Page 2 Advertisements Column 3

Gisborne Standard and Cook County Gazette, Volume III, Issue 353, 19 September 1889, Page 2

THE UNION BANK OF AUSTRALIA, LIMITED. Paid up Capital, £1,500,000 ; Reserve Funds, £1,000,000 Together .. .. • • £2.500,000 Reserve Liability of Proprietors .. .. .. 3,000,000 £5,500,000 [From the Money Market Review, of August 3rd, 1889.] The annual general meeting of this com- West, Melbourne, has been closed. The pany was held on Monday, at the offices, directors have, with much regret, to record Bank-buildings, Lothbury ; Mr Henry P, the loss by death of their esteemed colleague, Sturgis presided. Ed w ward Peach William Miles, Eeq , whose The following report of the directors was extensive business experience was of great taken as read, as were also the annexed value to the bank. The vacancy thus. created accounts:—“The directors have to submit has been provisionally filled by the directors, to the shareholders the annexed balance- in accordance with the deed of settlement, by sheet of the bank to the 28th February last, the appointment of John Franklin M’Mulien, duly audited, which exhibits a net amount Esq., who was for many years the valued of profits—inclusive of the balance brough general manager of the bank, and who now forward from the previous half-year—of offers himself for election, Richard James £135,681 10s, Bd. This admits of a divi- Ashton, Esq., and the Right Hon. Lord dend at the rate of 14 per cent, per annum, Hillingdon are the directors who now r ®|^ re equal to £1 15s. per share, which will absorb by rotation, in accordance with the deed of £105,000, and of the transfer to the reserve settlement, and they offer themselves for refunds of £2O 000, leaving the sum of election. The bank’s auditors, Albert £10,681 10s. Bd. to be carried forward, The Deacon, Esq., and Frederick Whinney, Esq » above-mentioned transfer has increased the also retire, and offer themselves for rereserve funds to the sum of £1,000,000. The election. The dividend warrants will be directors have, as usual, after careful investi- transmitted by post on 31st inst., and the gation, made sufficient reserves for all doubt- dividend will be payable in the colonies on ful dependencies. They are glad to be able such 'date as the general manager may " x to report that the season’s prospects are very after receipt of telegraphic advice. By order favorable. Since the last meeting of share- of the board. holders a branch of the bank has been opened “ W. JR. Mewburn, Manager, at Cootamundra, in New South Wales, and “1, Bank-buildings, Lothbury, E.C., the sub-branch of the bank in Collins street London, July 20. BALANCE SHEET, FEBRUARY 28, 1889, LIABILITIES, Capital ~ (i (t »• £OOO,OOO Less reserve liability ,« n »• 3,000.000 Paidup ~£1,500,000 0 0 Reserve funds— Balance at August Slat, 1888 ~ .• £980,000 Amount transferred from thia half-year’s profits .. 20,000 M —— 1,000,000 0 0 Of which there is invested— Imperial 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, aa per contra «» <> 389,489 18 10 m n Circulation t , ~ «• »♦ *♦ 586.2u7 10 0 Deposits (including inscribed stock deposits) •• 13,073,879 17 2 Bills payable and other liabilities (including reserves held against doubtful debts) ~ .. .. •• 2,118.815 17 0 Balance of undivided profits .. ♦ . .. »• 115,68110 8 £18.193.634 15 7 ASSETS. Specie on hand, and cash balances .. .. •• £2,874.580 15 10 Bullion on hand and in transitu .. .. »• 160,942 11 2 Money at call and short notice in London .. ♦» 145.000 0 0 Government and municipal securities .. .. •• 717.872 18 11 Bills receivable, loans and other securities at London office .. 1,773,863 14 8 Bills discounted, bills receivable, loans and other securities at the branches «, .. ,« *, f * 12,132.884 16 2 Bank premises and property ~ ~ .. .. 889,489 18 10 £18.193.634 15 7 STATEMENT OF PROFITS. Balance of undivided profits at 31st August, 1888 •* •* £112,004 111 Out of which a dividend was declared of .. • • 90,000 0 0 Leaving a balance of .. .. •« >< £22,004 111 Profits of 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 staff .. . .. £57,416 9 2 General expenses in the colonies, including rent, taxes, stationery,ifeo. 23,329 6 5 Remuneration to the board of directors and auditors, salaries of London office staff, rent, taxes, stationery, and general expanses ~ 13,077 5 3 Income-tax .. .. .. 2,114 3 6 95,937 4 4 113,677 8 9 £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, . Charles Pabbvby, [Directors. H. P. Sturoib, ) W, R. Nbwbubn, Manager. E. Bucklbb, 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 balancesheet, have found the same correct. Fbedk. Whinny, Chartered Accountant,) . Albert Deacon, [Auditors, The Chairman, in moving the adoption with his long and intimate knowledge of the of the report, said: The past half year has colonies, he is a very valuable addition to the been a profitable one for the bank, and your board. We have lately had the pleasure of directors have been able to declare a higher welcoming here our present general manager, dividend than has been the case for several Mr Finlayson, who is taking a well earned half-years—namely, 14 per cent, instead of holiday after eleven years'continuous work in 12 per cent—and, further, they have been the service of the bank. We have naturally enabled to add £20,000 to the reserve, taken advantage of his presence to discuss bringing that fund up to the very satisfactory with him very fully the general affairs of the figure of £1,000,000. (Cheers). lam sure that bank. Our interviews have been of a very this addition to our reserve will be a subject agreeab'e character, and it is most satisfactory of congratulation to shareholders, and to feel