THE UNION BANK OE AUSTRALIA, LIMITED.

Lyttelton Times, Volume LXXIX, Issue 9995, 25 March 1893, Page 6

THE UNION BANK OE AUSTRALIA, LIMITED.

[From the Money Market Review ”of February 4th, 1893.]

The half-yearly general meeting of this Bank was held on Monday at the offices, 1 Bank-buildings, L-itbbnry, under tho Presidency of Major Frederick Fanning. Mr W. E. Mawbnrn (the manager) read the notice calling the meeting, and the following report of the Directors and statement of accounts were taken as read " The Directors have to submit to the shareholders the annexed balance-sheet of the Bank to the 31st August 3aft, duiy audited, which exhibits a net amount of profits—inclusive of the balance brought forward from the previous half-year—-of .£95,708 la lOd, admitting of a dividend at the rate of 12 par cent per annum, equal to All 10a per share, which will absorb .£90,000, and leave £5708 Is lOd to be carried forward. The Directors, have, after careful investigation, made sufficient reserves for all doubtful dependencies. The considerable increase

shown in the figures of the balance-sheet arises from the inclusion therein, for the first time, of the important business of the late Bank of South Australia. The valuation of the assets of the lata Bank is in active progress, but is us yet incomplete, it being necessarily a work of considerable time, as the securities extend over a large area. The Directors have to report that, availing of au opportunity that offered, they have purchased the long leasehold of a block of houses—Nos 68 to 72, Cornhill, —which they intend to suitably rebuild, when, and as required, for the occupation of the Bank. Meanwhile, the premises are satisfactorily let. The dividend warrants wili be transmitted by post on the Ist of February, and the dividend will be payable in the colonies at such dato as the general manager may fix after receipt of telegraphic advice.”

T. 0. C. Baondee3, Accountant. London, January!Btb, 1893. Yve certily that: the various securities held ia London have been produced to us, and that we have exaed the ot the several branches in the Colonies for the six mouths ended 31st August, 1892, and the books and accounts of the London office for the same period, and, having compared the combined results wuh the above balance-sheet, have found the aame correct. Feeds. Whinney, Chauered Accountant, £ Auditors.- ■ AiiEEST Deacon, }

The Chairman said: Gentlemen, before moving the adoption of the report, o' which copies have been in your hands ior some days, I must, according to custom, trouble you with a few remarks, more or less pertinent to the business which brmgc us togstner to-day, and that I be not wearisome to you I will endeavour to let my words be few. When we last met in this room—ids months ago—Mr Blake, who on that occasion occupied the chair, called attention to the f :b-£ then, t\><the first time in the-history of the Bank, the total sum eafevei at, the foot of the balance-sheet exce.cld 000,000 ,j this total, a= you will have observed, baa now been fmtber augmented, the increase being due.almost enliioly to the tram-fer, at on April 11th last, of the bui-iaeas of the Bank o? South Australia to this Bauk on forms and conditions which have already been clearly explained to you. To the figures entered under the various heads in the balance—heat, which account for this increase in tee total, I will not now particularly lofer. A few cf these are subject to more or less modification on the completion of the valuation of the assets taken over, and m the meanwhile these items are, as it were, in a transition state, and cannot, I think, ha remarked on with advantage pending the completion of the valuations referred to; and hers I may perhaps Dose, ve that all details connected with the assumption by ua of the business of t.faa Bank of South Australia have proceeded and are proceeding satisfactorily—(applause) hucmuohdeliberation has been called f r, and has been exercised, and some delay inevitably incurred in the taking over.

doubt, in a large measure passed away before the 31st August last, the date at which our balance-sheet was made up, but the intelligence published in the papers this morning referring to the su.-pension, or the likely suspension, of the Federal Bank of Australia shows that s me troubles may yet be in store for us. Long details are given in the papers on the subject, and I do not propose to say more upon it, because that intelligence is as much as we can impart to you, There in no doabt that the inevitable lassitude consequent upon recent events has been, and is still, heavy npoa us, and must be felt prejuiiciaily more or less for seme time to come. The depression thus caused has been aggravated during a great part of the s.'s mouths with winch wo are now defiling by strikes of unusual obstinacy—notably that at Broken H 11—by severe drought prevailing over a largo part of the interior, which for many mouths entirely stopped all sales of live stock, and by the very low value of our principal product—wool. That, in the face of these adverse circumstances, your Director.-, see their way to maintain the dividend of 13 per cent, after fully providing tor all doubtful dependencies will, I trust, be considered not unsatisfactory. (Hear, hear.) Notwithstanding all that has been »aid in regard to past and present depression of trade the current ha f-year has in it, we may hope, som»' promise of better tilings. Apart from the catastrophe announced in the papers to-day, indications are nos wanting, that colonial business generally is beginning to experience a recovery, though etef-dy convalescence, free from fears of relapse, baa

