'The total expenditures for the year amounted to "$2,925,000. "Although twenty new branches were created during the, year, the increase in ex-Denditures was very slight, being $13,- 000 only. This means an' increase of four per cent. over the previous year, compared with the eleven per cent {increase in business turnover, connection with the profit and loss Jaccount, it may be stated that the expenditures of the previous year formed 73 per cent. of the losses, /while that of the year under review formed only 71 per cent, thus showing a lower overhead ratio, Much progress was achieved in the varied activities of the Bank during the past year. This fact ace counted for the big gain in profits. The net profits totalled $900,300, re-Presenting an increase of $499,000 over the previous year. Interest, remittance fee and commission form: ed the major portion of the profits The gross. receipts amounted $5,042,000 out of which the following items were "defrayed-—over head expenses. $2,925,000, depreciation, $684,000: note issue tax, $488,000; bed debi, $43,000.
Text read from the printed page and cleaned; old type leaves the occasional error.