tors have now to submit to yous general statement of the affairs of the Bank, and balance sheet for the half-year ending lst December, 1901.
The net profits for that period, including $1,485,718.99, balance brought forward from last account, after paying all charges, deducting interest. paid and due, and making provision for bad and doubtful accounts, amount to $3,879,090.77 The Directors recommend the transfer vf £500,000 from the profit and loss account to credit of the silver reserve fund, which fund will then stand at $4,250,000.
They also recommend writing off" Bank premises account the sum of $200,000.
'After making these transfers and dedueting remuneration to Directors there remains for appropriation $3,164,090.77, out of which the Directors recommend' the payment of a dividend of one pound and ten shillings sterling per shure, which at 4/6 will absorb $633,333.33, and " bonus of ten shillings sterling pet shure, which at 4/6 will absorb $177,777.78.
The difference in exchange between 4/6, the rate at which the dividend and bonus are declared, and 1/10}, the rate of the dag, amounts to $1,014,731.59.
the balance $1,438,248.07 to be carried to new Profit and Loss Account.
Dmecrons.—Mr. R. Shewan has been elected Chairman for the year 1902 and the Honourable J. J. Bell-frying, Deputy Chairman, Mr. Paul Witkowski, having resigned his sent, Mr. 15, Gvetz has been invited to fill the vacant-y; the appointment requires confirmation at this meeting.
Text read from the printed page and cleaned; old type leaves the occasional error.