The Sun.
London, England, 1844-06-05 00:00:00

BANK OF AUSTRALASIA.

On Monday the tenth annual meeting of the Share-
holders in this Banking Company took place at the offices
of the establishment, Moorgate-street.
J. S. Brownrigg, Esq., M.P., in the chair.
The Secretary (Mr. Millikin) having read the adver-
tisement convening the meeting, and some preliminary
observations having been made in reference to reading
the report before the re-election of Directors,
The CHAIRMAN said that before he read the report, he
wished to state to the Proprietors that the Directors on
the present occasion met them with great anxiety ; be-
cause, they were desirous of laying before them some
specific information as to the general state of affairs of
the Company. In the present report he thought they
would find that such specific information was afforded,
and when he had read it he should beg to be allowed to
make a few observations on various points, to remove any
doubts that might arise in the minds of Shareholders.
However, before doing this, he should wish to advert
shortly to what had occurred at the last annual meet-
ing. There were two or three points suggested then for
the consideration of the Directors which had received
their anxious attention. Some of those suggestions
would be found and alluded to in the course of the re-
port, and there was only one upon which they
(the Directors) had not thought it their duty
to act. That one was the suggestion that the re-
port should be printed and published some few
days before the meeting took place. They had given
their best consideration to that subject, with great anxiety
to comply with the wish of those who advocated the
plan, but they remained of the same opinion as at the
last meeting, namely, that it would be impolitic for the
interests of the Company to do so. There were no doubt
a great many arguments in favour of the course pro-
posed ; but, in the minds of the Directors, and in addi-
tion to reasons formerly urged, they did not do away
with the objection that the publication of the report
might be brought to act upon the value of the shares,
and the parties on the spot have an advantage over
those who resided at a distance. Besides, there was the
other important objection, that the minds of Shareholders
might be unduly prejudiced by the publication of a re
port without necessary explanations, and hence so long
as the Directors were allowed a discretion on the sub-
ject they thought it would be best to adhere to the pre-
sent course of laying the report before the Shareholders
at the meeting, to whom it was competent to move an
adjournment for its consideration, if they thought proper.
The CHAIRMAN then read the report, which was re-
ceived with much apparent satisfaction
" The Tenth Annual Report by the Directors of the Bank of
Australasia to the Proprietors, assembled at the Meeting
held at their Office, ls.o. 2, Moorgate-street, on Monday,
the 3d June, 1844.
"In laying before the Proprietors the result of the transac-
tions of the Bank for the year of account ending on the 16th
October, 1843, at this the Tenth Annual Meeting, held in
compliance with the provisions of the Charter of Incorpora-
tion, the Directors are desirous of reminding them, that in their
last two reports the distressed state of the Australasian
Colonies was adverted to in strong terms. It is with feelings
of disappointment and regret that they have now to inform
the Proprietors that the severity of the pressure then noticed
had since augmented to an unparalleled degree, shaking the
credit and involving the ruin of large classes of the commu-
nity, and had continued to the date of the latest advices with
but little mitigation.
" Proprietors, will, therefore, not be surprised to learn that,
in the general distress this Corporation has not escaped with-
out heavy losses, and its interests might have been more
seriously affected, but for the precautions taken by the Di-
rectors at the commencement of its business, and since stea-
dily adhered to in the accumulation of considerable reserves
to meet such adverse circumstances, inseparable, even in ordi-
nary times, from large and distant operations like those of
this Bank.
" The Directors have, however, the satisfaction of stating
that the accounts which they have received from the various
managers of branches, carefully revised in each case by the
Superintendent, and examined by themselves, enable them to
assure the Proprietors that the irrecoverable losses are more
than amply provided for by the funds set apart for that pur-
pose, and that the debts due to the Bank of a doubtful cha-
racter, though it is feared they may prove of considerable
amount, are not expected to be of a magnitude, even under
the most unfavourable view that can at present be taken of
them, to involve any serious impression on the rest.
"The Directors think it necessary to advert, in this place,
to a large advance made, in March, 1843, to the Bank of
Australia, at Sydney, under circumstances of a peculiar cha-
racter, which was joined in by this establishment, to the ex-
tent of 150,0001., the knowledge of which, at the time, caused
much anxiety.

