As mentioned in the report, the balance of the Marine Insurance Accourct, $250,000, has been transferred to Silver Reserve. We discontinued participating in the insurance on our treasure shipments ete., some time there is no longer any need to maintain a separate reserve for insurance purposes, The rate of exchange at which the sterling equivalents of our silver sets and Hubilities, and vice versa, in calculated is 1/11) against 2/4, 8/8 at the and of 1925, a drop of, approximately, 17 per cert. so comparison with the sterling equivalents of the various balance sheet is not altogether easy, T would mention, decrease of approximately 26,000,000)
the nee sheet, accounted for by the lower exchange at which the sterling!
ints of our silver assets and! liabilities have been calculated on this occasion. In fact, an analysis of the original items reveals an expan-ion of 4 per cent. in the figures, and Rot the contraction that the ded the sterling equivalents would seem to indicate, With the exception of notes in circulation, which are about $7:500, 000 higher, duc, I am afraid, rat)
hoarding than expansion in trade, I don't think there are' any items on the balance sheet which call for special comment. Net profits are $1,701,598.41 in excess of those of a year ago, but, on the other hand, it costs us $1,557 469.15 more, at the lower level of exchange, to provide the usual sterling dividend and -bonus, Your Directors feel assured that you will cordially endorse thei action in voting the staff a bonus Jof 10 per cent, on their salaries for. the past year. The work has been ardous and, from the Chief Manager downwards, their responsible duties have been efeiently and loyally per.
Text read from the printed page and cleaned; old type leaves the occasional error.