CITY OF GLASGOW BANK.

Nelson Evening Mail, Volume XIII, Issue 218, 23 October 1878, Page 4

CITY OF GLASGOW BANK.

The following, with reference to this Bank, the failure of which was recently reported is from the August number of "The Banker's Magazine": 11 Thirty-ninth Annaal Report by the Directors to the Shareholders, read at (he annual meeting, July 3, 1878. " The Directors submit for the approval of the shareholders the thirtyninth annual report, made up to Juno last. The result of the last year's business is as follows, viz., the balance brought forward at credit of profit and loss account from the previous year amounted to £18,501 12s 61, from which has to bb deducted income-tax on dividend paid lo shareholders, in accordance with r resolution of last annual meeting, £1,500, leaving the sum brought forward £17,001 12a 6i. The balance at the credit of profit and loss account for the year ending June 5, last, amounts to £125,094 Oa 4J, making a total of £142,095 12s 10d, from which the directors recommend — Ist. That a dividend at the rate of 12 per cent, per annum free of incometax be declared payable August 1 and February 4, nexf, amounting to £120,000— 2nd. That the whole of the recent defalcation at the Back of Moor be written off, amounting to £8873. — 3rd. That the balance be carried forward to the credit of profit and lobb account for next year, £13,252 12a lOd —£142,095 12s 10, leaving the Reserve Fund, as at present £450,000. Wiih regard to the defalcation at the Bank of Mona, Douglas, Isle of Man, referred to above, your directors have every hope that a considerable portion of the sum cow proposed to be written off will be recovered. They however recommend, that- in the meantime Ihe whole amount should be provided for. Abstract Balance Shebt as at June 5, 1878. Dr. Liabilitie*. £ a. d. Deposits at the head-office and branches, and balances at the credit of banking correspondents 8,102,001 0 4 Bank notes in circulation in Scotland and the lele of Man 710,232 0 0 Drafts outstanding, due, or with a currency not exceeding 2i days, and drafts accepted by the bank and its London agents, on account of Home and Eoreign constituents c . 1,488,244 J8 6 Liabilities to the public ... 10,300,497 J8 10 Capital account £1,0G0,000 0 0 Reaerve fund 450,009 0 0 Profit and loss 142,095 12 10 Liabilities to partners ... 1,592,01s 12 10 .£11,892,093 11 8 Cr. Assets. Bills of exchange, local aud country bills, credit Hccouuti, and other advances upon security ... 8,484,466 9 2 Advances oa heritable property, and value of D*nk buildings aad furnitare at head offices and branches 265,324 9 0 Cash ou hanii, viz.:— Gold and silver coin, and notes of other bankß at head o f i'ceß & branches, £M 5,963 Is; Government stocks, Exchequer bills, railway and other stocks and debentures, and bdinces in hands of banking correspondents, 4^,296,839 123 6j ... 8,142,802 13 6 £11,892,503 11 8