at a valuation, of numerous bseolb, some of them of a more or lias complicated character, and widely scatfci-red. This important work will, no doubt, be completed at an early date. Meanwhile, at tea present moment Trepcat it would be premature on my pa; fc to go into mo:, e details, but I may say, with refeicace to the arrangements under which the busin--ss of the Bonk of Solum Australia is traueferred to fcuis Ba rk, that your Directors are as confident as ever tint in this matter a wise and. prudent curse has been followed, that the step w&a taken at an opportune moment, and is one which must very largely increase our interest in an important Colony in which we have hitherto been inadequately represented. It may, perhaps, not unnaturally occur to the minds of some present that oar net profits do not teem to Lave increased in proportion to the augmented sum of the funds now passing through our hands. In anticipation of a question to this effect I would invite attention to the first item among our assets, which shows that in the troublous times through which we have lately been passing it has been thought desirable to have on hand a large coin reserve, and thus a sum of t.bout A 3,400,000 haa for a tune been unproductive; and I would further observe that, in connection with the assumption by this Bank of the business of the Bank oS South Australia, some expenditure on our part b.caiuo necessary almost immediately after the s'gniug of the agreement under which the transfer alluded to wna made, while little could be expected to appear on the other side of the account till a later

by no meat's yet been reached. From a repetition of such wild specula’.ion as that which haa brought disaster on so many and ruin on not a few, we are, perhaps, saved for, at any rale, some little time to come. Immunity from strikes we cannot look for, but in this respect we are, at any rate, in no worse case than our neighbours on the Continent of Europe or our friends on the other side of the Atlantic, and these troubles will, doubtless, recur so long as the interdependent relations of capital and labour continue to be as little understood as at present. Droughts, too, must recur, but these calami lies have not submerged ua in the past, and we&hall surmount them in the future, while at the moment we hear of satisfactory rains having fallen, which may be expected to remove the lately existing difficulty in the way of sales of live stock; and, lastly, we have some upward movement in the value of wool. These are some of the indications on which hopes of prospective improvement in Colonial businea generally may, perhaps, be reasonably founded. Gentlemen, you will, I am confident, sympathies wita your directors while I endeavour to give expression to their high appreciation of the services of the officers of the Bank at Home and abroad, including those who have been transferred from the Bank of South Australia to our staff. To Mr Mewburn and Mr Carbery, and to all the gentlemen in the Home office, hearty thanks are due for their able performance of anxious and arduous duties, and if we take a retrospective glance at the eventful period from 1838 onwards, during part of which failures of Banks, building societies, and financial institutions of more

period. To these and other causes, to some of which I may presently reier, and to ihe too narrow. margin between the rates paid on deposits and those received on moneys lent, may be attributed the circumstance that our net piofits have perhaps fallen short of the expectations of the more sanguine amongst ua; and in this connection is may not be out of place to remark that the item of “.£1,335,611 Government anti municipal securities/' comprising- half a million of Imperial Government securities, is an asset which, while adding strength to our position, is not largely productive cf income. Gentlemen, the half-year covertd by the report now before you was marked by a contmuation of the deep depression resulting originally from the wild speculation vi a;ch pi evaded in the Colonies

or lees importance were of almost daily occurrence in the Colonies, I think we may congratulate you and seek your congratulations on the fact that in direct connection with these isaatera this Bank made no losses. Indirectly we, of course, suffered with the whole community, but directly, I repeat, we incurred ho loss, aud we have no reason to think that wa are less fortunate in connection with the Federal. Bank. j (Cheers.) This immunity from direct loss may, I believe, be chiefly attributed to the diligent care and sound judgment with which this Br.nk was piloted through a crisis of unexampled difficulty by ilr Pinlayson. To him, to the Eeaident Inspector in New Zealand, and generally to the gentlemen who, under their direction, serve you in the Colonies, aur acknowledgements

