The Sun.
London, England, 1849-12-20 00:00:00

elitrb 4Ettitton

BANK OF AUSTRALASIA.
(THIS DAY.)
A I.alf-yearly meeting of the proprietors of the
Lt'Ant, of Australasia was held this afternoon, at the
office of the corporation, Austin-friars, Oliver Farrer,
Fag., in the chair. The attendance of proprietors was
rather numerous.

The advertisement convening the meeting having
been read,

The SECRETARY read the following report :
" The directors, in accordance with the precedent
established for the past two years, submit to the
present meeting the following brief statement of the
affairs of the Bank. The banking operations of the
corporation have proceeded steadily, and the directors
believe that few, if any, had debts have been incurred
during the half year. The realization of the proper-
ties held by the Bank continues to engage the anxious
attention of the directors, but they regret that HO
'advantageous opportunity has yet offered itself for the
accomplishment of so desirable an object, occasioned,
among other causes, by the continued depression in
the value of stock, and the large quantity expected to
be forced upon the market. The commercial and
agricultural affairs of the colonies still hold out the
prospects of improvement noticed in the last report ;
at the same time it must be borne in mind that the
beneficial influences of the advance in the price of
wool in this country, and of emigration, hid not pro-
duced any very sensible effect at the date of the last
advices. The directors have pleasure in stating
that the subject of steam communication between
this country and the colonies has 'oeen taken up by the
Government, who have invited tenders for contracts
for that purpose ; and it is 'confidently expected that
that most important object,; will soon he carried into
effect. The liquidation of the debt due from the Bank
of Australia has not 'progressed so satisfactorily as the
directors had ant',eipated ; at the same time they
see no reason +o doubt the ultimate recovery of
the whole claim. They have felt it their duty
to take legal proceedings against some of the
sharehoPaers in England who have not thought
proper, to avail themselves of the offers repeatedly
mad' e to them, of coming to terms of compromise;
ah:d the instructions they have given to their super-
ientendent, must, they expect, lead to an early settle-
ment of the debt. The sum received, amounts, in
England, up to this time, to 56,2351., and at Sydney,
up to the date of the last return, to 69,2371., making
together 125,4721. In accordance with the wishes
expressed by the proprietors at the last yearly meet-
ing, the opinion of counsel has been taken relative to
the appointment of auditors, and the case, with the
opinion, will now be read to this meeting."
The case for the opinion of counsel, which was
next read, stated that at the last public annual meeting
of the proprietors a resolution was proposed that the
directors should call a special general meeting of the
proprietors for the purpose of appointing auditors,
provided it should not be inconsistent with the
deed of settlement. This resolution was negatived,
but another to the following, effect was passed;
that it was the opinion of the meeting that the
auditors of the bank accounts should be appointed
by the proprietors. Upon this the opinion of counsel
was requested—viz., whether, under the deed of set-
tlement, the auditors could be appointed by the pro-
prietors ; and if so, what qualification such officers
should have ? Counsel stated, in reply to
these questions, that they were of opi-
nion, according to the present constitution of the
company, that the appointment of auditors would not
only be unauthorised, but even repugnant to some of
the express provisions and general policy of the deed
of settlement; and therefore thought that auditors
could nut be appointed without some express alteration
in the constitution of the company, which might be
made, under the 27th section, at a general meeting
of the proprietors.
The CHAIRMAN said it now became his duty to
make a few observations on the different topics con-
tained in the report. They were all aware that this
meeting was called for general purposes—'at which
no accounts were submitted, and was ill feet, and in
short, a meeting for pleasant conversation between
the directors and proprietors. The report stated
that the past banking operations of the corpora-
tion had proceeded steadily, and that the
directors believed that no bad debts had been
incurred during the past half-year; and he would
merely simply state with respect to this paragraph
that at some of the branches the business had in-
creased considerably, whilst at others it had remained
stationary, but at no one place had the business
materially diminished. At the Sydney branch,
which was the most important, the business
had not extended as much as the magnitude
of the place might lead the proprietors to
expect, but this was owing to the money due from
the Belk of Australia not having been paid. With
respect to Launcestou the business was comparatively
smell for the same reason. The business at Port
