Page 2 Advertisements Column 2

Poverty Bay Herald, Volume XVI, Issue 5571, 17 September 1889, Page 2

THE UNION BANK OF AUSTRALIA~LIMITED. Paid up CtftUl, £1,">00,000 i *««^ t^ : £1 0 00: 0 00 mj Reserve Liability of Proprietors 3,000,000 £5,500,000 [Fro>[ the Moxf.y IMakkkt Review, August 3rd.] The annual general meeting of this com- street West, Mcloourne, has been closed, puny was held on Monday, at the offices, The directors have with much regret to ie-Bank-buildings, Lothbuiy ; Mr Hksry P. cord the loss by death of their esteemed Sxr kois presided. colleague, Edward _ Pcech _ W illiam MiU-s, The following report 1 of the directors was Esq. whose extensive business experience taken as read, as were also the annexed was of great value to the bank. Ihe mi (.ano> accounts:- "The directors have to sub- thus created has been provisionally til. c.» in mit to the shareholders the annexed the directors, in accordance with tho < lee(l OI balance sheet of the bank to the 28th Febru- settlement by the appointment ot Jon ary last, duly audited, which exhibits a net Franklin M'Mullen, Esq. , who was foi many amount of profits-inclusive of the balance years the valued general manager ot the Dank brought forward from the previous half year and who now offers himself tor election. — of LI T") 681 10s Sd This admits of a Richard James Ashton, Esq. , and the Kig it dividend at the rate of 14 per cent, per Hon. Lord Hillingdon are the directors who annum, equal to LI 15s pershare, which will now retire by rotation, m acconhmoe w itn absorb L 105.000, and of the transfer to the the deed of settlement, and they otter tiiunrcscrvo funds of L' 20,000, leaving the sum of selves for re-election. The bank a a"' 1 " 01 s LIOGBI 103. Bd. to be carried forward. Albert Deacon, Esq. , and brcdencK v mnThc'above mentioned transfer has increased ney, Esq. , also retire and offer themselves the reserve funds to the sum of L 1.000,000. for re-election. The dividend warrants will The directors have, as usual, after careful in- be transmitted by post on 31st inst., and tlic vestifation made sufficient reserves for all dividend will be payable in the colonies on doubtful dependencies. They are glad to be such date as the general manager may nx able to report that the season's prospects are after receipt of telegraphic advice, —by order very favorable. Since the lust meeting of of the board, shareholders a branch of the bank has been " W. R. NewiuJßX, Manager. opened at Cootamundra.in.New South Wales "1, liank-building.?, Lothbary, KG.. and the sub-branch of the bank in Collins- London, July 20. Balance-sheet, Fkmu'ak.y 2S, 1889. Liabilities. Capital £4,500,000 . Less reserve liability ... ... ... ... 3,000,000 Paid up £1,.-)00,000 0 0 Reserve funds — P.alancc at August 31, 18SS £980,000 Amount transferred from this half year's profits 20,00 Of which there is invested — Inii erial Guaranteed Four Per Cent Debentures £300,000 0 0 India Government Sterling Stock 50,000 0 0 Colonial Government and Municipal Debentures 150,000 0 0 Bank premises and property, as per contra 389,439 18 10 Circulation vJSfS - o Deposits (including inscribed stock deposits) ... ... 1.1,0/2,8/ J 1/ - Bills payable and other liabilities (including reserves held against doubtful debts) 2,118,81j> 17 J Balance of undivided profits ______ £18,193,634 15 7 * Assets. Specie on hand, and cash balances £2> 5Sn?S !'i j Bullion on hand and in Iransitn },-'nnZ n n Money at call and short notice in London ifTQTO i« n Government and municipal securities l-S ii a Bills receivable, loans and other securities at London oflice ... I,^/2,80.1 14 s Bills discounted, bills receivable, loans and other securities at the branches ... 12,13*2,884 16 2 Bank premises and property 359,489 18 10 £18,193,034 15 7 Statement of Profits. Balance of undivided profits at 3lst August, 1888 £11 ' 2> J!^ 1 l \ Out of which a dividend was declared of 90,000 0 v Leaving a balance of ... •• £22,004 111 Profits for the past half-year, after making provision for all bad and doubtful debts ... £209,614 13 1 Less : Remuneration to the local directors, and salaries and allowances to the colonial stall ... £57,416 9 2 General expenses in the colonies, including rent, taxes, stationery, &c '23,329 6 5 Remuneration to the board of directors and auditors, salaries of London office stafl", rent, stationery, and general expenses 13,077 5 3 Income-tax 2,114 3 6 95,937 4 4 113,677 8 0 £135,681 10 8 Deduct amount transferred to reserve fund ... 20,000 0 0 Balance of undivided profits at this date £115,681 10 8 London, July 15, 1889. John S. Hill, ~\ Arthur Flower, l l)irectors . Charles Parbury, H. P. .Stuiujis, J W. R. Newburn, Manager. R. B( t cklek, Accountant. We certify that the various securities held in London have been produced to us, and that we have examined the balance books of the several branches in the colonies for the six months ended 28th Feb., 1889, and the books and accounts of the London office for the same period, and, having compared the combined results with the above balance sheet, have found the same correct. Fredk. Whinvev, Chartered Accountant, \ ul u torSt Albert Deacon, )

