THE UNION BANK OF AUSTRALIA. (Limited).

Waikato Times, Volume XVI, Issue 1369, 9 April 1881, Page 2

THE UNION BANK OF AUSTRALIA. (Limited).

From the Money Market Review of February sth ultimo., we learn that at a special meeting of the shareholders of the Unoin Bank of Australia (Limited) held on 3!st January, at the Head Office, No 1 Bank Buildings, Lothbury, a highly satisfactory Report and Balance Sheet were submitted. The Balance-sheet presents a net amount of available profit of £135,605 9s 7d, admitting, after ample provision for every bad and doubtful debt, of the declaration of a dividend and bonus together, at the rate of 16 per cent per annum. The report states that — The extreme stringency of money which lately prevailed in the Australian Colonies, has been succeeded by a period of unprecedented financial ease. This marked change has been caused partly by very favourable pastoral and agricultural seasons, by the good price obtained for wool, and by the cessation of Government land sales ; but it is also largely attributable to the transfer of some of the super-abundant money of Europe to the Colonics.jn public loans, and in remittances through various channels for investment. There is, moreover, for the time being, some abatement in that spirit of enterprise which characterises the Australian Colonies. Under these circumstances, the funds of the bank are at present not employed there to the customary extent, consideiably less remunerative rates arc current, jand banking profits are prejudicially effected. Tiade, however, although dull, is sound ; and the.directory anticipate that aftei no long time new business and industries will spring up, which will absorb the surplus money of the Colonies.

The indebtedness of New Zealand. The Chairman of Directors in the course ot his speech, when moving the adoption of the Report and Balance-sheet, referred as follows to New Zealand, and his remarks, supported by so high and impartial an authority as Mr McMullen, the General Manager, will go a long way to dispel the false statements industriously circulated in England as to the unsoundness of New Zealand. The Chairman said — The Colony of New Zealand has been lately much decried kere on account of its large indebtedness in proportion to its population, and its bonds have consequently suffered somewhat in value. A change, however, is beginning to come over the ideas of the people here. Ihcy begin to see that retrenchment is the oider of the day in New Zealand; that her engagements are punctually met; that the taxation necessary for making head against the interests of her large debt is well responded to ; and that her vast resources are rapidly developing. She is the only one of the Australasian Colonies where English grasses flourish, and which, with a trifling help from turnips or lucerne in her short winter of three months, will carry four, five, and six sheep, and in Napier and other favoured spots even ten sheep to the acre, against Australia's two acres to each sheep. Mr McMullen has lately written that he has great faith in her agricultural prospects, and thinks she will eventually outstrip the Australian Colonies, and become the future Great Britain of the south. He adds, " Her climate is splendid, and her resources, pastoral, agricultural, and mineral, are all but illimitable." This testimony from Mr McMullen in favour of this muchabuscd Colony is the more valuable as, from his long residence in Victoria, his prepossessions ought to be in favour of Australia. I need say nothing in favour of the Australhn Colonies. Their prosperity is so fjreat that they require no eulogium from me. It is only on account of New Zealand's state not being so satisfactory as that of Australia that I have confined mj' remarks to endeavouring to show that, although at present under a cloud, she possesses all the elements of future greatness.

Frozen Meat. Referring to the two shipments of frozen meat, to which attention has been called in more than one occasion in the columns of the Waikato Times, the Chairman said — The only other topic connected with the progress of colonial prosperity is the success of the two shipments of frozen meat—that by the Protos, lately arrived, after a long passage of sixty-tour days, having resulted in an average sale of nearly 7d. per lb. for the meat, and of about is. per lb. for ioo tons of fresh butter, the latter costing about sd. to 6d per lb. in the Colony. The future of the' Colonial meat trade must eventually be large, and only limited by the means of transpcrt. By the latest Colonial statistics, I see that NewSouth Wales, Queensland, and New Zealand, alone could at present furnish a surplus for export of 100,000 tons of meat, which at 2d. per lb. would yield upwards of £1,500,000 sterling, and this can be indefinitely extended. But even these 100,000 tons of meat would require more than 300 ships or steamers carrying 300 tons of meat each, which _is a laige quantity of meat for each ship. As for the consumption of meat in England and on the Continent, it is almost unlimited, with reduction of price, and I feel confident that good meat in England will not descend below to 6d. per lb., leaving thus, after paying a freight of 2d. per lb., or about £19 per ton, an ample margin over pd. per lb. I have indicated as its original value in. the Colonies.

A Cincinnati man found a rough-looking individval in his cellar. " Who are you ?" he demanded. " The gas man come to take the meter," was the reply. "Great heaven !" cried the householder, "I hoped you were only a hurglar." A very cheap weather glass is described bv an old sportsman and it surpasses the moat delicate barometers. In a corner of a room in his house he has carefully protected a spider's web. When the insect shortens the threads which suspend the web, rain wind may be expected ; if reefs be let out, fine weather is certain ; if the spider remains inert, rain may be expected. The sjrider makes up his house every 24 hours ; if this operation takes place in the evening a fine night and a beautiful morrow may be prognosticated, i The new pure cash system now being initiated by G. and C. > will certainly prove a benefit to the public. It has been % great success > in Sydney and Melbourne, and when strictly carried out the customer who buys at an establishment where the goods are marked low to ensure a rapid sale must be a great gainer. G. and C. sell their drapery millinary, and clothing' at such prices for cash as gives the buyer the advantages of a shareholder in a co-operative society, without the risk of being called upon to bear a portion of the loss should the yoar's business _ prove unsatisfactory. Garlick and Cranwoll wilt aim to retain the confidence which the public have hitherto shown them, and arc determined to give the pure cash system a fair trial ; -whether they gain or lose the first year. Country buyers on remitting cash with order will be supplied with goods at co-operative prices ; just the same as though they made a. personal selection. Furnishing goods, such as carpets, floor cloths, bedsteads, beading, and general house furniture, tljo largest portion of which is turned out at our own factory, will be marked at the lowest remunerative prices, and a. discount ot five per cent, will be allowed to those who pay af the time of purchase. G. &C. having realised the entire value of their stock during their late cash sale, the present stock is new an» chkaply bought. An inspection is invited. — Garlick and Ckanwe&l, City Hall Furnishing Arcade Queenstreet, Auckland