TIMARU.

Press, Volume LXIII, Issue 12903, 7 September 1907, Page 11

TIMARU.

Our Timaru correspondent writes: — Iho markets are still quiet, only one sale of any consequence having been re-corded during tho week. This was a line of 6000 bags of prime milling Tuscan, which a local miller bought at 4s 4d, delivered Timaru. Thero is so little business passing on the oat market that a reliable quotation can scarcely be given. Potatoes are dull of sale at £2 loa to £3 per ton.

At tho annual meeting rf tho proprietors of the Union Bank of Australia held in London on July 22nd, tho net amount of profits inclusive of £31,40G Os 8d brought forward from last j'ear was 6tatod as being £269,310 8a 4d. Dealing with this the directors recommended tho following appropriations, viz.:- -£10,000 as a contribution in aid of tho batik's guarantee and provident funds; £10,000 in reduction of tho bank premises account in the colonies; £60,000 as provision for depreciation in the bank's investments; and-£50.000 as nn addition to tho bank's reserve fund, which is thervby increased from £1.120,000 to £1,170,000. From the balanco remaining (£139,310 3s 4<l) the directors had resolved upon the declaration of a dividend at the rato of 10 per cent, per annum, equal to £1 5s per share, and of a bonus of 2 per eont., equal to 10e per si are, the dividend and bonus together amounting to £1 los per share, absorbing £105,000, and leaving £34,310 8s 4d to be carried forward. One hoav branch has been opened at Heleusville in New Zealand,