" It is not now necessary to bring under review the reasons
which induced the superintendent and local board at Sydney
to take this important step, but it is incumbent on the
Directors to assure the Proprietory that arrangements have
been entered into for the repayment of the advance, of the
perfect safety of which they entertain no doubt; and to add
that, immediately they received accounts of this transaction,
they issued instructions to prevent the recurrence of any
similar ones, taking occasion at the same time to reiterate
their previous orders limiting the amount of accommodation
to all parties within moderate bounds.
" The experience which the Directors have now had of the
general working of the Bank having satisfied them that the
smaller branches aro not productive of benefit commensurate
with the capital they absorb, and that they also divert the
attention of the Superintendent from duties of greater im-
importance, authorised Mr. Hart to withdraw from those
districts, which, in his opinion, did not afford a sufficient field
field for banking operations.

" Acting under these instructions, Mr. Hart had made ar-
rangements for closing the Bathurst branch on the lst of
March last, and he would probably adopt a similar course at
Maitland.

"By these measures the Directors hope to effect a reduc-
tion in the expenditure, and, by concentrating the business,
to place it on a safer footing than when spread over a wider
surface.

" During a period of such unexampled distress and com-
mercial embarrassment as that which has prevailed in the
Colonies for such a length of time, it required a person of no
ordinary ability, prudence, and judgment to watch over the
interests of the Corporation ; and the Directors have much
satisfaction in stating that the Superintendent, Mr. Hart, has
proved himself to possess those qualifications in an eminent
degree, and to be thoroughly competent to the discharge o f
the important trust confided to him.
" Impressed with a deep sense of the importance of a due
superintendence of the Bank's affairs, and of the serious in-
convenience which might arise from a temporary suspension
of the office, the Directors have deemed it expedient to send
out to the colonies a person competent to assist the Super-
intendent in the performance of his onerous duties, and who,
in the event of casualty, could temporarily administer the
affairs of the Corporation, until other arrangements could be
made from home.

"The gentleman appointed to the office is Mr. James John
Falconer, a person of considerable mercantile experience, and
to whose character and qualifications most satisfactory testi-
monials have been received.
" The Directors have now to present theusual statement of
the accounts for the year ending the 16th of October, 1843,
from which it will be seen that the profits have exceeded
those of the preceding year, but the Directors have deemed it
advisable to appropriate out of them this year as large a sum
to the Bad-debt Fund, as is compatible with the payment of
the dividends.

The amount of the rest, or un-
divided profit, at the 10th of
Oct., 1842, as shown at the
last annual meeting, was
To which are now to be added

tte profits realised both in
the colonies and London, to
the 16th of Oct., 1843, after
defraying all expenses in-
curred ....£83,441 8 9
From which sum has been

taken this year, to be placed
to the credit of the Bad-debt

Fund -£29,000 0 0

Deduct therefrom the follow-
ing payments to the Proprie-
tors, viz. :
April dividend, 1843 £27,000 0 0
October dividend, 1843 £27,000 0 0

Leaving as the amount of the
rest, or undivided profits, on

£114,413 1 0

54,441 9 9

£168,854 10 3

54,000 0 0

the 16th of Oct., 1843......... £114,854 10 3
"In deference to the wishes expressed at the last annual meet-
ing, and under the peculiar state of affairs in the Colonies, the
Directors also annex a statement, showing the amount and
appropriation of the Bad-debt Fund, which has not hereto-
fore appeared in the accounts submitted to the Proprietors,
although the existence of the fund was not unknown to them,
the prudence of having accumulated which, in times of pros-
perity, will, the Directors trust, be now fully apparent.
Balance of Bad••debt Fund at October, 1842.. £32,952 11 6
Added thereto at October, 184.3

