Page 2 Advertisements Column 1

Poverty Bay Independent, Volume I, Issue 51, 19 September 1885, Page 2

The Suva arrived from the South about 6 o’clock on Thursday morning, and left again for the North about 2 p.m. UNION BANK OF AUSTRALIA. LIMITED. The annual meeting of proprietors wahfld on Monday, 21« t July, at the office, 1. Bank Building?, Lolhbniy; Mr William Oswald Gilchrist in the chair. The Manager (Mr W. R. Mewbumr) read the report, thi* document and the accounts being as follows:— The Di ector* have great pleasure in presenting the ba’ancesheet of the bank as on the 2S’h F« b naw,, and in reporting that the profits admit of a dividend of £1 15s per shire, and a bonus of 5s per share, b?i g together at the rate of 16 per cent, per annum, and of the transfer of £lO.OOO to the reserve f inds, which funds are thus increased to £970,000. The director? have, as usual, made very ample provision for all doubtfol dependencies. There is still considerable depression and dulness in business in the Australasian colonies, improvement being checked by anpropitioas seasons and the cominnance of low prices for wool, grain, and other produce. More than ordinary prudence is consequently nocesaary in all banking operations. Under these circumstances, the directors feel that the thanks of the proprietors are especially due to Mr McMullen, the general manager," Mr Palmer, the chief officer for New Zealand, Mr Mewburn, the manager in London, and the staff generally, both at home and abroad. Sir Charles Nicholson, Bart., and William Oswald Gilchrist, Esq., are the directors who retire on this occasion, in accordance with the deed of settlement, and. being eligible, offer themselves for reelection. Albert Deacon Esq., and Frederick Whinney, Esq., the auditors of the company, also retire, and offer themselves for re-elec-tion. The annexed balance sheet presents a net amount of profits, including the balance brought forward, of £155,643 2s 7d. out of which the sum of £lO,OOO has been transferred to the reserve funds, and the balance, vir., £142,648 2s 7d., is available for division. Of this the dividend and bonus will absorb £120,000, and leave £25,648 2s 7d. to be carried forward. The dividend warrants will be transmitted by post on the 29th and the dividend and bonus will ba payable in the colonics at such time as the general manager shall fix after receipt of telegram.

LxaBILTFISS Capital ... • • 4,500,000 Less *. Reserve liability .. 3,000,000 Paid-up 1,500,000 0 0 Reserve funds— Balance at Aug. 31 1884 . - - - 060,000 Amount transferred from this half-year's profits 10,000 Making 970,000 0 0 Circulation4l6,322 10 0 Deposits 10,819,363 3 8 Bills payable and other liabilities (including reserves held against doubtful debts) 1,743.591 5 5 Balance of undivided profits 145,648 2 7 T0ta1£15,094,925 1 8 Assets. Specie on hand, and cash balances .. .. .. 2,191,904 9 0 Bullion on hand and in transitu 143,677 3 9 Money at call and short notice in London 147,000 0 0 Government securities .. 785,558 17 2 Bills receivable, loans, and other securities at London office .. .. .. 1,742,753 18 9 Bills discounted, bills receivable, loans, and other securities at the branches .. 9.765.790 22 Bank premises and property 318,210 5 10 Total .. £15,094.925 1 8 Statement of Profits. Balance of undivided profits at 31st August. 1834 .. £149,075 13 0 Out of which a dividend and bonus were declared of .. 120.000 0 0 Leaving a balance of .. £29,075 13 0 Profits of the past half-year after making prov-’aion for all bad nnd doubtful deb’s 209,958 13 4 Less: Remuneration to the local directors and salaries and allowanees to the colonial staff 50,544 17 10 General expenses in the colonies, including rent, texes, stationerr, <tc.— £17,018 4 3 Remuneration to the Board of Directors, and auditors, salaries of London office staff, rent, taxes, stationery and general expenses £11,146 9 8 Income tax—£4,556 12 0 — 83,266 3 9 126,572 9 7 Leaving .. .. £155,648 2 7 Deduct : Amonnt transferred to rtrem- funds 10 000 0 0 Balance of undivided profits at this date .« .. .. £145,648 2 7 1