UNION BANK OF AUSTRALIA.

Otago Daily Times, Issue 19271, 8 September 1924, Page 9

UNION BANK OF AUSTRALIA.

INCREASE IN DEPOSITS. ADDITIONAL AUTHORISED OAPITALI (Fbom Oub Own Cobbzbbondsnt.} ;j LONDON, Avmst a : |j Mr H. P. Sturgis, presiding at the annua! meeting of the Union Bask of referred with regret to the sadden death last September of Mr A. C. Willis, _ add' he regretted, too, to mention the resign*' tioii from the board of Mr J, DehnistoOS,; owing to i"-health. • ’ f The net profit for the past year, after; provision for doubtful debts and contingencies, amounted to £640,003, inclusive of £89,711 brought forward from the previous year. From this the directors ! h*d j made an appropriation of £IOO,OOO as, an addition to the bank’s reserve fund, which was thereby increased to £3,450,000, and 'bad declared a dividend at the rate of 15’‘per cent, per annum, free of income tax, ca)rying forward £93,003. The figures of balance sheet, compared with those'“bf the year to February 1923, showed an' "inclease of £2,058,000. The increase in deposits was of a general character and wps* very gratifying in view of the increOslhg competition _in many directions at ■ .high rates of interest. The liquid , amounted to 8s 7d in the £ of the bkpjt’a total liabilities to the public. J "■ •IS The exports from Australia for .tho. yea'r ended December, 1923, • amounted ' £114,000,000, showing a decrease "of £14,000,000 compared with 1922.’ ■ The smaller amount of wheat exported ip i1023‘ would probably account for some £8,000,0001 of the above sqm Imports, at showed an increase over the preceding year of £14,009,000, .due largely i ;to!, l tjie. increased imports of metal" , ! (foods, machinery, and motor cars. As New Zealand, exports for 1923 were Valued at £45,000,000, while the value of',import# was £43,00)0,000. In 1922 the exports wont ■ £41,000,000 and the imports £55,00^,M0:. The financing of the Australian" expjyt» : during the past season had presented miny difficulties, but the general manager , had’ conducted his exchange operations ’" ;wjth great ability, and the requirements of the bank’s customers had been adequately, met. The wheat harvest was estimated, to' igya yielded 126,000,000 bushels, leaving ,ta.srportaWe surplus of nearly 00,000,000 'the wool dip showed a deci'ease in'qii*u-i tity from the previous season of , nearly 300.000 bales, and the condition of s » large' proportion had been adversely affected,,by drought. Prices had been and stfllywr* Satisfactory, and the prospects for tHe current clip appeared to be very goodi’.ln Now Zealand conditions were favourable;' and prospects good. Since the the cablegram there had been useful rajpe in many of the districts to general manager referred. ’’.’i;. The motion fey the adoption of the, report and balance sheet was seconded 1 by .Sir Westby B. Perceval. ’ Mr John Hedges expressed the gratitude of the shareholders to the manager and staff for the careful manner in which .ttey always conducted the affairs of the.,, hgjik. He was an old shareholder and had .always had the greatest confidence in the martpgement. kt Tlie resolution was carried unammojagre. The Chairman next proposed the re-eujb-tion of the Right Hon. Lord Carmiohasli G.C.5.1., as. a director. , . K - r . This was seconded by Mr H. S, Vincent and carried unanimously. t , j, < ’• On the motion of the chairman, . seconded by Mr J. Dunn, Mr F. G. Parbary ip* also re-elected to the board. , . ' A NEW DIRECTOR. ” Hie re-election as a director of Brigadigrgencral Arthur Maxwell, C.M.G., ‘ D-SlO. (of Messrs Glyn, Mills, and Co.), wad proposed by the chairman, who tho shareholders on having secured General Maxwell as a director. General Maxwell was a distinguished soldier, a first-rate man of business, and a partner in a firm .of bankers with, which they had had oonneotiens for a very long time. —(Cheers.) * , Tliis resolution was seconded by Mr ,0. C. Denny, and unanimously approved. INCREASE OF CAPITAL APPROVED. An extraordinary general meeting W«e then held to consider a resolution increasing the capital of the bank. v -j The Chairman moved— ‘ Tliat the capital of the bank bo increased to £10,500,000 by the creation of 100.000 additional ordinary shares of £ls each, and that the directors be arid they are hereby authorised, to issue the said shares at such time or times-and upon such terms and conditions as .they may think fit, provided that the sum, of £lO per share on each of the said additional 100.000 shares shall not bo capable of being called up except in the event of and for the purpose of the bank being wound up. - The Chairman stated that the director* had come to no decision as to when «i issue would be made. They were of opinion that ■ the business of the bank called fog an increase of capital, and they considered an issue should made whenever toe tame appeared favourable Of course, whenever an issue was decided upon the sharcholdara would be the first to be advised, and the shares would be offered-to them m the fi»A m Tbe°resolution was unanimously approval.