in 188 a and subsequently. The feverieh excitement of that speculation had, no

are cordially due. Gentlemen—l am now at your service to answer to the best

of my ability questions which any of those present may desire to put to me, and with your permission I will now move the adoption of the report and accounts. (Cheers.) Mr Botly seconded the motion, and expressed pleasure at the result achieved, which he thought ought to satisfy the shareholders. After a few remarks from Mr Taylor, to which the Chairman replied, Mr Sahag Montefiore congratulated the Directors upon the result presented, which he considered was most gratifying under the difficult circumstances of the period under review. He did not think that the Directors had ever presented a better report to the shareholders; it was, he said, a proof of the zeal, care and attention devoted Co the management of the affairs of the Bank. The resolution was unanimously carried. Mr Mewburn then read the dividend announcement, which stated that the warrants would be sent out on the Ist of February. A vote of thanks having been accorded to the Chairman and Directors, The Chairman, in reply, promised that the Board would do all in their power to continue to safeguard the interests of the Bank. The proceedings then terminated.

« ' THE LYTTELTON TIMES. SATURDAY. MAR many of whom were in a distressed condition. He thought that the Comxnittee wohld be wise to take in hand the imvrovomcnt of the river banka, and moved—" That forty men be at once put on to improve the river banka and do the necessary work there, and that their nay ba five shillings a day, provided the Government would pay half of the float of so doing.” . . , A diHoaseion ensued, but aa no one lecosdsd the motion, it lapsed. Councillor Cooper then moved—" That no action ba taken pending the arrival of the Hon B. J. Seddon.” Councillor Thompson seconded the motion, which was carried, the Mayor •lone dissenting. ASSWES8 TO CORRESPONDENTS. : AGRICULTURAL THE UNION BANK OE AUSTRALIA, LIMITED. Justice.—It would be unfair to publish a partial version of the enquiry. The Editor will be glad to see you on the subject. Kingsley Club.—You have omitted to send your name. Adamant-—.Yes. Ratepayers have a right to attend. STATloTlUo. —.—* The following are the agricultural statistics for the Counties of Akaroa, Ashburton, Ashley, Amnri. Cheviot and Selwyn, and a comparison of this year’s totals with those of 1892;— [From the "‘Money Market E The half-yearly general meeting of this Bank was held on Monday at the offices, 1 Bank-buildings, L-itbbnry, under the Presidency of Major Frederick Fanning. Mr W. E. Mawbnrn (the manager) read the notice calling the meeting, and the eview ” of February 4th, 1893.] shown in the figures of the balance-sheet arises from the inclusion therein, for the first time, of the important business of the late Bank of South Australia. The valuation of the assets of the lata Bank is in active progress, but is ns yet incomplete, it A DISEASE OF CIVILISATION* In the "North American Beview” for December, Dr. Henry Smith Williams, Medical Superintendent of the Bandall’s Islands Hospital, and an authority on diseases of the brain, had an article on “ General .Paresis of the Insane,” which attracted wide and' deserved attention. We quote its opening paragraph :— Of all diseases that menace the race, only a few are .absolutely fatal. Indeed, there is but one common disease that invariably brings its victim’s speedily to the grave. This most ruthless of maladies is that terrible form of insanity, technically called general paresis or paretic dementia, and known to the layman as “softening of the brain.” Its unvarying history entitles it to precedence oyer consumption, cancer, Bright’s disease; in short, places it peerless in bad pre-eminence. And as if this were not enough, its malignity is emphasized by the way in which it juggles with its victim before it extinguishes his life. It changes hig personality, dethrones reason, almost eliminates the mind, and steadily weakening the body, leaves towards the last a mere skeletal, vegetative being, scarce recognisable as the vestige of his former seif; unknown, unfeeliner, mindless; to his friends at once a tearful memory and a terrible abjective presence. Finally death comes ia » form horrible enough to be the fitting climax of so awful a disease. Paresis has numbered among its victims scores of em'ueub men. It does not strike g.g. e, a TT » I i 5 W following report of the Directors and statement of accounts were taken as read :— “ The Directors have to submit to the shareholders the annexed balance-sheet of the Bank