From which sum is to be deducted the amount
11 6
of the wholly irrecoverable debts to the pe-
riod of balancing the books at October, 1843, 16,639 18 0
Leaving to meet the further losses which may
arise on doubtful debts, but the exact amount
of which cannot be ascertained until each
account is finally wound up
" The loss upon these doubtful debts can at present be only
a matter of conjecture, subject to a variety of contingencies.
Should the state of the colonies improve, and the value of the
main property in them, namely, land and stock, advance,
such improvement must tend to diminish the ultimate losses
of the Bank ; on the other hand, a long continuance of the
existing state of depression must of course aggravate them.
" But the Directors think they may repeat with confidence
what has already been declared in the report, that even if
the amount now available to meet losses should prove in-
adequate, and involve an encroachment on the rest, it would
not, under the most disadvantageous circumstances that they
can at present contemplate, be of considerable extent, com-
pared with the sum now standing at the credit of that
account; and any encroachment would become altogether
unnecessary, if the profits of the next two or three years
should admit of further moderate additions to the Bad-debt
Fund.

" Agreeably to the wish expressed Ly several Proprietors
at the last meeting, a balanced account of the assets and
liabilities of the Corporation is also given, showing, in con-
nexion with the other two statements, the actual position of
its affairs.

. . . . _.
ASSETS. 0,4 7 5 °
Government stock, specie and cash £2550-• 10 I
Landed property and bank premises 13,4790 2 1
Bills receivable and other securities 1,426232_,.,
i 7
£1,755,03a b

LIABILITIES.
Capital £900,000 0 0
Circulation 73,845 0 0
Bills payable and other lia-
bilities
Deposits 487,146 7 9
Bad-debt Fund 45,312 13 6
Rest or undivided profit
£1,755,035
" The Directors further announce that the second
di
ment of 101. on the new shares will be included in the IS
dend to be declared in October next, after which Pernd
new shares will stand in all respects on the same fo°'''
the old shares. tt
~ Regretting, as the Court of Directors do, that they
not been able to make a more favourable report on tbiso64
casion, yet they look with confidence to the infernal reo', fot
of those vast Colonies, and the energy of their pnPulati°,
a restoration, within a reasonable period, to a state °Z.-II
perity, while they have the gratification, of statiokwstico
no former period has this Bank stood in higher esti'
than it does at present.
(Signed) "CHARLES MORRIS, Chni..tra,r°lll3.
" Bank of Australasia, London Office, 2, MoorgAte'
" 3d June, 1844." I, cehe Dad
The CHAIRMAN then said that now, perhaps, .• iss
be allowed to say a few words on the subject ofa
port, and he should commence by referring to tpirs-dso
tion of the account, called the Bad-debt Fund. lsolditi
Directors brought this point before the Sharen
before, they might have been blamed for the large Ilk
priation of profits to meet such contingencies. fit
however, felt that their scale of profits justified tbe'eei
such a course, and it now appeared they had only
with common prudence and forethought. 114 04
done this on their own responsibility,
at the risk of being told that they
have increased the dividend instead of alWi'vbsd
large an accumulation of the rest. In fact, thef.,so
only taken the necessary precaution to provide
those casualties in business to which all similarests,.v7ing
merits were liable, and he would put it to the 10'0
to say—whether, if the Directors had erred, they
v
not erred on the side of prudence.—(Hear, hear) se
amount of rest in a banking establishment was tigeritit
rally considered one of the chief elements ofe sec pre
and it was with this view that the Directors, in
sent instance, had kept the Bad-debt Fund and Pi% it
distinct.—(Hear, hear.) Out of the Bad-debt Fusobti
would be seen they had taken 17,000/. to snti'f,Y4oool
proved to be irrecoverable, and the remaining ",,t
would go to liquidate those which might yet turnlol,
be of such a character ; leaving, the " rest" of I itled
(if interfered with at all), interfered with only t° •
tbd
immaterial amount.—(Hear, hear.) The Marina:pc
concluded his observations by stating that in e°
ment of the next dividend, the new shares n'on'" h
the same equality as the old.
In answer to a questioi. from a Shareholder,
tope
The CHAIRMAN said prudence forbade him
himself on the subject of the amount of the neltbotS
dend. Ile did not think it right he should do so; idol
saw no reason to apprehend that the dividend vos,ll
be at the same rate as previously paid.—(Hear
Mr. LEVI said he should like to see them ee",
this bank held half-yearly instead of yearly. It„t itOr
case with the Colonial Bank and the Union Bunk
tralia, and many other Companies lie could nauleAid elf 2
• Mr. WiLsox supported this proposition, as roll!!
several other Shareholders, but the motion be''' ore
chair being the adoption of the report, there WWI/ ge
call to order.
tee

