COMMERCIAL.

Poverty Bay Standard, Volume III, Issue 259, 27 March 1875, Page 2

COMMERCIAL.

UNION BANK OF AUSTRALIA. A SPECIAL general meeting of the proprietors of this bank was held yesterday afternoon at the head office, Bank Buildings, Loth bury, Mr. W. Fanning iu the chair, for the purpose of receiving the iml f-yearly Report of the Directors. Mr. J. Bramwell (Manager) read the following Report and Balance Sheet:—“lt is with feelings of satisfaction that the directors now submit to the proprietors a balance sheet which lias enabled them, after providing very amply for every bad and doubtful debt, to declare a dividend of 7 per cent for the halfyear, and a bonus of ss. per share, being together at the rate of 16percent, per annum. By latest advices from the Colonies trade was reported to be dull, owing to an excess of imports, but the general prosperity iff the pastoral and Agricultural interests was maintained ; while public works continued to be extensively pnioeeuted by the various Colonial Governments, and a good demand for capital existed throughout th* 3 colonies. The able and efficient aerviees of Mr. M Mullen, and of the other

officers of the bank, both at home and abroac? still continue to command the wannest and best acknowledgements of the directors and shareholders. The annexed balance sheet presents a net profit of £105,472 15s 2d available for division, of which the dividend and bonus will absorb £lOO,OOO, leaving £5,472 15s 2d, to be curried forward. The dividend warrants will be transmitted by post on the 18th instant, and the dividends will be payable in the Colonies at such time as the general manager shall fix after receipt of telegram.” Statements of Liabilities and Assets. At the Branches, on the 30th June, and at the London Office, on the 3lst December, 1874. Liabilities. Circulation £376,267 15 0 Deposits 4,160,377 8 5 Bills payable and other liabilities (including reserves held against doubtful debts) 824,458 11 0 Balance of undivided profits 105.472 15 2 Reserve fund as per contra 250,000 0 0 Building and other reserve funds 150,000 0 0 Capital 1,250,000 0 0 £7,116,576 9 7 ASSETS. Specie on hand, and cash balances£l,o79,979 17 10 Bullion on hand and in transits 79,686 15 9 Bank premisesand property 169,893 14 8 Government Securities ... 185,975 12 6 Local bills, bills receivable, and other securities ... 5,351,040 810 Reserve fund, invested as per statement 250,000 0 0 £7,116,576 9 7 Statement of Profits. Balance of undivided profits at 30th June, 1874 ... £92,264 010 Out of which a dividend was declared of 87,500 0 0 Leaving a balance of 4,764 0 10 Profits of the past half-year, after making provision for all bad and doubtful debts £151,888 4 9 Less: Remuneration to the local directors, and salaries and allowances to the Colonial staff £32,465 2 8 General expenses in the Colonies, including rent, taxes, stationery, &c. ... 10,516 15 5 ' Remuneration to the Board of Directors, Salaries of London office staff, rent, taxes, stationery, and general expenses 7,572 9 2 Income tax ... 625 3 2 £51,179 10 5 100,708 14 4 Balance under Statement of Profits 4,764 0 10 Balance of undivided profits at this date £105,472 15 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. W. Miles, Chairman of Committee John Bramwell, Manager R. Bucklir, Accountant.

