The Express.
London, England, 1853-12-06 00:00:00

BANK OF AUSTRALASIA.

Yesterday the half-yearly meeting of proprietors
was held at the °Sees, 8, Austinfriars ; Mr. FAURE!' is
the chair.

The report stated—" In presenting their half-yearly
statement, the directors have again to congratulate the
proprietors on the prosperous condition of the bank. The
latest advices received from the respective branch establish-
ments afford e video*, of the satisfactory progress and coo-
tinned increase in the general business, and fully justify
the directors in stating that the profits during the year of
account, ceding In October last, will exceed those of the
preceding year. Under these circumstances, the directors
have no hesitation in announcing that the formation of •
permanent guarantee fund, which it has long been their
desire to create, and which has been so strenuously
urged by the proprietors themselves, is now • matter of
certain attainment. The directors entertain no doubt, that
after providing for the payment upon the shares for the
ensuing yew, at the present rate of 16 per cent. per annum,
the affeounte to be submitted in June next will show they
have been enabled to separate and set apart, u a gua-
rantee fund, the sum of 200,0001. to be reserved as a pro-
tection to the capital, the interest thereof being applicable
to dividends. This important object being accomplished, a
larger proportion of the profits, a, they may from time to
time be realised, will then be available for future division.
Branch banks were established in July in the thriving set-
tlerneats of Port Fairy and Portland Bay in the colony of
Victoria, and another at Notelet) Bay in New South Wales
is in course of formation. The directors have secured a
valuable and advantageous site for hank premises in
Threadneedle-street, the building of which will be com-
menced forthwith. The directors have again the satisfac-
tion of recording their sense of the services of the home
establishment and of the several branch establishments in
the colonies."

The CHAIRMAN, in moving the adoption of the report,
said that at this period of the year the directors usually
made the probable estimate for tee year, and in doing so
they rather took a mederate view of what might eventually
tun out. The course of events up to the present time had
been satisfactory, without any drawback, and the profits to
be declared in next June would exceed thou of last year.
He, for one, anticipated that it might be the reverse, be-
cause he thought it probable, when the first flow of geld
was over, that the profits arising therefrom would fall, and
that they might therefore expect some drawback. Since
October last the profits made did not arise so much from
the purchase of gold as from the larger amount of exchange
operations—(hear, hear)—which was • source of profit
more likely to increase than diminish. The Chairman next
referred with satisfaction to the circumstance that without
trenching on the reasonable expectations of the share-
holders as to dividend, the directors would be able to set
apart in June nest2oo,oool. as a permanent guarantee fund,
which would increase the value of their shares in the mar.
ket,:as was found to be the case in respect to • rival establish-
ment. This was smatter of safety, prudence, and expediency.
Eery one remembered that some three or four years ago
an imperious necessity compelled them to suspend dividends
altogether. If they had a real and separate guarantee fund
that calamity might never have happened. If similar cir-
cumstances Anne again they would be able to meet them
with this gsaraatee fund to fall back upon. In April and
October, 1850, they resumed the payment of dividends at
three per cent. ; in 1851, they paid tour per cent. ; in April,
1852, they paid live per cent. ; in October, 1862, they paid
six per cent. ; in the April and October of this year they
paid fifteen per cent. ; and they fully expected, nay, they
felt certain, that they would be able to pay the same
amount of dividend at the nest declaration, and establish,
at the same time, a g a fund of 200,0001. (Hear,
hear.) The increase of business was satisfactory in every
department. The money employed in the colony hitherto
had been small, but within the last three months, that was
to say up to July last, the increase is that branch of business
was larger than in any other. Their advances increased
between April aced July from 980,0001. to 1,3,50,0001.
Their circulation, which in October, 1852, was 860,0001.,
was 916,0001. in July. Their deposits, which in October,
1852, were 2,200,0002, were in July 3,82,5,0001. (Hear.)
Besides this, they had in hand a very large amount of bul-
lion which came over to this country as occasion required
to meet the bills drawn upon them. In consequence of
the increase of business, Mr. Milliken and Mr. Waterston,
and the other officers of the company, both at home and
abroad, had an enormous extent of business thrown on
them. In proof of this, he might mention that the in-
surances effected en produce coming to this country during
ten months amounted to 8,800,0001. They receded during
the same period 620,500 oats. of gold dust, which had to be
taken care of and sold. The drafts drawn upon the
Londoa bank during the same period amounted to
2,800,0001. Yet all this, he was proud to say, had been
dons without the occurrence of a single mistake. (Hear.)
Neither was the office of director at the present time any
sinecure ; for in one weak they accepted 1244 bills, amount-
ing to 496.2341. They must depend on their servants in the
colonies for the soundness and legitimate character of their
business ; and, to their credit, he must say that he was not
aware of a bad debt last year to the amount of 1001. (Hear,
hear.) He must also congratulate the proprietors on having,
at last, secured a most convenient site for the new pre-
mises. (Hear, hear.)
Mr. Vindots, whilst he acknowledged the satisfactory
' nature of the report, took exception to the giving • ground
rent of 1,3001. for the new premises, when they could get
the same extent of ground on the site of the Excise Office
for 1,1001.
The Cnaramats said that they were offered 1,0001. on
their bargain sines they made the purchase. Besides, they
mould let off a portion of the site in Threadneedle-street,
which would bring them 4002 or 6001. • year.
Mr. Berjeant GARBLER congratulated the shareholders
on the establishment of the guarantee, but it would be an
additional satisfaction if.the money were lodged in Consols.
The report was then adopted, and votes of thanks passed
• to the theirmaa, directors, and officers of the company.