THE UNION BANK.

Taranaki Daily News, Volume LII, Issue 188, 13 September 1909, Page 4

THE UNION BANK.

The annual meeting of the Union Bank of Australia was lield on 20th July at the head office, Cornhill, London, Jlr. Arthur Flower presiding. The ehairma u observed that the usual comparison or their present accounts showed that the hank's advances as at 27, th February last -were £700,000- less, and their deposits about £IOO,OOO more, than was the case six months previously, while their liquid and readily available resources on 27th February amounted to £4,840,000, which, after deducting £1,000,000 for investments allotted to the reserve fund, represented about & id in the pound of all their liabilities in London and Australasia, amounting to £21,848,000. As to general conditions in Australasia, it was very satisfactory to_ know that prices for wool were at the present time appreciably higher than they were six months ago, and there seemed no cause for apprehension i a this respect for the near I future, while the last harvest was an exceptionally good one. A telegram lately received from their general manHjer on general prospects and seasons as affecting pastoralists and agriculturists was the most fav'orable lie remembered to have seen for many years. The demand for money in Australasia to which he referred at their last meeting had now lessened, largely in consequence, no doubt, of satisfactory returns from wool and grain and 'other industries. The process of resumption of large estates b v Government with a view to closer settlement still continued, especially in Xew South Wales and Queensland, and must, he thought, ■tend to promote that which they all wished so much to see—an increase of population on the land, both by means of immigration and by exodus from the towns. The results of the past halfyear's working of the bank spoke for themselves in the shape of a continuance of the same dividend, and a further sum of £20,000 to their reserve fund, and £IO,OOO in reduction of the amount at which bank premises stood in the accounts. "Without wishing to prophes.', he might at least say that so far as he could see everything seemed to promise continuance of prosperous conditions for the present. He concluded by moving the adoption of the report. Mr. William 0. Gilchrist seconded the motion, which was unanimously adopted.