UNION BANK OF AUSTRALIA.

Press, Volume XXII, Issue 2680, 10 March 1874, Page 2

UNION BANK OF AUSTRALIA.

(" Morning Post," January 13th.) The special or half-yearly meeting of shareholders in the Union Bank of Australia was held yesterday in the offices, Lothbury, under the presidency of Sir Charles NicholBon, Bart. The notice calling the meeting having been read. The Manager (Mr John Bramwell) read the report of the directors, which was as follows :— " The directors are gratified at being in a position to present to the proprietors a statement of accounts which has enabled them, after providing for every bad and doubtful debt, to declare a dividend of 7 per cent for | the half-year, being £1 15s per share, or at the rate of 14 per cent per annum. By latest advices from the colonies affairs generally were in a highly satisfactory condition. The prices realised for pastoral and agricultural produce, and the high profits of labor in every department of industry, have added largely to the prosperity of the community. A necessary accompaniment of this state of matters has been a great abundance of money, and consequently low rates of interest have prevailed. Indications, however, are not wanting of an increased demand for capital, from which the bank will profit. The directors renew their sincere acknowledgments of the great zeal and ability displayed by [ Mr M'Mullen, and the other officers of the I bank, both at home and abroad, in the discharge of their several important aDd responsible duties. The annexed statement of accounts presents a nett profit of £90,508 10s 7d available for division, of which the I dividend for the half - year will absorb £87,500, leaving £3,008 10s 7d to be carried forward. The dividend warrants will be transmitted by post on the 19th instant, and ! the dividends will be payable in the colonies at such time as the general manager shall fix after receipt of telegram." The balance-sheet read was as follows :— I LIABILITIES. I Circulation £355,958 15 0 Deposits 3,712,444 11 1 Bills payable and other lia- • bilities (including reserves held against doubt- ' ful debts) ... ... 849,667 2 6 Balance of undivided profits ... 90,508 10 7 Reserve fund as per contra 250,000 0 0 Building and other reserve funds ... 150,000 0 0 Capital 1,250,000 0 8 £6,660,578 19 2 ASSETS. Special on hand, and cash balances £1,154,247 16 0 Bullion on hand and in transitu 121,090 19 8 Bank premises and property , ... 170,193 14 8 Government securities ... 293,041 1 9 Local bills, bills receivable, and other securities ... 4,672,005 7 1 Reserve fund, invested as per statement ... ... 250,000 0 0 £6,660,578 19 2 STATEMENT OF PROFITS. Balance of undivided profits at 30th June, 1873... £88,550 12 8 Out of which a dividend was declared of ... ... 81.250 0 0 Leaving a balance of £7,300 12 8 Profits of the past half year, after making provision for all bad and doubtful debts £130,460 18 4 Less: Remuneration to the local directors, and salaries and allowances to the colonial staff, £30,100 8d ; general expenses in the colonies, including rent, taxes, stationery, &c, £9113 14b Sd. Remuneration to the Board of Directors, salaries of London office staff,rent, taxes, stationery, and general expenses, £7187 6s Id. Income tax, £852 0s 3d 47,253 0 5 — 83,207 17 11 Balance of undivided profits at this date , £90,508 10 7 RESERVE FUND. New Zealand Imperial 4 per cent. Debentures £200,000 0 0 Colonial 6 per cent. Debentures 50,000 0 0 £250,000 0 0 (Signed) " Edward P. W. Miles, " Chairman of Committee. "John Bramwell, " Manager. " R. Buckler, •'Accountant. " London, Bth January, 1874." The Chairman, in moving the adoption of the Rerort, referred to the continuance of prosperity in the Australian aud New Zealand colonies, and to the favorable prospects for the Bank in the future. He also noticed the gradual extension of the Colonial proprietary, since the resolution to facilitate the transfer of shares from English shareholders was passed two years ago, and concluded by stating that the Directors had the pleasure of recommending a dividend of £1 15s per share ; or at the rate of 7 per cent for the half-year. In doing this they provided, by an ample reserve, for aU bad and doubtful debts, and had a surplus of £3000 to be carried forward. Mr William Botly, F.S.A., briefly seconded the motion, which was supported by Mr Wilkinson, and unanimously agreed to. The advertisement relative to the dividend was then read and approved, and the proceedings closed with the customary compliments to the Chairman, directors, and officers of the Bank.