THE UNION BANK OF AUSTRALIA LIMITED.

Poverty Bay Standard, Volume XI, Issue 1304, 3 April 1883, Page 2

THE UNION BANK OF AUSTRALIA LIMITED.

(From the “ Monthly Market Review ” of February* 3, 1883,) A Special general meeting of shareholders, was held at the offices of the bank, 1 Bankbuildings, Lothbury, on Monday, the 29th .January ; William Fanning, Esq., in the chair. The notice calling the meeting was read by Mr W. R. Mewburn, the manager, who also read the following report of the directors “ The directors have much pleasure in presenting the accounts of the hank as on 31st Aug., 1882, duly certified by the auditors, and in reporting that the result of the half- year’s business is very favorable. After amply providing for every bad and doubtful debt, tne 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 of the transfer of £50,000 to the reserve funds, This latter appropriation is in pursuance of the policy recommended at the annual meeting in July last, and the total of the reserve funds is thereby increased to £BBO,OOO, The past year has not been favorable either to the pastoral or agricultural interests of the colonies. A severe drought now terminated, prevailed oYcr the greater part of Australia, causing serious loss of stock in some districts ; the value of wool, however, has been well maintained. The grain harvest also proved deficient, and the prices obtained in the Home markets for con signments have not been satisfactory. The directors’ latest advices from the general manager report that money is in active demand, and that the business of the bank at all points is healthy and safe. The directors regret to statu that ill-health has deprived them of the services of two of their colleagues, Robert Campbell, Esq., and Edward Huth, Esq., who have resigned their seats at the board. The vacancies thus created have been provisionally filled by the directors, in accordance with the deed of settlement, by the appointment of William Oswald Gilchrist, Esq. (of the firm of Messrs Gilchrist, Watt, and Co,, of Sydney), and Charles I’arbury, Esq. (of the firm of Messrs Parbury, Lamb, and Co., of Brisbane), both of whom now offer themselves for election. The directors have again to express gener-

ally their entire satisfaction with the energy zeal, and fidelity of the staff here and in the colonies ; but it is to the heads of departments, and especially to the inspector and general manager, to the chief officer in New Zealand, and to the manager, that the acknowledgments of the proprietors are due. The annexed balance-sheet presents a net amount of profits of £191,257 13s lOd, out of which the sum of £50,000 has been transferred to the reserved funds, and the balance—viz., £141,257 13s lOd,—is available for division. Of this, the dividend and bonus will absorb £120,000, and leave £21,257 13s lOd., to be carried forward. The dividend warrants will be transmitted by post on the 31st inst., and the dividend and i bonus will be payable in the colonies at such 1 time as the general manager shall fix after ' receipt of telegram.

London, Jan. 17, 1883. J. S. Hill \ ] R. A. Brooks I I>!reotor ,. Arthur Flower i ; J. R. Bullen-Smith J W. R, Mbwburn, Manager. R. Buckler, Accountant. We hereby certify that the various secuvi- i ties bold in London have been produced to | us, and that we have examined the balance- . books of the several branches in thejColonies j for the six months ended 31st Aug., 1882, ; and the books and accounts at the London office for the same period, and. having compared the combined results with the above balance-sheet, have found the same correct. R. P. H.ARDISG y Allditors . Albert Deaon J

Balance Sheet, Aug. 31, 1882. LIABILITIES. £ s. d. £ s» d, Capital 4,500,000 0 0 Less s Koaervc liability ...3,000,000 0 0 Paid up 1,500,000 0 0 Reserve Funds— Balance at 28th Feb., 1S82 ... 830,000 0 0 Amount trans* ferred from this i'Vear’s profit 50,000 0 0 880 000 0 0 Circulation 372,031 0 Deposits 7,541,545 Bills payable and other liabi* 19 0 litios (including reserves held against doubtful debts 1,681,767 1 6 Balance of undivided profits 141,257 13 10 £12,116,601 ASFETS. Specie on hand and cash balances ... 1,277,420 14 4 8 1 Bullion on hand & In transitu 87,366 Money at call and short no14 9 tice in London 135,000 0 0 Government securities ... 620,940 Bills receivable, loans, and other securities at London 17 1 Office 1,427,470 Bills discounted, bills receir. 11 3 able, loans and other tsccuri* ties at the branches ... 8,292,453 Bank premises and property 275,950 .3 *> 0 6 £12,116,601 14 4 STATEMENT OF PROFITS. Balance of undivided profits : at23th February, 1852 ... 134,135 I Out of which a dividend and 17 3 : bonus were declared of ... 120,000 0 0 Leaving a balance of... £14.135 17 3 I Brought forward £14,135 17 3 ! Profits of the past half-year, I after mak i n g provision ; for all ' bad and i doubtfu 1 debts ...£2.50,184 1# 7 > Remunera • tion to • the local ; director s i and sal- : aries and allowances to the colonial staff £44,142 3s Od General expenses in the colonies, including rent, taxes, etationery&c. £16,11 3 2s 3d Remunera • tion to the board of directors and auditors, sala r i e 8 of London office staff, rent, taxes, statione r y, and general expen a es £9,404 17s 5d Income tax £3,403 Os 4d 73,063 3 0 177 1°1 16 w Deduct— £ 191,257 13 10

A mount transferred to re- i served funds 50,000 0 0 1 Balance of undivided pro1 fits at this date CUI,257 13 10 j Statement of Reserve Fun uh. New Zealand Imperial Four per Cent. Debentures .,. £200,000 0 0 Canada Imperial Four per Cent. Debentures 150,000 0 0 Colonial Government debentures 150,000 0 0 500,000 0 0 Bank premiscs & property £275,fl-50 0 0 Balance or rc s e r v e funds not specifically invested 104,0o0 0 0 380 000 o 0 Total reserve funds ... csao.ooo 0 0