The Express.
London, England, 1868-03-23 00:00:00

'GIRD EDITION.

BLIC MEETINGS.-(THIS DAY.)

NTIRNATIONAL FINANCIAL socisrr.
-

ettraordinary general meeting of the share-
,t eras held at noon at the odious, 60, Threadneedle.
Mr. Hurt( in the chair, to confirm the resolution
a st the extraordinary meeting held on the 6th inst.
r CHAIRMAN, in moving the confirmation of the resole.
read • letter from • shareholder at Devisee, dated the
ow., protesting against any alteration in the shares
ig that that gentleman was evidently tinder the
sous impression that now, as under the old system, one
,Bent bad power to prevent each a change from
varied out. This opposition would, he intimated,
,ce no effect.
iHARLHOLDER inquired when the skins would be
d in the new form.
e Cu,l ums said that wee • difficult question to
• The directors had to go to the Court of Chancery
the scheme approved. Mr. Drake, the own=
tor. could judge what time would be required
himself.
, hooks said the precise time would depend on the
of business in the master's office. The directors
done everything they could in anticipation
raining the consent of the creditors in addition to
of the shareholders. They all knew that the
finery of the Court of Chancery was rather cumbrous,
rerything had been done that could be done to pre.
needless de:ay. He added that a circular would bound
I to the thareholdon aa soon as the matter was coin-
: and that an application would of course be made to
tech Exchange to alter the quotations.
CHAIRMAN remarked that the certificates would
re to be altered, especially as for six months the
any must use the words "limited and reduced."
. Daeii said he thought two or three months would
tHRRIMIS to carry out the alteration.
motion wee then adopted unanimously, and the
ing separated.
THE BANK OP AUSTRALASIA.

his afternoon a meeting of the proprietors of
bank was held, Mr. I. HiMILTON in the chair.
e following report and balance sheet were promoted :
the directors submit to the proprietors the accompany-
tatementa, showing the position of the bank at the
of the financial year ending the 14th October,
The proprietors were informed in March last that
directors had set aside from the profile of the year a
ir provision than usual, to meet any losses arising
the commercial crisis which then prevailed, and
result has shown the propriety of this come. In
Australian colonies, as at home, the crisis has been
wed by a contraction and dulness of trade, which
temporarily affected the profits of business. In New
awl, where the bank has been onlyreoentlyestablished,
also had to contend with commercial difficulties,
the directors regret to state that considerable losses
been sustained in that new field of operations.
these reasons, and keeping in view the con-
depression in the colonies, the directors have
4:la it right again to make provision out of the
as of the year to meet all ascertained and probable
which it will be satisfactory to the proprietors to
y are thus fully covered. The proprietors wereinformed
gait hut that Mr. Falconer, the superintendent in the
uu f, had been compelled from declining health to leave
aerviee. The directors have appointed Mr. McAr•
1,14te general inspector of bunches, and formerly
lager at Melbourne, as hie successor. Mr. Falconer was
ire up charge at the end of February, and to return to
..ontry ; and the directors hope to receive
b information from bin, on his arrival. The dia.
ration of profit will be at the rate of 10 per
to per annum, viz., a dividend at the rat* of
T cent. per annum, and a bonus at the rate of 4 per
t, yen anuilui, being together 2/. per share for the half.
r. payable, free of income-tax, on Tuesday, the 14th
il hest.
Profit. and Lose Account from Oct. 15,1866, to Oct. 14,
- :—To charges of management : London, 11,0261.
, ' 8501.0/. Ilk. 2d.—together, 96,9861 13a. 24.;
half.yeare dividend, April, 1867, of 6 per cent. per
a., and a bonus of 64 per cent., being together 126
rent. per annum on capital of 1,200,000/. 75,0001. ;
10.. October, 1867, 75,0001. ; together, 150,0001. ,• to
.nee of undivided profit, Oct. 14, 1867, 122,0364
'il.; total, 360,02.3:. 3s. 7d. Cr.: By balance of en.
4.d profit, Oct. 15, 1866, 151,7531. 14s. ; by profit from
I Ito];, to Oct. 14, 1867, after deducting ietereet on
...it. aid income tax, provision having base made for
Aid doubtful debts, 217,2691. fla. 7d. ; total, 368,0231•

•I ;V send Balance Account, October 14, 1887.—Dr. : To
•k. bullion, and club at bankers, 1,138,6071. 9s. 10d. ;
:.ocronient securitiev and loans, 289,0001.; to guarantee
I icrestioenta as under:-96,7974 lls. lid. Consols
Awed at 901, 87,500/. ; 71,0314 13s. 10d. Reduced
I, per Cent., at 88i. 62,7471. 12s. ; 20,000 New Booth
Corernment Debentures, at 93, 19,0001. ; 41,0001.
Corporation Debentures, guaranteed 6 the go-
n..Kut of Victoria, at per, 41, ; total, 210,21,1. 125.;
idle receivable, securities for advances, and other
.1...;.767,1001. 6s. 2d. • to bank premises in Australia,
4 Ze.lital, and Lon'iloa, 158,6171. 6s. 841.—total,
• :.••7.2/. Ile. Bd. Cr.: By circulation, 281,1751. ; by
—cts. 2.781.419/. la. ; by bills payable sad other
/493,694/. Ile. 3d.—Total, 3,956,2881. 12s. 33.
• 1,200,000/. ; by guarantee fond, 210,24;1. Us. ;
do blend and bODUB due October 13th, 1867, 75,000 ; by
•••t low account, for undivided belanos, 122,036/.
5.1 ; together 1,607,284/. 2a. Ld. ; total, ,563,572/.

