The Express.
London, England, 1853-01-25 00:00:00

UNION BANK OF AUSTRALIA.

A special general meeting of the proprietors of the
above-named company was held yesterday, at their offices
in Old Broad street, Mr. CIIIIMINIP in the chair, at which
the following supplemental report and statement or accounts,
to Dee. 31, 1832, was read :
" The directors have the satisfaction of reporting the con-
tinued prosperity of the bank at all its branches. The
rapid expansion of the Vabilities of the banks in the colo-
nies, arising out of the esteut of the gold discoveries, caused
in the earlier months of last year some restriction of the
facilities granted to the merchants, who were engaged in
making shipments of gold. The large amount of coin, how-
ever, sent from hence about the same period, was gradually
being received at the date of the last advice., and would
probably have soon rendered prudent the removal of such
restriction,. The general trade of the colonies has been
largely and profitably increased; and the directors are
happy in being able to state their belief that the interests
and operations of ft ick owners and other settlers have been
on the whole far less disturbed or impeded than at firkt
there was reason to apprehend. The colonies of South
Australia, Van Diemen's Land, and New Zealand, have
participated i . • very remsrkable degree in the general
prosperity which has arisen out of the gold discoveries in
New South Wales and Victoria. The manner in which the
inspector has devoted himself to the hank's interests, and
the general conduct of its affairs, uuder new and ditaeult
circumstances, merits the marked approbation of the
directors ; and it is but justice to say that he
bas been ably seconded in his arduous duties by
the local directors and managers of the several
branches. The officers generally have entitled themselves
to the approval of the directors during a very critical
period. The directors have to record with deep regret the
death of their much respected colleague, James ltuddell
Todd, Esq., the vacancies occasion. d by which, and by the
retirement of Robert Gardner, Esq , of Manchester, have
been provisionally filled in conformity with the deed of settle-
ment, by the appointment of Robert Campbell, Esq., late
of Sydney, and John Blosam Elim, Esq., of this city, who
retire at this meeting in accordance with the provisions of
the deed, and now offer themselves fur re-election. The ,
directors now proceed to submit the statement of accounts,
which present an amount of profit for the six months now
reported on of 107,3441. 7s. 94. (Cheers.) This profit ad-
mits of 106,6001. being appropriatedifor the purpose of divi-
dend, to apply as interest on the paid up capital, a.. 4 the
same will therefore furnish a dividend by way of interest at
the rate of thirteen per cent.—(loud cheers)—(fur the half-
year) on the anso..nt paid up, in respect of each share in
the capital of the company, payable in London, free of in-
come tax—(hear, hear)—on Tuesday, the Bth of February,
and in the colonies, with the addition of 74. in the pound,
as soon as the inspector shall fix after the receipt of
&deices."

--------.
Branch accounts
Bills payable and sundry balances
Profit and loss
Reserve fund 200,000 0 0
Paid-up capital 820,000 0 0

£2,808,673 5

Brant& accounts
Bills receivable 142,619 6 3
Government .took, and loans ou security 1,08.1,910 8 6
Open policies, &c.
Cash
Investment in 31 per cents.—for reserve
Lund

£2,608,673 6 5

STATZMIXT OP PROFIT/.
Balance of undivided pro.
fit at June, 1862 £94,621 0 7
From which are to be de-

ducted amount toted
proprietors in July, 1&52,
to complete reserve fund £27,5!1 0 7
And amount transferred to
deductions from Bank Pre-
mime account 4,784 11 3
-- 32,32.5 11 10

£62,295 8 9
To which are nrw to be added the tweets
of the past half-year, ending at the
Branches 30th June, and at the London
Office December 31, 1862 107,344 7 9

