UNION BAN OF AUSTRALIA.

Otago Daily Times, Issue 13693, 8 September 1906, Page 14

UNION BAN OF AUSTRALIA.

(Froh Our Ox Correspondent,)

~ . H 1 LONDON', July 27. ■Mr Arthur l'lowi presided at the annual Scneral mectina tho Union Bank of Australia, which w, held on Tuesday, ami io announced thaiainco the last meeting two new Branches Id been opened in New Zealand. During te lust six months thcro mnnnrn 1 a "i J ' rcaso in (,e P osita flf M,(0U,000, and a ecrcase of £250,000 in advances; that wa a plain indication of the prosperous seain at tho present time experienced in Non Zealand and Australia, and tune would n : doubt bo required to assure tho judicioii .employment tlicro of surplus funds. Ipenses in the present balance sheet sliowil.a reduction of £2000. ihat was attributalo to a not diminution that, half-year undo the head of rates and taxes and general Expenses of tho bank, (|iutc irrespective osalaries or any charges of the managemei'. The wholo of the bank s bquidand ludilv-availablc resources consisted of spec) on band and cash balances, £3,665,00{ bullion and advances on bullion £187.00, money at oall ami short notice in Lodon £1,535,000 balanco of remittances anddrafts in transitu and bills receivable at bndon office £3;788,000, and investments £,605,000, amounted to £10,780.000. whicli after deducting £1,00,000 for investietits specially allotted to tlio bank's restve fund, represented some 9s 3d in the pimd of all their liabilities in London and>he colonies, consisting of circulation £45,000, bills payablo £1,925,000, deposits 318.683,000, amounting to £21,091,000. Tb bank promisee and' property in tho colnies after appropriation of £10,000 stooc at" £526,000 —a reduction of £12,000 in tb six months. A further appropriation d £4000 in aid of tho bank's guarantee anc provident fund would W notioed: the ho : e was expressed last July that their contibntion in aid of this fund would have laminated bv this time, but, while their actury liad not yet concluded his examinatim of tho accounts at the end of tho (|iimiuennial period, ho advised the directors that it woidd not be wise at the present iir.o to cease tho contribution. It. was herefore continued in the present, accounts pending full nuinciucnnial report on the position of tho fund, which should before long be in the bands of the board. It. fas a matter of much satisfaction that thi results of the halfyear, whilo conthiuiig the dividend at tho rate of 10 per cent., admitted of a further incca.=e of £15,000 n the reserve fund, as veil as a further wlnotion of £10,000 in the amount at wliiei bank premises and propertv stood in tb balance sheet. In conclusion, the Chfirman expressed tho thanks of ilie directors to tho general manager and staff in New Zealand and Australia, and to tto London manager and staff. Tho motion for the adoption of tha report was seconced bv Mr 0. Gilchrist and carried unarimously. The retiring directors (Mr C. A. Galton and Mr C. Parbury) wore re-ebcted, and the auditor* were reappointed