UNION BANK OF AUSTRALIA.

Waikato Times, Volume XX, Issue 1686, 26 April 1883, Page 3

UNION BANK OF AUSTRALIA.

Tin; following is the report read at a special general meeting of the shareholders of the bank held at the offices, Lothlmiy, London, on the 29th January last :— " The directors have much pleasure in piesenting the accounts of the hank as on 31st Angu&t, 1882, duly cci tificd[l>y the audilorb, and in repotting that the result of the half-yeai 's business is vciy favourable. After .imply pioviding lot eveij bad and doubtful debt, the piofits have admitted of the declaration of a dividend of £1 13s per sliaic, and a bonus ot ,3s per share for the half-year, being togethei at the rate of 1(5 per cent per annum, and of the tian&fei of £.30,000 to the iesoive funds. This latter appropiiation is in puisuance of the policy locommended at the annual meeting in July last, and the total of the rcsoivo funds is thereby increased to £530,000. The pa^t year h.is not been favouiable either to the pastoral or agiicultiual interests of the colonies. A soveie drought now terminated, prevailed over the greater pai tof Australia, causing serious loss of stock in sonic districts ; the value of wool, however, has been well maintained. The grain harvest also piovcd deficient, and the prices obtained m the home maikcts for consignments have not been satisfactory. The dnectois' latest advjceslrom the general manager reports that money is in active demand, and that the business of the bank at all points is healthy and safe. The diiectois legtct to state th.it ill-health has deprived them of the services of two of their colleagues, Robeit Campbell, Esq., and Edward Huth, Esq., who have resigned their seats at the Board. The vacancies thus created have been provisionally filled by the directors, in accoi dance with the deed of settlement, by the appointment of William Oswald Gilchn&t, Esq. (of the firm of Messrs. C4ilchrist, Watt, and Co., of Sydney), and Charles Parbury, Esq, (of the firm of Messrs, Parbury, Lamb, and Co,, of Biisbanp), both ot whom now offer themselves for election. The dhectors have again to expiess generally their entire satisfaction with the energy, zeal and fidelity of the staff here and in the colonies ; but it is to the heads of depaitments, and especially to the inspector and general manager, to the chief officer in New Zealand, and to the London manager, that the acknowledgments of the proprietors aie due. The annexed balance sheet presents a net amount of piofits of £191,2,37 13s 10d, out of which the sum of £50,000 has been tiansferred to the lcscrve funds, and the balance— vi/,., £1-41,2.37 13s lOd -isavailable for di\ ision. Ot this>, the dividend and bonus will absorb £120,000, and leave £2 1,2.37 13s lOd to be e.uiied forwaid. The dividend warrants will be tmnsmitted by post on 31st inst., and the dividend and bonus will be payable in the colonies at such time as the geneial manager shall fix after receipt of telegram.