COMMERCIAL.

Otago Daily Times, Issue 2003, 1 June 1868, Page 4

COMMERCIAL.

Daily Time* Office, Saturday Evening.

The amount of Customs Revenue received to-day on goods cleared for consumption was L 277 18s Gd, the items being — Brandy, L7B 10s lid; whisky, L 73 6s 8d ; rum, L 23 8i; wine, LlO Is 9d ; bottled beer, Ll4 3s 9d; tobacco, L 29 12s 6d ; sugar, L2B 0s 4d ; drapery, L 6 Os 6d; sundries, Lll 13s sd.

The last week of the month is usually a slack one with first houses, and the week juat closed has in that respect been no exception to the general rule. There has, however, been a fair demand for miscellaneous parcels for up-country and coastwise requirements, and there are, in each department of trade, indications of an improved inquiry setting in almost immediately. No transactions of particular interest can bo referred to. Sugars continue to command full prices ; but little has been doing, or will take place, until tho sale of the Craig- j ellachie'B cargo, advertised for the 9th. Teas of medium and good qualities have been in j good demand, and sales are reported at full rates Advices from Melbourne, where Jayggg Bftjes taken P laC<S at advanced ,' ' , .Tt ' " " -v«M"'- on this market, and holders are very firm ac^u*,. A slightly better business has been dono in malt liquors, but without any alteration in values. Stouts and ales in glass, and hulk ales, havo each been moved in moderate parcels. Spirits firm at current values. Genevas and rums, both exceedingly scarce. Brandies and whisk;eß aro not coming forward in full supply, and both articles more, inclined to improvement than otherwise. Cprnsacks in better supply ; sales, at 15s 3d to 15s Cd. Kerosene and candles dull, and without any, present prospect of alteration. In the timber trade, some transactions havo been going forward. All tho parcels of Baltic timber lately in first hands are reported to have passed into the hands of a second house; tho value, in consequence, has materially improved, and any good parcels of deals now coming to hand would command buyers at paying rates. The market for breadstuff's has been maintained, so far as values aro concerned, but with very little indeed doing. At the mills, town made flour is quoted at Ll9 10s ; bran at Is ; Chilian, L2l to L 22, according to terms and parcels; good wheats, 7s 9d to 8s; barley, 4s 3d to 4s Gd. Oats cannot -be quoted at over 23 6d per bushel, at which price full supplies are available without meeting any enquiry. Some trifling shipments have been making from this port, but it is not apparent that tho despatch of a considerable quantity would meet with any better result than the loss of twop'nee or threepence per busheL Intelligence from the West Coast of America reached here per Panama mail, From Valparaiso advices the following aro extracts up to date April 3rd. But little grain has been brought down for shipment ; and as previously noted, nearly all tho available quantity ia in the hands of capitalists, who continue ablo to dictate prices. Tho Astrea had been taken -up at L 3 10s to load breadstuff's for Auckland, but no other vessel was loading for these Colonies. Recent sales of wheat made to the extent of 150,000 fanegas exhibited prices ranging from 3dols 75c to 4dols per 1551b, at which last price the market closed. Sales of flours for shipment had been at from j 7dol 37Jc to 7dol 75c f.o.b. per 2001bs ; they j latter being tho closing quotation. Californian advices of a fow days later (San "Francisco, April 6th) report—best wheats, at 2dols 40c to 2dols 50c ; barley, at Idol 90c to 2dola ; oats, 2dols 30c to 2dols 55c Best brands flours, 7dols 25c to 7dols 75c ; second ditto, 6dols 75e to 7dols, with but little doing. Tonnage plenty, freights low, and no grain charters on the market.

UNION BANK OF AUSTRALIA.

