The Sun.
London, England, 1853-07-19 00:00:00

MON BANS OF AUSTRALIA.

Yesterday the annual general meeting of the share-
holders of this bank was held at the offices, Old Broad-
street—Mr. J. J. Cummins in the chair.
The SECRETARY read a report, which contained the
following passages :
" The letters received from the branches come down to
the beginning of April, and are without exception of the
most satisfactory character.
" The agricultural districts of New South Wales and
Victoria, as well as the colonies of South Australia, Val!
Diemen's Land, and New Zealand, in which no important
discoveries of gold have yet been made, have all largely
participated in the advantages arising out of the newly'
obtained wealth of the other districts, and the increased
demand for all the produce of labour at very remunerative
prices cannot fail to result in their permanent prosperity
and advancement. That under such circumstances there
should have been a great expansion of banking transac'
tions, was fairly to be expected, and th 3 directors 9,re
happy to say that this bank has enjoyed its full proportion
of tue increase.

" The inspector, acting upon the discretion vested in
him, and under a conviction of its increased importance,
has opened a branch at Goulbourn, in New South Wales,
120 miles south of Sydney, to which Mr. George Ferguson
has been appointed manager. This gentleman has been
for many years in the bank's service, and has fully entitled
himself to the confidence of the directors.
" The accounts present an amount of profit for the oil
months now reported on of 165,233/. 9s. 11d. This profit
admits of 164,0001. being appropriated for the purpose of
dividend, which the directors have determined to apply as
interest on the paid-up capital. This amount will furnish
a dividend by way of interest at the rate of 20 per cent.
(for the half-year) on the amount paid up in respect of
each share in the capital of the company, payable in Lon'
don, free of income tax, on Tuesday, the 2d. of August, and
in the colonies, with the addition of 7d. in the pound, es,soon as the inspector shall fix after the receipt of advice&,
The CHAIRMAN observed that after the report which
had been read he need only call their attention to one
or two circumstances of a supplemental character, which
would not be unpleasing to them. Early in October
last the directors, considering the operations arising
from so large an amount of coin being shipped from this
country, anticipated the probability of a very consider-
able change in the rate of exchanges abroad, and had
therefore determined to ship only so much as was abso-
lutely necessary to ipeet the requirements of the time-
The state of things in the colony had naturally led to
very large expenses, and there was a claim of nearly,
14,0001. to be provided for as the cost of freight and
insurance upon all the gold shipped out after the
date of the last advices from the branches. Towards
that, however, the directors had made a reserve of
13,0001., and had since cleared off all 'claims upon that
account. But there was another point of still greater
importance, viz., the discount allowed on their bills ill
the colonies between the Ist Jan. and the 18th Feb.,
when the exchange got up to par. The amount of dis-
count paid during that period was so large as to amount
to 20,0001. This arose from profits accruing before the
alteration in the rate of exchange, and the directors
therefore thought it their duty, in order that in future
each year should properly bear its own charges, to
write off this amount ; so that they would see that,
by the reserve made for freight and insurance, and by
the discounts which had fairly accrued before the alter-
ation in the rate of exchange written off, future pro-
fits would be relieved to the extent of nearly 33,0001.
(Hear, hear.) They had received accounts up to the 3a
April from the various branches, and he might fairly'
say that from the character and enlargement of the
business, and, in fact, the general.eharacter of the el'
changes, those accounts, fairly represented the balance
of trade between the mother country and the colony,
and had given to the directors a degree of satisfaction
which they could scarcely have anticipated. The
remittances which had been sent home from parties in
the colony to their families in this country had attracted
his attention, and he found that since the Ist of January
there had been over 1,200 bills remitted for sums not
exceeding 251., and the number still continued to in-
crease. In the month of July the total number of bills
drawn on this bank for sums not exceeding 251.,
amounted to 498/., and the money to 7,007/. Some of
the bills bore very singular endorsements, one of then}
being in these terms : " Pay this to my old mother, aS,
I intend coming home in another ship
;" and there coula,
be no doubt that the money remitted had been received
by the mothers, the sisters, the wives, or the sweet'
hearts of people in the colonies. (Hear, and laughter.)
After a very brief discussion the report, upon the
motion of Mr. Thos. Smith, seconded by Capt. Lawson,
was unanimously adopted ; and a dividend declared of
20 per cent. for the half year.
Mr. Benjamin E. Lindo and Mr. Jas. Bogle Smith
were then re-elected directors, and the business termi'
nated with a vote of thanks to the chairman.