UNION BANK OF AUSTRALIA.
SATISFACTORY FINANCIAL POSITION
[FROM ovr OWN correspondent.] , London. .July 27. Mb. Arthur Flower presided at the annual general meeting of the Union Bank of Australia, which was held on Tuesday, and he announced that since the last meeting two new branches had been opened in Now Zealand. During the last six months there had be-on an increase in deposits of £1,700,000 and a decrease of £250,000 in advances; that was a,plain indication of the prosperous season at the present time experienced in New Zealand and Australia, and time would, no doubt, he required to assure the judicious employment there of surplus funds. The bank's readily available assets amounted .to £10,780,000, which after deducting £1,000,000 for investments specially alloted re the hank's reserve' fund, represented some 9s 3d in the £ of nil their liabilities r-o, ™ ™ aiu ' ,ho colonies, amounting to £21,091,000. It. was a matter of much satisfaction that the results of the half-year while continuing the dividend at the rate of ten P" nt v admitted of a further increase ol £15000 in the reserve fund, as well as a further reduction of £10,000 in the amount at winch bank premises and property stood in the balance-sheet. . ",
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Bibliographic details
New Zealand Herald, Volume XLIII, Issue 13273, 4 September 1906, Page 6
Word Count
201UNION BANK OF AUSTRALIA. New Zealand Herald, Volume XLIII, Issue 13273, 4 September 1906, Page 6
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