UNION BANK OF AUSTRALIA.
The half yearly General Meeting of the share holders was held on the 13th of January at the offices, 88, Old Broad-street ; Mr. F. G. Dal. getty, in the chair. The report stated that there was greatly diminished commercial depression in the colonies generally. In New Zealand tbe discovery of important gold fields, io tbe southern province, had increased the activity of trade, and iv tbe northern province the speedy restoration of peace might confidently be expected. The accounts exhibited a great improvement, which was due in a considerable degree to tbe conduct of the managers. The accounts .showed a net profit of £70,180 12a sd,of which the directors proposed to appropriate £70,000 for dividend, by the payment of 7 per cent for the hali-year, payable in London on the 28th January. The following balance sheet was presented : — Statement of liabilities and assets, at the branches on the 30th of June, 1861, and at the London office on the 31st of December, 1861 —Liabilities: Circulation, £429,177: deposits £2,551,025 2s 2d ; bills payable and other liabili J ties (including bills for collection, and reserves. ' held against the doubtful debts), 41,841,221 0s 4d ; balance of undivided profits, £74,606 4s 5d ; reserve fund, £200,000 : amount held applicable thereto, in terms of report of 10th Jan., 1859. £11,000; capital, £1,000,000; total £6,107,029 6s lid. Assets. — Specie on hand, and cash balances, £842,291 9s; bullion, £13,093 2s 2d ; bank premises and property, £103,897 10s lOd ; Government securities, £298,199 18s 9d ; local bills, bills receivable, and other securities (including bills for collection), £4,649,547 6s 2d ; reserve fund, invested as per statement, £200,000; total, £6,107,209 6s lid. Statements of Profits. — Balance of undivided profits at June, 1861, £64,425 12s ; out of which a dividend was declared of £60,000 ; leaving a balance of £4425 12s. Profits of the past halfyear, after making a provision for all bad and doubtful debts, £119,204 ossd; less, remuneration to the local directors, and salaries and al. lowauces to the colonial staff, £29,217 9s 7d ; general expenses in the colonies, including rent, taxes, stationary, &c, £8906 19s ; amount applied iv reduction of bank premises account, £3111 6s 9d; remuneration to the directors, salaries of Loudou office staff, rent, taxes, statiouary, and general expenses, £4624 lls 9d ; income-tax paid, £3163 Os lid; together £49,023 8s ; net profits, £70,180 12s 5d ; balance of undivided profits at this date, £74,606 4s sd. lleserved Fund.— New Three per Cents, £50,000 ; New Zealand Imperial Four per Cent Debentures, £150,000 ; total, £200,000. The Chairman trusted that tbe accounts would be considered satisfactory. He was nappy to testify to tbe zeal and energy of the officers
of the company. He would not indulge in any sanguine interpretations of the future, but he hoped that by steadily pursuing their past policy the board would be enabled to secure continued prosperity. Mr. Wilkinson congratulated the meeting on the statements laid before it by the directors. They had now turned a corner, and it was remarkable that, with less business in every de partment. there was an increased amount of profit —a fact the moral of which would not, he hoped, Jbe lost in the future management of the concern. (Hear.) In reply to a question, The Chairman observed that the reserved fund was larger than the amount actually required. On the motion of Mr. Ducrow, seconded by Mr. James, the report and accounts were adopted. A dividend of 7 per cent, for the balf-yef r was hen declared, and the meeting terminated with he usual acknowledgments to the chairman aud his colleagues.
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