Statement of Account for the Past Year Received The audited accounts of the Underwriters Savings Bank for the year ending December 31, 1935, were presented to and approved by the BaMie's directors on Wednesday last at the usual meeting preceding the annual general meeting of. shareholders, 'The President. Mr. C, V. Slarr, commenting on the' year's workin said that the year had been marked lby widespread financial distress, vhich had acutely affected many of the Bank's depositors. The Savings Bank had, however, proven its value to "any, having encouraged them during better times to build up reserves which became available in cash (0 help tide them over later dimeulties.
He said that the Directors could feel with confidence that the Bank had Justified "its purpose of encouraging savings; and also that its primary responsibility of keeping available the Inecessary cash to refund savings on demand" was fully met despite abnormal times.
The Bank ended the year with the normal percentage of cash to total de-its (29 per cent.), being approximately the same as for the previous year 755 per cent).
Aiter writing off defaulted loans /and increasing the General Recerve by.
Profit of $11,438.40, which was credited to Surplus. Debentures were adjusted to market values and the depreciation, $26,095.41, charged to Surplus, Capital Surplus and Meserves then stood at $601,405.35, as compared with $681, 062.30 at the end of the previous year.
Text read from the printed page and cleaned; old type leaves the occasional error.