Directors hare now to submit to the neral statement of the affairs of the Bank up to lst December Loss, and Re count last, comprising Balance Sheet, Profit and charges, and bad and doubtful debts (but The net profit, after providing for all exclusive of the loss in Rupee Paper held), amounts to £37,868, 19s. 84., to which has to be added £25,866, 2s. 2d.' brought forward from the previo year.
The sudden decline im exchange in tober last, consequent in a great measure upon the unexpected action of the Indian Council, led to a cerions depreciation in the value of Rupee Paper, of which, as the Shareholders are aware, this Bank was a large holder. The Directors have made provision for this depreciation by care yin to the credit of the Special Reserve Func £41,366, 13s, Od., thus valuing the 4 per per at £86, and the 4 per cent.
Since the 1st January, about one-third of the amount of Paper then held has been sold at prices yielding a profit of over 1 per cent, on the above rates, thus recoup ping part of the amount written off for depreciation on 31st December, 1882, The Directors will continue gradually to reduce the Bavk's holdings as opportuni offer.
1870 provision was made in the Special Reserve Fund for contingent loss on return of sterling deposits employed in the East, valuing the rupee at 1/9; but, looking to the increasing uncertain the future value of silver, the Direct have decided to withdraw these sterli deposits from the East, and have provider for writing the same down to 1/74 per rupee by a transfer to the Special Reserve Fund of £36,502, 10s. Od, Purchases in India on account of these deposits have already been made, and the balance will be remitted before the 30th June next, Phe amount of £11,651. 4s. Gd. has been written off for bad and doubtful debts, The bulk of t runt arises from opera tions of previous half-years, the amount pertaining to the operations of the past half-year being under £900.
These large transfers from the Profit and Loss account necessitate the transfer from the Reserve Fund of £15,000 and preclude the payment of a dividend for the past hall The pos ion of the Bank is now as follows:—'The Capital is abroad, valued the equivalent of 2/- per rupee; the Reserve Fuud stands at £25,026, 0s. 4d.; the seriing deposits are virtually withdrawn from the Kast, Rupee Paper held is adjusted at £86 the 4} por cout., and £81 the 4 percent. All other assets are adjusted at the rates current on lst Decom-'The shares of the Bank are thus ally worth (taking the Capi abroad as valued at 1/7} per rupee)
21, 3s, Od. pei The retiring Directors are Mr. G Garden col and Mr. J. Murray Robertson, who, being eligible, offer themselves fur election.
Notice has been received that it tended to propose Mr. William Richard sou, of G4, Belsize Pack Gardens, for election asa Director of the Company at this Meeting.
Mr. George Christian, one of the Auditors, being absent from England, the Directors have invited Mr. Grifiitis, of Messrs. Delvitte, Devers, Grifliths & Ca Public Accountants, to audit the accounts for the past half-year, in conjunction with Mr. iron.
The Shareholders will, as usual, have to appoint Auditors for the current year, On the conclusion of the above business the Meeting will be made an Extraordinary General Meeting, to receive the resiguation of Mr. E. J. Daniell, Mr. J. N. Pullen, Mr. W. Scott, Me, Alexander Fre Mr. J. A. Maitland, Directors of pany, who, being eligible, offer themselves for re-election, Notice has also been received that it is intended to propose Mr. William Richard of G4, Belsize
Text read from the printed page and cleaned; old type leaves the occasional error.