THE UNION BANK OF-AUS. TRALIA (LIMITED).

Auckland Star, Volume XXV, Issue 226, 21 September 1894, Page 4

THE UNION BANK OF-AUS. TRALIA (LIMITED).

[[Fbom the "Money Market Review" of

August 4,1894]

The annual general meeting of this Bank was held on the 30th ulb. ab bhe offices, Bank Buildings* Lothbury, under the presidency of Sir Robert G. W. Herbert, G. 0.8.

Mr W, R. Mewburn (manager) read the notice calling the meeting, and the reporb of directorsand statementof accounts as follow ware taken as read :—" Tho directors have basubmit bo bhe shareholders the annexed balance-sheet of the Bank to the 28th of February last, duly audited, which exhibits a net amount of profits, inclusive of the balance brought forward from previous half-year, of £59,743 18s, admitting of a dividend ab the rate of six per cent, per annum, equal to 15s per share, which will absorb £45,000, and leave £14,743 18s to be carried forward. The directors have, as' customary, carefully investigated the business of tho Bank, and in consequence of the continued depression in the colonies they have again made unusually large provision for doubtful dependencies. The directors have to reporb thab branches havo been opened at Cuo and Coolgardie { Western Australia), and thab the branches at Kobe (South Australia) and Fortitude Valley .(Brisbane, Queensland) have been Closed. The directors have, with much regret, to reporb bhe retirement, owing to fauingf. health, of their esteemed colleague, Frederick Gonnerman Dalgety, Esq., which was soon after followed by his death. Mr Dalgety's relations with tha Bank as a local director at Melbourne, and as a member of this Board, extended over a period of forty-three years, and his long experience in, ..and large business connections' with, the Australasian colonies have been of great value to the Bank. Tho vacancy thus created has been provisionally filled, in accordance with the deed of settlemenb, by the appointment of Joseph McGaw, Esq., of Chilworth Manor, Surrey, who now offers himself for election. Major Frederick Fanning and John Sheriff Bill, Esqi, are the directors who retire by rotation, in accordance with bhe, deed of settlement, and they now offer themselves for re-election. . The Bank's auditors. Albert Deacon, Esq., and Frederick Whinney, Esq., chartered accountant, also retire, and ofler themselves for re-election. The dividend warrants will be transmitted by post on August 1, and the dividend will be payable in the colonies on such date as the general manager may fix after receipt of telegraphic advice. —By order of the Board, W. R. Mewburn, manager, 1, Bank Buildings, Lothbury, July 21."

