COMMERCIAL.

Lyttelton Times, Volume XLVII, Issue 5008, 8 March 1877, Page 2

COMMERCIAL.

Lyttelton Tinvea Office, Wednesday Evening. The Cng+om*’ revenue collected yesterday amounted to £696 0s 8. The following were the items ;-spirits, 27" l gals, £163 4s lid; wine, 250) gals, £SO 2s Id ; tobacco, 655 Ins. £69 7s lid ; beer, 232 gals, £: 4 10s ; sugar, 10,926 lbs, £ls 10s 0J; tea > 1950 lbs, £l6 15s; stationery, 5 c ices, £6 Ins j boots| 56 trunks, £73 16s ; drapery, 27 cases, £l7O 2s . grindery, I case, £3 8s; apparel, 6 pkga, £24 Gs sundries, £26 Sa Bd. Customs' duties collected at the Port of Lyttelton in the month of February ; Spirits 23303 14 6 Spirits, distilled in Hew Zealand ... 36 18 0 Clears and cuull 47 15 8 Tobacco ... HOI 6 3 Wine 6JI 5 11 Ale and Beer, Ac, in bottle 406 1 3 Ale and Beer, in wood 10 0 0 Tea 911 15 9 Coffee, Cocoa, Chicory, and Chocolate... 151 1J 6 Coffee, roamed 0 17 C Sugar, raw, refined, and molasses ... 1997 10 1 Goods by weight 552 13 4 Ad TaUjrew- 4150 18 0 Other duties not specified above ... 558 0 10 SHAKE MARKET. The following is Mr E. J. T. Ford's report on the share market for the week ending Wu- jh 7 . Hjllks. Colonial Bank, 35s 91, 30s, 36s 3d; National lUnk, 665; Bank of New Zealand, £l9 10s ; New Zealand Insurance, 92h 6d; -mi'll British, 78s; National Insurance, 30s 6i ; lias Company, ■ fourth issue, Its. SbLi.l i-. K.—• oionial Bonk, 37s ; National Bank, 69a; National I'lsunmce, als; New Zealand Insurance, 935; Standard, 15s; U.is Company, old issues, £l6 10; Shipping Company, 73a 6J ; Loan and Investment, 455. Buykus.—National Bank, Css ; Colonial Bank, 365; Now Zealand Bank, £l9 los; New Zealand insurance, 925, H .uth British, 7bs; National Insurance, -30 s ; Standard, 11s. UNION BANK OF AUSTEUJA. (From (he Money Merit! luvieir, Jan. 13). A special general me ling of tie proprietors was held on Monday last, at me idikes, li.uk buildings, Lothbury, (or the purpose of receiving ihe halfyearly rep ul of the directors, and of filling the vaoancy In the dir* ction occasioned by the retirement of Mr l.ebert Brooks, ihe chair was ooCuptoi hy Mr Hubert Campbell. The secretary (Mr J. U. Self..) read the report of ihe directors us follows The directors have wroat pleasure in presenting to the proprietors a statement ft accounts wh eh has enabled them, after providing for every ascertained loss and doubtful djpendeuey, r.o d elare a dividend and bonus equil to those of the past two years, viz., a dividend of seven per cent and a b.mi. of 5a per share, bei g together at the rate of 16 per cent per annum The piiuohul industries of the Australian colonies continue to make fair ami steady progress, ami trade is sound. The vaon: ot wool has entirely recovered from the severe fall noticed in >),'< directors' report of July list, and notwithstanding that important Uistrictsof Australia suiiered duriag pirt of the pist half-year from drought, the groat pa-sUoal interests of the Colonic, generally are in a he-Uhy mate. The Directors have with much r.giet to in to nil the propriut-irs or the retirement, owm to advancing years, of u.u.r ,-->1 ■ m.-il colleague, Mr Brook., who was t .e lusc of-J.e ...igu.ij i-droolers. riucelho formation of i be rank lu 1 “ 7, J.fr Hrooka has taken an active p.rt in us manug.-ment, and to his great experience ot '‘...un.nreixl affairs this institution is largely imlebted. The v,.c mey thus create.) ha boon .vi.tonally Hi ed, in aertordanco with the dood of ffaLru.Mit. lay tho u tut ol Mr Brooks son. M r nobc t, Ale* ..m.-r ~rooks who now offers himself (or cl,-. u„., I h„ I>4 , ec . OM regret to annouue.- M.e d. at,.august K. aft Jr a brief ill css, of Mr Bramw.-11, their vultu-tl manm-er in London, by widely eve.,*„ L i, o ., utl g lose! the able ami expert, no. .1 services ol an officer Oevoted to its tn.ere.is, who. from tho time of his apooinUnent i„ ih*;'.<, rii H . charged ins duties to the entire satisfaction of the Board. As ids successor, tho Director,, have np. ■pointed Mr vV. Is. Mcwhuru, wno has tilled the office of secretary for 10 years, and baa been iu tho Bank’s service tor 23 yens During t.,is long period Mr :,l..wburu has scduirod a perfect know, ledge oi the business of the Bank, and at every •tags of hn career has earn, d li.o esto m uud com Adeline t > which his worth, anility, and zeal entitle him The Directors have ugaiu groat pleasure in eipressiug their highest satisfaction ; and zealous exertions tu the Bank B lt»u» «BU of the general mutor-r and the chief officer or ° Zealand, as we.) as the other officers of the Bank both at mum- and ..bread- Tit ■ sheet presents a net profit of £.bs.2 ; D 19s .d available tor division, ot which tho dividend and

