Dr. Paid-up capital Liabilities, 31st December, 1878. £1,687,500 00 26,503,793 7 8 Amount due by the bank on deposits, &c., £25,930,793.78.8d.; Reserve fund, 1st January, 1878, £900,000; now added £30,000 Profit and loss balance .. .. 930,000 0 0 ASSETS. £30,110,498 49 Cr. Cash in hand-at Bank of England and branches, at call and short notice .. Government securities Indian government and other securities, debentures, &c. Cover for acceptances as per contra Freehold banking premises, &c., in London and countrytotal cost, £709,710. 9s. 4d.; less, at credit of depreciation fund, £166,827. 19s. 1d. £30,110,498 49 The above report having been read, it was resolved unanimously. That the same be adopted and printed for the use of the proprietors. That John Kingston, Esq.. Sir James Sibbald David Scott, Bart., and Duncan Macdonald, Esq., be reelected directors of the company. That Charles Barclay, Esq., be elected a director to supply the vacancy in the direction. That this meeting learns with the greatest satisfaction that in the interest of the public, as well as of the bank proprictors, legislation, with a view of limiting the liability of shareholders, has received the support of the directors, and desire to strengthen their hands by a strong expression of opinion of the expediency of such legislation. That a vote of sympathy from the proprietors be conveyed to Mrs. Robertson on the lamented death of her husband. That the best thanks of the proprietors be presented to the directors for the very successful management of the affairs of the company. That the best thanks of the proprietors be given to William Holt, Robert Fergusson, and Thomas George Robinson, the general managers, and to the branch managers and other officers of the company, for their efficient services. That the best thanks of the meeting be presented to the chairman for his able conduct in the chair. PROVINCIAL BANK OF IRELAND. Ar the fifty-fourth annual meeting of the shareholders, held 15th May, Mr. Richard Hoare in the chair. Mr. Charles Chambers, the secretary, read the following report by the directors of the Provincial Bank of Ireland to the proprietors: "The directors have much pleasure in again meeting the proprietors, to lay before them, as usual, the result of the bank's business during the past financial year. The harvest of 1878 proved on the whole an average one, but it was not remunerative to the farmer, in consequence of the unusually low prices that prevailed. While the yield of grain was fair, the same cannot be said of the potato crop, which in the south and west particularly was inferior in every. shape. The season was very suitable for the growth of flax, and the quality was satisfactory, but the price was not so good as was anticipated. Graziers were not prosperous, as importations from foreign countries and other causes produced a considerable fall in the price of cattle, and there was much mortality amongst sheep, attributable to the unusual severity of the past winter and spring. The linen trade, so often referred to in previous reports, continues much depressed, and the prospect of its revival seems to be still remote. It is satis. factory, however, to know that few failures occurred amongst those engaged in it during the year, and but one of any magnitude, which fact may be looked upon as an indication of increased caution and the absence of speculation and overproduction. The directors have to announce that a branch of the bank was opened in the town of Tipperary on the 13th July last. The attention of the proprietors is now requested to the following statement:The account submitted to the yearly general meeting in May, 1878, showed the amount of rest, or undivided profits, at 30th March, 1878, to be Out of which there has been paid to the proprietors the amount of the two half-yearly dividends, namely-At Midsummer, 1878, £40,500; at Christmas, 1878, £40,500.. Leaving a balance of To which there has been added the amount of net profits for the year ending on the 29th, being the last Saturday of March, 1879, after deducting income tax and providing for bad and doubtful debts.. Making the rest, or undivided profits, at 29th March, 1879 .. £202,968 15 9 81,000 0 0 £121,968 15 9 89,618 3 9 £211,586 19 6 Looking to the great depression of trade and agriculture, the above profits may be considered satisfactory, and the directors have now pleasure in announcing their intention to pay in July next a dividend of 7 per cent. on the capital of the bank, being £1. 