The Chairman, in moving the adoption of the report, said : The past half-year lias been a profitable one for the bank, and your directors have been able to declare a higher dividend than has been the case for several half-years — namely, 14 per cent, instead of 12 per cent— and, further, they have been enabled to add L' 20,000 to the reserve, bringing that fund up to the very satisfactory figure of £1,000,000. (Cheers.) I am sure that this addition to our reserve will be a subject for congratulation to shareholders, and especially to such as them as are business men, for they will appreciate the advisability of holding a strong reserve in view of the ste.idily-inereasing volume of the bank's business. In the present balance sheet the figures reach a total of over LI 8,000,000. In looking through the figures in detail, there does not appear anything which calls for special remark on my part. Some of the amounts, it is true, vary considerably from those at the end of the previous half-year ; but if they are compared with the figures of the same period of ISSS it will be seen that such variations ,<se chiefly from the difference of the seasons. But there may be nothing in the items calling for special remark, yet, taken as a whole, they all point to the steady and satisfactory expansion of onr business in the colonies. (Applause.) Before leaving the balance-sheet, however, I should like to say in connection with the amount under the head of bank premises that the whole of our premises in the colonies have lately been most carefully revalued by the general manager, assisted by the various local managers, and it will be satisfactory to you to know that the result shows that the figure at which they stand in our books is a very moderate one indeed. (Cheers.) As regards the general condition of the colonies during the period to which these accounts refer, all pastoral and agricultural interests were much affected by the drought. At the time of our last meeting there had been partial rains, but the drought did not finally break up throughout the country until considerably later, ;md it is no exaggeration to say that had it continued a very little longer the results to many would have been disastrous. Now, however, the prospects of the season are very favorable, and, witli improved times for those engaged in the various branches of farming, wo may hope to see an improved general trade. It is pleasant to be able to record ;m undoubtedly better feeling in W.v Zealand. The staple products of thAt country are now for the most part at remunerative prices, unrt the exports have materially increased There was a good harvest, and the fact that there was a bad one in Australia enabled the farmers to reap the full benefit. We learn from a recent telegram that the 'Budget for the past year shows a surplus of £78,000, while the Premier estimates that for the ensuing year there will be a surplus of £100,000. With these happy features we may at all events say that the cloud which has so long hung over New Zealand shows some signs of lifting. Since our lust meeting we have lost from among us our friend and valued colleague, Mr K. P. W. Miles, who died suddenly while on a visit to ; the colonies. To fill the vacancy caused by : his death the directors have provisionally j appointed Mr J. l'\ M'Mullen, who was for | so many years the general manager of the bank, and it is hardly necessary for me to E . F . HAREIS, 1" ICENSED INTERPRETER, Native Lands negoliat'd, or case 1 con' ductci in Native Lind Courts. Offiok : Mmde's Buildings, Gladstone Road, Oisborno. X AND & GENERAL COMMISSION J_J AGENT, CIS B O R N E Town and Country Lands for Sale with Perfect Titles.