The Express.
London, England, 1849-12-21 00:00:00

BANK OF AUSTRALASIA.

.Yeeterday the half-yearly tweeting of the pro-
pours of this bask tau p'aes at the odes of the coo.-
peaty se Austin•friser, Leaver Farrar, Eq., is the chair.
Tlee lestleering state meat of the dreamt was reed by the
seersagy:
8 The Craton, la aeserdance with the precedent este.
bibbed he the past two yeses, submit to the precut mew
tag the Mewing Wel elabillagat el the affeisa of the bank.
The hacking speadene ell the eloyieradmi have proceeded
steadily, and the dimiless harm that kw, if say, bad
debts have bow maid dole( Vie ban ear. The
reels:Won of the peeped a bald by the beck continues
to engage the solos amentiss of Ike fibeeters. but they
regret that wasst= appeetnaity has yet offered
itself lee the t el se desirable aa objet-,
oesselemed, WNW .the grams, by the aniseed &ra-
sh* la %Moles of stack. and the lup peatity opested
he fond upon the market. The comanuelal and sins
'sherd affairs of the eslusies still hold oat the prospers
of lagarranent *Weed I. the last report ; at the same time
it must be borne in mad that the beneficial Mammas of
the memos is the prim of wool in this cowry, sad of
salvation, had sot prodosd any very sensible eff et a
91,11 doteof the last advice*. The directors have
in staining, that the subject of steam communieatka pleasure
this country mid the colonies has been taken up by the
govessinent, who bays invited tenders for c detracts fee that
prose; sad it is coofidently expected that that mos* la
=t object will soon be curled into eff et. The Lipka
of the debt due from the Beak of Australia has net
provessed so satisfactorily as the dowers had anticipated;
at the same time they we no mama to doubt the ultimate
recovery of the whole claim. They have felt it their duty to
take legal proceedings against some of the shareholders he
Ragland who have not thought proper to avail thesis:Use
of the offers repeatedly made to them, of coming to n rens of
compromise ; sad the instructions they hoes given to their
superintendent, meet, they aspect, lead to an milt settle-
meat of the debt. The sane received, &moon, in England,
up to tt le time, to 66,2361, and at Sydney, up to the
date of the last return, to 09,2371., making together
126,4721. In accordance with the wishes impressed by the
at the last yearly meeting, the opiates of coon-
eel has taken feta. ive te the appoiatment of auditor,
~sal the maw, with the (vision, will stow
be read to this
asedag."
Themes submitted to counsel was based upon • resolution
peeled at the meeting in June last, to the effect that it was
hies
srm
lhe of the meeting that audinss should be ap•
lee the purpose of esamining the bank easoante.
resslalisa was seat to the legal advisers of the cupola-
Moe, is seder that they might decide whether or not the
peoprieten bad the pacer, under the deed, of apprintiag
auditors, and the answer returned was, that, according to
the present constitution of the company, the eppeinunent of
atieliturs weuld be illegal. It was, however, in the power ofa
,
the shusholden to a.l a special meetingg for the purpose ,
making neck an alteration in the deed ea would enable them
to appoint auditors it they desired to do so.
This opinion having been read to the meeting,
The CHAIRMAN made • few observations in reforests
to the statement of the directors.
Mr, Sereant GAZELEB then addreeard the meeting at
some length, contending that the app dateeent of auditors
was absolutely necessary ; ha would therefore move a remota-
So to this effect :
" That the commissioners for the strainer the Treasury be
requested by the directess to appoint some pram or persons
to inspect and Instable the amounts of the beak, from
whielithe last half.yesrly statement was prepared."
The resolution having been seconded,
The CHAIRMAN reminded Mr. Serjeant Onetime that
the directors had no authority to ask the g..vernment to'
appoint auditors. The government bad the power to all 1
upon them to produce their books ; and the directors would
be ready to produce them at any time. As to the "mos
which had been brought forward by the learned servant it
was not sompetent for them to pus it at the present 'sleeting
The oaly eons they could adopt would be to give due
ner ice a a special meeting, for the purpose of ulnae the
ell, Tel feeling of the shareholders as to the propriety of 1,
lathing an alteration in their constitution, which would ea
power them to appoint auditors.
A long diet:oo4on then rood, and at the segrestioa of
the CKLIIIIMAN the motion of Mr. Seiko' Gueles was
withdrawn
Mr. JOSIAH WILSON th. a moved—
"feat it being the opiates of this =settee that it would be
desirable to have auditors appointed, it is resolved that the
(limbo be requested to take musette for the purpose, by
the ai.erratim ot the deed, if necessary."
The CHAIRMAN awed that he could not, ie the ro er
exercise of hie tunetioa, put this resolution upon the p preterit
ocemion.
Mr. WILSON mid the motim was a perfectly legal one.
and as the chairman would not rut it, be would move that
the meeting be adj ,urued.
Tee mottos was seconded by Mr. Serjaant Guano, but
coated with a
eras ii.ltatived, and the meeting ultimately sep
vote of thenhato the chairman.