Liabilities. Capital £4,500,000 Less: Reserve liability .. ... 3,000.000 Paid up . .. ... .. £1.500,000 0 0 Reserve Funds .. „ :. 1,000,000 00' invested in— ...» i Imperialguaranteed . .1 four per cent, de- ; bentures .. .. 200.000 > Local Loans (Imperial) Stock .. 50,000 . •<■ ColoiualGovernment ,i and municipal de- ''\ bentures .. .. 250,003 Bank premises and property .. .. 500,000 . , Circulation .. 405,796 0 0 Deposits (including inscribed • • stock deposits) • 16,930.110 4 S Bills payable and other liabilities (inchulinK reserves held against doubtful debts).. 3,173,108 4 8 Balance of undivided profits .. 59.743 18 0 £23,068.758 7 5 There is a contingent liability—now reduced to £25,00 C—in respect oE tho subscription to tha guarantee of ISthNovember. 1890, in the matter of Buring Bros, and Co.'a estate. Assets. \ Specie on hand and cash bal- ■ ' •auces .. 1.-'.:".. • • x»,tMo, /to a■ b Bullion ou hand and intransitu ■ 106,993 17 6 Money at call and shortnotice . „'".'. in London .. .. «. . . 250,000, 0f 0 Consols local loans (Imperial) Stock, and othui- stocks . . .-,.,.' of, oi' guaranteed by the Imperial Government ..£648,851 14 5 Colonial and municipalsto.ks .... SWWU-a £1)O0Wldl3 ? Bills receivable,loans and other ■ j securities at London Office .. 2,702,604 8 9 Bills discounted, bills receirable, loans and other securi- • I ties at the branches 13,894,129 5 7 Bank premises and property in I the colonies .. .. .. 630,816 7,5 London leasehold premises.. .. £86.850 9 0 RS e > ain!Woiß o ■"-. ../ Six months' interest thereon at 3i •■ percent 183 18 10 £10.694 16 10 76,155 12 2 £23,068,758 7 5 Statement of Profit. t Balance of undivided profits at 31stAugust. 1893 .. .. •■ £75,612-2 9 Out of which a dividend was declared of ... ■ 60.000 0 0 Leaving a balance of .. .-, £15,612 2 9 Profits of the past half year, after making provision Cor all bad and doubtful debts £166 917 2 8 • Less— ——— Remuneration to the . ■* local directors and aalaries and allowances to the colonial staff £75.815 1110 • General expenses in the colonies, including rent, taxes, sta- „.„ ,„ , tionory, etc. .. .. 30,559 i 4 0 Remuneration to the Board of Directors and auditors, salar- , ies of Lo»don office, ' ■ staff, rent, taxes. stationery and gene- .. ral expenses .. .. 14.339 15 5 Income tax .. .. 2,070 6 2 £122.735' 7 5 , . . 44,131 15 3 Balance of undivided profits at this " date .. .- r- •• ..£59,743 18 0 ARTHUR FLOWER ■ \ < C. IS. BRIGHT 1 riiREfiTORB JOHN DIfNNISTOUN f ERECTORS. JOHN S. HILL J "W. R. MEWBURN. Manager. T. C. C. SAUNDERS,1 ACCOUNTANT. London. July 19,1894. We beg to report that we have verified the cash, investments, bills of exchange, and other assets in London, and have had access to the accounts sent to London from the various branches in the colonies, and hnving.examined the same, and the books and accounts of the London office, we are of opinion that the above balance-sheet is a full and fair balancesheet, properly drawn up so as to exhibit a true and correct view of the state of tho Company's aflairs, as shown by tho books of the Company. FREDK. WHINNKY V Chartered Accountant \ Auditors. ALBERT DEACON J

The Chairman : I conclude ib to be your pleaeure, as uauaj, to take as read the report and balance-sheet for tho half-year. (Hear, hear.) It now becomes my duty to recommend for your adoption tho ' report and balance-sheet for the half-year ending February 28th, 1894. You wiil understand that I do not, of courae, approach this duty with altogether the same satisfaction as has been felt by my predecessors in this chair on moat previous occasions, because although your directors are glad to be able to congratulate you upon the very high position which the Union Bank of Australia continues to hold among the leading financial institutions of Great • Britain and the colonies, its strongtb and soundness being well maintained, and its prospects, as I sincerely believe, for the not distant future being very hopeful, it is nevertheless the fact; that the great reduction, in the business which the Bank has been able to transact, coupled with the largo amount of coin which it holds unemployed, has made it necessary for your directors this half-year to declare a .somewhat reduced dividend/ "The position of the Bank and the circutn*