bonus will absorb £IOO,OOO, leaving £8236 10* M to ha carried forward. Iho dividend warrants will be transmitted by port on the 15th Inst, and the dlvldond will to payable In tho colonies at suoh timo a« tho general manager shall fix after receipt of ißatomeut of Liabilities and Assets at tho brsnobes • on Juno 30, and at tho Loudon offloo on Doc. JO, 1876: — , LIABILITIES. „ . . “T ::: ::: ::: \W» l l I lUUh payuMo And other liabilities • (including reserves hold against doubtful debts) ... 1.0C,.931 17 11 • Balance of undivided profits ... oS'.tvi *0 n . Ueeerve fund as per ooulrn ... A™ " 7 ' Building and other reserve funds 1.<0,000 uv . Capital ______ 1 £8,343,068 9 0 ASSETS. .. Specie on hand and cash balances £1,119,518 2 w Bullion on hand and in transitu... '8,4,8 » o Bank prerai-os and property ... ToT la S Government ficominos ... ••• .oi.ioi a* p " »>»»♦». £8,343,068 9 0 STATEMENT OF rHOFITS. Balance of undivided profits at June SO. 1878 £ 107 - 816 17 6 Outof which a dividend and bonus wore declared of 100,000 0 0 Leaving a balance of ... £ 7,816 17 5 Profits of tho past half year, after making provision for all bad and doubtful debts... £ls/,14* 18 4 Less — Remuneration to tho local directors, and salaries and allowances to the colonial staff ~.£35,383 5 5 General expenses in the Colonies, including rents, taxes, stationery Ac. ... U. 450 7 3 Bemuneration to tho Board of Directors, salaries of Loudon office staff, rout, taxes, stationery and general expenses 8,721 2 4 Income tax M7O 10 0 ~100.419 13 4 Balance of undivided profits at this date £108.236 10 9 RESERVE f DND, New Zealand Imperial four cent debentures... ... ... ... £200,000 0 0 Colonial six per cent debentures 50,000 0 0 £250,000 0 0 London, Jan. 4, 1877. William Fanning, Chairman of Committee, W. E. Mkwbdbn, Manager. E. Buckler. Accountant. The Chairman said tho Directors have much plaasuie iu meeting the shareholders in the fortieth year of the Bank’s existence with a statement of accounts which, I believe, will be considered satis-f-ctory, inasmuch as the whole of the bad and doubtful debts had been amply provided for by tho Accounts Committee, who had gone through the whole of the assets of the Sank from beginning to end. Few persons were aware of the magnitude and soundness of the trade of the Australian and New Zealand Colonics, which exceeds 9J millions sterling; aud in the absence of any other topic of material interest, I will make a few remarks and quote a few statistics in order to show the solid basis on which the Bank’s business is transacted, which will enable the shareholders in some measure to discount the future, for I need not tell you that upon the wealth and resources of the rich Colonies with which we trade depend tho soundness of the good balance-sheets which we present to yon year after year. Tho total trade of the Australian and New Zealand Colonies amounted to 90 millions sterling, and its exports to 45 millions, dug from the bowels of the earth, orgathered from its surface. That 45 millions consisted of natural products. In the metals, gold, copper, tin, and iron were in all the Colonies, and silver in New Zealand. In miscellaneous products, they had wool, coal, tallow, hides, preserved moats, sugar, wheat, and wine. I believe the last industry to bo making a great extension, and there was good reason for supposing that it would eventually become a large trade, especially considering the ravages which tho phylloxera was making in the French vineyards ty destroying the vines. In all the Colonies there were 65,000,000 sheep and 7,000,000 cattle. The population of Australia and Tasmania numbered 2,000,000 and New Zealand 400,000. The