We have verified the correctness of the foregoing accounts with the books, vouchers, and securities. J. MORTON BELL, Auditors. 33, Cornhill, 7th July, 1879. OTAGO AND SOUTHLAND INVESTMENT COMPANY, LIMITED. REPORT presented to the fifteenth ordinary general meeting of shareholders, 7th May, 1879. In submitting to the shareholders the statement of accounts for the year ending 31st January last, the directors have pleasure in reporting a steady increase in the business of the company. The manager in New Zealand reports the securities against advances to be quite satisfactory. Including £813. 6s. 8d. brought forward from last account, the net profit amounts to £14,034. 12s. 6d. The interim dividend, paid in November last, required £3,750, and there now remains a balance of £10,284. 12s. 6d., which the directors recommend to be applied as follows, viz. :-£3,750 in payment, free of income-tax, of a dividend at the rate of 10 per cent. per annum for the last half-year; £1,875 in payment, also free of income tax, of à bonus of two and a half per cent., making a distribution to the shareholders for the year of twelve and a half per cent.; £3,500 to the reserve fund, raising it to £27,000, and the balance of £1,159. 12s. 6d. to be carried forward to next account. Alexander Morrison, Esq., and Joseph Robert Morrison, Esq., are the directors retiring at this time, who, being eligible, offer themselves for re-election. The retiring auditors, Joseph Sawyer, Esq., and Charles H. Robinson, Esq., also offer themselves for re-election for the ensuing year. Dr. a Balance-sheet, 31st January, 1879. Capital and liabilities Profit and loss:-Balance 31st January, 1878, £813. 68. 8d.; net profit for the year, £13,221. 5s. 10d.; less interim dividend paid 8th November, 1878, £3,750 58 10 0 £529,060 2 10 10,284 12 6 720 Dr. Sheffield and Hallamshire Bank. PROFIT AND LOSS ACCOUNT. Charges in London :-Including directors' remuneration, salaries, income-tax, rent, advertising, printing, &c. Charges in New Zealand £2,648 4 2 3,127 7 9 80 0 0 20,533 17 0 14,034 12 6 £40,424 1 5 £813 6 8 39,610 14 9 £40,424 1 5 We have examined the books, securities and vouchers in London, together with the account rendered by the manager in Dunedin, which is accompanied by certificates, stating that the securities were in possession of himself and the company's solicitors; and the preceding statements, in our opinion, contain a true and correct view of the position of the affairs of the company. SHEFFIELD AND HALLAMSHIRE BANK. REPORT of the directors to the forty-third annual general meeting of the shareholders, 18th July, 1879. After payment of all the expenses of the bank, reserving rebate on bills not due, making ample provision for bad and doubtful debts, the net profits are £28,400. 178. 4d. The directors have, during the past year, issued 894 shares to the shareholders, at £50 per share, which have produced £22,350 additional capital, and the same amount in premiums. The paid-up capital of the bank is now £210,000. In conformity with the Articles of Association, the sum received for premiums has been added to the surplus fund. An interim dividend at the rate of 10 per cent. per annum for the half-year ending 31st December, 1878, amounting to £9,941. 5s., was paid in January last, and the directors now declare a dividend at the same rate for the half-year ending 30th June last, amounting to £10,500, together with a bonus of 15s. per share (£6,300), making 13 per cent. for the year. The sum of £532. 7s. 5d. has been paid for incometax, and the directors recommend that the remaining sum, £1,127. 4s. 11d., be added to the surplus fund, . The surplus fund will then stand as follows:Amount on 30th June, 1878, £62,037. 158. 7d.; premiums on shares issued during the past year, £22,350; balance of profit and loss account to 30th June last, £1,127. 4s. 11d.: £85,515. Os. 6d. The balance-sheet has been audited by the directors-they have also carefully examined the securities held by the bank, and have found all correct. The directors nominate Mr. John Yeomans Cowlishaw, of Tapton Cliffe, Sheffield, as incoming director in place of Mr. William Howson, of Tapton Park, Sheffield, the retiring director. The additions to the bank premises, alluded to by the directors in their last report, are now completed. In the statement of accounts to the 30th June, 1878, the bank premises and furniture account stood at £5,000. In the statement of accounts annexed to this report, you will find this item increased to £16,000, 1 which includes the cost of land required for the enlargement of the bank, as well as the alterations, and the additional furniture. Dr. WILLIAM COCKAYNE. JOSHUA SMITH. THEOPHILUS MARSH. JNO. WILLIAM HAWKSLEY. General Balance, 30th June, 1879. LIABILITIES. Paid-up capital on 30th June, 1878, 7,506 shares, £25 per share 894 shares, £25 paid, issued since Surplus fund Due by the bank on current accounts, deposit receipts (includ- Cash in the bank, bills discounted, balances owing by custom- Profit and Loss, 30th June, 1879. Dividend for the half-year ending 31st December, 1878, at the Bonus of 15s. per share on 8,400 shares, being 3 per cent. per 532 7 5 85,515 0 6 £112,788 12 11 By balance of unappropriated profits brought down, being surplus fund SHEFFIELD UNION BANKING COMPANY. REPORT of the directors to the shareholders at their thirty-sixth annual general meeting, 17th July, 1879. Notwithstanding the continued and serious depression which has existed in most branches of the trade of this district, and the adverse influences affecting the manufacturing and commercial interests of the country, your directors are glad to state that the business and profits of the bank have been fairly maintained. After payment of all the expenses of management and the income tax, the profits are £18,160. 