stances under which thab baa become necessary are frankly and clearly stated in the balance-fines' 6 and statement 'of accounts The directors report that.-ascas-tomary, they have carefully investigated the'business of the Bank, anoV in consequence of the continued depression in the colonies they have again made unusually large provision for doubtful dependencies. I do not think it ia necessary for me to enlarge on the great variety of concurrent circumstances which hare caused the depression out there, which has existed for so long a time to continue up to the present date." At almost every Bank meeting there has been reference to the great difficulty of earning money,. not only in the colonies, bub in England, and in all parts of the world, < and you may take it thab I have no further light to throw upon that unpleasant part of the subject. Having made those large provisions, the directors tell you that the balance-sheet exhibits a neb amounb of profits—inclusive of the balance brought forward from previous half-year—of £59,743 18s, admitting of a dividend ab the rate of 6 per cent, per annum, equal to 15s per share, which will absorb £45,000 and leave £14,743 18s to be carrie.d forward. You will remember that six months ago, when we last met, the profits of the Hank amounted to £75,612, and that we were able then to appropriate £60,000 of that fco dividend, carrying forward B sum of £15,000. You are well awaro that £15,000 is a 2 per dent, dividend, and therefore we have exactly £15,000 less of profits to announce for tho half-year ending February, 1894,. than we had bo announce for the previous halfyear. Thab is the simple story of the reduced dividend. In the balance-sheet you will observe .that the total of our assets baa mounted up again to a figure more nearly approaching thab ab which ib stood in February, 1893, when we had reached the very high total of £24,017,000, our total now being £23,068,000. We have Btill a very large amounb under the head of specie on hand and cash balances, and bullion on hand—something amounting together, ab the present moment, to upwards of £4,250,000. Of course, if this could bo profitably employed, or tho greater, portion of it, we should, without incurring any additional expense, bo able bo declare a much better dividend, and we should have earned much more money than we have ab present. In connection with the administration of the Bnnk it has been observed to us that the coet of administration bears a large proportion to the amount of divisible profits, and with regard to that 1 will only say thab no doubt that is the case, if you look at ib in that manner, bub thab is not the right way to look at the question. The point is, whab is the cost of administration as compared with the volume of businesr thab the Bank and its branches havo to deal with ? The branches must be kept in working order, ready to do a better business whenever the time for doing so presents itself, and their expenses cannot bs Bummarily curtailed whenever the profits are nob good. I trust tho proprietors will see thab thab position does not requiro any further elucidation from me. Now, there isa subject as to which the directors think it desirable that special reference should ba made on thi3 occasion, because ib nob oniy is attracting attention amongsb the proprietors of th) 3 Bank and the propriebors of the late Bank of South, Australia, but ib has even been suggested that our diminution in dividend today is referable to a protracted and expensive litigation we expect to have with tho representatives of the Bank of South Australia. Now, there is absolutely and entirely no foundation for thab idea; but I will, with your permiaision, occupy your time for a few ininutes in giving you a statement of the position'in which we now atnnd in relation to the Bank of South Australia, as you will no doubt desire to know something of the progress which has been made for a settlemenb of our accounts connected with the transfer to this Bank of the business of the Bartk of South Australia. (" Hear, hear.") Reference has beon made to this subject at oach previous half-yearly meeting of the proprietors, and it has been explained to you that the valuation of tho assets of the Bank of South Australia has been much protracted by the Australian financial crisis. Thab valuation has now beon nearly completed, and thereoughtto be no difficulty in arriving at a final settlement. Bub ib will be convenient—especially as ib waa alleged in a reporb made on the 11th of this month by a committee of shareholders of the Bank of South Australia1 "thab the Union Bank has shown no disposition to agree to what the Committee considered reasonable tormß of compromise—bhab I should inform you, as briefly as possible, of the conditions under which ib was agreed thac thin Bank should assume the liabilities of the Bank of South Australia. In April, 1892, thab Bank went inbo liquidation, and by an agreement then entered into the Union Bank asI sumed the liabilities of the Bank of South Australia, and took over certain assets (known as the "A" assets) subject to valuation on berms carefully defined. In the evenb of such valuation showing a deficiency below the liabilities as taken over, ib was agreed that bhe Union Bank of Ausbralia ehould have a lien on cortain other assets of the Bank of South Australia known as the "exceptod " or «'B" assets, standing on April 11th, 1892, in the books •of the Bank of South Australia at £559,000, and the liquidators further agreed—l am quoting the words of tho formal agreement —bhab "if ab any time bhe assets of the South Australian Bank in the hands of the liquidators shall noB be sufficient to pay and discharge any debt due and payable to the Union Bank under these presents, the liquidators .of the South Australian Bank shall, so. far as they legally can or may, mako such a call, or such calls, upon the cpntributories of the Soubh Australian Bank as may be necessary to raise the amount required to pay and discharge such debt or liabil|by." Now, the valuation of the "A" assets shows up to the present time—with interest and half of tho valuation charges payable by the Bank of South Australia-^an approximate deficiency of £400,000, and, as admitted by the liquidators, the actual value of the " B " assets is so far below their book value that even if those "B" assets were taken over by the Union Bank there would still be an unascertained bub considerable amounb to be made good to the Union Bank from some other source. This amount is admitted to be at the present timo upwards of £250,000, exclusive of the "B " assets. The Union Bank accordingly, on the 14th March last, required the liquidators to make a call on the contributorfes of the Bank of South Australia sufficient to produce the deficient amount, bub the liquidators declined tomake any such call unless ordered by the Court, Afterconsideroblenegotiation it waoagreod. ab bhe suggestion of the liquidators of the Bank of South Australia, tbab the Union Bank of Australia should apply for an order "for liquidation under supervision of the Courb," and such application accordingly came on for hearing before Mr Justice Vaughan Williams, on April 25th last, when the counsel of bhe Bank of South Australia, while raising no opposition to the application, on being asked by the Judge whether he would join in bhe application, stated that he could nob do so without consultation with his principals, as by ao doing he might facilitate the recovery by the Union Bank of the debt due bo them. It was pointed oub to the chairman of bhe liquidators that this action on the part of their counsel appeared to this Bank somewhat surprising in view of the agreement to which they had signed their names to liquidate tho Union Bank's debb as they could or might, seeing that by joining in such application theywould merely be consenting bo having the question of the liability of the Bank of South Australia's shareholders argued in Court. The application was then adjourned for amendment of the petition. During this

