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the head office, and compared the returns of the branches with the statements in the foregoing balance-sheet, and have found the same to be correct. ALLAN K. TAYLOR and G. B. OWEN, Auditors. The CHAIRMAN, in moving the adoption of the report and balance-sheet, said: Before formally moving the adoption of the report and balance-sheet which have just been read, it devolves upon me very shortly to remark on the results they embody-results which I feel sure must be as gratifying to you as they are to the board of directors. During the half-year just past, which embraces the most stagnant portion of the year, banking profits generally have been adversely affected by the continued plethora of money and consequent low rates, but the large measure of support which the bank enjoys enables us to-day to meet you with a report which is the best evidence of the continued success of our operations. Glancing at the figures in the balance-sheet, the note circulation remains practically the same as in previous statement; bills payable are increased £176,000. In ordinary course this account at this period of the year should be considerably lower-its present condition is wholly due to operations on Government account. Deposits and other liabilities show a decrease of £360,000, also due to fluctuations in public accounts, the private deposits being somewhat in excess of those of last half-year. The coin and equivalents are considerably reduced, but the advances are proportionately increased, showing that to that extent the resources of the bank are more actively employed than at the last balance period; but this greater activity does not sensibly affect the profits now to be dealt with-the benefit will be experienced during the halfyear now current. The balance of profit and loss is about the same as in last statement, which, considering the circumstances to which I have previously alluded, will, I trust, be considered amply satisfactory. We see no reason to anticipate a worse result in the future. Commerce is gradually returning to its wonted activity, local industries are springing up around us, and a specially favourable season promises exceptionally good results to the agricultural and pastoral interests, and the marked attention now drawn to this colony as a field for capital and skilled labour, points to the probability of our largely benefiting from the migration of the better class of English farmers, who, we are led to believe, will in large numbers seek a home in these colonies. I have much pleasure in moving the adoption of the report and balance-sheet.

Mr. J. C. FIRTH said, in seconding the motion: There is hardly anything left for me to say in seconding this resolution. The short speech made by the chairman embraces every point that can be interesting to the shareholders in an institution like this. Money has been cheap, and in such case bankers are not able to present reports so highly favourable, in the shape of dividend, as, under other circumstances, they could submit to the half-yearly meeting. But I recognise, and I am sure every shareholder present must recognise, the fact that, while cheap money is not so advantageous to bankers, it assists in the develop. ment and progress of every form of industry, and, as new industries are established, will ultimately strengthen the position of institutions such as this. We may therefore, I think, congratulate ourselves on the favourable prospects that are at present opening for this colony. The very favourable season we are now having, the fair rates we are getting for our staples-wool and grain,—the increase that appears to be general in the yield of gold, are all facts favourable to the future prosperity of this institution, of the colony at large, and of this community. I have, therefore, much pleasure in seconding the motion for the adoption of the report and balance-sheet.

The motion was put, and carried unanimously.

Questions having been invited and none being forthcoming, the meeting proceeded to the election of directors and auditors.

ELECTION OF DIRECTORS.

The meeting proceeded to the election of two directors, in the room of Mr.

VOL. XLII.

4

Whitaker, who retires, and of Dr. Campbell, who retired to proceed to England, but on his return was eligible for re-election.

Mr. G. B. Owen was elected in the room of Mr. Whitaker; Dr. Campbell was re-elected.

AUDITORS.

On the motion of Mr. A. K. TAYLOR, Seconded by Mr. F. BATTLEY, Messrs. George P. Pierce and Benjamin Tonks were elected auditors.

The Rev. SHIRLEY BAKER proposed a cordial vote of thanks to the directory and officers of the bank, which he thought they were fully entitled to after the satisfactory report that had been submitted to the shareholders.

Mr. ABRAHAM BOARDMAN Seconded the motion, which was put, and carried unanimously.

The CHAIRMAN returned thanks on behalf of the directors, and Mr. D. L. MURDOCH оn that of the staff.

This concluded the business of the meeting.

COMMERCIAL BANK OF SCOTLAND.

REPORT of the ordinary court of directors to the annual general court of proprietors, 17th December, 1881.