Po .hp had been very satisfactory. At Hobart Town
:t w..s nearly siwila to whet it was at the last meet-
ing, and was not worse in any respect. At Port
Adelaide the business hal gone on very rapidly;
indeed he might almost say that he feared it had
gone too much a head—(flear, hear)—for there was
some anxiety with respect to one or two accounts,
which, however, the directors had positively ordered
to be reduced, and he had the satisfetion of stating that
21r. Hatherton had been over there and reported fully
on those accounts, and he did not anticipate any loss
upon them. But from the great distance at which
the business was carried on—a year being nearly
required before any communication could pass between
the directors and the branches—it was an impossibility
to hive their orders carried out as if their stations
were near at hand. There were influences also
acting up,,n the managers, which in some cases they
had a,reugth of mind or power to resist, and those
influences were strengthened by the want of a mote
ready intercommunication with the directors ; but,
upon the whole, the business had been satisfactory.
As to the realisation of their properties, they would
hardly be surprised to hear that they had not been able
to do much, because they were perfectly well aware
that though during the last nine months the price of
taple commodities of Australasia had very much
niei eased in value in this country, yet what took place
here was not felt in the colonies until after the
lapse of a considerable time ; and, therefore, to
have forced their properties on the market at
a time when large properties belonging to
other concerns were expected to have been brought to
sale, would, in point of fact, have been an absolute
sacrifice of the property of the bank. An instance
was mentioned the other day where sheep were sold
at something like 9d. each and their wool only at
ls. a head. It was apparent then that before
they disposed of any property they ehould wait
until this great influx was taken off the market. He
hoped and expected that the price of wool would in-
crease 40 or 50 per cent. in the course of the year, and
the proprietors might rest assured that the directors
would take advantage of the market at the first fa
vourable opportunity. He fully expected and antici-
pated that the improvement which had gone on in the
price of wool and emigration would tend materially
to promote the prosperity of these colonies. Steam
navigation was very probably about to be established
between this country and Australasia, and if so
established, they might be assured that a most mate-
rial advantage would result to the company, because
the great drawback to carryiug on the bank
was the length of time that elapsed before the persons
guiding their branches could know the directors'
orders, and carry them out. If the period consumed
by i the voyage was reduced to halt; the disadvan-
tages they were under would consequently be reduced
in proportion, and he might say that he had ever felt
it to be next to impossible to direct any establishment
well and satisfactorily at such a distant part of the world.
He had no hesitation in saying that the debt due
from the Bank of Australia had not been paid off
as they anticipated; the colonists had not made those
exertions which they had a right to expect, consider-
leg the forbearance that the directors had shown to
Wen, and he must now state that this forbear-
ance would have a limit. There was no
reason whatever to doubt the recovery of
the whole, and he trusted that the consummation
of a settlement was nearer than they were at present
aware of. The debt amounted originally to 220,0001.,
but upwards of 125,0001. had been paid, so that
95,000/., including interest, had only to be received.
Tuey had been compelled, although reluctantly, to
commence six or seven actions against some
of the bank proprietors in this country, and,
though they would be attended with considerable
expense and delay, he hal no doubt about their being
successful. With respect to the auditors, he had to
state that if the proprietors really wished to have
them appointed, and sent in a requisition as required
by the deed of settlement, the directors would throw
no impediment in the way of submitting it to the
proprietors at large.— (Hear, hear.)
A long and desulrory discussion then followed as
to the propriety or having auditors, which resulted in
a proposition by Air. Sergeant Gazelee, to the effect
that, under the char:ee, the directors should be re.
qu'red to apply either to the Secretary of State for
'the Colonies, or to the Commissioners of the Trea-
sury, for the appointment of some competent person
to inspect and examine the accounts of the bank,
ureei which the two last reports were founded.
The motion was ultimately withdrawn, and the
meeting seia.rated with a vote of thanks to the chair-
man.

FALMOUTH, DEC. 19.—Wiud N.N.W.—Arrd. Wm.
Ba) ley, Tea dell, Buenos Ayres.
PILL, DEC. 19.—Wind N.N.E.—Put back, Gleneig for
Demerara.
BRISTOL, DEC. 19.—Wind N. N.E.—Arrd. Coquette,
Birnes, Mauritius; Sunflower, Day, Prince Edward's
Island.