COMPANY MEETINGS.

Otago Witness, Issue 2924, 30 March 1910, Page 53

COMPANY MEETINGS.

UNION BANK OF AUSTRALIA. (From Our Own Correspondent.) LONDON. February 4. Mr Arthur Flower presided at the halfyearly meeting' of the Union 23ank of Australia, He moved the adoption of the report, and rtcnnnu nded a dividend and bonus at the rate of 14 per cent, per ani.um. It would be noticed, said the chairman, that deposits were £19,300,000 at -August 31, as compared with £19.300,000 in February, an increase of £500.000. Advances, on the other hand, were £13,800,000 in August, as against £14,300,000 last February —a decrease of £500,000; specie on. hand and cash balances, £3,793,000; bullion and advances on bullion, £199.000; money at call and short notice in London. £2,565,000; balance of remittances and drafts in transitu and bills receivable at London office, £1.700,000; and investments, £1.903,000; showing a total of £10,230.000, which,' after deducting £1,000,000 for investment's allotted to the reserve fund, represented some 8s 6d in the pound of all their liabilities in London and Australia, consisting of circulation, £440,000; bills pavable, £1,410,000; and deposits, £l9,Bßo,ooo—making a total of £21,730,000 y PROSPECTS. The whole tendency was for an increased expenditure and an increased amount of business to be called for in order to produce the same results. Latest information showed that, while weather conditions in New Zealand and Australia were satisfactory, the wool clip and harvest had both proved abundant beyond all precedent, while prices for wool were not only most satisfactory, but they also seemed to rest on a thoroughly sound basis. Business generally throughout Australia had been impeded) during the last two months by the strike of coal miners and in the dislocation of business thus

caused shipment and traiisDOvt of -wool and other produce had, of course, borne a full share. But it wa:> satisfactory to believe that settlement of the dispute at an early date now seemed probable, and if this were so, all othei* trade conditions might be described as favourable throughout New Zealand and! Australia. The accounts allowed the directors to propose a. continuance of the jividend and bonus at the rate of 14 per cent, per annum, with £20,000 further to reserve fund, and to allot a further £iO,OK) in reduction of the amount at which the bank premises stood in their accounts. The motion was seconded by Mr A. F. Blake, and agreed to. , MESSRS ROBERT CAMPBELL A"NFD SONS. Mr W. H. Campbell presided at the annual meeting of Messrs Robert Campbell and Sons, h?ld at Dashwood House. Although the balance sheet did not show the large amount of profits recorded in the two previous years, it was quite satisfactory. The present year was the first complete year ire which the company had been working on the reduced' capital, and without the three large; estates,. ; comprising practically the whole of their freehold, which had been disposed of. Of the proceeds of the sales of these" estates, the-- shareholders had had returned to them £2 a share on account of their capital investment, while early in the year a distribution had been made of 10 per cent., plus a bonus of 10s on the £1 shares-, as a further portion of the realised profits. This year ' trie, directors recommended a dividend at the rate of 10 per cent., arid in addition a.- -bonus of 5s a' share. The profit for the year alone was riot quite sufficient to meet this 10 per cent, dividend, and the small differer.ce, together with the bonus, was taken, out of the balance brought forward from, the preceding year. It was hoped that the shortage was- only temporary, and would not recur. It was due to special circumstances —mainly to the disastrous effects of the heavy snowstorm which visited both the company's stations last winter, and causwl a heavy mortality among the sheep, and a net loss of £ISOO on. the sheep account. The greatest credit was due to the managers and ail employes for the energy arid zeal they displayed in saving the stock. The coming wcol clip promised to he a good one and well girown. Turning to the accounts, the Chairman remarked that the item £BIBO represented! a large reduction from last year's working, even taking into account the 7199 extra sheep which the runs then carried. There was not any extravagance in the working of the runs in 1907-8. "- During the year," he continued, " we sold the greater part of our freeholds, and for a considerable period we were carrying on the Otekaike Station. In fact, so to speak, we were betwixt wind and water, and there were, of course, certain payments which could not be curtailed at once. I only compare those two .amounts because 1 think that it is creditable to the management to find that the expenses drop down •to their proper level. We do hot a,t present see how they can be further reduced, without risking a Joss of effieiencv. The next item, rents and rates, is practically a fixed sum in accordance with our leases. The third.- item, rabbit expenses,' is a -necessary evil in a country where the pest always requires to be rigorously dealt with. The item, Government tax, £2065 lis 3d. is mainly income and property tax in New Zwjlnnd, and this addied to the figure £1702. 3s paid in London, makes £2767 lis 3d paid* in taxes, equal to 4| per cent, upon the capital of the company. The item £ISOO 0s Id I have alreadv explained, and we hope not to see it on the debit, side again. The items on the credit side are satisfactory, and explain themselves.. Our wool realised prices quite up to our expectations, and I am glad to say the market remains very firm, and looks hopeful for a good realisation of our new clip now coming forward. Therefore, givenfair weather for our flooks, and good: prices for our wool, the balance of the profit and loss account next year should be at least sufficient to enable us to* maintain our usual dividend.

'.' Turning to the balance sheet. The few figuies orr the debit side call for no remark. On the credit side you will notice a new item, mortgages-on laud, £9595. This is simply part of--our deferred payment land, upon which' the purchasers have paid at.least 35 per cent., the balance' being, as agreed, secured \>y mortgage deed, -whicih is a more marketable security. This £9595, together with the figure £19,402 17s 9d lower down, is eai-jiing 5 per cent, interest to date of payment. Our investment of £19,000 in into the account:, at 82 15-16. have been sold at 83 net, but we still have our £50,000 NewZealand Government 4 per cent, bonds,

maturing in 1913, which we have taken credit for at par." The motion was sconded by Mr George Harris and carried unanimously. Mr W. H. Cla.mpbe.ll was re-elected to the board on the motion of Mr George Harris, seconded by Colonel Willie, CB. The auditors were re-elected, and a special vote of thanks was passed to the general manager and the respective managers in New Zealand for their conduct of the company's business ; a similar vote was passed to the staff. The Chairman said, in conclusion, that the lambing at both stations had been most satisfactory in comparison with previous year 6; there was every reason to be satisfied with the way in which their affairs in New Zealand were conducted.