,IRSIAN. in moving the adoption of the report
,:000ts, commenced by saying that the board felt
the diminution of dividend most be a cons. of geeat
9. .lenient to the shareholders generally as it had been
directors themselves. On the face of the accounts
decrease of nearly 30,000/., but it was in reality
, of 38,000/., the board having omitted to charge
tof ore 8,0001. on account of bank premises, in order
•:,, ogthen the bank's resources. Since 11151 the amount
n elf on that account was very little abort of
and there was now in the books en asset of
....so., which was in reality worth oonsiderably more
th..t sum. The guarantee fund showed en improve-
ing been raised nominally from 200,0001.
o.oisr., the value at the market price of
being 216,0001. The deposits showed an
of 232,0001. All the other items, be regretted to
•1.05,51 a diminution. In bills receivable, which
Ili.• life of • bank, there was a diminution of 720,000 f. •,
1,11. payable, 334,0001. ; and in the circulation, of
lkhind all these figures, inducting a contraction
humness, there lay such losses as it was not usual to
meeting like that. There bad, in fact, been
business done and heavy losses incurred. The falling
tusiuess was owing partly to unwillingness on the
It of the directors to engagein anything =mound •, but
r, had been less call fur banking accounts than there
,yr,viciusly. The hon. gentleman then quoted a pea-
, from an article in the AVistorgh Retie'', relating to
in the trade of the world geeerally, and show-
- tow Australia in particular had suffered simultaneously
I!+ other parts of the world. Speaking of the new I
pied employed in New Zealand, he remarked that, under
that profit must be earned, the managers had em
.1 in business which had not proved safe. Independent
'mem were made for some yews before, and when the
came loss wee inevitable. Losess bad been sustained
other places, but they were looses which had diminished,
tinguished, profits. It wan painful to have to reflect
-04 of the officials of the bank. But he mold not allow the
.frholdeni to suppose that their affairs had received a
• .ireful attention, or a less vigilant supervision than
aid before. In conclusion, adverting to the resit
of Mr. Falooner, the superintendent in the cotey
-. he paid a high tribute to that gentleman's conduct
.1 character, and said that he retired with =unblemished
.station.

ktr. W. Ramie thought that with the exoeption of the
,rations in New Zealand, the report was, considering
crisis through which commerce was passing, on the
tole satidantory. (No, no.)
•1 'ill tRIHOLDEK observed that be wag not aware that
:o :r Australian beam had suffered as that one had

Mr. J. Jones inquired under whose chairmanship it
that losses arose from want of proper inspection.
ach depended on the chairman, and if it should tarn
.t that the chairman at the time was a gentleman who
fully occupied with his parliamentary duties, that
~,11 fully explain the matter. (Laughter.) Knowing
4 Permits in trade generally could not make half their
.rt,er profits, he was not surprised at a falling off in the
M.. Serjeent Winner, M.P., wished to know who was
e the blame. The bank had bees going down ever
the directors were sharp enough to increase their
,n salaries. (Laughter.) Finding his own parliamentary
•IWS ,mite sufficient occupation, he would like to know to
"thy other companies some of the directors belonged.
L.l;litir.) Ho thought the directors' salaries ought to go
"1. abet, the dividends went down. (No, no.) If the bud-
in the colonies were not properly inanseb7 the
~ome of the directors should go out Shire. How
is it that that bank came down in its dividend more than
thrT Australian banks ? Let the directors make a dean
's ist of it at once, and tell them what they were coming
".t. to next time. (Laughter.)
Mr. mowarr inquired what was the =oust of the
and what the amount of the bad debts, adding
is thought the shareholders ought to have such in-
He hoped some proprietor would take some
"1. %Lich would lead to their affairs being rummaged
tel, to bottom. He wished to know what were the
Krises of the bank as compared with shoes of the Union
..nk of Australia ; also whether the amounts could be
"e.ected.

Ile cesium is, after consulting the secretary, said that
"lemma had informed him that under the charter the
:ousts could be inspected under a requisition from ten
pnetors.
Mr. lf,,esrr observed that many beak. hid failed for
':st of publicity. He wished to know how many persons
.ugetlivr were in the employment of the bank. As to
e directors, the employment of twelve gentlemen to
:'safe such a concern as this was a monstrous absurdity.
wee or four would be ample.