Deposits, £896.926. 8s.; in interest accrued thereon, £15,654. 10s. 912,580 18 0 Salaries paid, head office and 37 branches and agencies £1,331,153 8 2 £10,868 16 0 5,912 11 883 9 3 12,620 13 9 £30,285 10 3 Cr. Balance from last half-year £1,560 18 0 Gross amount of profits less deductions for bad and doubtful debts, and interest accrued on deposits 28,724 12 3 Balance of profit and loss new account £12,620 13 9 £2,620 13 9 We certify that the above is, in our opinion, a true and correct statement of the affairs of the Commercial Bank of Australia, Limited, on the 31st December, 1878. W. H. TUCKETT, Auditors. W. G. SPRIGG. Certified before me this 10th January, 1879. ROBERT KERR, J.P. ORIENTAL BANK CORPORATION. TWENTY-EIGHT annual report of the court of directors to the proprietors. The directors beg to submit to their co-proprietors the general statement of the corporation's affairs and balance-sheet for the year 1878, which has been duly audited. The earnings of the year's business (including £5,758. 128. 14 brought forward from the last account), after defraying all current expenses and deducting sums written off for the first half of the year, amounted to £198,727. 78. Od.; out of which a dividend at the rate of 10 per cent. per annum for the half-year was declared, and divided amongst the shareholders in October last, leaving an unappropriated amount of £123,727. 78. The directors now extremely regret to announce that through the depressed condition of trade, and the commercial crisis which has been experienced during the last six months, very serious losses have been sustained at various points. These losses, with provision for doubtful debts, including a large amount recently advised from Australia, have exceeded the unappropriated earnings, as above shown, by the sum of £120,130. 98. 3d. The directors have also taken into account the existing depreciation of their public securities held in London and at the different branches, and although they trust that, as regards Indian government securities, this depreciation is only temporary, as depending on the rate of exchange between this country and India, they have valued all the government rupee paper at the market price in India at 31st December, and for that portion thereof which stands in the bank's books in London, and is therefore subject to exchange, a rate of 18. 8d. per rupee has been assumed. They have further made provision for the return of all funds invested in the East at the exchange of the day, excepting only such portion of the bank's capital as is allotted to each branch for its local permanent use. These two items together have occasioned a writing-off against the reserve fund of £185,567. 38. Under the head of foreign securities they also regret to report the heavy depreciation of £91,030. 3s. 4d. on £318,806. 38. 4d. in Chilian government bonds, which they have held as an investment since the time of the issue of the loans of 1873 and 1875. While writing off this amount, as shown in the profit and loss account, the directors, from the assurances they continue to receive from Chili and from the acknowledged good faith of that government, are sanguine that these securities will, to a great extent, recover their value. The causes above mentioned not only render it impossible for the directors to declare any further dividend for the year, but necessitate the appropriation of nearly the whole of the reserve fund, together with a surplus value on the bank premises, which has hitherto been regarded as a set-off against temporary fluctuations in the securities. Provision, however, being now made for depreciation in the manner above explained, the surplus in question, £85,400, affirmed by valuation at the close of the year, has been brought into the adjusting account of profit and loss. The directors have the painful duty to report the death, on the 27th October last, of their colleague, Mr. Lestock Robert Reid, who had sat at their board for twenty-four years; they have also to announce the recent resignation of Mr. Henry J. Jourdain, a step which they regret became necessary in consequence of the condition of his health. To supply the vacancy caused by the death of Mr. Reid, the directors appointed Mr. John Young, formerly of Madras, a gentleman possessing lengthened and varied experience of Indian business, to be a member of their board. They have not appointed a successor to Mr. Jourdain, and in connection with this subject, as they consider