UNION BANK OF AUSTIULIA.

Otago Daily Times, Issue 13386, 12 September 1905, Page 6

UNION BANK OF AUSTIULIA.

(Feoji Ouit Own Correspondent.) LONDON,- July 29.

Mr Arthur Flower, chairman of tlio company, presided 'at tho annual general meeting of the Union Bank of Australia, which was hold on Monday at the .head office, 71 Cornhill. Tho Chairman first dealt with tho balance slieot, find compared it with tlio ono which had been presented six months previously. Apart from the.usual fluctuations of money lwtwcen London and Australasia, there was an increase of £1,170,080 in their .deposits; advances remained stationary. The tendency of a favourable season such as tho present was toward tile reduction of advances by results of agricultural or pastoral occupations; Ihcir advances bad increased sinco tho date of tho balanco sheet, and would no doubt continue to increase. Every precaution was taken to ensure that fresh advances were made ?nly after careful studv and with full regard to their safely. Ihei-o had been a reduction in their expenses of some £4000; that' was attributable mainly to rcductjon in payinont on account of income tax, rates and taxes, and other similar expenses. The whole of their liquid and readily-available resources—consisting of specie on hand and cash balances, £2,798,000 ; bullion and adviincos on bullion, £271,000; money at call and short notico in London, £1,365,000; investments, £1,584,000 ; and balanco of remittances and drafts in transitu and bills reoeivablo at office, £3,186,000— amounted to £9,201,000. which, after deducting £1,000,000 investments specially allotted to the rosorvo fund, represented some 8s 6d in tho pound of their total liabilities in London and tho colonics—consisting of circulation, £459,000; bills payable, £1,851,000; deposits, £16,870,000, -of £19,180,000 as. against 7s 9d shown six months ago. The shareholders would bo glad to notico from tho report tho reduction of £10,000 now effected in tho amount at which bank premises stood on their accounts, and also tho addition of £15,000 to tho reserve fund, lie believed they would consider the dividend of 10 per cent, a very satisfactory ono. , TII9 chairman then referred to tho death of Sir llobcrt Herbert, whoso loss was a matter of great regret to tho directors. It was proposed to leavo to tho discretion of tho directors any appointment or nonappointment of a director to till a vacancy, provided that tlio number, of directors should never bo fewer than six or more than 12. It was not tho intention of tho board tr> fill at present the vacancy caused by tho death of Sir Robert Herbert, though they would consider at any.timo tho advisabloncss of doing ,so should a suitable candidate present himself, So long as this vacancy continued, it was tlio intention of tho directors to deduct from tho sum allotted for their remuneration tho sum oi £250 per annum; but they did not wish it to bo understood that a similar deduction would of necessity be mado in tlio event of a further reduction in tho number, of directors, for tho reason that c-ach such reduction in number increased t.ho work thrown on tho remaining directors, and it would bo necessary to sco tho effect of tho present reduction beforo deciding as to future action in that respect. Each halfyear moro work seemed to bo callcd for from tlio staff of tlio bank to accomplish tho .results placed beforo tlio shareholders in the accounts;' while competition between tho banks, certainly did not diminish, that bctwcch financial firms and companies and tho banks tended largely to increase, by which inereaso! and by tho gradual ii> crease in their business tho work and anxiety of tlio general manager and tho whole staff wore of course, directly affected. Ho thought tho results shown in the balanco sheet wero tlio best testimonial that could bo offered of tlio manner in which tho staff lia-d fulfilled its duties. 110 felt suro ho was speaking in tho aiamo of the shareholders as well as in tho namo of the directors, in offering Mr Hallamore and the staff in Australia and New Zealand, and Mr Willis and' the staff in London, their earnest appreciation of those services, and their thanks for tho same. . Tho motion for tlio adoption of tlio report was seconded by Mr William 0, Gilchrist and unanimously-agreed to. Mr Arthur P. Blake was ro-elcctod oe. a director of tlio bank, aud Sir Westby. Percival* was , reelected to a seat on the board. The auditors, wero reappointed. • • ■ A spccial meeting of the proprietors was then held, at which the following resolution was unanimously agreed to—"That the company deed of settlement, dated October 26, 1837, bo amended in the manner following: (a) That tho fourth clause bo struck out, and that the following olause be substituted therefore—viz., 'Tile shares registered, or to be registered, in tho book or bcoks called the colonial proprietors' register, shall not exceed in number 20,000.' (b) That in cliuse 41 the words ' banker or solicitor' bo struck out. (c) That clause 42 bo struck out, and that tho following clause bo substituted therefor—viz., 'The director may at any timo appoint a director or directors of tho company, but so that the total number of' directors for'the time being shall'not. exceed the maximum number fixed by clause 8. : Any person so chosen shall retain his olßce ■until the next general meeting of the company, and shall then Iks 'eligible for re-election.' (d) That the words 'banker or solicitor'.in clauso. 43 bo struck out. (e) That clause 53 be struck out." Tho Chairman said tluit, so far as he ■was-aware, the artioles of . association hnd never licen entirely remodelled sinco the foundation of tho bank, though from time to time various alterations had been made in them.', Tlio result was not altogether satisfactory, and it was highly probable that at no distant dato'the directors would lay beforo the shareholders proposals for an amended eodo of articles of association to take tho place of the present ones, with a :.yiew" to obtaining a moro eonciso and clear set'of rules,-and one perhaps moro in keeping with tho conditions and requirements of tho preserit;timo. The increase of shares on tho colonial proprietors' roeister" was deemed advisable owing to tho" fact that the number of shares at present allotted -'to that register, was almost absorbed.-.

- A' cordial vote of thanks was passed to tho chairman and directors, and the meeting was then brought to a close.