Leaving a balance of Moiety of July, 1878, dividend and bonus on 1,630 new Deduct amount transferred to reserve funds in January, £20,000; dividend and bonus paid in January, £118,537 £7,133 6 6 1,630 0 0 273,905 7 8 £282,668 14 2 138,537 0 0 Bank premises and property, £266,500; balance of reserve funds not specifically invested, £33,500 150,000 0 0 150,000 0 0 £500,000 0 0 300,000 0 0 £800,000 0 0 R. J. ASHTON, Chairman of Committee. LONDON, 9th July, 1879. UNION BANK OF LONDON. SIXTY-SECOND report of the directors submitted at the annual general meeting of the proprietors, held 9th July, 1879. The directors have to report that the net profits of the bank for the six months ending 30th June last, after payment of all charges, and making full provision for all bad and doubtful debts, are £99,307. 7s. 2d., which, with £1,057. 78. 48. brought forward from 31st December last, amount to £100,364. 14s. 6d. Out of this amount the directors now declare a dividend for the last six months at the rate of 12 per cent. per annum on the paid-up capital, clear of income-tax; and, after payment of such dividend, amounting to £87,187. 10s., appropriate £3,876. 10s. 6d. to the reserve fund, leaving £9,300. 14s. to be carried forward to profit and loss new account. The following directors retire by rotation, under the provisions of the deed of settlement, viz., Robert Colquhoun Fergusson, Esq., Henry John Broughton Kendall, Esq., William Lansdowne Beale, Esq., who, being eligible, offer themselves for re-election. Statement of Accounts for the half-year ending 30th June, 1879.-General Balance. Dr. Deposits and current accounts.. Acceptances LIABILITIES. Liabilities by indorsement on foreign bills sold Other liabilities, being interest due on deposits, unclaimed dividends, &c. .. Capital-£10 per share paid up on 60,000 shares, £600,000; £5 per share added out of reserved profits, £300,000; £15 per share paid up on 20,000 shares, 1864, £300,000; £15 per share paid up on 10,000 shares, 1872, £150,000; 10s. per share added out of reserved profits, 1873, £45,000 Reserve fund-Invested in Consols, and reduced as per contra Buildings investment account.. £13,472,970 16 5 3,536,075 4 2 26,071 16 5 83,980 10 2 1,395,000 0 0 446,123 9 6 Profit and loss-Balance brought forward, £1,057. 78. 4d.; net profit for the half-year ending 30th June, 1879, £99,307. 78. 2d. 100,364 14 6 Cr. ASSETS. £19,212,212 12 10 Cash in hand, £1,302,982. 5s. 8d.; cash in Bank of England, Money at call and at short notice Bills discounted- (a) three months and £2,689,785 8 6 1,473,800 00 1,918,936 6 7 446,123 9 6 under, 6,095,055 14 9 2,535.056 8 6 Liabilities of customers on acceptances, as per contra Interest accrued and paid to customers £57,528 15 7 50,039 10 9 11,557 1 0 100,364 14 £219,490 1 10 VOL. XXXIX. 50 Cr. Profit unappropriated on 31st December, 1878 £1,057 7 4 218,482 14 6 £219,490 1 10 R. C. FERGUSSON, Governor. W. J. AITCHISON, Chief Accountant. UNION BANK OF MANCHESTER, LIMITED. REPORT of the directors to be made to the shareholders at the forty-third annual general meeting, on the 30th July, 1879. The directors beg to submit to the proprietors their report for the year ending 30th June, 1879 The profits of the bank, after providing for bad debts, and deducting rebate on bills on hand not due, amount to £82,998. 10s. 7d.; to which must be added the amount brought forward from last account, £5,855. 138. 4d.; together £88,854. 38. 11d. From this have to be deducted expenses at head office and twenty-nine branches and sub-branches, amounting to £29,634. 19s. 14.; and two half-yearly dividends at the rate of £12 per cent. per annum, free of income-tax, £52,800; together £82,434. 198. Id.; leaving a balance of £6,419. 48. 10d. Of this sum the directors have transferred to a special reserve, pending the realization of certain securities, £6,000; carrying forward to next profit and loss account, £419. 4s. 10d.; together £6,419. 48. 10d. Since the last annual meeting, two new branches have been opened, one at Rochdale and one at Heywood, which have every prospect of success. During the past year the directors have had to regret the death of their esteemed colleague, Mr. Robert Aders, and the retirement, owing to the state of his health, of Mr. Thomas Higginbotham. The vacancies thus caused have been filled up by the appointment of Mr. H. R. Marriott, and the nomination of Mr. Joseph Broome, whose election will follow in due course. The directors who retire by rotation are Mr. Malcolm Ross and Mr. Henry Raine Marriott, who are eligible, and offer themselves for re-election. Current and deposit accounts and rebate of bills on hand, £1,309,275. 88. 11d.; accepted bills, £41,588. 48. 10d. Balance of profit and loss account, 30th June, 1878, £5,855. 138. 4d.; profit for the year, £82,998. 108. 7d.; less expenses and appropriation, as below, £56,034. 