Page 2 Advertisements Column 3

Gisborne Standard and Cook County Gazette, Volume IV, Issue 508, 18 September 1890, Page 2

THE UNION BANK OF AUSTRALIA, LIMITED. *o: Paid-up Capital, £1,500,000. Reserved Funds, £1,000,000. Together, £2,500.000 Reserve Liability of Proprietors .. •• •• •• 3,000,000 Total Capital and Reserve Funds •• .. ..£5,500,000 The annual general meeting of this Bank Mr W. R. Mewburn (manager) read the was held at the offices, Bank buildings, nolice calling the meeting, and the following Lothbury, on Monday, Mr Arthur Flower report of the Director?, and statement of presiding. accounts were taken as read : — LIABILITIES. Capital .. •• •• £1 500,000 0 0 Less: Reserve liability .. •• 3,000.000 0 0 Paid up .. .. .. .. £1,500,000 0 0 Reserve funds .. •• •• •• 1,000,000 0 0 Of which invested in— Imperial Guaranteed Four Per Cent. Debentures .. .. • • £200,000 0 0 India Government Sterling Stock .. 50,000 0 0 Colonial Government and Municipal Debentures . • • • • • 250,000 0 0 Bank piemises.and property, as per contra.. 419,111 11 1 Circulation .. •• . •• 408 651 10 0 Deposits (including Inscribed Stock deposits) .. 13.799,044 7 10 Bills payable and other liabilities (including reserves against doubtful debts .. •• .. 2 346,509 17 3 Balance of undivided profits •• .. •• 120,378 15 0 £l9 174,584 10 1 ASSETS. Specie on hand, and cash balances •• .. •• £2,652.723 13 11 Bullion on hand and in transitu .. .. .. 74,096 8 3 Money at call and short notice in London •• .. 405,000 0 0 ’ Government and municipal securities .. .. .. 829.342 12 4 ? Bills receivable, loans, and other securities at London office .. 2,533,884 17 10 Bills discounted, bills receivable, loans, and other securities at i t the branches .. • • • • •• 12,260,425. 6 8 r Bank premises and property .. .. .. 419,11111 1 “ £19,174 584 10 1 !S * - -----——— ——- STATEMENT OF PROFITS. )r Balance of undivided profits at August 31, 1889 •• .. £121,787 19 9 Out of which a dividend was declared of •« •• 105,000 0 0 Leaving a balance of •• •• .. £16,787 19 9 b Profits of the past ha’f year, after making provision for all bad and doubtful debts £201,422 17 10 ill Less:

Remuneration to the local directors, and salaries and allowances to the colonial staff .. £60,682 7 5 General expenses in the colonies, including rent, taxes, stationery, etc, .. 22,628 4 8 Remuneration to the Board cf Directors and auditors, salaries of London office staff, rent, taxes, stationery, and general expenses .. • » 12,345 16 3 Income-tax .. •• 2.027 14 8 97,634 2 7 — 103,590 15 8 Balance of undivided profile at this date • • .. ..£120,378 15 0

C. E, BRIGHT, 1 H. P. STURGIS, I ARTHUR FLOWER, [Directors, J. F. M’MULLEN, J W. R. MEWBURN, Manager. T. C. O. SAUNDERS, Acting 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 February 28, 1890. end 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 sime correct. FREDK. WHINNEY, j Chartered Accountant, s- Auditors. ALBERT DEACON, j London, July 11, 1890.

“ The directors have to submit to the shareholders the above balance-sheet of the bank to Feb. 28 last, duly audited, which exhibits a net amount of profits, inclusive of the balance brought forward from the previous half year, £120,378 15s, admitting of a dividend at the rate of 14 per cent, per annum, equal to £1 15s per share, which will absorb £105.000, and leave the sum of £15,378 15s to be carried forward.. The directors have, as usual, after careful investigation, made sufficient reserves for all doubtful dependencies. They have satisfaction in reporting that the prospects cf the season in ihe Australian colonies generally are favorable, although in some districts exceptional floods have caused serious losses of stock. Since last meeting of shareholders a branch of the bank has been opened at Temora, in New South Wales. Mr Arthur Flower and Mr Henry Parkman Sturgis are the directors who now retire by rotation, in accordance with the deed of settlement, and they offer themselves for re-election. The bank’s auditors, Mr Albert Deacon and Mr Frederick Whinney, also retire, and offer themselves for re-election. The dividend warrants will be transmitted by post on 30’h inst., and the dividend will be payable in the colonies on such date as the general manager may fix after receipt of telegraphic advice.” The Chairman said: Gentlemen, such variations as have taken place iu the figures now presented to you from those presented six months ago are merely the ordinary variations incidental to our business. I do not think there is any fresh feature in the balance-sheet calling for special or detailed remark from me. You will observe that in our present accounts money at call and short notice in London, and bills receivable, loans and other securities in London, taken together, show an increase of £1,352,000, while bills discounted, loans and other securities in the colonies, show an increase of £74,000, and bank premises and properties show an increase of £25,000, making a total increase of £1,451,000 ; while, on the other hand, specie in hand and cash balances, and bullion in hand and in transit, show together a decrease of £450.000. the net result being an increase of £1,000,000 in the volume of the bank’s business as on the 28lh of February last This increase in the volume of the business seems the one absolutely constant feature in our periodical balance-sheets, as, may. perhaps, be considered only natural considering the expanding nature, of the communities among which the business is conducted. Otoer items vary upwards and downwards. This varies, it is true, but always upwards, having steadily increased until from £11,000,000 in 1880 it has reached £l9 000,000 in the present account, the number of our branches having increased during the same period from 59 to 88. I am sure I need hardly remind you what this increase in business, and this increase in the number of branehos at which the business is conducted, means in the. way of increased work and anxiety devolving upon the officers to whom is entrusted the management of the bank’s affaire, whether in the colonies or in London, so that it is very evident that the labor of supervising and conducting the whole business is no light task, even with the best organisation obtainable, especially so w hen one considers that concurrently with this increase of business there has to be met also an increased and increasing competition arising not only from banks of a similar nature to our own, but also from outside sources, some at least of which may be said to have been unknown at the earlier period I have alluded to. You will notice from the figures to whioh I have called your attention that while our business in the colonies was on the 28lh of February last rather larger than it had been six months previously, we have ample funds in London ready for investment when our general manager will have found safe and profitable means for using them. Major Fanning at our last meeting spoke of the drought recently ended. Since then, as you will see noticed iu our report, there have occurred most exceptional floods in parts of New South Wales and Queensland, causing serious losses to squatters and others; but the present season is the roost favorable one within recent memory; and the.clip of wool shortly to come forward is expected to be the largest ever shipped from the colonies, while prices of wool, which have been depressed, have improved, and may certainly be said to offer a remunerative return to the grower, so that it would seem safe to predict good times for the colonies, in which it is only reasonable to hope our bank should share. I have referred to increased strain falling on the higher officials of the bank in consequence of inoreMtd business: and in connection with

