Page 2 Advertisements Column 1

Poverty Bay Standard, Volume I, Issue 90, 20 March 1884, Page 2

Special Advertisements. UNION BANK OF AUSTRALIA AHE half-yearly general meeting of the JL Union Bank of Australia, Limited, was held On Jan. 28, at the offices, Princess Street Lothbury—Mr. E. P. W. Miles in the Chair. The following report and accounts were presented by the Directors :—The Directors have again the pleasure of presenting a bal-ance-sheet showing a highly satisfactory amot nt of profits, those of the half-year to the 81st of August now reported on having admitted of the declaration of a dividend of £1 15s per share, and a bonus of 10s. per share, together at the rate of 18 per cent, per annum, and of the transfer of £30,000 to the reserve funds, thus bringing the total of those funds to £940,000. The accounts now' submitted cannot fail, therefore, to be very gratifying to the shareholders. The Directors consider it right, however, to state that, so far as they are able at present to judge, they think it scarcely probable that the bank’s earnings will continue on the scale of the past three half-years, as competition continues to reduce the margin of profit in all transactions. After, as usual, carefully investigating all accounts of the bank, and taking into consideration the depresped state- of trade prevailing in some of the colonies, the Directors have made sufficient provision for all bad and doubtful debts. In South Australia and Victoria the present harvest is abundant, and in the colonies generally the weather has been favorable, but some districts are reported to be suffering from deficiency of rainfall. The Directors have again the pleasure to record their high appreciation of the services of the staff both at Home and in the Colonies. Mr. M’Mullen, the general manager, Mr. Palmer, the chief officer for New Zealand, and Mr. Mewburn the manager in London, and other officers continue to give their unremitting attention to their constantly increasing duties in the bank. The annexed balance-sheet presents a net amount of profits of £190,131 7b. 4d. out of which the sum of £30,000 has has been transferred to the reserve funds, and the balance, £160,131 7s. 4d., is available for division. Of this the dividend and bonus will absorb £135,000, and leave £25,131 7s. 4d. to be carried forward. The dividend warrants will be transmitted by post on the 30th inst., and the dividend and bonus will be payable in the colonies at such time aS the general manager shall fix after receipt of telegram. Lubiuttim. Capital .. .. £4,500,000 0 0 Le« Reserve Liability .. 3,000,000 0 0 Paid-up £1,500,000 0 0 Reserve Funds— Balance at 28th Feb., 1883 .. 910,000 0 0 Amount trans- ~. . - ferred from thia half-year’s profits .. 30,000 0 0 — £940,000 0 0 Circulation .. .. .. 381,219 10 0 Deposits 8,502,975 9 2 Bills payable and other liabilities (including reserves held against doubtful debts) 1,401.715 15 5 Balance of undivided profits .. 160,131 7. 4 £12,886,042 1 11 Assets. Specie on hand, and cash balances.. £1,329,988 210 Bullion on hand and in transitu • ..- 46,240 4 9 Money at call and short notice in London .. .. 420,500 0 0 Government securities 513,068 5 G Bills receivable, loans, and other securities at London office .. 1,730,215 9 1 Bills discounted, bills receivable, loans, and other securities at the branches .. .. 8,535,926 7 10 Bank premises and property .. 310,103 12 5 £12,886,042 1 11 Statement of Profits. Balance of undivided profits at Feb. 28,1883 £153,155 5 7 Out of which a dividend and bonus were declared of .. 185,000 0 0 Leaving a balance of ’ 23,153'87 Profits of the past halfyear, after making provision for all bad and doubtful debts.. £243,811 7 11 LewRemuneration to the local directors, and salaries and allowances to the Colonial staff .. £46,902 13 1 General expenses in the colonies, including rent, tionery, Ac. 17,685 0 8 Remuneration to the board of Directors and Auditors, salar’es of London office staff, rent, taxes, stationery, and general expenses .. 10,599 15 3 Income Tax .. 2,297 17 2 76,835 6 2 166,976 1 9 Deduct 190,131 7 4 Amount transferred to reserve fund ... 30,060 0 0 Balance of undivided profits at this date 160,131 7 4 Statement of Reserve Fcnds. New Zealand 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 310,103 12 5 Balance of reserve fund, not specially invested.. .. 129,896 7 7 440,000 0 0 Total reserve funds .. .. £940,000 0 0 London, 16th January, 1884. R. A. Brooks \ Arthur Flower * . J. R. BrLLEK-SMrrn i DireCtOrS - W. O. Gilchrist ) V.’. 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 31st August, 1883, and the books and accounts of 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.-Harding )-. ... 2046 Albert Deacon j Audi w>rsThe N’crthcm. Investment Company of New Zealand (L znlted). Capital - - £5,000 Head Office - Emmerson St., Napier General Manager, Pat Stirling McLean THE Colonial Board is prepared tja make advance on— Freeho d Securitie Leaseh o ld Securities Stock and StationJMor gage At Moderate Rates of Inte est. For Proposal Forms, etc., apply to— AND. GRAHAM, AGENT FOR POVERTY BAY DISTRICT 1014