it would be much to the advantage of the corporation that the number of directors should be increased to ten, they propose shortly to call a special meeting of the shareholders with a view to the election of three gentlemen from their number to supply these places at their board. The directors retiring by rotation are Mr. Walkinshaw, Major-General Burn, and Mr. Arbuthnot, who offer themselves for re-election. The meeting will also have to appoint two gentlemen as auditors for the present year. In presenting this report, the directors desire to express their deep regret that the results of the year's operations have proved so unsatisfactory. Having, however, so fully provided for bad and doubtful debts, as well as for the depreciation in their securities, they trust that with an improvement in trade and an advance in the rates of exchange, the future may bring a renewal of prosperity to the corporation. Dr. General Statement and Balance-sheet, 31st December, 1878, LIABILITIES. Promissory notes in circulation not bearing interest Government securities English and Indian, £1,569,331. 15s. 5d.; foreign and colonial, £238,613. 10s. Landed or other property of the corporation .. £20,493,827 25 £2,140,731 2 10 688,584 17 9 46,374 12 10 £2,875,690 13 5 Dr. PROFIT AND LOSS ACCOUNT. Amount paid as interim dividend for the half-year ending £75,000 0 0 435,055 2 7 £510,055 2 7 QUEENSLAND NATIONAL BANK, LIMITED. Ar the thirteenth half-yearly meeting of the shareholders, held at Brisbane, on 30th January, 1879, the Hon. F. H. Hart, M.L.C., in the chair, the following report was presented: The directors now beg to lay before you their thirteenth half-yearly report, with the balance-sheet_certified by the auditors. The net profits for the six months ended on 31st December last, after making provision for rebate on bills current, interest accrued on deposits, and bad debts, amount to £23,312. 19s. 7d.; balance from previous half-year, £3,451. 15s.; £26,764. 148. 7d.; less amount of tax on note circulation, £1,806. 19s.; £24,957 158. 7d.; premium on shares, £3,270. 158.; total, £28,228. 10s. 7d.; which the directors propose to appropriate as follows:-To dividend at the rate of 10 per cent. per annum, £19,403. 10s.; to reserve fund (making £75,000), £5,000; to balance to next half-year, £3,825. Os. 7d.; total, £28,228. 10s. 7d. During the half-year branches have been opened at Blackall, Bundaberg, and Port Douglas. There will be a vacancy at the board to fill up, caused by the retirement, in conformity with clause 86 of the articles of association, of Boyd Dunlop Morehead, Esq., M.L.A. This gentleman is eligible for re-election, and has offered himself accordingly. There is no other candidate. The shareholders will also be required to appoint two auditors in the place of Theodore Unmack, Esq., and Alexander Brand Webster, Esq., who are both eligible for re-election. The directors are gratified at being able to report that the business of the bank generally has been well maintained during the past six months, which embrace a period marked, unfortunately, by great commercial disasters in the mother country, and continued depression in trade in Australia. Dr. Balance-sheet for the Half-year ending 31st December, 1878. Coin and bullion, £218,966. 16s. 3d.; cash balances, PROFIT AND LOSS ACCOUNT. £1,718,489 2 2 Dr. Expenses, head office, and twenty-six branches £19,537 2 2 Bank-note tax for quarters ending September and December Balance 1,806 19 28,228 10 7 £49,572 11 9 Cr. Balance from last year Gross profit, after providing for bad debts, interest accrued" on deposits, and rebate on bills current Premium on shares VOL. XXXIX. We hereby certify that the above is a true and correct statement of the affairs of the Queensland National Bank, Limited, on 31st December, 1878. It was resolved-1. That the report and balance-sheet be adopted. 2. That Boyd Dunlop Morehead, Esq., M.L.A., be re-elected a director of the bank. 3. That Messrs. T. Unmack and A. B. Webster be elected auditors of the bank. 4. That the remuneration of the auditors for the current year be as heretofore, £50 each. 5. That the thanks of this meeting be tendered to the directors, general manager, and officers of the bank. UNITED STATES NATIONAL BANKS. ABSTRACT of reports made to the Comptroller of the Currency, showing the condition of the National Banks in the United States, including National Gold Banks, on the 1st January, 1879, when specie payments were resumed. |