The Express.
London, England, 1866-07-16 00:00:00

UNION BANK OF AUSTRALIA.-(THIS DAY.)

The annual meeting of the proprietors was held
at 1 o'clock, at the hank, Old Broad-greet ; Mr. ROBERT
CAMPBELL in the chair. _ _

The report, which was read by the manager (Mr. H. W.
D. Sai•Nomut) congratulated the meeting on the mainte-
nance of the previous rate of profit. Business had con-
tinued to be conducted under favourable circumstances.
The board regretted the unavoidable retirement of Mr.
Buckle. The vacancy could be filled by Sir C. Nicholson,
who now offered himself for election. A dividend of
2/. 2s. 6d. per share was recommended.
The following balance sheet was presented :
" Statement of liabilities and assets, at the branches, on
the 31st December, 1865, and at the London office, on the
30th June, 1566 :—Liabilities : circulation, 493,04 W. ;
deposits, 3,1:3.,3:30/. ss. 3.1. ; bills payable and other
liabilities (including reserves held against doubtful debts)
884,003/.los. 2a. ; balance of undivided profit, 107,729/.
Is. 8,1. ; reserve fund, '250,009/. ; insurance reserve
account, ; hank premises reserve account, 75,000/.;
capital, 1,250,6001. ; total, 6,390,6111. :is. Id.
Assets : Specie on hand, and cash balances, 948.038/.
Os. 4d. ; bullion, 94,130/. 4s. 1181 ; bank premises and pro-
perty, 145,7771. Bs. 3d. ; government securities (British
and colonial), 139,501. ; local bills, bills receivable, and
other securities, 4,813,1(W. 9s. 74. ; reserve fund, invested
as per statement, 250,000/. ; total, 6,390,611/.:35. 14.
Statement of Profits—Balance of undivided profits
at 30th June, 1805, 113.882/. 55..14.; out of which a divi-
dend was declared of 112,500/.; leaving a balance of
1,382/. ss. 3d.; profits of the past year, after making provi-
sion for all bad and doubtful debts, 323,079/. 3s. M.; less
remuneration to the local directors, and salaries and allow-
ances to the colonial staff, 67,470/. 9e. 2d. ; general ex-
penses in the colonies, including rent, taxes, stationery,
t 313.842/. 7s. 14. ; remuneration to the board of dime.
tom, salaries of London office, staff, rent. taxes,
stationery, and general expenses, 13,085/. Os. 7.1. ;
income tax, 2,4811. 4s. 2,1. ' • making, 110,48'2/. Is. ;
leaving 212,597/. 2s. 5d.-213.979/. 7s. 8.1. ; deduct, divi-
dend paid in January, 106,251!.; balance of undivided
profits at this date, 107,721!. 7s. 8,1.
" Reserve Fund.—New Zealand Imperial Four per Cent.
Debentures, 200,000/. ; Colonial Six per Cent. Deben-
tures, 50,0001.-230,000/."
The CHAIRMAN, in moving the adoption of the report,
said happily there was nothing in the events of the last
six months to call for remark. The business of the bank
had pursued the even tenour of its way notwithstanding
an unparalleled crisis. Every item of the large balances,
and every account, had been subjected to a rigid scrutiny,
and ample reserves had been made for every bad or doubt-
ful debt. The company had not lost one shilling by any
of the enormous failures which had recently occurred,
nor did he see any prospect of loss. Their position
as regarded coin and bullion would compare favourably with
those of the three oldest joint stock banks in London.
The value of the great staple wool had stood the test of
the late severe panic. 4,000,000/. worth of wool was
brought to the hammer, and while almost everything else
was so much depressed the diminution in that case did
not exceed from 10 to 15 per cent. There could be no better
proof of the solid position of the communities with which
that bank dealt. In advices dated the 28th of May the
general manager did not ask for any further reserve on
account of bad or doubtful debts.
. .

A SHAREHntnim in.mired whether either of the directors
were on the board of the Joint Stock Discount Company.
The CHAIRMAN replied in the negative, adding that Mr.
Elfin retired before the failure of the company referred to.
After some discussion the report was adopted, and a
dividend of 2!. 2s. Od. ner share declared.

