Coin on hand, £92,621. Os. 2d.; cash balances, £15,268. 18. 3d. £107,889 1 5 Bills discounted, securities for advances, and other assets 10,950 0 0 1,622 10 7 644,316 11 1,943 10 1 £766,721 13 1 Dr. PROFIT AND LOSS. Expenses of management in Sydney and at London office, in- Rebate on bills discounted not due on 31st December Undivided balance carried to next account £1,943 10 1 10,308 11 5 5,700 0 0 8,990 8 10 In moving the adoption of the report, the chairman referred especially to that paragraph in which the directors recommended an increase of the capital, and quoted figures to show the advisability of such a step being taken as soon as practicable. The present company took over the business only on 1st July, 1873, and it was not until 1st January, 1874, that (an Act of Incorporation having been obtained in the meantime) the bank was opened as a bank of issue. The number of current accounts was, on the 30th June, 1873, immediately previous to the transfer, exceedingly limited, being only 57; on the 31st December, 1873, it was 69; on the 30th June, 1874, it had risen to 220; and on the 31st December, 1874, it had reached 316. Comparing the amount of deposits of all kinds held at the different dates, it would be found that on the 30th June, 1873, the amount was £166,498; on the 31st December, 1873, £261,482; on the 30th June, 1874, £494,245; and on the 31st December, 1874, £597,576. Then as to advances: On the 30th June, 1873, they amounted to £281,361; on the 31st December, 1873, to £333,592; on the 30th June, 1874, to £522,319; and on the 31st December, 1874, to £644,316. Thus it would be seen that in the last twelve months during which the bank had been in operation under the present management, and as a bank of issue, the accounts had increased very rapidly; that the deposits had considerably more than doubled; and that the advances had very nearly doubled in amount. In fact the deposits and advances had so augmented as to make it undesirable to encourage much addiion to the amount until the capital of the bank should be increased. The chairman also pointed out that, in order to bring the form of the balancesheet more in accordance with that of the other local banks, the rebate on current bills was shown separately. This alteration would of course render it necessary to make an allowance in comparing the figures of former balance-sheets with the present. With respect to the largeness of the amount of rebate, it was explained that it was to be accounted for by an unusual proportion of the advances being represented by bills under discount. The Hon. William Busby was elected a director in the place of Mr. W. D. Stewart, deceased. THE AUSTRALIAN JOINT STOCK BANK. FORTY-FOURTH report presented to the shareholders at the half-yearly general meeting held at Sydney, 21st January, 1875. The Board of Management have much pleasure in presenting the shareholders with the report of the business of the bank for the half-year ending 31st December, 1874, accompanied by the balance-sheet certified by the auditors. The net profits for the half-year, after deducting rebate on bills, interest on deposits, and making provisions for bad and doubtful debts, amount to £41,898. 188. 7d.; to which has to be added the balance of undivided profits on 30th June, 1874, £4,872. 08. 7d.; making an amount available for division of £46,770. 19s. 2d.; to be appropriated as follows:-To the reserve fund, £10,000; dividend at rate of 8 per cent. per annum, £19,386. 48. 10d.; bonus of 28. per share equal to 2 per cent. per annum, £6,058. 48.; reduction of bank premises, £3,000; leaving a balance to be carried forward of £8,326. 10s. 4d. Three of the directors, J. S. Mitchell, Esq., A. Learmonth, Esq., and E. T. Beilby, Esq., retire from the Board at this meeting, two of whom are eligible for re-election. Messrs. Mitchell and Learmonth, with William A. Long, Esq., have given the requisite notice that they are candidates for election as members of the board. Two auditors will have to be elected for the ensuing year in place of Messrs. J. G. Raphael, and W. A. Long, who acted during the last twelve months, and now retire. To meet the wishes of supporters of the bank in various quarters, branches have been opened at Orange, Molong, Wilcannia, Bourke, Coonabarabran, and Rylestone, in New South Wales; and sub-branches at Lambton, Wallsend, and Raymond Terrace, in New South Wales, and at Charters Towers, in Queensland. Balance brought forward from last half-year The report was adopted and ordered to be