The Sun.
London, England, 1848-07-18 00:00:00

RAILWAY COMMITTEES.
(YESTERDAY.)
HOUSE OF LORDS.
LORD SIIAFTESBURY'S COIIMITTEE.--EDIN-
BURGH AND BATHGATE EXTENSIONS.—PreambIe proved,
"and clauses agreed to.
' GRO4P 4.— LONDON AND SOUTH-WESTERN
RAILWA rniwerto-Purchase• Steam-boats, &e.)—The
case tQr the promoters having closed,
Mr.. Sergeant VirRANGHAA was heard against the Bill
on behalf of the existing steam-packet companies,
whose boats ply between Southampton and the coast of
France;
After which the room was cleared, and, after a
short deliberation,- their Lordships came to the
resolution that the preamble of the Bill was
proved, and that for fourteen years from and
after the passing of the Act the South-Western
Company should be at liberty to purchase and run
steam- boats between certain ports on the western coast
of England and certain ports on the opposite coast of
France.
The CHAIRMAN intimated that it was the opinion of
the Committee that the reason the Bill had been allowed
to pugs without any of the railway shareholders appear-
ii to oppose it arose from the circumstance of the
nature of the measure not being fully known
to the general body of the South-Western
proprietary, and the Committee had therefore deter-
mined to introduce a clause, requiring that before the
capital should be raised to purchase the steam-boats the
consent of three-fifths of the shareholders should be ob-
tained to the step.
It was then agreed that the ports to be inserted in the
Bill should be Southampton, Portsmouth, Gosport,
Lymington, Poole, and Weymouth, on the English
coast, and Havre, St. Malo, and Granville, on the French

Gout.
The clauses of the Bill as amended were then agreed
to, and the Bill ordered to be reported.
GROUP No. 6.—OXFORD, WORCESTER, AND WOL-
VERHAMPTON (No. 2).—The object of this Bill is to au-
thorise a deviation in the line at Wolverhampton, and the
raising of additional capital ,to build a joint station there.
Preamble proved, clauses agreed to, and Bill ordered
to be• reported.
LONDON AND NORTH-WESTERN (Deviations and Ex-
tensiOns at Leamington),—Case opened and evidence
taken-in its favour.

ELECTION COMMITTEE.
DUBLIN.
The scrutiny into the validity of Mr. ReYnolds' majo-
rity was resumed yesterday, but the petitioners did not
succeed in striking off any additional votes to-day.

UNION BANK 'OF AUSTRALIA.
The annual meeting of this company was held yester-
day at one O'clock, it the offices', Old Broad-street. The
attendance ef proptietqrs was large; .11r.Robert Carter
occupied the chair.. , •
Mr: JACKSON, the manager, having read the ,adver-
tisement.
The CHAIRMAN saidvas the report was an ample one,
it would be unnecessary for him to make any observa-
tions, except such as might be elicited by any questions
that might be addressed' ter- him with respect to the
affairs of the batik . The Hon. Gentlethan then read the
.
following report;7—
"In presenting their tenth annual report, the directors
feel that they, may without. hesitation congratulate the
proprietors of the Union Bank of Australia upon the
position which the bank has attained both at home and
in the colonies.
"The'system of busineis which they have adopted,
and which their inspector ha; very ably carried out, has
been, tried during the occurrence of many of those vicis-
situdes in the commercial world by which banking insti-
tutions are moriror less, affected, and it has stood the
test— The.eapiiaTlia's been reserved for the purpose of
aiding the legitimate wants of trade, and the bank's
advaasces resericted,.within such prudent limits as are
calculated to guard against any very heavy losses. The
events of every day have confirmed in the minds of the
directors theimportance of 'a steady adherence to these
• • • • •
In their supplementary report, presented in January
le.st;The di-reetoirg briefly communicated the substance of
l',l'Laren's very satiaractory report of inspection,
;maid© on hi's return from viAiting the branches is Van
Diemen'sLiind and New South Wales.
" The accounts since received from the managers
fully justify that report, and although the depressed
state of the wool market in England, in addition to the
high price of hibour Au,,,,;lia, must for a time press
heavily upon the colonial settlers and the trade, yet the
directors are glad to be able to state from their recent
advices that the ,inspectors and managers are prepared
for tfie events that may arise, and are prudently adopting
measures to protect the interests of the bank.
" The steps taken by Goverament to promote emigra-
tion _will afford most timely and important relief to the
colonies, and it is very gratifying to the directors to find
that the value and necessity of a well-regulated system
of emigration and colonization is fully recognised by the
Legislature afhome, and felt by every one who under-
stands the mutual interests and relative circumstances
of the colonies and the mother country.
" The improvement -which has taken place in the
internal condition and general circumstances of the New
Zealand eolonies has induced the inspector to open a
branch at Auckland.; the'seat of Government, to which
Mr. Alexander Kennedy *has been appointed manager.
The branch had only commenced its operations at the
date of the last advices.
" Of the present position of; the affairs of the hank
generally, and the zeal and prudence manifested by our
inspector, the local directors, and the managers, the
directors are gratilhd in expressing their entire satis-
faction.
"James Bogle Smith and B. E. Lindo, &cp., two of
the present directors, retire by rotation, and offer them-
selves for re-election at this general meeting.
"The directors now proceed to submit their annual
statement of accounts, the general result of which
enables them to declare a dividend, at the rate of 6 per
cent:' per eunuch on the entire paid up capital of the
bank, to be payable in London on the Ist of August,
andin' the colonies as soon as the inspector shall fix
after receipt of advices.
" The dividend will be paid free of income-tax, and in
orsier to equalize the division, sevenpence in the pound
be added upon such dividends as are paid in the
colonies."
itThe following balance-Sheet was also submitted to the
proprietors....—

