Page 2 Advertisements Column 2

Otago Daily Times, Issue 6591, 30 March 1883, Page 2

Speoinl Adverciaeuaonw rpBB UNION BA.VIC OF AILS X THALIA (UNITED). (From the ".Money Jlark-t Review" ot February 3rd, 1853.) A npMi.il general meeting of sharon-Morn was held at tho office* cf the Hanli, I Liauk Bail lings. Lothbury, on MomUy, tho 2i)th January, William Fanning, Esq, in tho chair. Tho notice calling tho meeting was road by Mr W. It Muwburn, tlio iniinajjor, who al»o read tho followInjr ropiirt o( the Oi.cctors :— Tho Directors havo much pleasure in presenting tho accounts cf tho Rank as on 31st August, 3SBi, duly certified by tho auditors, and in reporting that tho result ot ilio half-year's buulneDß in very favourable. After amply providing lor ovory had and doubtful dobt, tho profit* havo admitted of tho declaration o! a dividend of £t 16j per almro, and a bonus of S3 per share for tho half-year, b injr togothor at the rate of 10 per font, per unuuai, and of tho transfer of £50,000 to the reserve funds '1 his lattor appropriation is in pursuance of tho policy recomniondod at tho annual meeting in July last, and the tntal of tho reserve funds la thcivby increased to £880,000. Tho past year has not been favourable cither to tho pastoral or agrcuttural interests of tho Colonies. A severe drought, now terminated,' provailcd over the greater part ot Australia, canting Serious less (( Btock in some district* ; tho value of wool, however, has been » ell maintained. The grain haivu<tnlw> prorod deficient, and tho prices obtained in tho Homo markats for consignments liavo iiot boon satisfactory. The Directors' latest advices from tho general manager report that nnnoy is in active demand, and that tho business of tho Bank at all points is healthy and fafo. Tho Directors regret to state that ill health has deprived thorn of the services of two of their colleagues, Robert Campbell, Keg , and Edward ilutli, Esq., ivho havo resigned their fcati at tho Uoard. Tho vnouncics thus created havo been provisionally filled by the Directors, in accordance with the deed of roulunoiit, by the appointin-nt. of Williun Oswald (iilihrist, Ksq (of tho firm of Messrs Gilchrnt, Watt, and Co., of Sydnoj), and Chariot Par bury, Esq. ( f tho flnn of Messrs Parbury, Limb, and Co , of Brisbane), both of whom now offer thomselvo for election. The Directors havo again to oxpres* generally their entire satisfaction with the energy, zeal, and fidelity of tho stall here and in tho Colonies but it is to the heads of department-!, and especially to tho inspector and general manager, to the chiel officer in New Zealand, and to tho London manager that the acknowledgment* of the proprietors aro due The annexed balnnce-sQeet presents a net amount o: profits ot £101,257 ISi lOd, out of which tho sum oi £00,000 has been transfcrro I to the reserve funds, and the lulance—viz, £141 257 13s lOd-is avivlablo foi division. Of this tho dividend and bonus will abson £120,0i'0, ami lcavo £21,257 13s lOd to be cirricd for ward. The dividend warrants will be transmitted b\ post on 31st inst., and the dividend and bonus will bi payable in the Colonies at such time cs the genera manager shall Ux after receipt of telegram. UNION BAJiK OF AUSTRALIA (LIMITED). BAiiANCK-snsET, August 31st, 1882. MA -ILITOiS. Capital .. £4,600,001) 0 0 Less : licaervo liability .. 3,000,000 0 0 Paid Hi) .. ■ £1,500,000 0 Reserve Funds — Balanco at 23th February, ltS2 £330,000 0 0 Amount transferred from this half-year's protits.. .. .10,000 0 0 SSO.OOO 0 Circulation .. 37,031 0 Deposits .. 7,541,546 19 Bills payahlo and other Hibilities (inclulingrcserves held against doubtful uebb) .. 1,(81,767 1 Ba'anco of uudividod profits .. 141,257 13 l £12,110,001 14 ASSETS. Specie on hind and cash I ia'ances .. £1,277,420 8 : bullion on hand and in transitu .. 87,360 14 Money at call and at short notice in London .. .. .. 135,000 0 Government securities .. .. 82U.U40 17 bills receivable, loans, and other securities at London olHcc .. 1,427,470 11 Bills discounted, bills receivable, I-.ans, and other securities at tho branches .. .. .. 8,282 463 3 Bmk premises and property .. 276,950 0 £12,110.601 14 STATUTES? OF rROFITS. Balanco of undivided piotits at L'dth February, 1382 .. .. £131,135 17 Out o( which n dividend and bomu wore declared of .. .. 120,000 0 Leaving a balance of .. £11,135 17 Profits of the. past half-year, after making provision !or all bad and doubtful debts .. £250,1 Si 19 7 r^jjfl Remuneration to the local directors a d efikiries ;-ml allowances to the Colonial - staff £4V'l'2 3 0 General oxpenses in tho Colonieß, including rent, taxes, . stationery, &o. 10,113 2 il Komuno • ration to tho Board of Diroetors and auditors, salaries of London office 8 t a ft, rent, taxes, station - cry, ond po n oral expenses 0,401 17 5 Income > ' tax .. 3,403 0 1 73,063 3 0 r 177,121 16 Deduct £191 257 13 1 Amount transferred to reserve funds 50,000 0 Balance of undivided prollts at this dato .. .. ..£111,257 13 1 STATEMENT OF RESERVE FUNDS. New Zealand Imperial 4 per cont.detures .. .. .. £200,000 0 i Canala Imperial -4 por cent, debentures .. ■.. .. 150.000 0 Colonial Government debentures .. 100,000 0 £500,000 0 Bank premises and property .. £275,1)00 0 0 Balanco of reserve funds not specifically invest d .. 104,050 0 0 350.000 0 Totalrosorvo funds .. ..£830,000 0 London, January 17th, 1833. JOHN S. HILL, \ AKTHUK FLOWER, f Dir<*tor3. J. R. BULLEN-SMITH, ) W. R. MEWBUKN1, Managor. R. BUCKLER, Accountant. Wo certify that tho various securities held in Lon don have been produced to us, and that we have e.