The Chairman said—Gentlemen, the account, which we render of our stewardship for the past six months in the report just read and the accompanying balance sheet must, I feel sure, be satisfactory. Measured by the standard to which all business effort must submit, namely the standard of results, I think I may fairly claim for our staff, both at home and abroad, that they have earned the expression of your approbation. (Cheers.) I do not mean to tell you that the time which we now review has been one of any marked difficulty. Still there have been difficulties which required to be met with judgment and discretion, and these qualities have not been wanting in our General Jlnspector in the present instance. Indeed, I would say of him, if you will pardon the familiarity of the phraze, that he is always there when wanted. It would be idle for me to pretend that on the widely extended field we occupy, business can be conducted without a scratch here and there; but this, notwithstanding, the result is as we now submit it, arrived at after careful study of our position at all points, and after ample provision for all bad and doubtful debts. The form in which we promise to distribute the amount now available is, so far as we are concerned, somewhat of a novelty ; but we are all familiar with it in the practice of other banks, and I am inclined to think that you will not care much by what name we call the dividend so long as you get a good one. The proposition appears to me simply to say that in our opinion the dividend which we ask you to confirm is satisfactory, and the bonus a benefit beyond that which we may ordinarily rely upon. I need not assure you that our common interest will always ensure our aiming at the higher mark. I "may with great confidence give you a general assurance of the sound position which the bank occupies. The pastoral interest, as regards flocks and herds, both as respects their increase and their condition, is flourishing. Our wool has escaped the depression which has attended many other articles which have been brought to this country during the past year, indeed I may say which has attended many of our manufacturing industries. Some may think that tliis immunity will not last; others may see in the growing consumption the maintenance of prices ; but you may take this assurance on which to support your confidence in the event of the less hopeful opinion prevailing, that the position of the flockmaster is so much improved by the wealth that he has realised and the firmer tenure of his land, that he would be enabled to stand a rude shock should it unfortunately come. Further I may tell you that the favour in which our wool has been held both at home and abroad has been more than established by recent tests made on the Continent, and that it will be our own fault if it do not maintain that position. I allude thus prominently to wool because it stands first on the list, the lengthening list of our exports ; but if we turn from that to other articles, whether we regard sugar, the production of which will, I dare say, this year reach 25,000 tons, or tin and copper, and coals ; whether we have regard to the slow progress of manufactures, which promises great things by and by; whether we consider the amount of land under cultivation, the increased export of cereals, the extension of railways, the increase of our population, or the growing volumes of our commerce generally we may in one and all find strong grounds on which to base our confidence for the future. There lias doubtless been a great declension in the export of gold from the high point which it attained in the earlier years after the gold discoveries ; but this was assuredly to be expected. The iniuer's task has become more

difficult: the large amount of machinery and plant required absorbs no small part of the return. Hence we find a decrease in the mining population, and attention diverted to other interests which would have remained comparatively undeveloped had it not been for the means acquired previously by the diggers. (A shareholder—“ What about the export of meat ? ”). The export of meat has not been maintained at the point which it had reached, for this simple reason, that the owners of flocks and herds in Australia have found a better market for their meat locally than they could find here. Without much difficulty, I might perhaps interest you—it is more probable that I should weary you —with an army of figures in support of what I have now advanced. It will, I dare say, be sufficient for me to have indicated generally the grounds of the confidence which, if you share it, enquiry in the direction 1 suggest will confirm. You are aware that the period for our accounts ended in the colonies on the 30th of June last; but we have telegrams up to the 7th of January, containing most satisfactory advices. Prosperity continued general, and long may it endure. At the same time we must not shut our eyes to the lessons of experience, nor fail to remember that a high prosperity is always attended with some reaction in Englahd, and in the colonies no less and no more so. Occuping the position that we do, I do not believe there is reason for anything more than caution ; certainly there is none more for any anxiety. At the last halfyearly meeting your chairman, Mr. Carter, gave you his valuable experience, extending over a long series of years, of the ebb and flow of the tide of colonial fortune. He then counselled prudence, which we on this side of the table are all disposed to advocate, and we have the satisfaction of knowing that the opinions and views of the general manager are in perfect accord with our own. Thus impressed, I have not the slightest doubt that when we have the pleasure of meeting you here six months hence we shall be in a position to render an account which will be to ourselves not discreditable, and to you, I hope, not unsatisfactory. (Cheers.) I will not detain you further, unless you have some inquiries to make of me, but will at once move the adoption of Ihe report. The motion, having been seconded by Mr. W. Botly, was carried unanimously. On the motion of Mr. Sebag, seconded by Mr. J. 8. Wilks, a cordial vote of thanks was given to the directors, officers, and staff for their able and successful management of the affairs of the bank. It was afterwards announced that the dividend warrants will be issued on the 18th. The meeting then separated.