UNION BANK OF AUSTRALIA.

Wellington Independent, Volume XVIII, Issue 1859, 23 April 1863, Page 3

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 t\ve chair. .

The following report and ' Statement of accounts were read : —

A careful review of the business of tho bank for the half-year ending in the colonies on the 30th June last, and in London on 31st December, enables the Director* to present a very satisfactory report to the proprietors. The accidental delay in the arrival of the mail precludes them from reporting to as late dates as usual ; but a very Ml 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 or 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 bo looked for ; while thedßew and interesting settlement in Queensland give promise of important results in developing the northern and eastern districts. The excitement that arose from the discoverien of gold in the province of Otago, in New Zealand, had for a time subsided. Much disturbance of the ordiriary course of trade is found to result in all the colonies from sudden removals of largo masses of the mining population, involving frequent disappointments and distress consequent upon such migrations. The staple interests, however, of the colonies generally, and their advance in productive wealth, continue to bo marked by steady and progressive increase, The subjoined statement of accounts presents a net profit of £82,547 4s 6d available for division. The directors have, therefore, determined to apply the sum of £80,000 as a dividend of 8 per cent for the half-year on the capital of the bank, payable iv 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 Bheet: — "Statements of liabilities and assets, at the branches, on the 80th of June, 1862, and at the London office, on the 31st December, 1862. Liabilities: Circulation, £514,120; deposits, £2,535,540 16a Gd. ; bills payable and other liabilities (including reserves held against doubtful debts), £658,155 Gs. ; balanco of undivided profits, £87,544 lls 3d.; reserve fund, £200,000; amount held applicable thereto, in terms of report of 10th January, 185!), £11,000; capital. £1,000,000: total, £5,000,360 13s 93. Assets : Specie on hand, and cash balances, £960,439 14s Id. ; bullion, £27,438 13s Id. ; bank premises and property, £93,474 15s 9d. ; government securities (British and colonial), £391.337 18s 9d; local bills, bills receivable, and other securities, £3,333,669 12s Id; reserve fund, invested as per statements, £200,000.— Total, £5,006,360 13s 9d. Statement of Profits.-- Balance of undivided profits at 30th June, 1862, £74,997 6s 9d; out of which a dividend was declared at £70,000, leaving a balanco of £4,997 6s 9d. Profits of the past half-year, after making provision for all had and doubtful debts, £133,848 16s Gd ; less—Bemuneration to the local directors, and salaries and allowances to the colonial staff, £28,599 ss. Gd. ; general expenses in the colonies, including rent, taxes, stationery, &c, £12,535 7b. 9d. ; amount applied in reduction of bank premises account, £2396 15s lOd; remuneration to the board of directors, salaries of London office staff, rent, taxes, stationery, and general expenses, £53G9 2s 7d ; income-tax paid, £2401 0s 4d; together, £51,301 125 ; leading £82,347 4s Gd; balance of undivided profits at this date, £87,544 118 3d. Beserve Fund : New Three per Cents., £50,000 ; New Zealand Imperial Four per Cent Debentures, £150,000; total, £200,000

The Chairman trusted that the figures which had just been read were as satisfactory to the proprietors as they were to the directors, and it might add to their satisfaction to be assured that the favorable results those figures conveyed arose from the pursuance of sound banking principles, and not from any extraneous or accidental sources. The instructions given by the boards to their officers on the other side were never to allow themselves, by the competition of other banks, or otherwise, to depart from, those principles, and the character of their general manager in the colonies was a sufficient guarantee that those instructions would be rigidly acted upon. The result of tho half-years operations w.is the more satisfactory to tho directors, inasmuch as this was the first period during which the colonies had begun to recover from the depression which had followed from the unduly inflated state of values which arose immediately after the gold discoveries. 'As the meeting was aware, the reaction that ensued reduced their profits as bankers, while it operated prejudicially upon the value of all kinds of property in the colonies. But he waa happy to Bay the comer was now turned, and a period of prosperity appeared to have been inaugurated, such as had not been experienced for several years past. In that prosperity the Union Bank of Australia roust participate, and while he did not desire to hold out hopes of the very high dividends of former years, he bad no doubt they would be able to hold their own and present at future meetings reports^ quite as favourable as the present. (Cheers.) In conclusion, he begged to move the adoption of the report and accounts. The motion having been seconded, The Chairman, in reply to shareholders, stated that the average rate of interest paid on deposits did not amount to 5 per cent. No interest was allowed on current account balances. The bank had lostsome little business from the opening of the New Zealand Bank, as was natural .with the establishment of a new bank in a locality where a bank already existed ; but recent advices showed that some ot the business so withdrawn was being r«qovered. ' Sir 11. Parker -expressed satisfaction at the position in which the bank stood, and added an opinion that the closing of three of the branches and contracting the operations of the establishment had been attends tl with beneficial results.

The motion was adopted unanimously.

The dividend was then declared, and a vote of thanks to the chairman and directors was proposed, in seconding which a shareholder observed that the advantage of contracting the operations of the bank was shown by the present accounts, which showed that with something like a million less of business, as shown by the return of the as. sots and liabilities, they paid a higher dividend than for the previous half-year. The resolution was carried, and

The Chairman in returning thanks, explained that the difference between the gross amount of the present balance-sheet and the last, in regard to capital was by no means so great as the shareholders seemed to suppose, and whatever difference there was was owing to accidental circumstances. The delay of the mails left tham without advices as to the whole of the outstanding bills, and the general deposits were largely reduced by the withdrawal of the railway deposits, the railways having been completed. The proceedings then terminatod.-JJbjne News.