The report, after some discussion relative to tiliel'or
priety of adjourning to consider its contents ---11 LifieittOt
ported by Mr. Sergeant Gaselee, Mr. Hill, Mr.
and others—was carried unanimously, and the props`
of Mr. Levi put in the shape of a resolution. "41
Mr. A. A. GOLDSSIID and Mr. G. H. R0D114.4,'
in favour of the appointment of meetings half-Ye;
would increase confidence between the Direc..„,°
Shareholders, and give the former the oppo_nrt";eoll
communicating to the latter any news of imporile"
might have received.
The resolution as moved by Mr. Levi, and secopori
by Mr. Wilson, was then put and carried.
fOgi
Mr. DE CASTRO said he saw by the annual relo,4l°'
liabilities and assets of the Bank, that under the!:,
assets, bills appeared for the amount of 1,480,0°_5,
wished to know if that item had been much inc
the last year.
irease4

The CitsinalAN said certainly it had incl. ;1)4
by the accommodation afforded much good busiponegoldt
been brought to the bank.—(Hear, hear.) It
said without vanity that the Bank of Australot; of
as high estimation as any other of the 1)511
colony. To show the class of customers t"7py
:f Ird
secured, would just state that the deposits ,vljtel
banks had increased upwards of 100,0001 in
.4
alone.
$0!ol

A SHAREHOLDER inquired what power the 'oo,j'
had in Sydney to prevent the local directors, "ith
whom were merchants wholly unconnected Iv toor
bank as Shareholders, from using their influence A
commodate themselves or their friends ? bag;
The CHAIRDIAN replied that the Manager ss ism
absolute veto.--(Hear, hear.) This was the be
.„ of Pr;
that could be adopted to protect the interests
Bank. The present Superintendent (Mr. 11014)100!,1
man of great experience, and he (the Chairrnall'apn
dered it most fortunate for the Bank that they "t
his services. He (Air. Hart) arrived at a moince“l,olA
all the firmness that could be brought into action rt is
~S 7
quired to protect the interests of the Bank, an(lAlcalev,
have been a task of great anxiety to meet the anit
which he experienced. He (the Chairman) 01,e;je'
that the Shareholders were under a debt of grata
that gentleman.—(Hear. hear.) A 'nforilloi
A SHAREHOLDER said the Chairman bad I t 0
them in his report that the branches at Batlia7o
Maitland had been su-pended. Would he pleaseb f,
some information about the poor Adelaide bra
The CHAIRMAN said it had been found that ia
tural districts banks did not attract that descritet 11;
business which was profitable to them. In s felo
dealings of customers generally resolved into lot do tie
term of years. With respect to Adelaide, theta to
possessed a port, and the inhabitants rlPPell,r, aster,
rapidly becoming a commercial community fat 40sribt
and progressive revival was taking place in t" ss
the Directors had hopes that a profitable busiaewo tbd
be done by their branch ; the only drawbsto.
the distance prevented it being so closely titilefitile
of their Superintendent as they could wish. dtbe god
The question was then raised of the increase
te poto
lification of Directors, and, after a long debiVer„ir
was given for calling a special meeting to
conofset
_op
matter, as, according to the terms of the
ment, it could not be entered into at the pre
i';off
The retiring Directors, Samuel Eustace 014,
Richard Norman, Esq., and William Sargent" a)
cer
then re-elected unanimously. ea lE3*
The remainder of the proceedings was oc„ yfr•
complimentary addresses to the Directors, l'eTd sr. ',or
Robinson, Captain Grover, Mr. Wilson, 9,l4„eriv.
ter; and votes of thanks to the Secretary, ft!
dent, and the other officers of the Bank. ,he 6°4,0
The CHAIRMAN, in returning thanks for 151040
votes, said he was fully impressed with the 01'010
which they were passed. On behalf of I'oooo
he thanked the meeting, and said that therei,able
member connected with the Bank, more indefstaollor
that gentleman; and it afforded him (the so well
much phia,ure to find that the Shareholders