\a iniucd the balance-books of the several Branches ii the Colonies for the six months ended 31»t August Ib3l, and the books and accounts at the London oilier for the tame period, and having compared the com bincd results with tho above balance-sheet, have founi the isaiue correct. 11. P. lI4RDINO, ) . ~.. ALBERT DEACJN, / Audlt°rßTho Chairman, in moving tho adoption of tho reporl aud balai c:'-sheet, said: Gentlemen, whatever reni »rki at a lator moment of our proceeding this morning th< repirt of your directors may elicit, that part of il which states tho profits of the six months now re viewed will, I am surf, be welcome to all. When Wf met you in August, 1831, and again six mouths later, in February, ISS2, just 12 months ago, we were un. able to declaro for distribution anything in excess oi our lo:n>-maintaraed dividoud at the rate of 14 pel cent. Thoro was no bonus on either occasion, and advices from all parts of tho Colonies said the causes of this loss of profits would endure for o considerable time. They were alluded to by Ml Campbell from this chair at our meeting iv February, 1831. In less than twel> o months from that time the cloud bo.an to lift, ar.d matters so quickly righted themselves that in August last wo were able to pay j'ou a dividend and bonus at the rate of 16 per cent. per annum, and to carry £13,500 to our reserve fund. Wo now declare a similar distribution, and add £50,000 to the reserves. We have thus in twelve mouths not only reverted to the 16 per cent., but have increased our capital by £63,500. Tho policy ol thus adding to our reserves out of profits was put reforoyou at our last meeting by the chairman, Mr Bullen-Sniith, and if one thing moro thai) another can prove its soundness, it is ■ 1 won't say the rapid recovery cf demand, but—the increased requirements ol our cu-tomcrs in the prosecution of 1-gitimate and pro.-perous enterprise. - (Cheers.) Now, gentlemen, I maybe ant'u'patmsr objections that no one iutende offering, but I beg of you to bear with one or two remarks "in case the intention should anywhere exist. You may take it for granted that o»ir resources must bo increased if we aro to ketp paco with Colonial progross.—(Hear.) it must bo clear to all who inte. rest themselves in the question that the necessity ol adding to their reserves out of profits, or of otherwise increasing their capital, is forcing itsolf upon the directors of most of the Colonial banks. Tho increased demand to which I havo alluded will grow with tho over-spreading area of a newly-occupied country, and wo must bo prepared to meet it. Everything at the moment looks prosperous, and promises to last so; but sooner or later a change will come, and wo might easily see reason to regret that wo had iv these good times distributed all our extra profits. By tho course which we recommend shareholders will certainly gain by the enhanced value of their shares, and by the maintainirg of that public eonttdcuco which is so e-semial to all banks in tho present ays- . tein of businea-. Gentlemen, whetbor wo regard the sound financial position of the various Australian Governments or tho thriving condition of th.i great part of tho people, wo have every reason for confidence in the stability o£ our Colonies, and therefore in I our own. Tho revonuo returns both from New South Walos and Victoria for 1882 show in tho first case a surulus of £258,000, and in tlio second an incruaso on tho previous year of £208,000 ; and, though I cannot epeik of the other Colonies, no lo'.urns, as far as 1 know, having yefc reached, I am warranted, by the experience of previous years, Iv assuming ihat their revenues bave also grown. In tho 10 years endiuir 1881, tho united revenues of all the Colonies rose from 91 millions to 2U; and in tho tame time the population grew from* under two to nearly three millions. That tho pcoplo aro thriving beyond the inhabitants of other countries ia attested by their coueumptioii< f imports, both manufactures aud produco, aud at the same time by their largo deposits in savings banks. Every year they stretch into new country, aud yet perhaps less than one-third Of tho largo territory entrusted to thorn is sparsely Bottled, and every year tbo inducements to others to others to join them aro augmented by tho outlay on railways and other public works, and by tho devoting to new industries— notably, in tho last year, to that of tho sugar-planter in Quoensland—of large Bums uf realised wealth. Wo cannot for a moment think that this extension into fresh fields will cease; it will rather grow, and with it the demand for English capital. Individuals, no doubt, may suffer through want of judgment, or accidents beyond their control, and bad sen sons may impede whole industries, as oi late seasons of drought have sorely tried tho pastoral and agricultural interests A change, however, in this respect has como to all the Colonies by an abundant rainfall, and it is dilllcult to know whore to put tho finger on a dark spot In Oiir immediate prospects. I might montion other source* than thoso with which we aro all familiar that aro .yearly b-.'eomiuir more and moro productive o! wealth ; but I should detain you too long. The Chairman hero referred to somo of the principal i'viiH of thu balance-slicef, aud concluded by expressing a confident hone un hie part Ihftt.n-hnn. th'iv D£Xt nut no lU'Batislactor.v statiiuiont would bo (i;ib'uilltud. Late telegraphic tdvicca bim in this confidence,-(ClioiTi.) Mr J. B. Hill socor.detl the motiou. i.ilr B. 3. Wilkiusou &4d liv usuat bo a querulous