A special general meeting of the proprietors of this bank (Sir Henry Parker in the chair) was held at the bank premises, Old Broad street, on the 13th January, when the following report and statement of accounts were read by Mr Saunders, the manager:—

The directors have much ; satisfaction in again presenting a balance-sheet which, shows the continued prosperity of the bank, and enables them, after fully covering every doubtful account, to maintain, the dividend

of recent half-years. The pressure of wctoey jn the Colonies, "altaded to in "the last report, has been followed by a period of ease and1 by lower rates of interest, which continued at date of latest advices. Trade had ex-' periencedconsiderable depression, but, though* more limited,' appeared^ sound; in consequence of this there has been some contraction of the business of tho bank. The accounts.which the directors continue to receive indicate that prudent and zealoua management on behalf of the colonial executive, to which it has so frequently afforded them pleasure to bear their cordial testimony. A vacancy in the board, through the lamented death of James John Cumnrna, Esq., has been provisionally filled, in accordance with the deed of settlement, by the appointment of Kichard James Ashton, Esq., who now I offers himself for election. The directors cannot advert to the loss of their late colleague, "Mr Cummins, without recording their deep sense of his very valuable servipes to the bank, from the date of its formation in 1837 until he was incapacitated by ill health: and they are confident that their feelings of respect and esteem for his memory are shared by the propriefcai yat large. The office of solicitor to the bank having become vacant by the resignation of William Murray, Esq., has been filled by the appointment provisionally of his son, Charles Frederick Murray, Esq. of the firm of Messrs Murray aud Hutchina, whom tho directors now'recommend to tho proprietors for election. Tue subjoined statement of accounts presents a net profit during the past half-year of LI Of), 344 16s Id, available for division. The directors have, therefore, determined to apply the sum of H06,250 as a dividend of L22s Gd per share for tho half-year. The dividend warrants will be transmitted by post for 21st inßt, and in the Colonies the dividend will be payable as soon as the i inspector shall fix, after receipt of advices. j Statement of Liabilities and Assets, at the Branches, on the 30th June, and at the London Office, on the 31st December, 1867. I LIABILITIES. Circulation £463.467 10 0 Deposits 3,201,242 10 10 Bills payable and other liabilities (including reserves held against doubtful debts).. ... 978,275 8 3 Balance of undivided profit 111.112 011 Eeservefund 250,000 0 0 Insurance reserve account 75,000 0 0 Bank premises reserve account 75,000 0 s 0 Capital 1,250,0.0 0 0 £6,464.097 10 0 ASSETS. Specie on hand, and cash balances £909,104 6. 7 Bullion 85,220 13 7 Bankprernißeßandproperty J63,031 18 7 Government Becuritiea(Bri- : tish and Colonial) ... 151,500 0 0 Local bills, Mils receivable, and other securities ... 4,901,640 11 3 Reserve fund, invested aa per statement ... ... 250,000 0 0 £6,464,097 10 0 STATEMENT OP PHOKITS. Balance of undivided profits i at 30th June, 1867 £108,017 4 10 Oat of which a dividend was deolared of 106,250 0 0 Leaving a balance of -ct,7S7 4 10 Profits of tho pasthalf-yesr, making provision for all bad and doubtful debts £166,771 19 0 Less Ecmuneraf'"S, to the local v*... tors, and salaries and allowances to the Colonial staff ... £35,576 3 2 ' General ex- ; pensesinthe . ' Colonies, including rent, ."■taxes, ' ata-' ■' j'j, ,- tionery, &c. 12,713 0 1 Remuneration to the board of directors, salaries of Lon- : don office staff, rent, . taxes, stationery, and ; general ex- ~. penses ....... 7,903 14 5 Income tax... 2,134 5 3 £57,427 2 11 £109,344 16 1 Balance of undivided profits at this date ..£111,112 Oil; RESERVE FUND. New Zealand Imperial Four Per Cent. Debentures .. £200,000 0 0 Colonial Six Per Cent. De- i benture3 50,000 0 0 £250.000 0 0 The Chairman, in moving the adoption of the report and accounts, said—Bearing in mind the great monetary and commercial do- | pression which is now prevailing in this city, and which of course must, indirectly at any rate, affect our relations with the Australian Colonies; also bearing in mind the vast amount of banking competition which we j have to encounter there, I think I am not too sanguine in congratulating you, as I do most sincerely, on the very souud and prosperous condition of our affairs.—(Cheers.) I ought not to pass from thi3 subject, however, without calling your attention to the fact that this result has been arrived at after the most careful invest'gatlon, by the c>mmitteo of accounts, of the state of affairs at the branches [abroad, as well ai the affairs of tho bank at Home ; and that after this investigation the most ample provision has been made for all debts either bad or of a doubtful and an exceptional character.— (Cheers.) As we have received the mail this morning, although we have not yet had an opportunity of reading our letters as carefully as they will require to be read hereafter, I may also mention that this provision extends down to the very latest date, that is to say, the 26th of November last, and that wo know of nothing to contradict the very satisfactory report which has been laid before you this day.—(Hear, hear.) Here 1 may, perhaps, be permitted, in passing, to pay a tribute to the zeal and. ability which have been displayed by the staff of officers of the bank both at Homo and Abroad ; at Home presided over by our able manager, Mr Sanaders, and in the Colonies by our excellent manager and inspector, Mr M'Mullen.— (Hear, hear.) A great deal ia due. of course, to tho officers of the bank for the success^ which has attended our exertions ; therefore ;1 hope the meeting will not consider as oat of place ; the remark which I have now made.—(Hear, j hear.) I now come to the subject >of' the death of our late respected friend and colleague, Mr Cummins. Mr Cummins was one of the founders of this institution, and a member of its direction uninterruptedly from.