THE GREAT NORTHERN AND THEIR WORKMEN AT
DONCASTRR.—The workmen employed at the Plant Works
of the Great Northern Railway at Doncaster, with few
exceptions, took a novel proceeding on Saturday last by
stopping away From their work. to express their indigna-
tion at what they conceive to be improper treatment from
the assistant manager or some other of the head officials of
the company. For some years the men, together with their
wives and families, have been conveyed to a seaport for one
day in the summer at a nominal fare of Is. or Is. ral., but
this year, after the trip had twice been fixed, it has been
withheld, although no explanation, so far as we have learnt,
has been given for such refusal. The men on Friday night last
were made acquainted that the excursion fixed to go to Clee-
thorpas the next day would not leave, and they went up in a
body to the residence of Mr. Edmund Denison, the late
chairman, and stated the facts to him, with a view to his
interference. Mr. Denison heard their complaint, and pro-
mised to do what he could to get them the trip, though he
reminded them that he was not now connected with the
company as a director. The men are greatly exasperated,
being under the impression that the influence of one or
more persons connected with railway trips has been used
to prevent this excursion, in order that their own trips
may receive greater countenance. The town has been in a
state of considerable excitement, and it ie not unlikely
that a breach of the peace may ensue, the workmen de-
claring their intention to inflict summary punishment upon
the person whom they conceive to he the cause of the
withdrawal of the train, which has been twice announced
to leave Doncaster for Cleetborpes.
EARLYCLoSINO. —The princi pal drapery eatabl lab-
meats were closed on Saturday at 2 o'clock under a new re-
gulation. At Camden-town the proprietor of a shop has
announced his intention to close during the months of July
and Auguatat 2 o'clock every Thursday, for " the recreation
of the employed."
MELANCHOLY EVENT IN A CLERGYMAN'S FAMILY.
—On Thursday afternoon last the Rev. Francis Morse,
vicar of St. Mary's, Nottingham, and his wife and family,
accompanied the choir to Ratcliffe-on-Trent, where they
were having their annual treat. After a pleasant evening's
entertainment they reached home about ten o'clock at
night, and as the young people had become somewhat
overheated, Mrs. Morse ordered them to have a warm bath.
One of the servants had carried some hot water upstairs
in a pan. Before the bath could be prepared, Master
Wilfred Hanbury Morse, a fine little fellow of four years old,
who was ready to take his first turn, accidentally slipped
into the pan of boiling water, and though be was instantly
lifted out he was fearfully scalded. The usual remedies
were applied, but after a night of intense "offering he died
on Friday morning.
STRANDING Or ♦ LIVERPOOL SHIP.—ARRLOW,
IRELAND, SATURDAY.—At 8 a.m. this day (writes Dr.
L'Fatrange), • vessel was observed to be aground on the
Glasgorman Bank, six miles south of Arldow. The lifeboat
of the National Lifeboat Institution was immediately
manned and launched, and proceeded to the ship which she
reached about 10.30a.m. The vessel proved to be the barque
Colonist, of Liverpool, 594 tons, John Gifford, master,
bound for Liverpool from Quebec, with timber. O■ the
arrival of the boat the vessel's crew was found not to be
in immediate danger, but her captain banded to the cox-
swain a telegram to the owners foe tug assistance, which
was duly forwarded to Liverpool. The boat returned to
Arklow at 2.15 p.m. She is named the Arundel Venable',
the cost of the boat having been bequeathed to the loath
tution by the late T. A. Venable', Esq., of Worcester.

MONEY MARKET.-(THIS DAY.)

iMaJtl
this o'CLuez.

There is little business to-day in public
securities, and prices are dull. Consols are
unchanged for money, but haveudeclined 1-16th.
per cent.- for the account. Foreign stocks
have given way in several cases, Turkish of 1865
and Italian of 1861 showing chief flatness.' In the
railway market the variations are not numerous.
Banking and financial shares are mostly quoted the
same as on Saturday.
The discount market is quiet ts►day, and:the
quotation for choioe bills is unaltered, at 9to 94
per cent. The supply of money is considerable.
Consols are now quoted 87j to for money,
and 871 to for the account (August 9).
The foreign stock market is fiat. Italian Bonds
of 1861 have declined 4 per cent. ; Turkish
of 1865, if ; Brazilian scrip, ; and Spa-
nish Passive, 4. Turkish Bonds of 1862
are now quoted 50 to 52, ex div. ; ditto of
1865, 264 to 4 ; Greek, 11 to 12 ; Spanish Pas-
sive, 191 to ; ditto Certificates, 151 to ; Italian,
1861, 52 to 4, ex div. ; Brazilian scrip, 4 to 3 dis. ;
and Mexican, 15# to 4.

American securities are unaltered. 5-20 bonds
are now quoted 671 to 68 ; Erie Railway shares,
40 to i ; and Illinois Central, :6 to
International Financial shares are now quoted
2 to 12 dia. ; London Financial, 12 to 11 dis. ;
General Credit, 2i to 1/ dis. ; Credit Foncier,
11 to 1 dia. ; and National Discount, 7f to 81
prem.

HALF-PAST THREE o'Citoea.
Console are fractionally better, at 87i to g for
money, and 87.; to 88 for the account.
About 55,000 f. in gold has been withdrawn from
the Bank for the Continent.

At Paris this morning the Three per Cent. Rentea
opened at 68, being per cent. lower than on Satur•
day.

