UNION BANK OF AUSTRALASIA.

Otago Witness, Issue 2818, 18 March 1908, Page 16

UNION BANK OF AUSTRALASIA.

HALF-YEARLY MEETING. (FRqu Our Own Correspondent.) LONDON, January 24. j Mr Arthur Flower occupied the chair at last Monday's half-yearly :neeting of i the Union Bank of Australia, which wa« I held at the head office. j The Chairman noted that their deposits had fallen £200,000 in the six months, fol- ' lowing an increase of £1,200,000 in the i previous feix months, while their advances , were higher by some £900,000 than they , were in the last account, thus indicating a . more profitable employment of the bank's I resources. During the same period the expenses showed an increase of some £5000, 'o f which increase £2500 was attributable to , salaries paid and £1500 to rates and taxes. [ Tho whole of their liquid and readilyavailable resources in the present accounts, . consisting of specie on hand and cash j balances £4,226,000, bullion and advances on i bullion £167,000, money at call and short J notice in London £915,000, balance of re- ; mittances and drafts in transitu and bills receivable, London office, £2,450,000, and j investments £1,679,000, amounted to ' £9,437,000. This, after deducting £100,000 i for investments specially allotted to the • reserve fund, represented 7s lid in tht> £1 of all their liabilities in London, New I Zealand, and Australia, consisting of circulation £514,000, bills payable £1,667,000, deposit* £19.153,000, amounting to £21,334.000. t Their bank premises, after appropriation of £10,000 in the present accounts, showed 1 a reduction of £12,000 from £502,000 to j £490,000. Since the last meeting a further j extension of the bank's business was shown I by the addition of three new branches — • one in New South Wales and two in New , Zealand. As late as November last a dry season had been experienced in many parts of Australia, and considerable anxiety had . been felt owing to scarcity of rain ; the possibility had since then been radically altered for the better, and present conditions there indicated continued pios perity both for pastoral and mercantile interests. A slight decrease in quantity was I expected in the wool clip, and prices for j wool were at the present time considerably below the exceptionally high values 1 touched during 1907. This, considering i the value then current and monetary stnn- ! genoy which had recently prevailed, was not at all surprising, and the chairman . thought it quite probable that with an 1 easier tendency for money and continuance of present Home and colonial de mands, an improvement in values might be -seen in the near future. As regarded ' wneat, while the harvest was largely .n excess of what had at one time been looked for, it was not expected to exceed twothirds of the previous year's yield. It was i a matter of great satisfaction to the directors that there should be the addition of £30,000 to the resrve fund, thus raic ing that fund to £1,200,000. As regarded ! the net results of the half-year's operations, the most satisfactory feature was that whereas for the last two half-years stress had been laid in the report as well as in the chairman's speeches, on recoveries on account of debts previously provided for, on .' this occasion the result* were practically

confined to the ordinary half-yearly profits of the bank. In these circumstances, he considered that the shareholders were bo be congratulated on the excellent results and -that their general manager and his staff, as also their London manager and his staff, were also heartily to be congratulated on <he results of their arduous labours in the interests of the bank. The motion for the adoption of the report was seconded by Mr W. O. Gilchrist. A Shareholder wanted &> know how it was, with the reduced amount of gross and net profits, the income tax appeared to be larger than it was a year ago. In reply, the Chairman said that the income tax requirements were very mysterious; all he could assure shareholders was that not a penny had been paid more than was absolutely necessary. The resolution was unanimously cArried. The Manager then read the advertisement announcing the declaration of a dividend at the rate of 10 per cent, per ann'jm, equal to 25s .per share, and a bonus of & per cent., equal to 10s per share, the dividend and bonu6 together amounting to 3JG per share, free of income tax. Mr Hedges proposed a vote of thanks to the chairman, directors, managers, and staff, which was seconded and unanimously carried. In acknowledging the compliment, the Chairman said it gave him special pleasure to find that Mr Hedges had included the managers and staff. He assured the shareholders that this recognition of their services would be highly appreciated by them.