to the 31st August 3aft, duiy audited, which exhibits a net amount of time, as the securities extend over a large area. The Directors have to report that, availing of au opportunity that offered, they have purchased the long leasehold of a block of houses—Nos 68 to 72, Cornhill, —which they intend to suitably rebuild, when, and as required, for the occupation of the Bank. Meanwhile, the premises are satisfactorily let. The dividend warrants wili be transmitted by post on the 1st of February, and the dividend will be payable in the colonies at such date as the general A large meeting of the unemployed and "others was held at the lamp-post at three o’o oek yesterday afternoon. Mr Whiting regretted that such a large number of men should be compelled to meet every day to. ventilate their grievances. If necessity •rose they would meet on Monday and every day of the week until something was done to provide work for those who were caco 1 CTWCI&C5V3 Freeholdd profits—inclusive of the balance brought forward from the previous haif-year—-of iJ95,708 la lOd, admitting of a dividend at the rate of 12 par cent p&r annum, equal to AM 10a per share, which wiil absorb .£90,000, and leave £5708 Is lOd to be carried forward. The Directors, II ftOlOCO «w -si ov-a w Rented.- •. . W • K £ § ■33 aSIS Part Rented, part Freehold. W O d 0 s have, after careful investigation, made sufficient reserves for all doubtful dependencies. The considerable increase manager may fix after receipt! of telegraphic advice.” on the brink of starvation. He read the following telegram from the Hon W. P. Beeves, " Mayor, Christchurch,—Government has made arrangements to put genuine cases on work, not, however, in town. Mr Seddon will be in Christchurch on Monday, and be happy to confer with yon, also explain arrangements.”—Mr Whiting was very glad to see that Mr Seddon was coming to Christchurch, and he hoped that something would be done on Monday. The Labour Bureau had absolutely failed in its object. Although it hud done a little good; it had not by any means answered the purpose for which it was instituted. He hoped, however, that it would be more useful in the future, and that the unemployed would shortly get something either out of it or the Government. Ha then referred to the action of the Works Committee of the City Council in ignoring a proposal brought forward by the Mayor. Ho know of one man who bad a wife and te/t obildren to support, and that morning there was only one small loaf of bread in the house. That was a deplorable state of things, and should not be allowed to exist. Be concluded his remarks by urging those present to meet Mr Seddon in a body on. Monday morning. Mr Powell criticised at great length the action of the Works Committee of the City Council in treating the Mayor’s proposal with contempt, and thought that •very householder should have a vote at municipal elections, so as to guard the interests of those woo were unfortunate in being unable to get work when it was absolutely needed. He knew of a young man who bad a wife and four young children to support, and that morning they had ,no bread to eat. After some further discussion Messrs Whiting, Powell, Clyde, Mills, Brown, Burns and the Mayor of Cbristohuroh were appointed a deputation to wait on Mr Seddon on Monday morning. Mr Powell stated that a sum of money bad been received at the Lyttelton Times office, and tbat the Mayor would distribute it to those in immediate distress at the City Council office at 11 o’clock this morning. It was agreed to hold another meeting •t the lamp-post at 3 o'clock this afternoon. A Wellington telegram states that the Hon & J. ‘ Seddon will enquire into the position of the unemployed at Christchurch. next week. Work will be found co'w OM WM09 *. tVss Total Humber of holdings. Balance-sheet, August 31st, 1892. Liabilities. WO 9,920 9,430 9,915 157 60 534 > | Extent of land broken np, lilt not under crop. Capital * Less—Seaerve liability £4,500,000 0 0 S .000,060 0 0 w w CS 00 O 05 68,038 04,299 29,952 560 1,000 2,560 Acres Asown for grain only). M US VJ4IU up 1,&UU,UUU 0 0 Reserve Funds 1,000,000 0 0 Invested in— Imperial Guaranteed Four Per Cent Debentures £200,000 0 0 India Government Sterling Stock 50.000 0 0 Colonial Government and municipal debentures. 250,000 0 0 Bank premises and property .." ... ... 500,000 0 0 Circulation 434,563 10 0 Deposits (including inscribed stock deposits) 17,750,319 1 7 Bills payable and other liabilities (including reserves held against doubriul debts) * 2,280,181 8 11 W Vj'crr o So 050 t-S 4* C5C0 1,133,979 1,719,297 672,508 15,100 9,000 38,064 Estimated gross produce (in bushels). a V tfw 0* 05 AO •sj !