17s. 6d. on each £100 share on which £25 is paid up, and 158. on each £10 share, for the half year ending at Midsummer next, and they purpose, as heretofore, to pay the income tax for the proprietors." The Chairman congratulated the proprietors upon the satisfactory character of the statement, inasmuch as, notwithstanding the difficulties of the period, the bank was not only able to continue to pay 15 per cent., but to add more to its rest than last year. Another source of congratulation was their very satisfac tory position with regard to the failed banks of last year: the bank held none of their acceptances, and their liabilities in account were merely some £1,500. Adverting to the losses of former years at Belfast, which had turned out larger than was at first expected, the chairman made the satisfactory remark, "it is now, I am happy to say, a thing of the past, all having been written off." After referring to the new branches of the bank recently opened, which are giving promise of future success, the chairman came to a point which had recently exercised the minds of the directors, viz. : in what manner the bank would be affected by the new banking bill; but whilst they were giving their careful attention to its progress in Parliament, he thought it would be premature to give any decided opinion thereon at present; he considered, however, that clause 8 (which as it now stands, most seriously affects banks of issue having offices in London,) would not apply to this bank, its central office being in Dublin, and all its banking business in London being done by Messrs. Barclay, Bevan and Co. With regard to publishing the accounts of the bank, it had been the custom from the commencement, to make a certain statement; and after so long a period and much prosperity, the directors felt reluctant to make unnecessary changes, but they were in the hands of the shareholders on this question and were perfectly willing to meet their wishes, indeed, under the exceptional circumstances of the period, they had caused a more extended statement to be prepared for the satisfaction of the shareholders if any of them desired to examine it. On the subject of audit, the chairman made some valuable remarks as to the superiority of such an audit as was made by the directors over any professional audit that could be made. With respect to the question of limited liability, the board had no prejudice in the matter, they desired only to promote the interests of the proprietors, and would be ready to avail themselves of anything to that end. ROCHDALE JOINT-STOCK BANK, LIMITED. REPORT of the directors presented to the shareholders at the general meeting held 6th May, 1879. Annexed the directors present to the shareholders statement of accounts for the half-year ending March 31st, 1879. The extraordinary character of the period to which they relate, the circumstances of which are known to the shareholders, will have prepared them for the changes apparent on the face of the sheet, and also for the fact shown by it, that the profits of the half-year have sufficed only to meet current expenses, leaving nothing to appropriate as dividend. The withdrawal of deposits, which set in throughout the country on the failure of the City of Glasgow Bank, was felt by your directors, and on the stoppage of Messrs. J. & J. Fenton & Sons' Bank, in our own town on November 26th, this was locally increased to such an extent as to make a call of £2 per share necessary, which call was made on December 9th, and was well met by the shareholders; a further call of £2 per share was made on February 12th, to enable the directors to renew to the customers of the bank the accommodation they had been accustomed to give, but which had been to a considerable extent withdrawn to meet the pressure at the close of the year. This call being also well met, the directors have felt themselves in a position to discontinue the payment of 4 per cent. per annum to depositors as heretofore, and have issued notices that in future the deposit interest payable by the bank will be regulated by London market rate of the day. The shareholders will observe that while the called capital of the bank is doubled, the liabilities are reduced above one-third; and the directors consider it right they should state that though the reserve appears as in the previous sheets, it does so because they have thought it unwise to attempt a valuation of the properties in their hands and which have been referred to in previous reports, while the state of trade renders such properties quite unmarketable and any valuation they might make altogether unreliable: they prefer to hold the said properties until they can dispose of them at something like a satisfactory value, which