The half-yearly meeting of this Bank was held on the 17th Oct., at the Bank; James Blyth, Esq., in the chair.
he Chairman said this meeting was an interim one for the declaration of a dividend. He was glad to congratulate the shareholders on the success of the operations for the six months. So satisfactory had. they been that they were enabled to at once provide for the loss sustained by the failure of Gledstanes & Ca.
Mr. C. J. F. Stuart, the chief manager, then read a statement showing the profits for the half-year to amount to £101,000, which, with £5,000 carried forward from last count made £106,000. Of this sum the dividend now proposed would absorb £90,000, leaving £16,000 to carry forward. 5 Dr. Them said the profits made by the Bank were highly satisfactory, but the loss by Gledstanes and Ca. was very unsatisfactory, and he trusted the directors would take warning by it. He would like to know the amount of the Bank's loss, and after passing, some strictures on the affair said he woul reserve a fuller statement for the next meet-the Chairman, in reply, said that the loss would be as follows:—gross amount, £67,00 of which they expected to recover £24,000, leaving a loss of £43,000, to provide for which they had set aside £50,000.
her comments being offered, the Chairman declared the dividend of 30s. per share, being at the rate of 12 per cent. per nnutn,
Text read from the printed page and cleaned; old type leaves the occasional error.