UNION BANK OF AUSTRALIA

Southland Times, Volume I, Issue 47, 21 April 1863, Page 5 (Supplement)

UNION BANK OF AUSTRALIA

A Special Half-yearly General Meeting of proprietors in this bank was held on January 5, at the offices, in Old Broad-street, for the purpose of presenting the accounts for the half-year ending 30th June. Mr. H. Buckle in the chair. The following report aad statement of accounts were read: —

A careful review of the business of the bank for the half-year ending in the colonies on the 30th June last, and in London on 31st December, enables the directors to present a vei-y satisfactory report to the proprietors. The accidental delay in the arrival of the mail precludes them from reporting to as late flates as usual ; but a very full and detailed despatch from the inspector and general manager, of 26th Sept., fully accords with the opinion now expressed. The recent opening of further portions of the government railways in Victoria will tend to facilitate internal communication with the vast tracts of fine country which will now become available under the operation of the new land bill of the colony. In New South Wales similar advantages may be looked for ; while the new and interesting settlements in Queensland give promise of important results in developing the northern and eastern districts. The excitement that arose from the discoveries of gold in the province of Otago, in New Zealand, had fora time subsided. Much disturbance of a the ' ordinary course of trade is found to result in all the colonies from sudden removal of large masses of the mining population, involving frequent disappointments and distress consequent upon suchjnigrations. The siaple interests.however.of the colonies generally, and their advance in productive wealth continue to be marked by steady j and progressive increase. The subI joined statements of accounts presents !a net profit of L82,54? 4s 6d, avail - | able for division. The directors have, therefore, determined to apply the sum of LBO,OOO as a dividend of 8 per cent, for the half-year ou the capital oi the bank, payable in London, free of income-tax, on the 13th January, and in the colonies, with, the addition of income-tax, as soon as the inspector shall fix after the receipt of advices. The following was the balance-sheet :— " Statement of liabilities and assets, at the branches, on the 30th June 1b62, and at the London office, on the 31st December, 3862. Liabilities Circulation, L514,120 ; deposits, L2,535,:>40 l6d Cd ; bills payable and other liabilities (including reserves held against doubtful debts), L658,155 6s ; balance of undivided profits, L8?,544 11s 3d ; reserve fund, L200,000 ; amount held applicable thereto, in terms oi' report of 10th January, 1850, LI 1,000; capital, LI,OOU,Ou(H total, L5.006.360 13s 9d. Assets: Specie on hand, and cash balances, L96'0,439 14s Id ; bullion, L2?,438 13s Id ; bank premises and properly, L93.474 15s 9d; government securities, (British and colonial), L39 1,337 18s 9d ; local bills, bills receivable, and other securities, Ltf,333,669 12s Id : reserve fund invested as per statement, L'^oo,ooo. — Total, L5,006,:3(501359d. Statement of Profits. — Balance of undivided profits to 30th June, lt>62, 1,74,997 (?s 9d ; out of which a dividend was declared of L70.000, leaving a balance of L-4,997 Gs 9d. JL'rofits of the past half-year, after making provision for all bad and doubtful deb is, L 1:33,848 1 6s 6d ; less— Kenumeration to the local directors, and salaries and allowances to the colonial staff', L28.599 0s 6d ; general expenses in the colonies, including rent, taxes, stationery, &c, L 12,533 7s i)d ; amount applied in reduction of bank premises account, L'2,396 ljs lOd ; remuneration to the board of directors, saleries of London office staff, rent, taxes, stationery, and general expenses, LS,oGD 2s 7d ; income-tax paid, L2401 0s 4cl; togeihev, L01.301 12s; leaving 1.82,54-7 4s 6d; balance of undivided profits at this date , L57,044. 11s 3d. Reserve Fund : —New Three per Cents, L50,000 ; New Zealand Imperial Four per Cent. Debentures, L 1.50,000 ; total, L200,000. The Chairman, after a few remarks, moved the adoption of the report, which was seconded and carried unanimously.

The dividend was then declared, and a vote of thanks to the Chairman terminated the proceed ings.