printed, and circulated among the proprietors. James S. Mitchell, A. Learmonth and William A. Long, Esquires, were elected directors. W. B. Walford and A. H. J. Baass, Esquires, were elected auditors for the ensuing year. It was carried that the directors be empowered to sell by auction or otherwise 1,918 of the shares not disposed of in London, on such terms as may be considered desirable, so that the capital paid up may be increased to an amount of £500,000. A vote of thanks was given to the chairman, directors, and officers of the bank, for their successful management during the past half-year. E. T. Beilby, Esq., gave notice of his intention to move at the next meeting, "That the remuneration of the directors be increased from £600 to £900, and that of the auditors from £50 to £100 per annum." THE COMMERCIAL BANKING COMPANY OF SYDNEY. THE fifty-third report, presented to the shareholders at a general meeting, held at Sydney, the 22nd January, 1875 :— "The directors have pleasure in submitting the fifty-third report to the shareholders, exhibiting the bank's position at the close of the year ended on the 31st December last. After deducting rebate on current bills, reducing premises account, providing for note tax, making ample provision for bed and doubtful debts, and granting to the officers a bonus addition of 10 per cent. on their salaries, the profits for the half-year amount to £65,808. 138. 2d.; add undivided balance from last half-year, £13,345. 0s. 10d.; total, £79,153. 14s. Od.; which the directors appropriate thus:-Payment of a dividend for the half-year at the rate of 22 per cent. per annum (old stock), £44,000; ditto (new stock), £6,875; increase of reserve fund, £15,000; undivided balance, £13,278. 148.; total, £79,153. 148. The reserve fund now stands at £330,000. During the half-year branches have been established in this colony at Adelong, Bingera, Blayney, Brewarrina, Campbelltown, Cannonbar, Dungog, Glen Innes, Grafton, Gunnedah, Gunning, Moss Vale, Mudgee, Warren, Wilcannia, and Windsor; and in the Colony of Queensland, at Rockhampton, while the branch at Gayndah has been closed. The preliminary expenses attending the opening of these branches have been charged to profit and loss account. The remaining instalments of the new capital, due on the 30th September and the 31st December last, have been received." cash balances).. Bills discounted, and all debts due to the bank (including Bank premises, furniture, &c. .. 393,839 0 0 7,336 3 5 3,315,352 15 1 90,362 19 9 £4,621,890 18 3 £760,309 16 11 322,500 0 0 17,620 13 0 3,446,460 8 4 75,000 0 0 PROFIT AND LOSS ACCOUNT. £4,621,890 18 3 Dr. Rebate on current bills.. £11,209 5 9 Dividend account for payment of a dividend for past half 50,875 0 0 15,000 0 0 13,278 14 0 £90,362 19 9 The following resolutions were carried unanimously :That the report and statements of account now read be adopted, printed, and circulated amongst the shareholders. That the thanks of the meeting be presented to the directors, manager, and officers of the bank, for their very satisfactory management of the affairs of the institution. THE QUEENSLAND NATIONAL BANK, LIMITED. THE following is the report to the fifth general meeting of shareholders held at Brisbane, 28th January, the Hon. F. H. Hart, M.L.C., chairman of the board of directors, presiding:-The directors have now the pleasure to submit to you their fifth half-yearly report, with the balance-sheet, for the period ended 31st December, 1874, duly certified by the auditors. The net profits for the halfyear, after making provision for rebate on bills current, interest accrued on deposits, duty on note circulation, and bad debts, amount to Balance brought forward from last half-year Which the directors recommend to be appropriated as follows:- Reserve fund Balance of preliminary expenses.. Balance carried forward to next half-year £9,299 18 10 3,040 8 8 During the past six months an agency has been opened at Dalby, and the agency at Rochford has been closed. You will be called upon to elect a director in the room of the Hon. A. B. Buchanan, who retires by rotation, but is eligible for re-election, and offers himself accordingly. No other candidate has presented himself. It will be necessary to elect two auditors for the ensuing year. The directors congratulate you on the satisfactory increase in all departments of the bank's business, and invite the personal co-operation of the shareholders in extending it. Dr. Balance-sheet, for the Half-year ended 31st December, 1874. |