adjournment/ various proposals on tho parb , of tho liquidators of the Bank of South Australia were considered by our directors, who, with the object of settlement, were even, as parb of an arrangement, prepared to make the great concession of taking over of course on terms satisfactory to themselves—the assets which had been excluded from the original agreement), and the shareholders' committee, appointed for consideration of the matter, were willing to agree ' to, within a comparatively moderate 3um, the amount required by this Bank ; bub as all they would undertake was to " recommend" the shareholders1 to consent to a call of £10 p6r.sb.are, it musb be perfectly obvious to you that such an arrangement could not be accepted by this Bank, aa ib was naturally impossible for ua to know what such call might produce. The application as amended for liquidation under supervision of the Court therefore came on for hearing before Mr Justice Vaughan Williams on the 18th iiiat., when the came counsel as had represented tho Bank of South Australia on the previous occasion informed the Judge that the Bank, of South Australia, were desirous of doing: tbeir duty to all persons interested,, and the Judge then asked the counsel for the liquidators whether the voluntary liquidators could nob enable the possible difficulty to be gob over by taking the initiative themselves—that is, by applying to, the Court for its directions themselves. The liquidators' counsel replied much to the same effect as on the former hearing—that he could not do bo, as he might thereby, facilitate the focovery of the Union Bank's debt. The Judge then intimated thab he would postpone his further consideration of the matter in the hope that the liquidators would save him all trouble. Our solicitors have asked the advisers of the liquidators whether they .will adopb the Judge's suggestion, but ab present they have nob assented to do so. What the Judge's decisioti may be, I, of course, cannot foretell; but as to the ultimate iaßue of this Batik's claim on tho Bank of South Australia for the deficiency which has arisen, your directors, after taking the advice of moat eminent counsel, can entertain no doubfc whatever. The Bank of South Australia was originally incorporated Under a charter under which £25 per share was callable on going into liquidation." In the year 1884 they registered under an Acb of Parliament as a limited liability company, with a similar reserve liability of £25 per share; and on the strength of that reserve liability they. sOughb for and obtained deposits as a limited liability company. In this connection I wish to read to you, Clause 7 of tho special Acb empowering tho B.ank of South Australia to register as a limited liability company. This clause ran as follows:—" Notwithstanding anything in the Companies Acts, 1862 to 1880, contained, the liability of tho shareholders or members of the Bank in the event of the powers of the Bank being determined as aforesaid, as woll in respect of notes issued by the Bank, subject as here-1 inafter mentioned aa of other debts and liabilities of the Bank, continue to be in accordance with the limited liability defined by tho said original charter, as amended by tho said supplemental charter, thab is to say, the extent thereof shall bo j twice the amount of the subscribed j shares as in the said charter mentioned. Provided always that the limitation of the liability of the members of tho Bank in respect of notes issued by them shall, cease and determine upon the oxpiration of seven years from the date of such registration as aforesaid, and thereupon Section 6 \ of the Companies Act, 1879, shall apply to the Bank and the members thereof." Tho seven years mentioned in the clause oxpired j in December, 1891, so that the liability for the notes is unlimited. All this was explained in moeb clear and emphatic language to the shareholders of tho late Bank by their solicitor at meetings held on April 17bh and November, 13th, '• ISB4, ab which time the late Bank" decided to register under the Limited Liability Acts ; bub I do nob gather, thab this clause was pub before the shareholders of tho Bank of South Australia, or its purport communicated to them, when the matter was discussed at thoir meeting on the llbh inst. I have broubled you with these particulars because I am anxious thab you should be able to arrive at your own conclusions as to. the quarter from whence proceeds much of the delay in obtaining a sebtlomenb of this matter, and. also that you should see thab we feel no anxiety as to the result when arrived ab. Then as to bhsmeritjsand prospects of the transaction as a whole—as to which you will also wish to hear something from me on the presenb.occasion—tho directoraaee no reason to believe thab ib will be other than an advantageous one to this Bank, though, of course, ab the time of concluding the agreement no one could foresee the crisis of last year, and coneequent further depreciation in values. The accounts were taken over at a careful valuation, and are being conservatively dealt with, and, when deemed advisable, are being realised as opportunities occur. (Applause.) Continuing, the Chairman said that he presumed they looked to receive from him some reference as to tho -condition of affairs that they might look forward to in Australia. After the severe depression thab had existed there they'could nob expect tho reaction bo. be brilliantly, abrupt, bub things were certainly improving, and the outlook was hopeful all along the line. The season had been good for stock, and the flocks and herds were abundant. The price for wool had been a little better, and ib was hoped bbab the tariff revision in bhe United States would allow of the import of wool free, which would be a very important matter ior Australia. In regard to the frozen nieab trade the Australians were pushing the business very actively, and were invading the Continent with supplies in Austria, Germany and Belgium and he believed even in France, Respite the high duty 'there.' In Queensland the sugar season had been very good, and ? butter and farm produce was largbly coming forward from, the southern colonies. Aa to gold, the most sensational field'" was Western Australia, and'the! result" was to attract labour to thab parb, and thus to relieve the pressure of population in the eastern colonies. He did nob know thab there weve any other matters in regard to the business of the Bank that called for particular comment, but there were one or two whab ho might call personal matters to which he would like to allude. As stated in tho report, the company had sustained a very great loss in the retirement and subsequent death of Mr Dalgety, ona of the oldest and most valued of their directors. He had been connected with the Bank for 43 years, and when he came to England in 1850 was elected a member of the London Board. The' Company had sustained a very.greab loss in Mr Dalgoty's death, and to till the serious vacancy that had thus boon occasioned, bhoy had elected, subject to the approval of the shareholders, Mr Joseph McGaw, who had had a long experience in the colonies, and had already proved himself of value to his colleagues. Tho Chairman then proceeded to pay a high tribute of praise to the services rendered by the staff at Homo and abroad, including Mr Mewburn (the London manager), Mr Carbery (the assistant manager), Mr Selfe (the secretary), the managers of the branches, and more particularly Mr Fihlayson (the general manager in the colony), whom, he said, they had the pleasure of having preßenb with them that day, and who would, no doubt, oiler a few remarks later. During his sojourn in England, Mr Finlayson had been of very great service to the Board, who bad kept him bard ab work. After expressing his willingness to reply to any questions, the Chairman concluded by, formally moving the adoption of the report and accounts. (Cheers.)