X. s. d,
Bills payable 107,072 5 0
Sundr3r balances • ~ 4,358 5 7
Reaerv(jund (10percent.)£56,384 16 1
Profit and toss 45;863 13 2

LIABILITIES.

120,248 9 3
raiii,up.4*tal- * , 820,000 0 0

: ... . £1,033,678 19 10
~.. . ASSETS. A s. d.
Branch- accounts (balance)
Bills receivable
Investments, Government stock, and
loans on security
Inarauces•and open policies, &c.
Ca::sS , ... '...: ....

1 ... . • £1,033,678 19 10
PROFITS. £ s. d•
lislauce of undividea•Profit-atJaneo.B47, 37,677 10 11
To which arefits for the now to he -
added, pro
year ending at 'the
_branches 31st December,
1847; and at London
Office, 30th June, 1848,
• after deducting amount
bad debts to the
" above-mentioned date... 1163,762 6 11
Deduct one-tenth for re-
serve fund ... . ........... 6,376 4 8
57,380, 2 3

95,063 13 2

Deduct dividend paid et
Midsummer, 1847.•••••. 24,600 0 0
Ditto, ditto, Christmas ... 24,600 0 049,200
13 2

. .
"tiihitiee of stindiided profit at this date... 45,863. 13 2
RESERVE FUND. s• d.
tine. 1847, as per itatement • ..... ... 50,008 11 5
Add to June, 1848 as per contra ..... . ... • 6,876 4 8

4156,384 16 1
.4
—Sri!. DE SALIS moved the adoption of the report
with great pleasiire, inasmuch as during a residence at
.;Sj.dney of 'some year's, and a visit to the. seats of all the
bganches of the bank, with the exception of New Zea-
was steadily
in-
-"iisind, kad found that thP bank.
,
tcneasing in the confidence of tne public ; and from
t,
uidn
be could
?the experience which 4e had had of the P
- 4111W,with the utmost confidence, that under2ths e
sgomaucche
• 4,4 of 4 ,Cent.ro„J3pard; to • whom they were
,indavArd, its business would continue to increase
vita it occupied ,a position which, few banks could hope
sto oisain.:7-(cheers.), .„ , ,
. • The motign having been seconded,
7 Quigillitax ;stated, in reply to several questions,
• :that .4P1% was the second year they had paid income-
(jai sharehOlders residing in the colonies.
The shorehnlders at the Previous meeting unanimously
—agrert to 40 so. . The subject of opening a branch at
Adellsitlo occupied the attention of the board,
but the , nlitt4i. was " .yet undecided Upon, and
• .thereforp„ it would not , well to give any
.farther information at ,Spreserit. upon the mat-
tcr. no expense of :their colonial establishments
Iv as 1,829/. ;. in 'tendon, 3,1001. ; total, '14,020/.
(1 lean)s,ooo/. had heen written off on'bad debts &IF-
_ inaT the past, year, and the estimated loss on the 'profit
16 i loss account for the 'seine period was 8,444/.
retiring directors named in,the report having been
re-a lectod, and a vote of 'thanks awarded tnihe Chair-
/nap. and. directors, thili meeting broke 'up. •

nations]
, ... . _,,,,
Do vgA RErups;.D.W.toua.—Thii
igirtettatn.
worle,s now progressing with much s
,to shy ntv sYn7l4on3s,of what it Will be, 'The firsbeg'"
:.tion, ► nt, our: readers tkre aware, BO feet of art
.Lon 4, has beep; Contracted fur by the Mesure".ll,a,cesiv:
..London r;_ and the works are carried on under thti sups=-
:.'1
Anteruir, pee Of their .FloOve
,egenc, Mi. Scrim 'rho Plan is.., we belie 01,9 that of 3'. Walker; Esq.: the eminent engi:
neer; a .rulta+c
:exeaution:; of the engineering department
I also de, Nivea on him and his partner, Mr. Burgess. The
—.:worka I pow_cx.tend 130 i'et into the sea, -and- the curve
. to,th,e.., pa,4070.F01. has been -cemmenced. One diving bell
• °I.l put iiptp 170Aniiii*l'OTI Mond:iy last, in the process
°I. Ie.YOR mg ihe roc'ks . for 'the foundation, and another
-via .tte:;:x)ropgiA. into'. use next week• or the immense
Ivan-tit, .of stone (8,;500 tons) which his been landed
here 1 wi thin a few months, nearly one-half his-:already
been 1 ?ti t down.—Dover Chronicle.