The withdrawals of gold from the Bank of Eng-
land for export continue, and naturally give a
check to speculation for a rise in the Stock Ex-
change, but in the present condition of the stock
of bullion no effect whatever can be produced by
them nixm the money market except the negative
one of a further postponement of the long-expected
reduction in the rate of discount. It is not bullion
but notes that the Bank wishes to draw back into
its coffers—notes which the banking and commer-
cial public have insisted upon retaining ever since
the panic. That this is done from no real
need, but as a mere measure of precaution, is evi-
dent from the fact of the circulation being about
tluce and a-half millions in excess of its ordinary
amount at this season. There is, in truth, quite a
dead lock in the money market : the Bank of Eng-
land refuses to lower its rate of discount until it
gets back the hoarded notes, while the public on
their part refuse to part with the notes until the
Bank abates its terms, and so gives a signal
of confidence. This seems to be the key to the
maintenance of the existing panic rate for money.
The stoppage of the Birmingham Banking Com-
pany has excited no particular sensation in London,
though an immense commotion has been produced
by it on the spot. The failure, it is true, occasioned
sonic surprise in City circles, the concern having
enjoyed good credit here. Many firms engaged in
the iron trade in the neighbourhood of Birming-
ham will be great sufferers, and it is feared that
the effects will be strongly apparent on the
13th of next month, when some heavy
payments will have to be made by them.
It is clearly understood, however, that the scope of
the disaster will be chiefly local, and that the Lon-
don money market will only be influenced to the
comparatively unimportant extent resulting from
the precautions which are rendered necessary on
the part of bankers in the midland district. It is
matter fur congratulation that the failure has been
staved off until the present moment of com-
parative security. Had it occurred a few weeks
ago, when banking distrust was so rife, the con-
sequences might have been much more serious.
An instalment of 25 per cent. fell due on Satur-
day on the last Chilian loan.
We are informed that the petition presented by
certain directors for winding up the Trinidad
Petroleum Company (Limited) was withdrawn on
Saturday, and the directors have agreed to place
their resignations in the hands of the shareholders
at the general meeting, to be held on the 20th inst.
The half-yearly meeting of the North Stafford-
shire Railway Company will take place on the
10th August, at Stoke-upon-Trent.
The half-yearly meeting of the Wimbledon and
Croydon Railway Company is called for the
3rd of August.
At the half yearly meeting of the Anglo-lonian
Steam Navigation Company (Limited), held
yesterday, an interim dividend was declared at the
rate of 5 per cent. per annum for the half-year
ending June 30, payable on August 3.
Creditors of the Imperial Agency Company
(Limited) are required to send the particulars of
their claims to Mr. Geo. Henry Smith, of No. 27,
Cornhill, the official liquidator, by the 20th inst.,
the 27th having been appointed by Vice-Chancellor
Wood for adjudicating upon them.

- -
The Bank of New South Wales have removed
from their premises in Cannon-street to their new
banking-house in Old Broad-street.
The following is from the bullion circular issued
this evening by Messrs. Sharps and Wilkins :
The principal features of the bullion market remain
without change. Bar silver is unaltered at fis. 10. per
oz. standard, and until some definite information is re-
ceived from abroad on the question of peace or war is
likely so to remain. The news of a peace would almost cer-
tainly tend to depress the market to a very considerable
extent, while on the other hand the continuation of the war
would cause an extensive demand for the North German
cities. Mexican dollars are still without inquiry for
China, and are consequently entirely ruled by the fluctua-
tions in the value of bar silver. The amount just to hand
per French steamer has been sold at rm. fid. per oz. The
continent still continues to absorb all arrivals of gold, the
amount of London bills offering in the Paris market being
still very large. The imports, indeed, have not been suffi-
cient for the demand, and within the last few days some
considerable sums have been purchased from the Bank of
England. The cessation in the export of golds likely to
occur, until either the English bills held on the continent
have to a considerable extent matured, or until a better
feeling exists with regard to the stability of English credit
in the chief centres of commerce on the continent.
-- • •

Travers's Circular gives the following comparison
of the present position of the Bank, and the price
of Consols, with the corresponding date of last
year •

Bank bullion
EAnk reserve
Notes in circulation
Rate of discount .
Price of Consols

At present. Same date last year.
£13,973,470 ... £15,534,466
3,094,685 ... 6,818,206
25392,830 ... 22,392,945
10 per cent.... 3 perk nt.
871 ...

COAL MARKET.—(THIS DAY.)
Walla End Hatton, 20s. 6d.; Walls End Hairwell,2oa.6d.;
Walla End Hartlepool, 20a. 3d. ; Walla End Eden Main
10s. 3d.; Walla End Tunstal, 18a. • Holywell, 16s. 6d. ;
Tanfield Moor Butes, 14s. 6d.; Ilaatin 1 3d.—
p Hartley, 7a.
Ships as market. 21; at sea. 60.

ARRIVAL OF THE WELLESLIT.—PLYMOUTH,JCLT
16.-141esers. Green's ship Wellesley, from Melbourne on
she 26th March, has just arrived in Plymouth Sound, with
250 psasengers, 11,042 on. of gold, and a general cargo.
A New York paper states that upwards of 15,000
persons left the United States and Canada for Europe,
between May 1 and June 15, in the principal steamers and
sailing ships that crowed the Atlantis eastward.
The total length of the commercial railroads in
the United States is 30.793 miles, and wet 1,151,530,820
I dollars.—,Year lurk IVvrld.