The Express.
London, England, 1849-06-26 00:00:00

BANK OF AUSTRALASIA.

Yesterday the fifteenth annual general meeting of
this company was held at the Back, 8, Austin-friars,
G. H. Feivren in the chair.
The SECRE CARY read the report for the year of ac-
count ending October 16, 1848, in which the directors state
that although the Australasian colonies had not escaped
from the e, nscquenees of the commercial disasters and poli-
tical events which occurred in Europe in 1847, and bad
suffered much in consequence of the fall in the price of wool
in the home markets, whereby large deficiencies had to be
made good by the colonial shippers, yet credit was generally
sustained, no undue pressure was exercised towards th.
settlers, and the sacrifice of propery whicl took place duel, g
the crisis of 1843 and 1841 was to a arson extent averted.
They further state that they look forward with confidence
to consideratle improvement In the eon !ition of the colonies.
Their productions are yearly increasing both in variety
and importance. Population is rapi:ly extending; and
emigtivion, which is now going tinware' cn on exten,ive
scale from this country, as well as from Germany, must ere
long exercise a beneficial influence un the position of the
settler, and develop still further the natural resources of the
colonies, although the entierants who had arrive i at the
date of the last &deices had net been suflicieully numerous
to produce any material itopressi )11 on the price of labour.
Under the circumstances above adverted to, it was not to he
expected that the properties and securities of the bank, taken
over on account of old dependencies, could be realised, but
in other respects the business of th establishment during the
year has been satisfactory. At Port Phillip there has been a
steady nod protitabl,•increase,and them:Demi wealth of South
Australia has brought an accession of business to the Ade bride
branch. With reference tothe debt due by the Bank of Aus-
tralia, an arrangement has been concluded with a consider-
able number of the shareholders in this country, from whom
the sum of MAO/ has already been received; end as the
most ample forbearance has been exercised, legal proceed
i ,gs have been instituted agnitvt thoee who h :vs tailed to
avail themselves of the opportunity wlich has been afforded
them of coming to a similar arrangement. At Sydney, the
directors of the Bank of Australia pro nptly ad iphol
measures for the liquidation of the debt, and up to the 14:h
February, when the last &deices left the colony, the sum re.
criv. d emcunted to 51,0001, making viz..her with the
amount received in Lind m,• paymentot 105,0001. on account.
The sum paid at Sydney falls cousid. rably oh. rt of what the
directors had been given to expect but thismay in some degree
he attribute I to the monetary pressure which had prevailed ;
and although they have recommended that due consideration
should be sown, they have, nevertheless, imemieed upon
the superintendent the necessity of adopting measures to
compel the payment of the debt in lull.
The fillowing is the result of the operations of the bank to
the 16. h October, 1848
tiaLsnce in bad debt fund, 11th October, 1317, so
ith an in Etat report
Net priglts in the co:uwes and in London h.r the year
eliding WO October, 1tt413, after tteductititt all ex.
pewee. of inaniteemeid, law expenses ui the suit
egainat the Bank of AustralLi, &c.

5,55,174 1 4
Irrceoverable debts written id Ibis year in London
and the colonies 6,155 5 9

Balanx in bad debt fund, not appropriated, 16th Octo.
ber. 1848,
'fee assets and liabilities stood u follows, at the same
date:

♦•nm.

Government stock, specie, and eah
hank premiarn ...
' receivable, and other esturitieh

