Page 3 Advertisements Column 4

Press, Volume XLV, Issue 7213, 26 November 1888, Page 3

Public IToticea. THE BANK OF AUSTRALASIA. INCORPORATED BY ROYAL CHARTER 1835. ' Paid-up Capital - £1.600,000 ReaerveFnni ' •• 800,000 Keaerve Liabilities of Proprietors Under the Charter .. .. 1,600.000 £1,000.000 HALF-YEARLY REPORT OP THE DIRECTORS, WITH THK ACCOUNTS FOR THE HALF-YEAR. TO I6th APRIL, 1888. Presented to the Proprietors' at the GENERAL MEETING, HELD ON WEDNESDAY, 3rd OCTOBER, 1888. REPORT. nRHE Directors enbmit to the Propriotore the Balance-Sheet of the Bank as at 16th April last, J_ with Profit and Loss Account tor the half-year ended on that date. After providing for rebate on Bills current, for Income Tax, for Colonial taxes on note circulation, and for all bad and doubtful oebts, the net profits for the half-year amounted to £90,2516e 6d. The addition of £12,800155. brought forward from the previous half-year, gives a disposable balance of £109,052 is 6d, of which tne Dividend declared will absorb £96.000, leaving £13,052 Is 6d to be carried forward to the next account. , . An active demand exists for advances in the Colonies, and it is hoped that it wiil be found that the funds of the Bank have been profitably employed during the current six months. Advices from the Colonies indicate, with eorae exceptions, a favorable season both Mr pastoralista and agriculturists. The London Wool Market is firm, without, however, any advance in value, and exports of grain are realising satisfactory prices The mining industry U also very buoyant. The Directors again lament the loss by death of a valued colleague. Mr Richard PhUpott was elected in 1866, and his matured experience and prudent counsels were of great value to the Bank. Mr W. A. McArthur, M.P. (of the firm of Messrs W". and A. McArthur, Australian merchants), and Mr Robert Henderson, are candidates for the vacancy, the former having come forward at the invitation of the Directors. It must be within the knowledge of the proprietors that the majority of those present at the meeting in April last granted a pension of £1500 a year for five years to the family of the late Mr Parkes, who was killed through a railway collision while returning borne on the evening of May 12th, 1887. The act was subsequently challenged by Mr Henderson, and he brought an action against the Bank, contending tbat too deed of settlement!gave a general meeting no such power, and that the grant was ultra vires and invalid. The case was neard before Mr Justice North, and his judgment, which was delivered on the 31st July last, was emphatically in favor of the vaUdity of the grant. Notice of appeal has been lodged by Mr Henderson, and unless that notice is withdraws, the legal question must be regarded as stiil sub judice. Mr Henderson has also brought forward eight resolutions for consideration at an extraordinary meeting, -which, at the request of himselr and other shareholders, has been convened for the 3rd of October (this day). Aβ soon as the first of these resolutions has been moved and seconded, the Chairman will move an amendment which will probably have the effect of bringing all the questions raised to a single issue. The attendance of Proprietors at the Meeting is specially requested. Tlio dividend declared is at the rate of 12 per cent, per anniiin, or £2 83 per share for the half year, and will be payable, free of income tax, in Ibondon and in the Colonies, on the 4th October. EDWARD HAMILTON, Chairman. i, Threadneedle street, London, October 3,1888. THE BANE 07 AUSTRALAS A. PROFIT ACCOUNT. From October 10th, 18S7. to April 16th, 1888 Undivided profit, October 10th, 1887 £103,80015 0 Less Dividend, April, 1888 96.000 0 0 £12,800 15 0 Profltfor the half-year to April 16th. 1888,after,deaueting rebate on bills current at balance date (£33,905 13s 6d), and making provision for all bad. and doubtful debts .. .. .. £202,458 1 9 Less: 1. Charges of ManagementColonial— Salaries and Allowances to tho Colonial Staff, including the Superintendent's Depart- ■ ment, and 138 Branches and Agencies .. ..• .. £63,693 13 1 General Expenses, including Rent, Repairs, Taxes, Stationery, Travelling, &c. .. 24,810 17 8 London— Saltiries 6,688 6 8 General Expenses .. .. 2,035 7 £97,828 4 10 n. Income Tax .. .. £3,843 17 11 IIL Tax on Note Circulation 4,532 12 6 — 8,37010 5 106,204 15 3 96.251 6 6 Leaving available for Dividend .. .. . - .. £109.052 1 6 BALANCE-SHEET. Dk. THE BANK OF AUSTRALASIA, APRIL IGTH, 1888. CX, LIABILITIES. I ASSETS. Circulation £458,279 0 0| Specie, Bullion, and Cash Deposits . .. .. 12,8ei,185 12 10 Balances .. .. ..£2,7(59,073 7 8 Bilispayableandotherliabilities 1,7D0,£53 3 0 Loans on Call and at short notice 1* 10 — Government Securities .. .. 825,772 19 2 £15,110,397 15 10 Bills Receivable, Advances on Capital .. ..£1,600,000 0 0 Securities, and other Assets .. 12,081,045 8 8 Reserve Fund .. 800,000 0 0 Bank Promises hi Australia, New (Of which £500,000 Zealand, and London .. ..- 330,219 811 is invested In . Consols and reduced 3 percent at 95.) Profit Acconnt: - • undivided balance 109,052 1 6 — ■ 2,509,052 1 6 . £17,619,449 17 4 £17,619.449 17 R. W. JEANS, Accountant. "~~~ ■, \ PRIDEAUX SELBY, Secretary. Wo have examined the cash and securities in London,, and the London books, and have verified the transfers from the several branches in the' Colonies, and we beg to report that, in our opinion, the foregoing is a full and fair balance-sheet of the Bank, and that it exhibits a true and correct view of the state of the Bank's amdrsaa shown by the books. QUILT.BR, WELTON and CO., Auditors.