The twenty-sixth ordinary general meeting of shareholders was held on 21st April at the Cannon-street Hotel; Mr. Wun. Paterson in the chair.
Te notice calling the meeting was read by Mr. Win, Chas, Mulling, the secretary. The report of the directors, which was taken as read, was as follows "The directors submit to the shareholders the general balance-sheet. and profit and loss account for the year ended 31: 1879, showing that after providing. for bad and doubtful debts, the net profits, with-the addition of £8,756 18s. 6. brought forward, £101,328 4s, 1d, The interim lend to 30th June, at the rate of 6 per cent.
per annum, which was declared in October last, absorbed £24,000 of that sum, and from the present balance of £77,328-4a, the directors propose that a dividend be' declared for the second half of the year at the rate of G per cent, per annum, free of income-tax, and that £5,000 be added to the officers' superannuation fund and £40,000 to the reserve fund, making the latter £190,000. The balance to be carried forward will be £8,398 4s. 1d. The directors regret to announce that Mr. James, Whittall, b lent in the Eaat, has Mr. Emit William Heilgers, ly rotation, present themselves for election, The auditors, Mr. Owen Lewis and Mer. William Vanner, again tender their services."
The Crrarnatay snid—Gentlemen, the report having been taken as read, and also the accounts, I think we may congratulate ourselves upon their very satisfactory character, as they de, that we have been and profitable business. I think they cannot fail to euge confideness in the minds of our constituents and others, It is just five years ago since I had the plea. sure of asking your sanction to the conunen ment of the reserve fund with £20,000, and we now recommend an addition of £40,000, which will raise it to £190,000, 'This fund' would already have hoon more if during that. period we hai not been under the necessity, as you know, of making good the depreciation in the of the moneys employed in local currency that deprecia being mainly caused by the very largo sales of silver by the German Government, 'The book value of our premises abroad has: algo been ably written down, partly for the reason, and as such depreciation cannot occur again' we may look cheerfully: to the future, After providing. for bad and.doubtfal debts and depreciation of premises, our net profit for £92,957 this ye sum we would jadly have shared more with our ce-portu but we are. convinced that the mode of distribution now proposed will be most advantageous, Ib ie evident that increased reserve fund will not only add to the stability of the bank, but algo to its: earning powers, as it will, no doubt, tend to increase confidence in the mind of ite customers and others, You have hi tied with a 5 or 6 per cent, dividend during there years, and our shares are now intriveically of more. value than they ever wore, Although our cash balances at the head office and the agencies amount to. nearly £1,600,000, we could profitably employ tore capital; therefore we should' like to see an addition to our fixed deposits, and with that view should'feel obliged if you -will influence such yearly. deposits, knowing, as do, that tie security this bank of liquidators of the unfortun: of Glasgow Bank at the end waiving our claim for interest, and in this balance-sheet we have fully provided for any probable loss on the smell amount of overdue bills or doubtful accounts whish we have at this moment, These have been anxious and trying times, and you need scarcely be told that such results as those now presented could not have been obtained without the active and cordial zeal of our staff; consequently we doubt not you will approve of our having added £5,000 to their superannuation fand." Mr. Whittall sent in his resign tion last month, and in doing so mentioned that ko would probably not remain long in the East; consequently we hope again to have his valuable services at the board, I do not think I need occupy your time longer, but 1 am here to give any information which may be required, I now beg to propose the first resolution, which is—* Phot the report now presented, together with the balance-sheet and profit and loss accoaut, be approved and adopted, Mr, Jons Joxns—t have great pleasure in seconding the resolution,
Text read from the printed page and cleaned; old type leaves the occasional error.