19s. ld. Cr. Bills on hand, loans to customers, credits, and other securities £1,541,994 10 9 Accepted bills 41,588 4 10 £1,583,582 157 352,197 8 6 47,902 14 6 £1,983,682 18 7 Total expenses of head office and twenty-nine branches, including directors' fees, salaries, rent, taxes, and stationery for the year Interim dividend paid Balance to be divided, £32,819. 4s. 10d., as follows: dividend Cr. Balance of profit from last year Profit for the year, after paying income-tax, and making provision for bad debts, £87,088. 9s. 7d.; less rebate of bills on hand, £4,089. 198. £29,634 19 1 26,400 0 0 £56,034 19 1 26,400 0 0 6,419 4 10 £88,854 3 11 £5,855 13 4 82,998 10 7 £88,854 3 11 Examined and found correct, 15th July, 1879. JOHN ADAMSON, Auditor. LIST OF SECURITIES ON WHICH THE IMPERIAL BANK OF GERMANY WILL MAKE ADVANCES. The Banker's Magazine of June, 1878, contains a list of securities on which the Imperial Bank of Germany will make advances, and the following alterations occur in an amended list of the same recently published. In Class I: 1. Government bonds of Nassau, instead of Government Loans of Nassau. 2. Saxon mortgage deeds on entailed noble property at 3 per cent., instead of 3 per cent. 3. Stamped original railway shares of Gössnitz-Gera, instead of in Class II. 4. First-charge bonds of the railway of Leipzig-Dresden, at 31, 4, and 4 per cent., instead of in Class II. In Class II., belonging to the original shares on which advances may be made exceptionally at more than 80 per cent. of the nominal value, and three-fourths of the market value at the time the advance is made : 5. First - charge railway bonds, Berlin-Dresden, at 4 per cent. guaranteed by the Russian Government. 6. East Russia (Southern Railway) at 4 per cent. 1st to 3rd issue, and at 5 per cent. beyond 3rd issue, instead of 5 per cent. only, 7. The railway on the right bank of the Oder at 44 per cent., instead of 5 and 44 per cent. 8. The railway of Saal at 44 per cent. In Class III : 9. Austrian loan on the State revenues bearing interest in gold at 4 per cent. instead of 4 per cent. 10. Russian railway bonds, first charge, with a "direct" guarantee from Government. Notices of Books. Notes on the Chancellor of the Exchequer's Banking and Joint Stock Companies Bill, 1879, by JOHN DUN. London: Edward Stanford, Charing Cross, 1879. Mr. DUN has made in this little volume a complete analysis of Sir Stafford Northcote's measure, pointing out the manner in which the bill, as it stands, would affect existing banks. Mr. Dun shows that in some cases the principle of a "reserved liability” already exists, and that the amount paid up per share should be adopted as the basis for the regulation of the reserve liability. "A minimum of three times the amount paid would," Mr. Dun considers," be sufficient to prevent unlimited banks with their capital fully paid up from unduly diminishing the security of their creditors, and that is a point of prime importance." Mr. Dun is quite right in desiring to keep this point clearly in view. Bimetallism and its connection with Commerce, by EDWARD CAZALET. London: Effingham Wilson, Royal Exchange, 1879. one ; Mr. CAZALET considers that a double standard is preferable to a single he has not, however, brought forward any fresh arguments in support of this opinion which we have not met with before, nor has he answered, as far as we can see, any of the objections to it. Business, by JAMES PLATT. us. 1879. London: Simpkins, Marshall and Co., This is the fifty-first thousand of this volume, as the title-page informs Mr. Platt has taken the opportunity to introduce new chapters on banks and the question of liability, on depression of trade, free trade and reciprocity, Civil Service stores and co-operative trading. The Synoptical Investment Tables, by A. M. DUFF. Edinburgh: Bell & Bradfute, 12, Bank Street. London: C. & E. Layton, Fleet Street. Glasgow J. Smith & Son, West George Street. These Investment Tables are constructed to show the actual return per cent. on actual outlay on all investments. They afford, in the words of the preface, a "succinct synopsis of different prices, enabling any one to ascertain the relative position of securities in reference to the annual return per cent., and to see whether a transfer can be made more advantageously, the safety of each security being taken into account." These tables appear conveniently arranged, complete, and accurate, and will save those who have calculations of this description to make considerable trouble. Annual Report of the Comptroller of the Currency to the Third Session of the Forty-fifth Congress of the United States. Washington: Government Printing Office. London: Trübner & Co. Messrs. Trübner & Co. have published in England this interesting re port, drawn up annually by Mr. John Jay Knox, the comptroller of the currency. It will be convenient to many of our readers to know that this volume can be obtained from an English publisher. The report con |