Mr Sebag Montetiore seconded the

f motion, and said that they were all encouraged in the hope, from whab they had heard from the Chairman,: that they might look forward to an early return to prosIn reply to a question as to the state of the Baring Guarantee Fund, the Chairman said that it still Btood ab £25,000 in their accounts, the same as last year:. but be understood thab considerable progress bad been made in reducing the amount for the benefit of all contributors to the guarantee. (Applause.) ■'■■■.■ ~, A ehareholder asked whab the cost.of the new banking-house in Cornhill would be. The Chairman said that the cost of the lease was £86.000, and the cost of the building would be abouc £40,000, but against thi3 expenditure there would be fine rents they would receive from portions that they would leb off. The lease was for 74 years. The lease of bhe present premises would end in 1896. ■■;■■ ;. ■ , Mr Reid expressed regret thac the resu.b was nob more uatisfactory, and urged the Board to try and economise. The Chairman, in feply, said that tne company had not of late years had tbe>arnings to maintain such large dividends aa formerly. The Board had recommended the distribution, from half-year to half-year, of tne amount actually earned,, and had not i thougbtitdesirableto provide a reserve fund for the equalisation of dividends. The low price of their shares in the market was nob warranted, and he hoped thafc the share: holders were nob going to parb with them. He thought an institution of tho strength and position of bheir own ought to cheerfdlly pub up with any temporary diminution in its dividend in order to maintain thab position. The resolution was thon pub and unanimously carried. «•„'"' The appoinbment of Mr Joseph McGaw as a director of the Company, to rill the vacancy caused by the retirement of Mr Dalgety, was proposed by the Chairman, seconded by Mr Arthur Flower, and unanimously carried. • The Chairman then moved the re-election of Major Frederick Fanning and Mr John Sheriff Hill as directors of bhe Company, which was seconded by Mr R. J. Ashton and Mr W. O. Gilcbrisb respectively, and carried nem. con. ! • Mr Sobag Montefiore then proposed the re-election of the auditors of the Bank, Messrs Albert Deacon and Frederick Whinney, which was seconded by General Trevor and carried. ■■<.<■■