532,929 ►► 9
.. 23.594 4 ►►
1,350,461 ►S 5

/1,706079 Is I

E..
tel £0311,000 0 0
ire illation
B:114 isjuble, and esker MAO 19 3
Deputes
lead debt fund.
---.e1,70e,e79 13 1
In or ler to prepare the way for a resumption of dividends
which have not been declared for some yearn pose, the di-
rectors determined to take into their own heeds the valuation
of the properties and securities held by the back, and the
.etimates of the probable recoveries on old obligations of a
doubtful cherecter. Having given their assiduous attention
to this subject the result is that, after applying the had debt
fund of 82,0001., they consider it will be prudent to ealculate
upon a deficiency, as at 16. h Oct., 1848, of about 49,000!. ;
hut against this has to be placed the interest on the debt due
by the Bank of Austria is, amounting, with the costs, to
nearly 65,6001., and the profits of the greater part of the
current year. The deficiency estimated by the directors,
which greatly exceeds that of Mr. Hart, but falls short of
that of Mr. Atherton, has been framed watts a duties not to
underrate the extent of less. At the some rime it is imp.s.
tibia that any pledge can be given for its complete accuracy ;
but, bearing in mind the imprevem .et which has, recently
taken place in the price of wool at home, together with the
expected reduction in the cost of labour in tee colonies, the
directors believe the result will prove that th. y have pro-
vided for every probable contingency ; and see .rdingly they
reel themselves justified in announcing their Loention to
pay a dividend of 12,. per share, free of Inc ,me tax, on the
let of October next"
The CHAIRMAN, in moving that the report be adopted,
said that the object of the directors had been to treat the
affairs of the bank in a manner the nest favourable to the
interests of the proprietors.
In reply to questions from several proprietors,
The CHAllthiAN steed that an ainceLle arrengemeit
had been come to with the shareholders for the settlement of
the debt of the Bank of Australia, the whole of which they
expected to receive, there tieing no limitation tt the responsi-
bility of the proprietors. 'He repeat, d that it way in-
tended to secure the payment of the wh .le di bt with the
interest accruieg, but he trustee that the proprietors
would suffer the directors to deal with the matter without
imposiug any ennditious on them.
hie. J. WILSON suggested that fur the future auditors
should he appoieted to examine the aoc Ante. Ile thought
that the directors Acted State the gross profit of the concert,
and after witting forth the items of the expenditure, deduct
. them, and enable the proprietor, to see how the nett profit
was obtained. He would move "that it is the °pull.* of
this meeting that auditors of the accounts of the hank should
Ibe appointed by he eroprietors." (H er, hear.)
hi qor BRYAN seconded the motion.
The CHAIRMAN was of opinion the for the sake of
regularity, thee a motion as had been propose d by Mr. Wil.
son should be brought forward at a epeeist general meeting
of the proprietors convened for the purpose.
The report was then received and adopted; and the discus-
sion on Mr. Wilette's resolution was renewed.
The conversation was cot tinued for a considerable length
of time ir. a very ire gular manner, and the motion ws.
finaLy carried by a large majority of the meetinc.
The eutening dirretere, Messrs. E. Barnard, James Helms,
and G. Meee, were re-appointed.
Mr. WILSON moved that the directors be requested to
convene a get ral mee'ing as soon a' coeveniett for the pur-
pose of appointing auditors, if not contrary to the terms of
the deed.
Ths motion, having been seconded, was put f foes the chair
and lost, a censideranie number of the proprie tors who had
supported Mr. 11 Lion's former resolution having left the
meeting.
A vote of thanks to the chairmen directors was then
carried unanimously, ai.d the ord :litre terminated.

-
LONDON ORPHAN ASYLVIL —A gptc:2l general
court of the governors and subscri"svrs to this e .rporaton
was held yesterday, at the Lomlen Timm, Bishopagate-
street, James Croel, EA., la this chair, when, ou the rt corn-
immolation of the bard of managers, rule 58 was amcn led,
so at) confide in the bowl th^ .iivsr of grvati.g 'save of
absence to children, nod it was alio carria, with but two
dissentient wiees, " Tint the prctice us allowing as ware
votes as there are children to be .-I.zteti be disconti43..l
and that far the future one vote be all)w..d f a each anutia
guinea sal te-s guinims life snbseriptio• ." Tne ct at's& imo
the ostabashment et Clapton of 30 childiva-13 Oa'. an 1 17
boys—frorn a list of 141 candichtes, was then pro., eded with,
sod, as ward, when any of our great nalwal charities ere
concerns t, the busie and excitement wr, intense. Tile
business of the day terminated at 3 o•cl,ek, vik.sn the chair-
man anoottv,ced tin lune of the pulling,