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UNION BANK OF AUSTRALIA, LIMITED. Established 1837. Incorporated 1880. Paid-up Capital, £1,500,000 ; Reserve Funds, £950,000 ; together £2,450,000. Reserve Liability of Proprietors, £3,000,000. Total Capital and -Reserve Funds, £5,450,000. The annual meeting of the shareholders of this bank was held on Monday at the offices of the bank, Bank-buildings, Lothbury, Sir C. Nicholson, Bart., in the chair. Mr. Mewburn, the manager, read the following report and balance-sheet: In submitting to the proprietors the balance-sheet of bank as on the 29th February, duly audited, the directors have pleasure in stating that the p ofits have enabled them to declare a dividend of £1 15s. per share, and a bonus of ss. p r share, being together at the rate of 16 per cent, per annum, and to transfer the sum of £lO,OOO to the reserve funds, whereby those funds have been increased to £950,000. The deficiency of rainfall in parts of Australia, mentioned in the directors’ report of January last, unfortunately continued, and resulted in a very severe drought in the large districts of New South Wales and Queensland, and although this has now generally terminated, heavy losses have been sustained by many flock and stock owners. It has to be added that throughout the Australian colonies considerable commercial depression prevails, arising not only from the drought, but in a great m -asuve from over importation of goods and from the low prices obtained for grain and other produce. Under these circumstances the operations of the bank have called for the exercise of much caution and prudence. The di lectors have as usual carefully investigated all the accounts of the bank and they have made

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/PBS18840920.2.28.4

Bibliographic details
Ngā taipitopito pukapuka

Poverty Bay Standard, Volume I, Issue 240, 20 September 1884, Page 2

Word count
Tapeke kupu
273

Page 2 Advertisements Column 4 Poverty Bay Standard, Volume I, Issue 240, 20 September 1884, Page 2

Page 2 Advertisements Column 4 Poverty Bay Standard, Volume I, Issue 240, 20 September 1884, Page 2

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