the time of ite establishment down to the period when, in.consequence of ill-health, he became incapacitated for taking part ia its affairs. By his ability and exertions he assisted materially in bringing about tbe prosperity which we are new enjoying. In accordance with the provisions o£ the deed of settlement, it has devolved on the board temporarily to supply another director ; and when I introduce to you my friend Mr Asliton, I am «ure you will perceive that, in making the choice, the board have not only exercised a sound discretion, but have been able to-secure the services of a gentleman who ia in every way qnsiltfkd to carry oat their views.—(Htar, hear.) The only other subject to which I need allude is th • retirement of our lato solicitor. Mr Win. Murray. In conformity with the deed of settlement, tho board have appointed Mr Charles Frederick Murray. jn conclusion, the hon. gentleman inoveil tho adoption of the report. The motion having been seconded by Mr Brooks, M.l*, was put from the chair and agreed to tmanimoaa'y. • The Cliaiiinaa. next moved the elfction of Mr Kiehard James Asshton, as"director, and tho moticn was seconded by Mr Campbell. Mr Nicol thought the board had evinced a wise discretion in proposing Mr Asbfcon, and willingly confirmed tbe favorable opinion of that gentleman expressed by the chairman. He wished to obs-rve, however, that there was another gentleman that ifc would afford great I pleasure to a number t>f Bharcbold<wa who had no immediate connection with the board to ccc, some day or other, occupying a seat in the direction. He referred to Mr Wilkinson, wbc, it wa« well known, had a large stake in the Bank, and took a corresponding interest in its affairs. The Chairman remarked that no duty cast upon the board was of a more delicate and difficult description than that of selecting_a person to ft 1 a vacancy of this kind; but it must bo obvfous" to every body iircscnb, almost without exception, that a ferson connected, aa Mr Wilkinson was, with the stock Exchange, was not a fit person to ait at the board of this bauk or any other. —(Hear, hear.) He had felt it right to state what was the real objection to Mr Wilkinson, so that in time to come his friends might know tb.3 ground upon which tho board could not approve of his appointment—(Hear, hear.) Mr Nicol believed that during the whole period of Mr Wilkinson's connection with the bank, now upwards of 20years, ho had never dealt in the shares of tho bank, and wastas large a shareholder at thia moment as at tho commencement. ' • The motion on being put to a show of hands was carried unanimously. The Chairman having moved a resolution confirming tho appointment of Mr C. F. Murray ns solicitor, Mr Sebag suggested that the appointment had better be vested absolutely in. the hands of the board, and that the deed of settlement should be amended for that purpose. Mr Nicol concurred in ifie recommendation. Mr W. Botly totally dissented from it. At the game time, he approved of the dection of Mr Murray, and expressed his warm satisfaction with, the report of the directors, and the conduct of that body, the managers, and the secretary. Tho resolution having been duly seconded, was agreed to nern. con., and a. vote of thanks, proposed by Mr Botly, was carried by acclamation to the chairman and directors for their very able management of the affairs of the bank, and especially to the chairman for his able conduct in tho chair. The mot-ting then separated.