Page 2 Advertisements Column 2

Poverty Bay Standard, Volume X, Issue 1155, 23 September 1882, Page 2

"Wa Ka jM CLEAN, ACCOUNTANT, Land, and Estate Agent. AGENT FOR— The Hamburg-Magdeburg Fire Insurance Company of Hamburg. Offices :—Lowe-street, Gisborne. 1

FI VIE UNION BANK OF AULTRALIA -L (Limited). (Established, 1837 ; Incorporated, 1880). Paid-up Capital, £1,500,000 ; Reserve Funds, £830,000 ; together .. .. 2,330,000 Reserve Liability of Proprietors .. .. 3,000,000 Total Capital and Reserve Funds .. £5,330,000 Forty-fourth Annual Report of the Directors of the Union Bank of Australia, Limited, presented at the General Meeting of Proprietors held on the 31st July, 1882. The Directors have on this occasion more than usual satisfaction in meeting their fellow shareholders, and in presenting the accounts of the Bank as on 28th Feb., duly certified by the Auditors, as the profits have admitted of the declaration of a dividend of £1 15s per share and a bonus of 5s per share for the half-year, being together at the rate of 16 per cent, per annum, and turther of the transfer of £13,500 to the reserve funds. Tne Directors have as customary carefully reviewed the advances of the Bank, and have made ample provision for every bad and doubtful debt. The anticipations of the Directors, expressed in previous reports, of a revival of trade and enterprise in the Colonies, ?nd of a renewed demand for banking facilities, have been fulfilled. The resources of the Bank are now fully employed, but margins of profit continue low owing to banking competition. It is therefore to an extended volume of business, as now shown, that the Directors have to look for the maintenance of the earnings of the Bank. The transfer of L 13.500 to the reserve funds, as above mentioned, has brought the total of those funds to L830.U00, and the Directors propose to make additions thereto from time to time when profits admit of it, as they are convinced of the wisdom of the policy of increasing the reserve funds of the Bank. Frederick Gonncrman Dalgety, Esq., and John Sheriff Hill, Esq.; are the Directors who retire on this occasion, in accordance with the provisions of the deed of settlement, and offer themselves for re-election. Albert Deacon, Esq., and Robert Palmer Harding, Esq., the Auditors of the Company, also retire, and offer themselves for re-election. The Directors have again pleasure in bringing to the notice of the proprietors the good services of Mr McMullen, the Inspector and General Manager; Mr Palmer, the Chief Officer for New Zealand ; and Mr Mewburn, the London Manager; to whose united diligent and careful conduct of the Bank’s affairs the profitable results now reported are largely due. The Managers of Branches and the staff generally continue to merit the approbation of the Board. The annexed balance sheet presents a net amount of profits of L 147,635 17s 3d, out of which the sum of Ll3,soohas been transferred to the reserve funds, and the balance, viz: L 134.135 17s 3d. is available for division. Of this the dividend and bonus will absorb L 120.000, and leave L14.18517s 3d to be carried forward. The dividend warrants will be transmitted by post on 2nd prox., and the dividend and bonus will ba payable in the Colonies at such time os the General Manager shall fix after receipt of telegram, BALANCE SHEET, 28th February, 1882. Liabilities, Capital 4,500,000 0 0 Less; Reserve Liability 3,U00,000 0 0 Paid up 7 7 1,500,000 0 0 Reserve Funds— Balance at 81st Augst, 1881 .. 816,500 0 0 Amount transferred from this half-year’s profits .. .. 13,300 0 0 830,000 0 0 Circulation .. ~ 880,097 0 0 Deposits 7,850,743 18 4 Bills payable and other Liabilities including reserves held against doubtful debts 1,564,913 0 7 Balance of Undivided Profits 134,135 17 3 £12,265,890 22 Statrmrnt op Profits. Balance of Undivided Profits at 31st August, 1881 116,289 16 10 Out of which a dividend was declared of 105,000 0 0

Leaving a balance of 11,280 16 10 Profits of the past halfyear, after making provisions for all bad and doubtful delta 217,412 6 2 Lew: Remuneration to the local directors, salaries, bonus, and allowances to the Colonial staff 52,371 12 11 General expenses In the Colonies, Including rent, taxes, stationery, etc,, 15,952 12s Id Remuneration to the Board of Directors, salaries and bonus to London office staff, rent, taxes, stationery, and general expenses, 10,832 2s Od Income Tax, 2,359 18s 9d 81,016 6 9 136,396 0 5 Deduct: 147,635 17 3 Amount transferred to reserve funds 13,500 0 0 Balance of undivided profits at this date£lB4,l3s 17 3 Assets. Specie on hand, and cash ba’ance 1,441,516 14 1 Bullion on hand and in transitu 235,560 13 2 Money at call and short notice in London 75,000 0 0 Government securities 024,657 9 5 Bills receivable, loans and other securities at London office 1,802,101 1 5 Bills discounted, bills receivable, loans and other securities at the brandies 7,510,954 4 1 Bank premises and property 276,100 0 0 £12,265,890 22 Statement of Reserve Funds. N. Z. Imperial 4 per cent, debentures 200,000 0 0 Canada Imperial 4 per cent, debentures 150,000 0 0 Colonial Government debentures 150,000 0 0 £500,000 0 0 Bank premises and property 276,100 0 0 Balance of reserve funds not specifically invested 53,900 0 0 330,000 0 0 Total reserve funds £830,000 0 0 John S. Hill, Arthur Fowler, ) R. A. Brooks, J. R. Bullen Smith, j' Directors. W. R. Mewburn, Manager. R. Buckler, Accountant. We certify that the various securities held in London have been produced to us, and that we have examined the balance books of the several branches in the Colonies for the six months ended 28th Feb.. 1882, and the books and accounts of the London Office for the same period, and having compared the combined result* with the above balance sheet, have found the same correct. R. P. Harding, Albert Deacon—Auditors,