118. 2d. This sum added to £319. 4s. 3d., the unappro priated balance of the preceding year, makes a total of £18,479. 15s. 5d. Of this the shareholders have already received an interim dividend of 10s. per share, amounting to £7,500. And another is now declared at 8s. per share (making, with the interim dividend, 7 per cent. for the year), and requiring £6,000, leaving a balance of £4,979. 15s. 5d. Your directors, with a view to substantially reduce the amount standing at the debit of the Albion Works account, to liquidate the loss arising from the compromise with the 12th Patriotic Building Society in August last, and to provide for the losses of the year, have deemed it prudent to apply the unappropriated balance of £4,979. 15s. 5d. and £25,000 to be taken from the surplus fund, leaving that fund standing at £25,000. The accounts and balance-sheet have been audited by your directors and found correct. In accordance with the bank's trust deed, all the directors now go out of office, and it is for this meeting to elect directors for the ensuing year. The present directors are eligible for re-election. Subjoined is the usual statement of assets and liabilities. General Balance-sheet, 30th June, 1879. ASSETS. Cash and bills on hand and balances due to the bank .. Surplus fund Deposits and balances due by the bank Balance, June 30th, 1878, £319. 4s. 3d.; profit for the year, £18,160. 11s. 2d. 18,479 15 5 £676,214 7 6 JOHN BROWN, GEO. BASSETt, July 14th, 1879. UNION BANK OF AUSTRALIA. FORTY-FIRST annual report of the directors presented at the general meeting of the proprietors, held on the 14th July, 1879, John Sheriff Hill, Esq., in the chair. The accounts for the period upon which the directors have now the pleasure to report have admitted, after ample provision for every bad and doubtful debt, of the declaration of a dividend of 7 per cent. for the half-year, and a bonus of 58. per share, being together at the rate of 16 per cent. per annum, and of the transfer of the sum of £16,500 to the reserve funds, bringing the total of those funds to £800,000. The depression that has so long prevailed in the commercial world has been intensified in the Australian colonies by the effects of unfavourable seasons, together with the decline in the value of wool and other products, and great stringency of money. Under these circumstances the directors consider that it speaks much for the soundness of trade that such a trying period has been so far passed with comparatively few important failures. They are happy to add that at the sales of wool which have recently closed prices were rather better than those obtained in February and March. Upon the important question of limiting the liability of the proprietors, the directors are advised by eminent counsel that the bank cannot practically avail itself of any existing Act, but that the "Banking and Joint Stock Companies Bill," now before Parliament, will be available, subject to certain slight modifications, to adapt it to a bank having distant branches. The directors will continue to give their attention to this subject with the view of obtaining limitation of liability as early as may be practicable. Arthur Flower, Esq., and Sir Charles Nicholson, Bart., are the directors who retire on this occasion, in accordance with the provisions of the deed of settlement, and offer themselves for re-election. It is always a pleasure to the directors to refer with satisfaction to their staff both abroad and at home, who deserve the best thanks of all parties interested in the bank. The general manager, the chief officer for New Zealand, and the London manager have had anxious and trying times to contend against, and their able and careful management call for special commendation. The annexed balance sheet presents a net amount of profit of £144,131. 14s. 2d., out of which the sum of £16,500 has been transferred to the reserve funds, and the balance, viz., £127,631. 148. 2d., is available for division. Of this, the dividend and bonus on 59,500 shares will absorb £119,000, leaving £8,631. 14s. 2d. to be carried forward. The dividend warrants will be transmitted by post on the 21st instant, and the dividend and bonus will be payable in the colonies at such time as the general manager shall fix after receipt of telegram. Statement of Liabilities and Assets at the branches on the 31st December, 1878, and at the London office on the 30th June, 1879. LIABILITIES. Dr. Capital, £1,500,000; less 500 new shares not taken up, at £25 each, £12,500 Reserve funds-as per statement £1,487,500 00 800,000 0 0 415,802 0 0 7,732,951 0 10 Bills payable and other liabilities (including reserves held against doubtful debts) 1,268,976 0 10 Balance of undivided profits 127,631 14 2 |