The Express.
London, England, 1861-03-18 00:00:00

BANK 01, AUSTAAI43I.4.--(THIS

The annual meeting of the shareholders of this
bank was held at 1 o'clock, at the beak Premises in Thread-
neeille.street ; Mr. T. W. HENDERMON in the chair. The
report read by the secretary, was as follows :
' The directors submit the following abstracts of the ac-
counts of the bank, showing the results of the tranaactions
for the year ending the 15th October, 1860 Profit and
hies account.—Balance at the credit of profit and loon
MAVUOL, 10th October, 1859, as per last report, 115.0t3/.
3s. 341. ; not profit in the year to 15th October,
1860, after deduction of interest on deposits, income
tax, &c. ; provision having been made for bad and
doubtful debts, 104.913/. Ila :a—total, 219,956!. 14s. 61.
Divided amongst the proprietors :—At April, 1660, a din.
dead at the rate of 6 per cent. per annum, and • bonus at
the rote of 9 per cent. per annum ; making together 15 per
cent per annum, or 3/. per share, 67,500/. At October,
1860, a dividend and bonus, at the respective rates of 6 and
al per cent. per annum, together 12 per oeut.
per annum, or 2/. 10s. per share, 56,2501., making
together, 123,750/. Balance at the credit of pro-
fit and lose account, 15th October, Iwo, 96,206!. 14s. 6d.
Avesta—Specie and cash at bankers, 696,1081. Os. 2d. ; go-
vereasset securities and loans, 406,0421. 15e. sd. ; guarantee
fund investments, 200,0001. ; bills receivable and other secu-
rities for advances, 2,966,7741.2 a. 3d. ; bank premises in the
colonial sad in London, 160,2251. 7a ld. 4,449,1501.45.
11d. Liabilities—Circulation, 461,8211.; deposits, 2301,2111.
14s. 10d. ; bills payable, and other liabilities, 43.1,661 W.
lie. 7d.: making together, 3.196.6931. 10s. sd. Capital,
900,0001. ; guarantee fund, 200,0001. ; dividend and bonus
due the 16th October, 1860, 5,Z50/. ; profit and
lose balance, 96,2011. 14s. 6d.: making together,
1,205e.4561. 14e. 6d. Total, 4,449,1501. 4.. 11.1.
The directors regret that they have spin to exhibit to the
proprietors • return of diminished profit, but the accounts
represent the operations of a year which has proved the
least favourable for banking pursuits in the Australian
colonies since the time of the gold discoveries. The whole
period has been one of great commercial depression ;
in addition to which the amount paid for into-
Jest on deposits has considerably exceeded that of
the year 18.59. The present year has commenced under
more hopeful auspices, indications of a revival of trade,
and of • gradual but steady return to confidence being appa-
rent ; and from the latest athlete received from the acting
superintendent, the directors are led to expect that the next
annual accounts will prove of • more satisfactory character.
Although the mercantile community has been labouring
ender depression, other Australian intonate have
advanced in prosperity. The exports of wool, copper,
and other produce have increased. The yield of gold
also continues large, though not quite equal to that of
former years, but hopes are entertained that it will be
=a ted by the extended application of machine y,
discovery of new fields. The directors take an
encouraging view of the prospects of the Australian
ooksies, and of the future success of the operations of the
bank, although the extraordinary results of former was
say not be attainable. Mr. J. J. Falconer sailed in De-
cember to resume his duties as colonial superinteodeut.
The directors derived much satisfaction from their inter-
course with Mr. Falconer during his stay in Elegised ;
and they have reason to believe, that the later-
=of views which has taken place, will prove
cid to the future interests of the bank.
On Mr. Falconer's arrival, Mr. D. C. McArthur, after up-
wards of twenty-five years service, will probably avail him-
self of the permission granted to him to visit Europe. The
directors take this opportunity of ex premiss their high 11001/0
of the energy and ability shown by Mr. McArthur during the
period he has filled the office of acting su psrintendent, and they
WIN with pleasure to the fulness and clearness of his reports.
The directors have the painful duty to announce the death
of their esteemed and deeply regretted colleague, Sir George
Carroll, who for many years occupied a seat in the dine-
tient The election of • director to fill the vacancy thus
occasioned, will take place this day. The directors
have in former reports prepared the shareholders
to expect a lower rate of distribution as the inevitable
consequence of • less remunerative return of profit,
sad they have now to announce their detention of
payiag, on the 16th April next, • half year's dividend at the
rater of 6 per cent. per annum, or Vt. per share, and • beans
at Use rate of 4 per cent. per annum, or 16e. per share, free
of income tax, hems together at the rate of 10 per coat.
per annum."
The CHAIRMAM. a Twain/ the adoption of the report,
add it would be observed, from the =moots, that
tie company had at length reached that to
of diminished dividend for which the directors
bed long been imperial/ the shareboldses. There
was no other change in the position of the bank. The main
disturbing cense of the reduction of dividend was the
!grievepraclice of retying interest on deposits,
nwlt of the adoption of that system was
that Ia the last year the bank paid 63,1001. as interest, a
eons the ponersion of which would have made the dividend
17 instead of 10 per cent. The main point fee present
cormideration wee whether that source of lose was per-
manent or only temporary. The directors opposed the
of paying interest from the first. Experience had
produced an 'heretics of feeling ; and is the annuals el
last year the managers of the Australian banks came tea
determination not in future to pity interest en
current account,. (Cheers.) The effect of aunts;
out that resolution would of course be very favoarithis
as regarded future divideod. With respect to expenses,
be was happy to say that there bad already been a con-
siderable decease in the salaries of the officials
in Australia. The lames of the bank during the commercial
crisis of last year were very inconaiderable, and, such as
they were, had all been provided for in the ,
accounts. (Hear, hear.) The prosperity of the beak
most *Jinni° hood in hued with that of the colonies, and
as all branches of commerce and industry were now in
• promising and satisfactory condition, they had is that
fact an excellent pound of hope for the future. (Cheers.)
Mr. FAIIRIR seconded the motion.
A SHARP:HOLDS.' *aired whether the agreement not to
pay interest had been adhered to by all the beaks
The CHAIRMAN replied that it had been so up to that
time, but there was one bank with regard to which there
me some doubt as to its future course.
A Elatarnotoca observed that the other Australian
tanks had suffered from the payment of interest as well as
that beak, bat no other had suffered to the same extent.
At onetime they stood first in position, now they had
yielded to the Unica Bank of Australia.
Mr. Berjesat Da•tatig complained of the diminution of
dividend. following as it had done an increase in the salaries
of the directors.

Atte mine further discussion, the report was adopted,
mid the pruceedings terminated in the =nal manner.

ATLANTIC TELEGRAPH COMPANY.
(THIS DAY.)

The ordinary annual meeting of shareholders
was appointed to talus place this morning at the Otiose ie
01,1 Browietreet, bet the required quorum of 'lO shareholders
holding not lees thou 50,0001. of the capitol of the compeay
not being preseet, no business was transacted. The *leaks
of the retiring director was under the Joint Stock
Companies Act postponed until tomorrow, wb„s if no
quorum attends, these gentlemen will resume their *sate
at the board without reelection. All other business is
adjostreed One die, and the report, which has already been
published in our columns, will he circulated amongst the
shmeekddees, by the authority of the board, without the
meant deny general meeting.

atillnlL PALOS. - HALT-A-CZOWN DAY. -
SATURDAY. YAW% 16. A4aMBIOIIII Cl payment, 845 ;
ditto by swoon tiolols, 2.121: total visitors, 2,966.