The directors have pleasure in submitting their annual report to the proprietors accompanied by the balance-sheet for the year ending 31st October last, with certificate of the auditors appended. There has been a considerable improvement in some branches of business during the past year, but the great agricultural interests still continue much depressed owing to a succession of unfavourable seasons. The profits of the year (after deducting an ample sum to meet losses and contingencies) amounted to £146,436. 19s. 10d.; to which there falls to be added the balance of profit and loss account from the previous year, £5,238. 128. 4d.; total £151,675. 128. 2d. Of this sum there was applied in payment of half-year's dividend in July last, £65,000; and the directors now recommend that there be applied in payment of the remaining half-year's dividend, at the rate of 13 per cent. per annum, on 3rd January next, free of income-tax, £65,000; in reduction of the cost of bank buildings, £5,000; in addition to the rest as mentioned below, £5,809. 198. These sums amount to £140,809. 198., leaving £10,865. 13s. 2d. at the credit of profit and loss account to be carried forward. The proprietors are aware that the directors, carrying out their intention, as intimated in last year's report, allocated the bank's stock belonging to the corporation, among the proprietors rateably, at the price of £250 per cent. in August last. This has yielded a profit of £89, 190. is., and there was still £1,820. 128. 9d. of stock remaining on hand at the annual balance, which has since been almost all disposed of to the proprietors. As stated in last year's report, the undivided profits or rest, after paying the half-ycar's dividend in January 1881, amounted to £435,000; the directors now propose, in accordance with their intention intimated last year, that the above-mentioned profit on the sale of stock be added thereto, £89,190. 1s., as also a sum from the profits of the year as before mentioned, £5,809. 19s.; making £530,000, as the amount of rest or undivided profits, after providing for the half-year's dividend in January next. Applying £5,000 in reduction of the cost of bank buildings, there will remain a balance of £176,120. 8s. 1d., at the debit of that account, being less than one-half of the original cost. There has been a considerable rise in the value of the bank's investments in the government funds, Bank of England stock, debenture and preference stocks, &c., during the past year, but they continue to stand in the bank's books at cost prices. The proprietors are aware that at a meeting of representatives of the unlimited banks in Scotland, held in Edinburgh on 14th July last, it was resolved that the shareholders of all these banks should be recommended to register the respective banks under the

Companies' Acts 1862 to 1880, with limited liability. Reference is made to the bank's circular of 28th October last on that subject, and to the reasons therein stated for converting the bank's stock into shares, with the view of adding two millions of reserve capital to the present capital of three millions, in order to place this bank on a par, in that respect, with the other larger banks which are about to register under these Acts with a nominal capital of five millions. Resolutions originally tabled at the quarterly court of proprietors held on 13th September last, and now altered to meet the circumstances of the case, will be submitted and moved at this meeting, in order to carry out the conversion of stock into shares. After that conversion is carried into effect, a special general meeting of the shareholders will be called, in order that they may come to a resolution to register the bank under the Companies' Acts 1862 to 1880, and, if so minded, "to increase the nominal amount of its capital by increasing the nominal amount of each of its shares." As explained in the circular of 28th October before referred to, the directors propose that the bank's capital shall consist of 50,000 shares of £100 each, whereof £20 per share shall be paid-up, £1,000,000; £40 per share liable to future calls, £2,000,000; £40 per share of reserve liability, £2,000,000-£5,000,000. The directors are of opinion that there will be no necessity to make any further call. Mr. Reid, who had been secretary of the bank for upwards of twenty-four years, having fallen into bad health, the directors felt themselves constrained, with much regret to accept of his resignation in the beginning of this year. The directors desire to record their sense of the able and efficient manner in which he discharge his duties during the forty-four years he had been in the service. Mr. Reid has been succeeded as secretary by Mr. Peploe, who was, for many years, assistant secretary and general superintendent of branches. It is proposed that Messrs. Charles Pearson and James Howden, chartered accountants, shall be re-elected auditors, for the purpose of auditing next annual balance-sheet. In room of Mr. Skene, the senior director who retires by rotation, it is proposed that Sir Archibald Hope, Bart., of Craighall, shall be elected an ordinary director of the bank; that the Marquess of Tweeddale shall be re-elected governor, and Alexander Matheson, Esq., M.P., deputy-governor of the bank; that the Earl of Caithness, Sir William Muir, K.C.S.I. and LL.D., London, David Milne-Home, Esq., of Milne-Graden, and Dr. John Duncan, F.R.C.S.E., Ainslie Place, shall be elected extraordinary directors, and that the other extraordinary directors, whose names remain on the list, shall be re-elected.

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To the proprietors-Paid-up capital, £1,000,000; rest, £530,000; dividend, proposed to be paid on 3rd January, 1882, £65,000; sum proposed to be carried forward in profit and loss account, £10,865. 138. 2d.

Total liabilities

£10,121,744 4

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ASSETS.

Gold, silver, and copper coin, and notes of other banks
Money lodged in London with banks and discount houses,
call, and at short notice
Money with country banks

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Bankers' drafts, cheques, and other demand documents in course of transmission, and in hand..

Cr.