they will do at the earliest possible date, and upon ascertaining actual loss, they will report same to the shareholders to be dealt with by writing_off the reserve or in such way as may be deemed fit. Messrs. J. Tomlinson and D. Butterworth retire by rotation: they are re-eligible, but Mr. Butterworth, in consequence of the distance of his present residence from the bank, does not offer himself for re-election. Dr. Balance-sheet, March 31st, 1879. Capital, being £8 per share on 6,568 shares, £52,544; less calls unpaid, £2,606 Reserve fund Lodgments on current and deposit accounts, &c. Balance, being profit as per profit and loss account £49,938 0 0 5,467 0 0 51,262 18 11 168 0.5 £106,835 19 4 £89,667 5 10 14,924 17 8 2,243 15 10 £106,835 19 4 Dr. Profit and Loss Account, for the half-year ending March 31st, 1879. Current expenses, including interest on deposit and account current balances, directors' and auditors' remuneration, salaries, chief rent, rates, taxes, printing, stationery, stamps, &c., &c. Carry forward to profit and loss new account Cr. Balance September 30th, 1878 Interest, discount, commission, &c. £1,746 1 2 168 05 £1,914 1 7 £183 14 2 1,730 7 5 £1,914 1 7 1879, April 23rd.—Examined and found correct, Jos. HANDLEY, Chairman. JAMES SHARROCKS, DAVID BUTTERWORTH, Directors. I. E. GIBBS, Manager. JAMES HADFIELD, CHARLES CHEETHAM, Auditors. STANDARD BANK OF BRITISH SOUTH AFRICA, LIMITED. REPORT of the directors submitted to the thirty-first ordinary meeting of proprietors, 30th April, 1879. The directors submit to the proprietors the accounts of the company for the half-year ending 31st December, 1878, showing a profit-after payment of charges, appropriation to bank premises and furniture accounts in South Africa, making full provision for all bad and doubtful debts, and inclusive of the balance of £4,699. 10s. 7d. brought from the previous account-of £114,082. 3s. 2d., which they recommend should be disposed of as follows, viz. :-To rebate on bills discounted, £41,751. 38. 1d.; to dividend of 30s. per share on 34,000 shares (being at the rate of 12 per cent. per annum), £51,000; to reserve fund (making it £285,000), £15,000; to officers' pension fund, £2,500; to balance carried forward to profit and loss new account, £3,831. Os. 1d.-£114,082. 38. 2d. Mr. George N. Player, who for many years filled the office of accountant and latterly that of secretary, having been compelled by illness to retire from the service of the bank, the shareholders will be asked at this meeting to consider the propriety of making some recognition of his long and faithful services. In accordance with the articles of association, two of the directors, viz., Edward Wyld, Esq., and Frederick Greene, Esq., retire from office at this meeting, and being eligible, they offer themselves for re-election. James Glegg, Esq. (of the firm of Messrs. Quilter, Ball, Crosbie, Glegg, and Welton, accountants), and William Whiteford, Esq., the auditors of the company, likewise retire from office. Both are eligible, but Mr. Whiteford does not offer himself for reelection. Mr. Frederick Maynard, public accountant of this city, will be proposed to fill the vacancy thus occasioned. Balance-sheet, 31st December, 1878. Dr. Capital subscribed:-34,000 shares of £100 each, £3,400,000; paid up £25 per share Circulation :-Notes, £499,758; post bills, £3,849. 6s. 4d. . Amount due to customers on deposit, current and other accounts Drafts issued by London office and branches, outstanding £850,000 0 0 503,607 6 4 4,801,823 12 3 943,614 14 1 Brought forward Acceptances under credits of London office and branches, current at this date .. Bills received for collection on account of customers Suspense account, London and South African Bank £7,099,045 12 8 85,534 15 4 852,087 13 1 270,000 0 0 2,976 3 1 Cr. 114,082 3 2 £8,423,726 7 4 Loans on security at short notice Bills of exchange purchased and current at this date Bank property, premises, furniture and fittings in South PROFIT AND LOSS ACCOUNT. Dr. Charges, including rent, salaries, taxes, remuneration to directors and auditors, and all other expenses at head office and branches Balance carried forward Gross profits (including balance of £4,699 10s. 7d. brought from half-year ended 30th June, 1878) after deducting interest on deposits, and current accounts, duty on note circulation, appropriation to bank premises, furniture and fittings, and making full provision for all bad and doubtful debts Dr. APPROPRIATION. Febate on bills discounted, and not yet due.. Dividend at 30s. per share, on 34,000 shares (being at the rate of 12 per cent. per annum) |