UNION BANK OF AUSTRALIA.

Otago Witness, Issue 2895, 8 September 1909, Page 20

UNION BANK OF AUSTRALIA.

ANNUAL MEETING. GOOD PASTORAL AND AGRICUL* TURAL PROSPECTS. CFaou Otra Own Correspondent.) LONDON, July 3C air Arthur Flower, who occupied thf chair ait the annual general meeting ol the Union Bank of Australia on Monday," told the shareholders that the prices for wool were, at the moment, appreciably, higher in New Zealand and Australia than was the case- six months ago, and there seemed no cause for apprehension in this respect for the -near future. The last harvest had been «.n exceptionally good one, and a message lately received trom the general manager on genesal prospects anoY season as afteoting pastoralists and agriculturists was the most favourable ha( remembered to have seen for many yeare.i' In Australasia the demand for money? has lessened, largely in consequence, n<tdoubt, of satisfactory returns from wool* grain, and other industries and the general satisfactory "condition of the .colonies. Thcj process of resumption of large estates by' Government with a view to closer ssttle-4 ment still continued, especially in New South Wales and Queensland, and must, drr the opinion of the chairman, tend to prov mote an increase of population on the land! both by means of immigration and by, exodos from the towns. As to the results of the. past half-year's working, "they spoke for themselves in the report in- the shape* of s, continuance of the same dividend endi a further sum of £20,000 to the reserve.' fund and £10,000 in reduction of the amount at which bank premises stood in*' the accounts. So far as could ba seen,' everything seemed to promise a continu-i ance of prosperous conditions for the pre-i sent. Thanks were due to Mr Hallamorei and to the staff beneath him in New Zea-j land and Australia, as well as to Mr Willis 1 and the London staff. - - j The chairman remarked that the usual!) comparison of present accounts elbowed that, i with the ordinary fluctuations of money,! between London and Australia, the bank's. 1 advances as at February 27 last were« i £700,000 less and their deposits some* £100,000' more than for the six months*! previously, while the liquid and readily-, available resources at the end of February? under the head of specie on hand and caeni balances (£3,841,000), bullion and advened on bullion (£243,000), money at call and ehort notice in London (£485,000), balance ol remittances and drafts in transitu and bil'si receivable at London office (£3,603,000), and investments (£1,668,000), showed «' total of £9,840,000. After deducting j £1,000,000 for investments allotted to the reserve* fund, the assets represented some 8s Id in the pound of all their liabilities in| London and Australasia, consisting of oiroirculation (£474,000), bills payable (£2 052 000), deposits (£19.322,000). amounting in the aggregate to £21,848,000. The motion for the adoption of the re« port was seconded by Mr W. O. Gilchnsc. Mr John Hedges said although the deposit accounts were Ic6s by £600,000 than they were 12 months ago, a larger protrb was shown, which was very satisfactory., He quite agreed with the chairman with; regard to wool increasing in value, which! was a good thing for Australia. He con- , gratulated the directors on the favourable, results of the half-year, which had enabled' the board to declare the came dividend. On the motion of the chairman, Mr Charles E. Bright, C.M.G., and Mr John Dennistoun were re-elected directors of th» bank, and the auditors were reappomted. Mr Hedges remarked that it was SWKf due to the untiring energy of the statt tnat such good results had been obtained. The chairman expressed pleasure at £« WOrda Of appreciation vela-t^e *<» the staff : Ino bank possessed a more loyal staff tnaa they did.