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British Government securities, £1,213,069. 08. 11d.; Indian Government 4 per cent. debentures, stock of the Bank of England, and Corporation of London 4 per cent. bonds, £170,830. 4s. 1d.; debentures, and debenture and preference stocks of British railways, £315,686. 2s. 6d. ;^ heritable property not occupied by the bank, and yielding rent, £58,898. 3s. 7d.; other investments, £18,841. Os. 7d. Advances on accounts and bills discounted, £7,048,278. 2s. 9d. short loans on securities, £850,405; City of Glasgow bank, for notes and vouchers, £72,194. 58. 7d.; bank premises at Edinburgh and branches, £176,120. 8s. Id. ; liability of customers for acceptances and endorsements, per contra, £169,604. 2s. 3d.; other assets, £4,912. Os. 6d.

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PETER LANG, Accountant.

CERTIFICATE BY THE AUDITORS.

As auditors appointed by the proprietors of the Commercial Bank of Scotland, we have completed our audit of the bank's books for the year ending 31st October, 1881, and having examined the foregoing abstract balance-sheet, we beg to certify as follows:-1. That the coin, notes, and money at call and at short notice, are correctly stated. 2. That the investments held by the bank are moderately valued. 3. That the heritable properties,-having regard to the original purchase prices,-stand in the books at a low value. That the other assets consisting of advances on accounts, bills discounted, and other advances, and the liabilities of the bank, we have found, upon such an examination of the books as we deemed requisite, to be correctly stated. Accordingly, in our opinion, said abstract is a full and fair balance-sheet, properly drawn up and exhibits a true and correct view of the bank's affairs as at 31st October, 1881, as shown by the books.

Edinburgh, 8th December, 1881.

CHAS. PEARSON, C.A.
JAMES HOWDEN, C.A.

HIBERNIAN JOINT STOCK COMPANY.

FIFTY-SEVENTH report of the board of management to the shareholders, for the year ended the 31st October, 1881, submitted at the annual meeting held 5th December, 1881.

The directors beg to submit the statement of accounts to the close of our financial year-viz., 31st October, 1881. The balance-sheet has been duly audited, and has the certificate of your auditor annexed thereto. From the 1st

of November last the Company has been registered as "Limited," in terms of the several resolutions passed at the special meetings duly held for that purpose, and in accordance with the terms of the several Acts of Parliament providing therefor. The directors trust that your business may improve, and that the proprietors will each aid the new "Limited Company" by the introduction of sound discount accounts and deposits. The directors have allocated, as usual, the sum of £500 to the officers' pension fund. The net profit for the year, as per profit and loss account, amounts to £42,349. 16s. 9d., which, with £3,441. 158. 2d., balance carried over from last account, makes a total of £45,791. 118. 11d. From the above a dividend was paid in June last of £20,000, leaving an available balance of £25,791. 11s. 11. The directors propose, with your approval, to declare a further dividend of 20s. per share (free of income tax), which is at the rate of 8 per cent. per annum, leaving a balance of £5,791. 11s. 11d. The two members of the board who retire by rotation at this meeting are Alderman Campbell, J.P., and Mr. Nicholas Lynch, both of whom, being eligible, offer themselves for re-election.

Abstract of the affairs of the Company for the Year ending 31st October, 1881.

LIABILITIES.

Dr.
Capital, viz.:-20,000 shares of £100 each, £2,000,000;

amount paid up per share, £25

Reserve fund

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Amount due on deposit receipts and current accounts

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Officers' annuity fund, total amount, £3,951. 11s. id.; less

invested, £2,037. 198. 6d.

1,913 11 7

Interest due on deposits..

14,297 0 0

5,503 0 0

Rebate on bills not at maturity

Unappropriated balance from last account £3,441. 15s. 2d.; net profits for year ending 31st October, 1881, £42,349. 168. 9d. Less dividend paid in June, 1881, £20,000

45,791 11 11

25,791 11 11

£2,667,845 9 8

ASSETS.

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Cash on hand

Bills discounted

Loans at call and at notice

Loans on railway stock and other securities

Advances to customers

Sundry agents

Investments held by bank, viz :-£100,000 new 3 per cent.
stock £25,000 Canada 4 per cent. ; £5,000 Victoria
Government 5 per cent. bonds; £17,000 Victoria Govern-
ment 4 per cent. bonds; £3,500 Cattle Market 6 per
cent. Debentures; £500,000 rupees, India 4 per cent.
enfaced paper; 406 City and pipewater debentures;
sundry ordinary and debenture railway stocks, valued at
£10,929 ..
Bank premises, head-office, and 37 branches, cost
£148,500. 188. 11d., written down to..

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