revenue of the whole group was £13,(.00,000. Comparing these Colonies with Canada, they would find that the population in the New Dominion was 4,300,000, and her total trade amounted to £45.000,000, os against tho £90,000,000 of the Australias. The Dominion exports were £19,000,000, against those of the Australian group, amounting to £ 15,000,000, and the Dominion revenue £5,000,000, us against their £13.000,000. Going further afield, the Indian Empire had a population of 210 millions, and a total trade—exclusive of treasure—of £87,00i,000, and her exports wore £55,000,000, against Australia’s £45,000.000. But they would be asked waat was the indebtedness of tho Australian Colonies f It amounted to 55 millions. Take New South Wales, tho oldest of them all: her debt was £11,500,000, but her railways and public works were worth fully that amount, and her unsold Crown lands were c'-rt iinly worth ten times that amount of debt. Victoria owed £14,000,000. excluding the last loan of £3,000,000, which was still iu hand ; her railways returned 4 per cent, of their cost, and tho unsold Crown lands were worth doable the debt. South Austru’ia had a debt of £3,500,000, and her railways and public works wore worth about that amount, whilst her unsold Crown lands were worth about ten times the debt. Queensland, po-bnps the richest of all tho Colonies, had a debt of e 7,000,000, but her public wirks and railways were worth nearly tho whole, and her nnso d Crown lands ton times the amount of debt. Now Zealand bad a debt oi £IB,OOO 000, but her unfinished railways returned about 3 per cent of thoir cost, and wore worth about half tho debt; besides which she had expended large sums of money in roads and bridges, while her unsold Crown lands were worth double her debt. In this country, the railways aud such works as roads and bridges wore mado by companies aud corporations, which l ad expended on them a sum larger by one-half th \u that of tho entire national debt, say 1100 millions; aud in England there were no Crown lands to sell. The speaker then referred in terms of deep regret to the loss which tho Bank had sustained by the retirement from the direction of Mr Brooks, who might bo called the father of tho Bank, having been one of tho original Directors, and to whoso share in its first organisation . and subsequent working tho Bank is largely indebted The Bank also sustained a groat loss by tho decease of Mr Brarawoll, their London manager, who brought to his work entire devotion to the Bank’s interests, joined to groat industry, intelligence, and extensive colonial knowledge. The latter gentleman has been replaced by Mr Mewburn, who had for many years past most ably discharged the duties of Secretary to tho Bank, and was thoroughly conversaut with all the details of tho Hank’s b isiness, and in the well earned oulogium bestowed upon him in the report, I, after 23 years’ knowledge of this gentleman, quite cone ir. I also concur iu the testimony homo in the report to the high character, ability, and zealous devotion to the Hank’s interests uniformly desplayed by our General Manager, Mr il’Mullen, and by our Chief Officer in New Zea land, Mr Palmer, and I can BUo speak in high terms of the Bank’s staff generally, both at homo and abroad. I need not enlarge on tho important share these gentlemen have in working out the successful results of the Hank. 1 fear I have wearied you with my array of statistics, but these were necessary to prove to you tho B .uudneß»of our business, and to enable you logically to discount the Bank's (uturo, which, subject always to tho exorcise of that sound prudence and discretion which have hitherto characterised its inauagemi nl, cannot fail to have a repetition of its past prosperity, Ho concluded by moving the adoption of the report and accounts. Mr William Hot lay briefly seconded tho motion, which was ugreed to without diHcnsrion, and the dividend declared. Upon the motion of tho Chairman, seconded by Mr Peake, Mr It, A. Biooks was unanimously elect d a Director. Unanimous votes of thanks were accorded to the General Manager and stuff, and (he proceedings do sod with tho customary compliment to the Chairman and his colleagues.