It.is a great satisfaction to us that we are able to present to you such a favourable balance-sheet after a year of continuous uncer-fainties and disorganization in all the exchange markets of the world, a year, too, in which profitable: channels for investment of gold funds have been difficult to find. The cheapness of money in London! has been reflected by a further rise} in the price of gilt-edged securities and by @ substantial decline in the earnings of nearly all of the great London Banks, Fortunately we are not altogether dependent on the same sources of income as they are, though, of! course, in view of our substantial gold assets, a higher rate of interest in London, which would be the result of more trade demand for money, would suit us better than the extremely modest rates that were obtainable during 1922.
BANK'S TOTAL EARNINGS, There has been a moderate revival of trade in the East and our operationg generally have been fortunate so our total earnings for the year were satisfactory. They amounted to $12,932,403.99, which is an increase of more than $2 mil lions over the total of 1921. We are ore able to propose the same dividend on the increased capital, viz.: £6 per share for the whole year with £2 bonus, to add to silver reserve, $1 million. The carry forward,—$3,331,788.59, slightly more than we brought in at the beginning of 1922. I hope you will approve of these dispositions, which carry out what has been the policy of your Directors for many years past.
Text read from the printed page and cleaned; old type leaves the occasional error.