The Sun.
London, England, 1850-06-20 00:00:00

BANK OF AUSTRALASIA.

The annual meeting of the proprietors of the above
company was held on Monday at the offices, Austin-
friars ; Mr. Brownrigg, M.P., in the chair. The ad-
vertisement by which the meeting had been convened
having been read,
The annual report of the directors was submitted.
The directors said they had the pleasure to state that
satisfactory progress bad been made in the colony to-
wards realising the debt due by the Bank of Aus-
tralia, and to express their conviction that the whole
amount of the judgment would in a moderate space
of time be paid; they bad, therefore, brought to ac-
count the amount of interest and costs recovered at
Sydney—namely, 65,182/. ss. Id. Against the few
Engli.,h shareholders of the Bank of Australia who
had declined to enter into terms of arrangement the
directors had steadily pursued their course ; and, al•
though they had been met by every device that legal
ingenuity could suggest, they had in the only case
which had been heard obtained the unanimous judg-
ment of the Court of Common Pleas overruling all the
objections that bad been raised, and leaving as the only
point for decision the simple question of fact, whether
the party sued were a shareholder or The directors
had since come to terms of compromise in the case
referred to, and were still ready, as they had always
beer, to make arrangements with the other parties
against whom proceedings were pending. In the tenth
paragraph of their report last year the directors stated
the extent, according to the best estimate they were
able to m'ke, of the probable losses ef the bank, in
addition to the sum then available as the balance of
the bad debt fund ; and acting upon that view, the
following would show the result:—At 16th October,
1848, the estimated deficiency, after applying the bad
debt fund of 82,018/. 15s. 7d., was 49,0091. los. 10d.,
against which had been placed the interest on the
bulk of Australia, debt and costs, 65,182/. ss. Id.,
leaving a surplus according to that estimate, of
16,172/. 143. 31; to this were now to be added the
net profits in the colonies, and in London, for the
year ending 15th October, 1849, after deducting ex-
penses of management, 54,330/. l ls., less irrecoverable
debts written off in the year in the colonies in excess
of former estimates, 6,284/. 17s. Bd., and dividend of
12s. per share Ist October, 1849, 13,5001., together
34.545/. 3s. 3d., which added to the 16,172!. 4s. 3d.,
left a balance at the 15th of October, 1849, of
50,717/. 17s. 6d. The assets and liabilities of
the bank at the same period stood as follows:
Assets Government stock, specie, and cash,
448,352/. as. 5d., bank premises, 24,2991. Is., bills
receivable and other securities 1,299,822/. 18s. 5d.,
together 1,772,534/. 25. 10d. The liabilities were—
Capital, 900,0001. circulation, 106,4651., bills pay-
able and other liabilities, 245,4231. 4s. 2d., deposits,
469,928/. ls. 2J., profit and loss, 50,717/. 173. 6d.,
together 1,772,534/. 2s. 10d. The directors, since
their report in June last, had received advices and
valuations from the colonies, which led them to
anticipate a considerable addition to the losses then
estimated by them upon old dependencies, not how-
ever to such an extent as to render it necessary to
interrupt the payment of dividends, although the
effect must be to continue a low rate longer than had
been hoped and expected. The disappoinment which
was felt at the result of the estimates referred to had
determined the directors to abstain for the future from
laying any fresh valuations before the proprietors, but
to write oft the actual amount of loss ascertained as
each dependency was wound up. They had also re-
solved to appropriate the surplus yearly profits, after
paying dividends, to meet such contingencies; and as
the current business of the bank was of a healthy,
profitable, and improving character, the 'directors
entertained a confident hope that ere long they would
he justified in increasing the dividend to tour per cent.
per annum, but they were of opinion that this rate
should not be exceeded until the securities held by
the bank were either realised or all question as to
their depreciation set at rest. The October dividend,
however, would be continued at the present rate of
12s. per share, free of income-tax.
A motion for the adoption of the report having been
made and seconded,
Mr. Sergeant GASELEE objected that the accounts,
as given above, were not sufficiently set forth in de-
tail, and suggested that, at least, the various items of
expenditure should be stated.

The CHAIRMAN said that the statement of accounts
WAS in the form that had been regularly laid before
the proprietors fur the last 15 or 16 years, and that

much injury would re tilt from too detailed a state-
ment of the assets and liabilities of a banking es-
tab!ishment.