that the bank’s interests in the colonies especially to such of them as are business are under such able control. During his abmen, for they will appreciate the advisability eenoe the general management is in the hands of holding astrong reserve in view of the Mr F. M. Innes, in whose ability and judg-steadily-inoreasing volume of the bank's ment your directors have every confidence. To business. In the present balance sheet the him and Mr Palmer, the chief officer in New figures reach a total of over £18,000,000 Io Zealand, as wall as to the staff generally in the looking through the figures in detail, there colonies, our best thanks are due for their zeal does not appear anything which calls for and attention to the interests of this instituspeoial remark on my part. Some of the tion. We are likewise greatly indebted to our amounts, it is true, vary considerably from friend Mr Mewburn and to Mr Oarbery, the as. those at the end of the previous half-year ; sistant-manager, as also to the other superior but if they are compared with the figures of officers and the staff in London, who one and the same period of 1888 it will be seen that all have, as usual, rendered excellent service, such variations arise chiefly from the dif- I will conclude by formally moving that ths ferenoe of the seasons, Rut though there may report and statement of accounts be adopted, be nothing in the items sailing for special (Applause.) remark, yet, taken as a whole, they all point Mr Botly seconded the resolution, and exto the steady and satisfactory expansion of pressed the opinion that the report presented our business in the colonies. (Applause.) was the most satisfactory one that had ever Before leaving the balance-sheet, however, I baen laid before the shareholders. The views should like to say in connection with the of the chairman, corroborated as they were amount under the head of bank premises by recent telegraphic advices, indicated the that the whole of our premises in the colonies continued prosperity that was taking place in have lately been most carefully revalued by the colonies. Of the vast amount of money the general manager, assisted by the various employed in the colonies, no less than one. local managers, and it will be satisfactory to tenth of the whole amount was employed in you to know that the result shows that the banking, and they could therefore take, credit figuro at which they stand in our books is a to themselves that, by supplying capital for very moderate one indeed. (Cheers). As the development of the resources of tlje regards the generaj condition of the 0010- colonies, they had done much to advance the nies during the period to which these prosperity of the colonies, and to provide a accounts refer, all pastoral and agricul- place where the youth of this country could tural interests were much affected by the profitably employ its energies, and where our drought. At the time of our last meeting plethora of capital could be employed at re. there had been partial rains, but ths drought munerativei interest. did not finally break up throughout the noun- . Mr Vfnoi said that he presumed that the try until considerably later, and it is no increased profit did not arise from any inexaggeration to say that had it continued a creased valuation of the ban|i s premises, verv little longer the results to many would The Chairman said ) No; certainly not. have been disastrous. Now, however, the The resolution was then put and ungnj. prospects of the season are ysry favourable, mously carried. ~ and, with improved times for these cpgaged The Chairman moved the election of Mr J. in the various branches of farming, we may F. M'Mullen as a director of the bank, in the hope to see an improved general trade. It is room of Mr E. P. W. Miles, deceased, and Eloasant to ba able to record an undoubtedly said : It is quite unnecessary for ma to say better feeling in New Zealand. The staple anything in’movibg this, especially after the products of that country are now for the most gratifying m 9o ' l6l ' >P which Mr M Mullen.a part at remunerative prices, and the exports name has been received by the meeting, have materially increased. There was a good The resolution was then put and carried, hatvest, and the fact iimt there was a bad one The following resolution, ware also pro, in Australia enabled the farmers to rasp the posed and carried That Mr Biobard full benefit. We learn from a recent taiCgram James Ashton, one of the two directors rethat the Budget for the past year shows a tiring fey rotation, be re-elected a director of surplus of £78,000, while the Premier the bank.” I' That the Bight Hon. Lord BStimatas that for the ensuing year them wil) Hillingdon, one o| the two directors retiring be a surplus of £lOO,OOO. With these happy by rotation, be re-elected a dirMtor of the features we msv at all events say that the bank." . , . cloud which has so long hung over New idea- Mr Albert Deaeen, cl 13, Fenohuroh-straet, i&pd shows some signa of lifting. Since our merchant, and Mr Frederick wuinpey, 010, last meeting we have lost from among us our Old Jewry, chartered accountant, were than friend and valued colleague. Mr J2. P, W. elected auditors of th? bank for the. year Miles, win? died suddenly while on a visit to ending June 30,1890, at the remunetation of the colonies) To fill the vacancy caused by sBSO.Q. , , . fajs death the directors have provisionally A hearty vote of thanks to the chairman ( aunointed Mr J. F.' M.' Mu I ten, who was for so direoiors, tpaitagarg, gnu ? t9 " of the bank many years the general mamjiMF of the bank, having Been e&rjipd umimfiuely, ibii proaad it is hardly neceesiry tor »»s say that seedings than tefffilfialiai