; total, L 200.000.' The Chairman trusted that the .accounts would be considered satisfactory. He was happy to testify to the zeal and energy of the officers of the company. He would not indulge in any sanguine iutcrpretntations of the future; -Silt he hoped that by steadily pursuing their past policy the board would be enabled to secure continued prosperity. Mr. Wilkinson congratulated the meeting; on the statements laid before it by the directors. They had now turned a corner, and it wns remarkable that, with less business in every department, there, was ml increased amount of profit—a fact the moral of which would not, he hoped, be lost in the future management of the concern. (Hear.) In reply to a question, " ' ' '" The Chairman observed that the reserve fund waa larger thiin the amount actually required. ■** Un the motion of Mr. J. Ducrow, seconded by Mr. James the report and accounts were adopted. ' \ A dividend of 7 pot- cent- for the half-year was then declared, and the meeting terminated with the usual acknowledgments to the chainnsn and his colleagues. The half-yearly report of the directors of the Scot-* tish Australian Investment Company states the gross profit realised in the colony, during: the period now reported-'on nt L 10,932 16s. 6d., to' which must be added L 2117 15s 7d.. being profit in the shape of premium, realised on the sale of the company's shnriM in the Scottish Australian Mining Company (Limited). With L23C 10s. 3d., received hi London for | interest, commission, transfer fees, &c, there is mi1 , aggregate gross profit of L 13,257 2-. Gd. The directors propose a dividend on. the ordinary stock at the rate of 10 per cent, per annum, le.-s income-tax, which will require LlO 000, and leave nt the credit of the reserved fund L 9822 14s. Id. The new colony of Queensland hits been lately attracting a great deid of public attention, in consequence of large portions of it being well adapted for the growth of cotton mid nil itsriciiltural produce, and for the prosecution of pastoral pursuits generally. It has for BOnie time been the desire of tlje mnunjrcr to secure for tho company a first-class pastoral establishment; and the directors now report that he has taken the first stops towards the attainment of this object. The manager anticipates that the investment of a portion of the company's funds in this undertaking will be productive of large fut live profits. The report of the North British Australasian Company, to be presented on January128, states the net profit of the year to have been L14,68G, which, with L 329 previously brought forward, makes an available total of L 10,015, out of which a distribution is proposed of 7\ per cent., free of income-tax. The report of the Kmrlish, Scottish, and Australian Chartered Bank, presented at tin1 meeting "held on January 20. rtntes the available halance to be L 21.301 of which L 15,000 was applied for a dividend fit Hie v.ite of C per cent, per annum, LSOO to preliminary expenses, and LIOOO to premises' account, leaving L 4861 for reserve fund, which now stands at L 27,440.