After considerable discussion the report was
adopted.

31r. Sergeant GASELEE then moved that the direc-
tors he requested to publish a more detailed statement
of secou lA., and that the annual report of the directors
be fur warded to the proprietors seren days before the
annual meeting.
The resolution, having been seconded, was put from
the chair and lost.

A vote of thanks was given to the chairman, and
the meeting broke up.

THE QUEEN OF THE BELGIANS.—DOVER, JUNE 19.
—The town of Dover may well feel proud of the achieve-
ment of to-day, in effecting the embarkation and immediate
departure of her Majesty's mail packet Vivid, Commander
Smithett, with the Queen of the Belgians and suite, for Os-
tend. The hour appointed for the departure of the royal
party happened to be that state of the tide known as " dead
low water," which in all times past at this, as well as all the
neighbouring ports, rendered it impossible for Vessels to
leave the harbour; but through the unprecedented progress
and successful construction of the new Admiralty Pier, and
the kindness, exertion, and facilities of the Messrs. Lee, the
contractors, and their assistants, upon this occasion, this, the
swiftest steam-boat afloat, took on board her august passen-
gers and luggage at the new pier, at a point about four hundred
feet from the shore, and where it was ascertained, at low
water, that the soundings enabled Captain Strithett to move
off in gallant style, amidst the universal applause of the
greatest concourse of people that has been assembled in
Dover for many a long day.
He that considers how little be dwells upon the
condition of others will learn how little the attention of
others is attracted by himself.—Eliza Cook's Journal.
n the beau-
STAMVORD BILL HORTICULTURAL SOCIE. TY.—The
exhibition of this society was held yesttrhdeay
groundsi were
tiful grounds of Josiah Wilson, Dcl•
thronged by a very large assemblagste
e
comrany, and the weather was most
propitious ptiht ums for the elegant
oc-
casion. An immense marquiene under
halehriec,hatnhde
beautiful' order.
ntlaowzrraa,
t&enc.t,werer arranged
s and flowers for
for the purpose o
of earwdini dimensions, etttilseiovnasr,iothnes companyplant promenaded
been awarded. Among some of the most
e fromd a
af r a tnhne,
which prizes bad
Cape of Good Hope; °tesait-isibeleinat.
beautiful specimensweresalepnodlyiagaal,aioial7
• extra seedlings, calceolarias, a variety of cactus,
mlishiana,
a beautiful variety ofafuephsiaa aphelexis humilis, erica ca-
&%ec„. -The geraniums were magnificent, and occupied the left
side of the vast marquee (on entering) nearly the whole
le tb.
We observed also twelve beautiful pinks which
were exhibited by Mr. Gaby. The show, on the whole, was
one whit:.h was highly creditable to the society. The scene
on the lawn was a very animated and pleasing one, and the
pleasure of the day was much enhanced by the performance
of the band of the 2d Regiment of Life Civards, under the
direction of Mr. Grattan Cooke.
The West India and Peninsular Mails were not
dispatched on Tuesday from the General Yost-office in time
for the mail train, which leaves the Waterleo station at 10.30
A.m., in consequence of the pressure of busireis in that
°lliac, consequent on the arrival of the American mail. The
first-mentioned mails were therefore dispatched by the 11.45
express train, which stops tor the first time at Bishop-
stoke. A Queeh's messenger, with dispatches for her Ma-
jesty was Sc a second-class carriage; and, when the train
stopped, and while lie was standing and gathering up his
dispatches, a couple of carriages were driven against the
train, and the messenger was thrown violently on the ledge
of the back-board, and immediately fainted away. Ai soon as the accident was known, a gentleman in the train, said to
be Lord Adolphus Fitzclarence, immediately rushed to the
spot, and secured the dispatches. The messenger was taken
cat and laid en the platform, and, by the application of cold
water, he recovered his senses, and stated t hat his ribs '
•broken. Ile was then taken into the station, and a surgeon.
.%ho happened to be in the trails waited on bins. Before the
train proceeded Lord Adolphus gave the dispatches to the
train- guard, who conveyed them to Osborne House from
Southampton, in the Elfin royal yacht, which was in wafting
at the latter place f9r Vac ramepzer.