this point I miy remark that our general manager, Mr Finlayson, whose departure for Melbourne was mentioned by Major Fanning at our last meeting, has now got thoroughly' to work again, having gained, we hope, by his visit to Eog’and all that relaxation to which he was so well entitled, and having certainly confirmed the opinion previously held by the directors—if , indeed, such confirmation can be said to have been necessary —that in him the bank is fortunate in having a gentleman to whom may be confidently entrusted a post so onerous and responsible as the one he now holds. To him and to Mr Innes, and to Mr Palmer, the chief officer in New Zealand, and the staff serving under them, as well as to Mr Mewburn and Mr Carbery and their staff in London, I would tender on behalf of the directors our best thanks for their unflagging exertions in all that concerns the bark’s interest. I shall be happy to answer, to the best of my ability, any questions that may be asked, and now beg to move the adoption of the report and accounts as now presented.

WMr Botley’said that, as an old shareholder of the bank, he had great pleasure in second, ing the resolution for the adoption of the report. He considered they might congratulate themselves, not only upon what they had stated in the report, which was most satisfactory, but also from the remarks made by the chairman. He thought that they might also be satisfied wi'h the change of the weather that had taken place in Australia since the drought, during which period an acquaintance of his bad lost no less than 50,000 sheep, and yet, notwithstanding this, was able to withstand it and carry on his business as'before, and ano'her gentleman had lost 15,000 sheep, and was able to continue his business without being seriously affected by the loss. This, he thought, proved the resources of the country, and what they might look forward to in the future. The various items in the present account showed an increase in their business, and ha thought they might congratulate themselves, and especially the old shareholders, upon the result of the present half year. He had much pleasure in seconding the adoption ot the report and the payment ot the dividend contained therein. The motion was’carried, Mr B. O. Lyall proposed, “ That Messrs Arthur Flower and Henry Parkman Bturgis, the two directors retiring by rotation, be rr. elected direo'ors cf the bank.” Mr Botley seconded, and the motion was carried. Mr Wilkinson moved, “ That Mr Albert Deacon, of 12, Feneburch street, merchant, and Mr Frederick Whinney, cf 8, Old Jewry, chartered accountant, both in the City of London, ba elected auditors of the bank tor the year ending 30th of June, 1891, at the remuneration of £300." Mr Lyall seconded, and the motion wes carried. Mr Botley proposed, “ That the thanks of the meeting be given to the din-ctors, and ihi manager,' assistant manager, the secretary, and general staff, both here and in the colonies, for their successful management of this bank." The Bev. J. F. Poulter seconded the motion, which was carried. The Chairman returned thanks on behalf of the board, and expressed the hope that the directors would earn the same compliment at the hands of the shareholders on future occasions. Mr Mewburn said that ho would like to bo allowed to say a few words of thanks on behalf of the staff of the bank, and ho wished to refer particularly to his colonial colleagues—the general manager (Mr Finlayson). the chief officer in Hew Zealand, the inspectors, the branch inspectors, and the branch managers, and to all the colonial s'aff. It was to the exertions of these gentlemen, under the guidance of the directors, that they w re mainly indebted for the splendid balance-sheet that they held in their hands that day. As to the London staff of the bank, they acted to the very best of their ability in promoting the interests of the bank, and they were encouraged by the vote of thanks. Perhaps, he might be allowed to remark that at the time of his visit to the colonies, two years ago, nothing pleased him more than to see the excellent class of men that they had in the colonial service. Ho was very much struck with it. He visited very many of the branches, including all the most important ones, and he was confident that so long as they had gentlemen of such a stamp forming the staff of the Union Bank of Australia, they would be able to hold their own successfully against the excessive competition to which they were exposed at every point, and to which the chairman bad alluded.

The proceedings then terminated,