preciated his (Mr. Milliken's) exertions.
The meeting then separated.

btrb
dr
ASCOT RAC .r
(THIS DAY—BY EXPRO'''
vi
The Swinley Stakes of 25 sovs. each, 16 ero
of
added, if not walked over for; for three Vive
7st 41b ; and four, Bst 101 b ; mares and 8:4,14,01
allowed 31b ; the winner of the Derb Course'
1843 and 1844, 101 b extra. Swinley
Lord Glenlyon's Ben-y-Ghlo ..... • • • '
Duke of Richmond's Pastoral ....... •• • '4'• Arb
The Fern Hill Stakes of 15 sous. each' Oro
50 added ; for two yrs old, 7st ; three, 95.0. 8 Cli'
and geldings allowed 31b. To start at
Course post, and run in about half a rail°.
Mr. G. Ongley's Mystery, 2 yrs ...... •.•"
Mr. Edwards's Hedgehog, 2 yrs ...... •• 3
Mr. A. W. Hill's Beaumont, 3 yrs. • • • "...

ASCOT C
is
declatTrred•
n_0_t22.:......,tart.
Alice Hawthorn Six ran.

&Pl°
BIRTHS. oiltb-r°ll ttig
On the 30th ult., at Rutland-villa, Mown of
water, Mrs. George Mawhood, of a son. the 101
On the 31st ult., at the Rectory, Hatford,
Rev. James Hern, of a son.

----------------t
cot,
MARRIED. Th°llslYl'l9
On he 30thIlfrcombe the Rev* J..'
M.A.,t to Louisa Florence,a eldest, daughter 0' ..,:sof
Esq., M.D. re, liIIP,
On the Ist inst., at St. George's, Hanover-4'lft ose,v.,-Ila
eldest son of William Taylor, Esq., ofl'arkfievldrincleoo'
to Jane, second daughter of C. Winkworth, ';'s'''' f'•
cyle 4
of her Majesty's Customs, Ramsgate. 3/1..'" itctll
On the Ist inst , at klurstpierpoint, 5u5500,,,,4
Faithful!, of Tring, Hertfordshire, solicitor, tlif:''''
daughter of G. Faithfull, Esq., of Hurstpierpoi '

DIE Geore
On the ]9th ult., at Wobbell,D.
in Westpbaiii4 Anti
von Donop, late of the King's Garman Legion., ° infer
On the Ist inst., at Eritl3, Francis Albert, to FahAet,
of Mr. Crafter, of Stamford-street. Wio°l
On the Ist inst., at Boxtead Lodge, Esse%, • 001,
Esq., aged 82.
On the Ist inst., at Tees Cottage, Darlin'7l.t°l3' Purpoi..
Emily, the wife of Edward Copley, Esq. Falliafibfoic"
On the Ist inst., at Brandenburgh-place, ,reedi
Elizabeth, the wife of Mr. James Green, of LT
0f1361'
Lincoln's Inn-fields. CWIeS iflek
On the 2d inst., at Peasmore Rectory, Berlo,„.„0, IP
slum, the only son of the Rev. Charles 13111"...- 0.0
Vicar of `yoking, Surrey. ..kfriSM
On the 3d inst., at New Bridge-street, 131$'--
wife of J. G. Conyers, Esq.

„ISO+,
London: Printed and Published by Bfrnifch 161.1
No, 112, Strand, Printer, at The Se"COO
dew,Stran the Precinct of the Savoy,
rdiddlWednesday June 5, 1844.

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