M r David Finlayson, at the request of tho Chairman, then addressed the meeting. Ho said : Wo have been in much bhe came position for some time back, and there cannob be said to be much, if any, improvement yeb. Ib is atryinfc thing^to make bricks without straw. Trade in Australia since the crisis of lust year has been in the state of lassitude which inevitably follows a collapse of credit such as then took place. There has been an enormous contraction in the volume of trade. Imports in 1893 were more than 26 per cenb. less than in 1891, or £53,000,000 against) £72,000,000, whilsb exports diminished in the same period about 11 per cent.—to £65,000,000 from- £73,000,000; and, going back to 1888, it is found bhab from an excess of imports, amounting to £7,651,000 in that year, to an excess of exports in 1893 of £11,812,000, we have the marvellous difference in favour of the past year of £19,463,000. A revolution like this cannot bake place wibhoub a great disturbance, which musb be lelb by all traders, including batiks. Thefalling-offin imports is doe, of course, to the stoppage of tho extensive lending to Australia, to Governments, public bodies, companies,and individuals, which was done so liberally for many years. The proceeds of theße lendings came out in merchandise to the oxbenb of many millions annually, and provided much of the, more active and profitable kind of banking business, such aa the discounfc.of trade bills and exchange transactions) and,'of douree, bbis class .of b'usin^ss has for the time being largely diminished. The fall in prices of colonial produce has been a very serious difficulty, and has greatly aggravated the effect of the financial crisis; in fact, ib is open to question whether had prices nob fallen so seriously, the colonies would nob have surmounted the effect of the inflabion due to the generosity—the thoughtless and fatal generosity , much of it—of lenders in this •country; nob, of course, without a good deal of individual lose and suffering, bub without any breakdown of credit such" as took place. The actual volume of exports has been well maintained. With regard to the future, there is much to-be dono, bub this you can rely on, that the difficulty will be faced by the Australian people with energy and determination. During the inflated period much labour and capital wore no doub'b misdirected and misapplied ; building operabions and other works much in advance of their time were undertaken, from which there is oo presonb return, and probably there was a double waste, as under other conditions much of this capital and energy would have been directed to increasing production., This state of things has now come to an end, and we have now to look.to the natural productions of the country for i tsfuture prosperity; bub you cannot revolutionise the industry,of a country in a day or a year, and expect men who have been engaged, say, in building operations, to change their occupation, their residence, their mode of life, and become effective producers without a long and hard apprenticeship. This many have had to undergo, and the process is bo be seen now. going on amidsb mnch hardship and Buffering, ?but with equal courage, endurance, an.i adaptability to new and altogether strange experiences. ' Ib was natural bhab people in Australia were shunned' and dazed by the magnitude of the calamity thab culminated last year, bub in bhe midsb of ib they were working hard and seeking for fresh, articles of export, and, also stnyihg by cheapening production and frugal-living to meet the fall in prices of their staple ex-, ports, which have been to them such an immense source of wealth in the past. Their exerbions, especially in the direction of rinding now exports, have already met with considerable success, and more, I am convinced, will follow. It will take time to build up trade and credit under the new and severe conditions now prevailing, bub if ib is possible to be done, as I believe ib is, you have a people engaged in doing it endowed with as much British independence and honesty of purpose as is to be found anywhere, with faith in themselves and in their country, and there, I think, you have the necessary elements thab deserve success, and I believe will command ib. (Hear, hear.) Something has been said about reducing expenses, and I believe I can answer for the colonial staff in saying that they will loyally acquiesce in whatever measures to this end the Board may consider called for by the conditions now ruling. (Applause.) Mr Mewburn, the manager, then read the dividend advertisement, which stated that the warrants would be posted on August 1.

Votes of thanks having been accorded to the Chairman and directors, and to the officers, and staff in London and the colony, as well as to Sir Robert G. W. Herbert, for presiding, the meeting separated.