The Express.
London, England, 1865-06-21 00:00:00

LAW INTELLIGENCE.

SOUTH AUSYNALIAN BANKING COMPANY.
The twenty-fourth anneal general meeting was
held yesterday, at the offices of the compesy, 51, 431,2
Brosdetreet ; Mr. Grows Kamm presiding.
The report, which has already appeared, was taken se med.
The CHAIRMAN, in moving its adoption, referred to the
lees which the company had sustained since the lest niestag
la the death of Mr. Edward Divett, who had bees for Tway
yews their chairman. sod of whom be spoke as a mileage
of high oherwass, souod judgment, thorough business has,.
ledge, sad one who was universally esteemed sad beloved by
every ow who came within the circle of his sequilatease.
No ass had as yet bees appointed t take Mr. Divan; Owe
as chairman of the company. ,lo manager at Adelaide,
Mr. Licksoo, bad hew compelled, in cowequeace of M.
health, to return for a short period to this couatry, Bad me.
Wateriness had been induced temporarily to take hie
place in the isolosy. Mr. Stirling, who would be the
whooossor of their late chairman at the board, had consider.
i aide knowledge of the colony, having long resided there,
sad powered great beanies@ capabilities ;and thezpoint.
meet was regarded as Si important one by the bear se it
gave them the amistawe of • gentleman isequain with
the various parties with whom the bank had to Unimak
banjoes'. With rapid to the condition of the bank, though
the proate of theirbanking hednot bees se large, caosidering
the amount of business dose, as might have been said;
pawl, they had aside a very prosperous year, sod he
thought the shareholders bad reason to be satisfied with the
result. In coatruistion of the statement of the report that
South Australis cautioned is a 'mod and progressive
lion, he he read a comparative statement between the yeses
1863 sad 1864, from which it appeared that the papedeska
had increased from 140,000 is 1863 to 148.000 in 1864, that
Use exports bad increased flow 2,358,8171. to 3,305,5451.,
sod the import. from 2,028,279 L to 2,412,4111.; that the
revenue had increased from 633,0001. to 775,010., while
there had bete a decrease in the annual expenditure from
635,001/1. to 612,0301. • that the land sales had ire eased
from 181,084/. to 269:0031. ; that the banking deposits of
ell basks had increased from 777,0001. to 4158,0002., gbs
eiroulatios horn 251,0001. to 327,0001., and the smote from
2.079,00131. to 2,361,0304 ; sad that the savings banks de.
Polite had increased from 189.0001. to 231,0001., with as is.
crease of meets from 201,0001. to 245,0001. The business of
the bank during the year had been extremely eatisketery,
and though in the preceding year the balms
for division was somewhat MOM than on the present over
NOD, the directors were enabled to recommend a divided
of 10 per cent., and had every reason to hope that the divi-
dend would go on for the Inters much as it had gait. 00 is
former yews. As far as the directors had the opportunity
of judging, the liabilities of the bank were extremely Mk
nothing during the year had goes contrary to their expects,
thaw, sad the company was in • very sound condition.
Mr. Kegs seconded the mottos).
Mr. G. Maararrr asked bow much of the year's prat
was made in the colony, end how much at Lome, end elle
in what minorities the reserve fund was invested.
The CUAIRIIAN said each queatioo was very unusual,
sod he did not think it altogether desirable that details of
that nature should go I. rth to the public.
Mr. H. WHEELER also thought the questions ought not
to be answered.
Replying to other questions from Mr. Moariarr,
The CHAIRMAN stated that always before branches were
finally established they came before the board for approval.
As far as it was possible the directors were Waled that
before the balance from Adelaide was drawn every bad
debt had bees struck off and doe provision had been made
for those that were doubtful.
Mr. idownrer suggested that as their reserve bed now
reached 110,0001., or one-fifth of the capital, it might be
oocsidered whether it was necessary to go on increasing
the amount. He also questioned the policy of estabhshieg
numerous branches.
Mr. H. Witiumet considered the establiaL meet of brow-lien
1 as oeceseary to keep pace with the times, but joined in the
suggestioe of Mr. Morpbett with reference to the reserve.
Mr. W. PURDY (the manager) mentioned that almost ell
the branches were paying well, sod that some of them woe
paying upon the capital et their command even larger per
leaden than the parent offices.
The report was adopted, and a dividend of 10 per cent
per annum free of income tax declared, payable half yearly
on the 15th of July and the 15th of January.
The retiring directors, Messrs. J. H. Leckie and F. C.
Wilkins, and the retiring auditors, Menus. C. Chippeedsl
and J. S. Wells, were then re-elected ; and Mr. W. Stirling
was appointed to the vacancy caused by the decease of It.
Edward Great.
Votes of thenta were 'worded to the manners sad
Alters in the colonies, to Mr. Purdy and the Londou eta!,
sod to the chairman and directors ; after which the meeting
separated. .