Commercial.

Hawke's Bay Herald, Volume 12, Issue 979, 19 September 1868, Page 2

Commercial.

UNION BANK OF AUSTRALIA.

The annual meeting of shareholders of this company was held on the 13th July last, at the new bank premises, Bank Buildings, Lothbury, London, Mr. Robert Carter in the chair. The following is the Report of the Direotors :— " In their annual report of 1867, and supplementary report of January last, the directors referred to the contraction in commercial affairs, and depression of pastoral interests prevailing throughout Australia and New Zealand, and to the lower value of money for banking purposes, both there and in this country ; the necessary consequence of this has been a reduction in the profits of the bank during the past half year. The directors have, however, confidence in expressing their belief that the bank's advances have been controlled with discrimination and prudence on the part of the general manager, and that no loss from bad debts is to be apprehended beyond the amount already provided for. At latest date, a more hopeful feeling seemed to pervade commercial classes in the colonies, and there was some slight improvement in the value of pastoral property. Having a long experience of the energy of colonial enterprise, the directors cannot doubt its early revival, especially with the advantage of cheaper money than at any previous period, and with the necessaries of life procurable at very low prices. The proprietors may feel assured that when this revival shall ocour, the large resources of the bank will command ready and beneficial employment. Its affairs have the constant attention of the bank's staff here and in the colonies, whose efficiency and zeal merit the warm commendation of the directors. Robert Campbell, Esq., and William Wilson, Esq., are the directors who retire on this occasion, in accordance with the provision of the deed, and offer themselves for re-election. The statement of accounts presents a net profit of £97,833 lGs. 6d. available for division. The directors have, therefore, determined to apply the sum of £93,750 as a dividend of £1 17s. 6d, per share for the half year, being at the rate of 16 per cent per annum. The dividend warrants will be transmitted by post for the 20th instant, and the dividend will be payable in the colonies as soon as the general manager shall fix after receipt of advices."