The Sun.
London, England, 1856-12-09 00:00:00

[PRICE 4D. STAMPED SD•

BANK OF AUSTRALASIA.

The half-yearly meeting of the Bank of Australasia
was held this day at the offices in Threadneedle-street—
D. Q. Henriqutz in the chair. The ❑otice convening
the meeting having been read, the secretary proceeded
to read the following statement of tLe directors to the
proprietors :
" The directors have on the present occasion but few
observations to make on the affairs of the bank, their
statement, as usual at this period of the year, being un-
accompanied by accounts.
" The progress of improvement in the Australian colo-
nies, and the further expansion of their productive re-
sources, continue to be subjects for congratulation. The
recovery from the derangement of commercial affairs in
1854 has not been so speedy as was anticipated ; but
trade has gradually and steadily assumed a more healthy
niditiole At the same time increased competition must
have the effect of diminishing the profits of banking.
" A fresh stimulus has been imparted to colonial enter-
prise and industry by the increased yield of gold in Vic-
toria, and recent discoveries encourage the belief that
a remunerative gold field has been found in New South
Wales. The copper mines of South Australia have re-
sumed operations ; and efforts are making to develope
other sources of mineral wealth in the colonies.
"The new branches of the bank continue to work
satisfactorily.
"Toe directors have the pleasure to state that the in-
vestment of the guarantee fund of 200,0001. has been
completed.
" The negotiation for the renewal of the charter with
her Majesty's Government has been more protracted
than was expected, but the directors are enabled to in-
form the proprietors that the conditions have now been
arranged to their entire satisfaction.
" The directors are enabled to announce their inten-
tion to continue the dividend and bonus at the present
rate of 20 per cent. per annum, payable next April, as
usual, free of income tax."
The CHAIRMAN said that, in moving the adoption of
the report, it was the usual practice of the chairman to
address the proprietors. There bad been times when that
task was one which was attended with great anxiety ;
but It was fortunate for the individual who had the
honour to occupy the chair for the first time that that
task was rendered easyfrom the prosperous circumstances
in which the bank was placed. It must be satisfactory
alike to the beard of directors and to the shareholders
themselves to watch the rapid progress in every branch
of commerce in the Australian colonies. Wool, which had
been almost the sole staple of Australia, continued to
increase in supply, while the yield of gold was not only
well sustained, but there was every indication of even
greater progress. There was a great increase in Victoria,
and the computed supply for the present year, he be-
lieved, would not fall short of 3,000,000 oz. In addition
to this, much was to be expected from New South Wales,
where very valuable discoveries had been made. Turning
to Australia, a considerable impetus had been given to
the process of smelting, and the extraction of copper had
greatly increased. Again it was impossible to calculate
the vast advantages which must arise from the navigation
of the Murray R:ver, which was navigable for 1,500 miles
for eight months of the year, which happened to be just
those months when the roads of the country were impas-
sable. The colony of Australia could not only find
sufficient supplies for themselves, but they could supply
their neighbours with 15,000 tons of flour. Next. the
construction of railways and great public works could
not fail greatly to benefit the colony. But the most im-
portant feature for consideration, perhaps, was that which
would unite the whole of the Australian colonies in one
group by the telegraph. Another vast improvement
would arise from the probable assimilation of the Cus-
toms tariffs in all the colonies. A paper had been
drawn up by a Mr. Westcliff, addressed to the Chamber
of Commerce, which it was hoped would have the best
possible effect. At present there existed a vast dissimi-
larity in the duties at the Reveral,t,Customs of the co-
lonies. In some cases there were oppressive discrimi-
nating duties, whilst in others the same goods were ad-
mitted free. There had been a great competition among
banking establishments, especially with reference to
exctianges, wlsich had tended to diminish profits in some
degree ; but he hoped that was only of a temporary cha-
racter. The colonies had recovered from the great crisis
of 1854, and there was every reason so suppose that
trade was in a sound condition. With reference to the
guarantee fund, they had invested 45,0001. in colonial
securities, under the conviction that by pursuing that
course they would best identify this bank more and more
with the prosperity of the colonies. In a few days the
directors hoped to be iu the possession of the new char-
ter, the terms of which had been arranged to the entire
satisfaction of the directors. This bank had been esta-
blished 21 years, and it was the first is the field, and he
must add that to the labour and energy of gentlemen
whom he saw right and left of him waa owing to the pre-
tat high position of the bank. lle hoped that the con-
cluding paragraph in the state of the directors would
give satisfaction, which referred ,to the dividend pro-
posed. (Cheers) He moved that the report be adopted,
printed, and circulated among the proprietors.
Mr. JOSIAH WILSON seconded the motion, but stated
his wish to know how the money was invested which
was applied to the guarantee fund.
Toe CHAIRMAN replied that there were 87,5001. in•
vested in the Three per Cent. Consols, 52,5001. in Bank
of England stock, and 60,0001. in Colonial Government
Securities. In answer to a further question from Mr.
Wilson, the chairman stated that the 60,0001. above-
mentioned was invested, 1,5001. in bonds of the Geelong
Corporati,,n, and 45,0001. in debentures of the Govern-
ment of New South Wales.

In answer to questions put by Mr. Stone, the Chair-
man said the charter would be defunct at the end of the
year, but that they would receive the new charter before
the beginning of the new year ; and Mr. Oliver Farrer
stated that the shareholders would be placed in precisely
the same position as under the old charter. Shareholders
were liable to double the amount of Vieir shares. When
a proprietor disposed of his shares bona fide all his lia-
bility ceased.
The Chairman, in reply to further questions, said that
the dividend was paid out of ascertained profits. That
with reference to the money invested in colonial securi•
tieß the company received 6 per cent. interest on 15,0001.
and 5 per cent. on 45,0001.
After some conversation, a vote of thanks was carried to
the chairman and directors, and the meeting separated.