The Express.
London, England, 1848-07-18 00:00:00

be (Faun.

The Queen and Prince Albert 'visited the Queen
Dowager yesterday at her residence, Busby.house, Bushy-
park, and partook of a thjetiner. The Duchrss of Cambridge,
accompanied by the Princess Mary, also visited the Queen
Dowager yesterday afternoon.
The Queen had a dinner party yesterday at Buck-
ingtam Palace.

A deputation of the Commisaionera of Northern
Lighthowcs, confieting of Mr. Thomson, Mr. Hunter, and
Mr Urquhart, accompabied by the solicitor, Mr. Cuning.
hem, hau an interview with the Right Hon. H. Labouchere,
yesterday, at the office of the Board of Trade.

UNION BANK OP AUSTRALIA.—The tenth annual
meeting of the proprieton was held yesterday at the ►ank, in
Old Br..ad-street. Mr. Carter presided. The secretary read
the report, which stated that

'The 14steni of businera which the directors bare adopted has been
tried, during the occurrence of many vicissitudes in the COMlllefett I
world, and it has stood the leg. Thee until has • en reserved (or the
purprae of airing the legitimate wants of trade, and the bank's ad.
ranee, restricted within each prudent limit. a. are calculated •e.
guard against any very henry los•es. The events of every day have
confirmed in the minds of the directors the i nro,f -rice of a steady ad-
herence to these principles. In thei. otpplementm r report presented
• in January tact, the directors briefly communicated the subntanceo.
Mr. McLaren's very satisfactory repot! of iimpection, nesde on hie re.
turn from Mating the branches in Van Diemen's Lacit and Nem
South Wale.. The secounta since recei,el from the =inners fully
justify that report And although the denies-cid elate of the roo: an
let in Englund, In addition to the high priceof labour in Austrs.eionast
for a time preen heavily upon the col. nial antler. and the trade,
the director. are glad to be able to elate that the inspector so
managers are prepared for the events that may arise, and are pru-
dently adopting measures to protect the interests of the bunk. The
steps taken by government to promote emigration will afford most
timely and important relief to the colonies ; and it is very gratifying
I to the director. to find that the value and necessity of a well regulated
mie'ern of emigration and colonisation is fully recognised by the legis.
tsture at home, and felt by every one who understands the mutual
Lr.tereets amt relative eircumntruices of the colonies and the mother
country. The improvement which has taken p 1 ice in the internal
condition and general eircumstances of the New Zealand co:onies has
induced the inspector to open a branch at Auckland, the lest of
government, to which Mr. Aletaneler Kennedy has been appointed
manager. The branch only commenced its operation. at
the date e f the last advice.. Of the present position of the
affairs of the bunk generally, and the neat and prudence
manifested by our inspector, the local directirs, and Itel lagers,
tha directors are gratified in expressing their entire mtirfaction.
The directors were enabled to declare a dividend at the rate oft per
cent per annum on the entire paid-up capital of the bank, to be pay-
able to London on the Int of Mutant, and In the colonies as soon as
the iltheieethe Allah Its after receipt of ails-ices. The dividend will be
paid free of income tax, and in order to equalise the division td. in
the pound will be added upon such dividends u are pelt in the
colonies.

Bina payable
Sundry balance' ....... , ..„„
Reserve fund (10 par Met)
•

2107,072 5 5
4,3511 S 7

- AP" P 1

Profit and tomi w -----.

.. 41;863 IS I
- 102 248 9 3
.. 820,000 0 0

Paid-up capital

01,033,678 19 10

Branch accounts (balance)
Bills receivable

V 20,650 5 0
197,859
.f.l In

Investment , provertusssisteet, sod tend security 461:269 7 7
❑norancet and open policies, Sm.
Cash

It1,611,6:8, 19 10

Balance of undivided £37,677 10 11
To which are now to be added profits for
the year ending at tha branches Slat
Dee., 1447, and at the London office 30th
Jane, 1848, after deducting amount of
bad debts to the above-mentionedflate ...g69,762 611
Deduct one-tenth for reserve fund

157,333 1 3

195,06315 2
Deduct dividend paid at Midsummer, 1947 /24/40 0 0
Ditte ditto Chri5tman.......,.... 21,600 0 0
----49,200 0 0

Balance of undivided prodt at this date £45,883 13 2
The chairman in answer to Mr. J. It. Robinson, stated
that the subject of opening a branch at Adelaide had occu-
pied the attention of the directors, hut the matter was not in
a state to enable him to give any further information. The
to:al expense of management in the colonies was 11,8001. per
annum, and in London 3.1001.; making, together, 11,900/.
During last year only 5,0001. had been written off on the bad
debt account; and the greatest possible lows on dcubtful debts
was estimated at 8,4601. on their balance of 45,863/. (Ap-
plause.) —The report was adopted, and Mr. Linde end
Mr. J. B. Smith, the retirin,t directors, were re-elected. A
vote of thanks to the chairman closed the proceedings.