UNION BANK OF AUSTRALIA.

Poverty Bay Standard, Volume II, Issue 95, 11 October 1873, Page 3

UNION BANK OF AUSTRALIA.

( From the London Dally News, July 15,1873.) The Annual meeting of the shareholders in this Bank was held yesterday at the Bank, Lothbury ; Sir C. H. Mills, Bart., M.P. in the chair. Mr. Bramwell, the Manager, read the following report :—“ It is with satisfaction the’directors again present to the proprietors a statement of accounts which has enabled them, after providing for every bad and doubtful debt, to declare a dividend equal to that of last half-year, viz., Gj per cent., or at the rate of 13 percent, per annum. The operations of the bank, during the period that has elapsed since the last meeting of the proprietors, continue to afford grounds for congratulation. The redundancy of capital in the colonies, however, continues, and lower rates rule there for money than in this country, but such an exceptional and unprecedented state of matters cannot in all probability be of long duration. The annexed statement of accounts presents a net profit of £88,550 12s 8d available for division, of which the dividend for the half-year will absorb £81,250, being at the rate of £1 12s 6d per share, leaving £7,300 12 8d to be carried forward. Statement of Liabilities and Assets, at the Branches, on the 31s£ December, 1872, and at the London Office, on the 30th June, 1873. — liabilities :

The Chairman said he thought it was unnecessary to make any remarks, but he should be happy to give any explanation which shareholders might require. He thought they liad reason to congratulate themselves on the operations of the bank as shown in the colony up to the 31st December last, and up to the 30th June in this country. They were able to declare a dividend equal to that declared on the last occasion, and that at a time when money had been so abundant in the colony that the profitable employment of it had been a matter of serious difficulty. The circulation this time last year was £342,000 ; it was now £350,000. The deposits last year were £3,G13,000 ; they were now- £4,258,000. ( Hear.) They had a good report both of the harvest in the colony, and the price of wool here, which had been rising owing to the shortness of stock, and there was every reason to believe it would be maintained. The undeveloped resources of the country would require a large amount of capital. Since last year 1,517 shares had been transferred to shareholders in the colony.

Circulation £350,639 0 0 Deposits 4,258,231 9 4 Bills payable and other liabili- • ties (includihg reserves held against doubtful debts) 812,279 13 2 Balance of undivided profits ... 88,550 12 8 Reserve Fund as per contra ... Building and other Reserve 250,000 0 0 Funds 150,000 0 0 Capital 1,250,000 0 0 £7,159,700 15 2 ASSETS. Specie on hand, and cash balances £1,372,410 16 1 Bullion on hand and in transitu 209,226 4 0 Bank premises and property ... 170,343 14 8 Government securities Local bills, bills receivable, and 317,007 5 0 other securities Reserve Fund, invested as per 4,840,712 15 5 statement 250,000 0 0 £7,159,700 15 2 Statement of Profits. Balance of undivided profits at 29th June, 1872 ... £85,674 19 10 Out of which a dividend was declared of ... 81,250 0 0 Leaving a balance of .. .... £4,424 19 10 Profits of the past year after making provision for all bad and boubtful debts ... 261,695, 1 3 Less : Remuneration to the local directors and salaries and allowances to the colonial staff 01,146 10 8 General expenses in the colonies, inchiding rent, taxes, stationery, &c 17,655 8 4 Remuneration to the Board of directors, salaries of London office staff, rent, taxes, stationery and general expenses ... 15,440, 12 3 Income tax 2,076, 17 2 — 96,319 8 5 165,375 12 10 Add balance 4,424 19 10 169,800 12 8 Deduct : Dividend paid in January ... 81,250 0 0 Balance of undivided profits at this date ...£88,550 12 8 RE&ERA E J? (J iN D. New Zealand Imperial Four per cent. Debentures ...£200,000 C > 0 Colonial Six per cent Debentures.. £ 50,000 • 0 • 0 London, July 10, 1873. £250,000 ' 0 0 ( Signed ) H. W. Parker, Chairman of Committee. „ John Bramwell, Manager. „ J. Buckler, Accountant.