(Presented at the Forty-fourth Ordinary General Meeting, 20th April, 2898.
"The Directors have now to submit to the Shareholders the Balance-Sheet and I'rofit and Loss Account of the Bank for the year ended lst December last.
'These show s'net profit, after providing for bad and doubtful debts, of £174,403 198. 9d, inclusive of £13,678 2s. Gd. brought 0e,94 int' "the. previous year. The interim Dividend at the rate of Eight per ent per annum paid in October last absorbed £32,000, and a further sum of £10,000. has been" appropriated to pay a Bonus of 10 per cent on the salaries of the Staff. The amount now available is therefore £132,402 19s, 9d, out of which the Directors Propose to pay " Bal Dividend at the rate Bf en per cent per annum, making Nine per cent for the whole year; to add £75,000 to the Reserve Fund, which will then stand at £450,000; to add £5,000 to the Officers' Superannuation Fund, and to carry forward the balance of £12,402 19s. 94. have to announce the death of their esteemed Te is with deep regret that the Direstors colleague Mr. Win. Paterson, Mr. Emile Levita, and Mr. W Christian, the Directors, who now retire by oration, present themselves for re-election.
It was stated ab the Interim Mectin; Getober that Mr, Henry N. Gladstone Yoon invited to join the Board, and the Shareholders are now requested to confirm his election. The Directors have also to intimate that they have invited Mr. Jasper Young, of Messrs. Boustead & Ca., Singapore and Paward Boustead & Ca., London, to fill the vacancy caused by the death of Mr. Win. Paterson, and the Shareholders will be asked to confirm his election as soon as the Deed of Settlement permits.
The Auditors, Mr. Maurice Nelson Girdslestone and Mr. Magnus Mowat again tender their services.
LIABILITIES AND ASSETS, 31st December, 1897. Dr. £ sd To Capital paid up in full... 800,000 0 0 Reserve Fund 375,000 0 0 Notes in Cirenlation 669,379 3 4 Current Accounts 2,695,927 $ 11 Fixed Deposits 3,760,784 8 2 Bills Payable Draftson demand and at short sighten ead Branches 808,033 02 Draftson London £2,182,662 10 7 against 1,015,741 13 4
Text read from the printed page and cleaned; old type leaves the occasional error.