-v‘ •Si W M w'w'w C0C6 WWWW For Green Food. kOCO 05.0 Vfe OOt W W WM tO o WH*MM S S S S w to For Hay. > i w 53 Balance of undivided profits 95,708 1 10 £23,040,774 2 4 O ft* g"8 •si 0» W 40 tO W 0005 '<35 05 OMif* iS. W ftrt ft* W lO tnOOJHHfw For Grain. O H «} •mere is a connngenr uaomiy m respect or the subscription of JSlOO.OOO to the guarantee of 18th. November, 1800, ia the nutter of Baring Brothers and Co/a estate. Assets. down the olod, but the active, sl-rt, nervously organised business man, author, actor, statesman, phyiician, journalist, etc. -si OCi Bg cow to w c to w 00 O ■'w'te^M©'w c* cn 05 ti- O w OOO^MO Estimated gross produce (in bushels). Specie on hand and cash balances £3,999,892 4 8 Bullion on hand and in traatitu 100,b97 11 2 Money at call and short notice in London 215,000 0 0 Government and municipal c-eenrities ... ... 1,335,611 10 1 Bills receivable, loans, and other securities at London office ... 1,606,175 14 3 Bills discounted. Dills- receivable, loans, and other securities at the blanches 15,739,028 12 11 What is its chase ? In' a word, abuse of function; overaorivity of the brain. Who among us does not know of a once brilliant intellect now periodically clouded, or, perchance, brought to an iocurab e condition by overwork or abuse of certain functions. We do not wish to unneceasarilv harrow up the feelings of the reader. What we desire, is to point out the way of es ape. When a man feels that be is losing his grip of business, that his memory is failing him, that he tires easily, that his head o» o ,?g■7 — Cn m rc C5 ts> w co Acres (sown for grain only). w a W £2 -s| 05 SS MWCT JsO COOtOO5 to<J **3 w to co Estimated gross produce (in bushels). 5 h < Barb premises ar.d property in the Colonies London L- a ehold promijts Beserve against same... £10,000 0 Interest tnereoa at 3£ per cent from Marco 2S;h to August 31st, 1892 ... 152 9 568,788 0 3 ... £85,332 IS 4 0 O H O CB For Grain. M 2 M 4 — 10,152 9 4 tow 8S • - • : W; ; ; : : 0: c* Bushels. aches, and that be cannot eat and sleep well, it is high, time to cull a halt. It is either a question of less business, less selfgrat.ficabion or softening of the braiu and death. A certain stage of the disease having Treea reached, death from paresis is just as certain aa from ,aa advanced case of consumption. It, is, therefore, the part of wisdom, that when a man realises that he is over-exerting himself, to put a brake on his desires and begin intelligent treatment. Let him not foolLhly resort to stimulants, narcotics, drugs, etc., which are but temporary expedients, but to tbat which will put him on the road to permanent health. Such an aid is found in Warner’s Safa Cure and Warner’s Safe Nervine. Warner’s Safe Cure will relieve the engorged kidneya, aid digestion, and assist in making healthy blood, while Warner’s Safe Nervine will bring rest and sleep to the tired brain and nerves. Thousands have esc.pod the asylum and .premature death by pursuing the coure we have outlined, end we bag of you, readni'r i* so effi ated, for your own sake, as well as the happiness of those who are near and dear to you, to be wise in W W 'tew : to w cc M MHUM 5t OC*twtO > P M CJu n W JaAdjO'j/O, i /4 2 4 Statement of Profits. Balance of undivided profits at 29th February, 1892 £101,056 0 5 w c ga uao or wmea a uiviaeaa wad uecxtu’ca oz 90,000 0 0 ifl w: roesroo 0 OO Wi-u 0 otooo g* So* % Leaving a balance of _ £11,056 0 5 w w as MO w w coSSS to <0 CO-si CO s? 0 CO w a vision for alt bad and doubtful debts Lei-s : Remuneration to the local Directors ... £203,156 2 10 Is S3 CO w - J5oc*Ci : •si Sotbtv teJ g hi and salaries and allowances to the Colonial staff £71,974 3 5 Ge ieral expenses ia the Colonies, including rent, taxes, stationery, &o 29,878 2 9 Eenauneration to the Board of Directors and Auditors, salaries of London office staff, rent, taxes, stationery and general expenses 14,766 16 6 to 00. STs wo . . . bO w : : ; vj <r> •si t t S W C5 CO A g s* w Sc* 0 40 ... 0 00 : :: W3 c*oo & O t2 ro for about fifty men on the Bealey road and Belly’s creek. B.S to CO CO > c> 0 Income tax ... 1,831 18 9 118,304 1 5 54,652 1 5 fee to to umm rf S Balance of undivided profits at this date ... £95,708 1 10 KNIGHTS OF LABOUR. . The Biwhiti Assembly , held its weekly session in the Druids* Hall on Wednesday wto 050 ii Estimated gross produce (in tons). 6 a H. P. Stukgis, 0. E. Bright, ( n . , S. G, W. Hbkbbet, f I)irector8 - John S. Hill, ) W. E. Mbwburn, M-sn.-'.ger. evening, the Master Workman presiding* Correspondence was read from the secretary Be* - w: oww Humber of silos or stacks for .p ’S»