169,639 16 6

DIDUCT :
Dividend and bonus paid at Midsummer,
1862 49,200 0 0
Balance of undivided profit at Ude date Elfffi,439 16 6
The CHAIRMAN cousidered it nue-eery, in adverting to
this very satisfactory report (us he had nu doubt it would
be considered), to intimate to the., proprietors who had but
recently come into the company, and had not therefore been
in the habit of attending their meetings twice in each year
for the lest fourteen years, that the prosperity of the Union
Bank of Australia was not of recent date, but that in those
past times when the Australian colonies were in • state of
more or less distress the directors had been enabled so to
manage its affairs as with benefit to the colonies and with
perfect safety to the bank to divide a fair profit among the
shareholders. (Hear, hear.) At ell events, he was
justified in saying that they had divided • profit
that was considered satisfactory, for he scarcely recollected
a meeting in that room, whether crowded (like the present)
or not, that had occupied more than half an hour.
now, after the reports which had been just read, it needed
no remarks of his to prove to those new proprietors pre-
sent—and there must be many of them, for there had ban
extensive changes in the list of shareholders during the
lass six months—that the company was in a state of great
prosperity. (Cheers.) It was the pleasing duty of the
directors to present to their proprietors on the present octet
Mon a Christmas plum pudding, containing more than NM
good plum; and looking at their position and prospeels,
Obey hoped to be able to do the same annually for many
yawn to some. (Cheers.) It was true that they would have
is future to navigate that which was, in some respects, a
eery different sea from that in whizh they had hitherto
Sidled—that they would have to navigate a sea crowded
with competing craft—hut with regard to that prospect of
haressed competition, all he wished to say was, that he hoped
the imam new banks which were being established would
Anew the example of this, and by prudently regulating
their proceedings secure benefit to their proprietors and to
the colonies in which their operations were to be carried on.
(Hear, hear.) If they did Do they might be enured they
would the Union Bank neither antagonistic nor on-
hissdly to, but ready to co-operate in, those measures of
pesdonts and caution which alone could give permanent
esseass. (Hear, hear.) He trusted they would all prosper,
Ass he had no doubt that in such prosperity the Union Bank
.alt share. (Hear, hear.) He then proceeded at some
length to describe the parsoadlogs in a Chancery suit,
brought against the m he instance of two holders
of shares upon which 21. lOtt. soh only had been paid, and
who claimed to share equally ia the dividend with the pro-
prietors of those shares upon obi& 261. had been paid. The
eleha was founded on a partial weadlog of sustain words in
sae edit ahem is tho had 4 am"—t. and had been
resisted an the sadwrity of an asked opiates given by Sir
F. Kelly, Mr. Zoandell Palmer, and Mr. Oliver Farrow.
Ultimately on Saturday last the plaintiff, Mr. Williemson.
had directed his solicitor to withdrew the cast, which had
been done, and the suit was consequently abandoned.
Mr. BORHOWDALI moved the adoption of the report, and
took occasion to congratulate the shareholders on the pros-
perous condition of the company, and especially on the sub-
stantial dividend which the directors had announced. He
wished, however, to know whether any informatio• bad
been received from the colony since the accounts had boss
made up, which might in any way tell upon their future
prospects ?
The CHAIM/lAN replied that when a period of treat al-
versity existed, and the directors received information after
the date of making up the accounts of circumstances which
threatened to entail heavy losses upon them, and thereby
curtail future dividends, he had certainly thought
it his duty to make the proprietors acquainted with it; but
the case was now directly the opposite. (Hear, hear.) The
directors had annouaced a dividend which ought to satisfy
every shareholder—(lond cheers)—and which they would
n have proposed had they received any adverse news.
(Hear, hear.) They had given all the information they bad
to the date at which the accounts were made up, and they
(the directors) had no reason to complain of anything that
had come to their knowledge since, but rather otherwise.
(Hear, hear.) Under these circumstances, he thought it
better to say as little on the subject as possible. (Cheers.)
The motion having been seconded, was carried unani-
mously, as was another confirming the dividend of 13 per
cent. free of income tax, the latter amid much cheering.
The Cnatawaie, in reply to a que tion, stated Vat
200,0001. beiog now set apart as a reserve fund, and as us
more deductions would be made from profits on that account,
the proprietors would in future have divided amongst than
the whole profits made in each half year.
A PHOPHIIIIOII—Of course a provision will be mado foe
losses by bad debts in each half-year's account ?
The CHM/MAN—We invariably lay aside for such par
poses an amount more than saMcient to meet anything that
can possibly arise.
The vacancies in the direction having been filled up, as
recommended in the report, a vote of thanks was, on the
motion of Mr. Hoorsa, passed in favour of the chairman
and his co-directors, with which the proceedings termi-
nated.

FIRE IN PEMBROKE ROYAL DOCKYARD.-011 Sun-
day night, about 12 o'clock, a fire was discovered in one of the
officer's cabins in this dockyard, which, from the fortunate
circumstance of its early detection, and the prompt mea-
sures adopted lot its suppression, did little irjury. These
cabins, instead of being separate and distinct stone sod
worts; buildings, are very improperly part and parcel of
extensive ranges of wooden seasoning sheds, to one of
which, if the fire had extended, the amount of damage
would have been enormous, and the possibility of arresting
the effects of the destructive element problematical in the
extreme. The origin of the fire remains a mystery.

- -
LEvEN RAILWAY.—It will gratify the friends and
supporters of this project to learn that the directors of the
Edinburgh, Perth, and Dundee line are now prepared to
recommend to the shareholders the adoption of the contract
which was postponed at the last half-yearly meeting iu
September. In the event of this adoption—of which there
can be no doubt—this branch will be immediately pro-
ceeded with; and six months or loss, it is said, will enable
the contrecter to have the rails ready for the locomotives.—
Fife/lure Journal.