The Sun.
London, England, 1848-07-17 00:00:00

ITNION BANK OF AUSTRALIA.

_
(THIS DAY.)
The annual meeting of this company was held to-day
at one o'clock, at the offices, Old Broad-street. The at-
tendance of proprietors was large; Mr. Robert Carter
occupied the chair.
Mr. JACKSON, the manager, having read the adver-
tisement,
The CHAIRMAN said, as 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 to him with respect to the
affairs of the bank. The Hon. Gentleman then read the
following report:—
"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 business which they have adopted,
and which their inspector has 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 more or less affected, and it has stood the
test. The capital has been reserved for the purpose of
aiding the legitimate wants of trade, and the bank's
acteAuce. reairietea within such prudent limits as are
calculated to guard against any very heavy losses. The
events of every day have connrmeit Lam minds of Lhn
directors the importance of a steady adherence to these
principles.
' "In their supplementary report, presented in January
last, the directors briefly commuuicated the substance of
WLaren's very satisfactory report of inspection,
made on his return from visiting the branches in Van
Diemen's Land 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 labour in Australia, 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 the events that may arise, and are prudently adopting
measures to protect the interests of the bank.
" The steps taken by Government 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 at home, 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 colonies 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 bank
generally, and the zeal and prudence manifested by our
inspector, the local directors, and the managers, the
directors are gratified in expressing their entire satis-
faction.

" James Bogle Smith and B. E. Lindo, Esqs., 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 annum on the entire paid up capital of the
bank, to be payable in London on the Ist of August,
and in the colonies as soon as the ,inspector shall fix
after receipt of advices.
" The dividend will be paid free of income-tax, and in
order to equalise the division, sevenpence in the pound
will be added upon such dividends as are paid in the
colonies."
The following balance-sheet was also submitted to the
proprietors

Bills payable
107,072 5 0
Sundry balances 4,358 5 7
Reserve fund (10percent.)Z56,384 16 1
Profit and loss 45,863 13 2

LIABILITIES.

120,248 9 3
Paid up capital

£1,033,678 19 1(1)
ASSETS. X.
d
.
Branch accounts (balance)
Bills receivable
Investments, Government stock, and
loans on security
Insurances and open policies, &e.
Cash

£1,033,678 19 10
PROFITS. £ S. d.
Balance of undivided profit at June, 1847 37,677 10 11
To which are now to be
added, profits for the
year ending at the
branches 31st December,
1847, and at London
Office, 30th June, 1848,
after deducting amount
of bad debts to the
above-mentioned date £63,762 6 11
Deduct one-tenth for re-
serve fund 6,376 4 8

57,386 2 3

95,063 13 2

Deduct dividend paid at
Midsummer, 1847 24,600 0 0
Ditto, ditto, Christmas

49,200 13 2

Balance:of undivided profit at this date 45,863 13 2
RESERVE FUND. S. d.
At June. 1847, as per statement
Add to June, 1848, as per contra 6,376 4 8

£56,384 16 1
Mr. DE SALIS moved the adoption of the report
with great pleasure, inasmuch as durin , a residence at
Sydney of some years, and a visit to the seats of h all t
branches of the bank, with the exception of New 'e
Zea-
land, he had found that the bank was steadily 1
creasing in the confidence of the public ; and'fr,,7;
the experience which he had had of the past, he could'
state with the utmost confidence, that under the guidance
of the Central Board, to w hum they were so touch
indebted, its business would continue to increase
until it occupied a position which Jew banks could hope
to obtain.—(Cheers.)
The motion having been seconded,
The CHAIRMAN stated, 11.1 reply to several
questions,
that this was the second year they had paid income-
tax to the shareholders residing in the colonies.
The shareholders at the previous meeting unanimously
agreed to do so. The subject of opening a branch at
Adelaide had occupied the attention of the board,

but the matter was yet undecided upon, and
therefore it would not be well to give any
further information at present upon the mat-
ter. The expense of their colonial establishments
was 11,820/. ; in London, 3,100/. •, total, 14,9201.
,f Hear.) 5,0001. had been written off on bad debts dur-
ing the past year, and the estimated loss on the profit
And loss account for the same period was 8,4441.
The retiring directors named in the report having been
re-elected, and a vote of thanks awarded to the Chair-
man and directors, the meeting broke up.