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Dr.
THE MERCANTILE BANK OF INDIA, LIMITED. BALANCE SHEET, 31st DECEMBER, 1912.
507
TWENTIETH ANNUAL REPORT
OF THE
BOARD OF DIRECTORS TO THE SHAREHOLDERS.
>
16,000 "A" Shares, 12. 10.
paid
THE Directors submit to the Shareholders of the Bank the General Balance Sheet and Statement
of Profit and Loss Account for the year ending 31st December, 1912.
THE
The Net Profits for the year, after providing for bad and doubtful debts, and including £29,139. 178. 1d. brought forward from last Account, amount to £128,105. 0s. 6d. From this sum bas to be deducted £19,687. 10s. Od., being the Interim Dividend of 3 per cent., free of Income Tax, on the "A" and "B" Shares paid for the half-year ending 30th June, 1912.
The Directors have added £50,000 to the Reserve Fund (raising it to £415,000) and £3,000 to the Officers' Pension Fund. They now recommend a further Dividend on the "A" and "B" Shares of 41 per cent., free of Income Tax, for the second half of the year (making 8 per cent. for the year), leaving a balance of £30,105. Os. 6d. to be carried forward.
A Sub Branch of the Bank has been opened at Delhi.
The following Directors retire by rotation, but, being eligible, offer themselves for re-election:-
R. J. BLACK, Esq.
J. M. RYRIE, Eaq.
It will be necessary to appoint Auditors.
Messrs. Cooper Brothers & Co., and Messrs. W. A. Browne & Co., the retiring Auditors, offer themselves for re-election.
Cr.
TO CAPITAL AUTHORISED:-
30,000 "A" Shares of £25 each = $750,000 30,000 "B" Shares of £25 each = £750,000
$1,500,000
By Cash in hand and at Bankers
Bullion
,,Money at call and short notice
£901.638 17 0 248,380 10 10 30,764 0 0
12
Securities and coin deposited
against Note Taque
CAPITAL ISSUED:-
**
Government and other Stocks;
Consolsand Securities guaranteed
---
000 "B" Shares, £12. 10%, paid
£187,500 0 0
Indian Government Sterling
by the British Government... £100,162 0 0
1,180,783 8 7
78,112 10 0
376,000 0 0
Stock, Rupes Paper ADC
£562,500 0
Guaranteed Railway Deben-
印
tures, and other Securities
EMEKTE FUND
207,601
1 10
415,000 0
+
NOTES IN CIRCULATION
5
Billa Receivable
63,980 9 4
*
Bills Discounted
Loans Receivable and Advances...
H
Freehold Banking Promises
307,983 2,694,305 4
139,665 + 6 3,530,362 15 + 182,292 7 6
1 10 55
H
Dmits
London Bankera
ngainst Cash and Security per contra
Liabilitine of Customers for acceptances per
contra ...
$16,614 1 B
17
Sundry Accounts, including amounts due by
Agenta...
91,216 166
כרו
CURRENT ACCOUNTS AND FIXED DEPOSIT ACCOUNTS 5,625,501 17 2
BILLS PAYABLE --
LEL
Drafta on Head Office and
Branches Drafts on Continental Hankere
and other Agenta
#115,700 19 2
-
248,774 3 11
3,498 17 9
367,974 0 10
Loans Payable against Security per contra
863,000 0 0
Acceptances on account of Customers, per contre
315,614 1 6
297,228 13 3
55,417 10 6
니
Sandry Accounts, including Rebates and provision
for bad and doubtful Dabta
Profit and Loss Account
£8,368,314 12 7
Contingent Liability on Bille Receivable re-discounted £2,459,019. Gs. 4.,of hich up to 12th March, 1918, #1,889,943, d. 10. be run off.
The Bank tesleo contingently liable in respect of Chartered Mercantile Bank India, London and China Notes outstanding amounting to £1,081, 38, 3d. Fhich are not expected to become payable and are not clades in the above. Forward Exchange Contracts outstanding for Purcheon and Sale of Bills and Telegraphio Transfors, £1,631,030. 136, så.
PROFIT AND LOSS ACCOUNT, for the Year ending 31st December, 1912.
To Expenses of Management at Head Office,
Branches and Agencies
Ad Interim Dividend for half-year ending 30th June, 1912, on 15,000 "A" Share and 30,000 "B" Sharea at 7% per annum Amennt transferred to Reserve Fund... Amount transferred to Officers' Pension Fund Balance
£109,468 5 1
19,687 10 50,000 0 0
3,000 0 0
65,417 10 6
$237,579
5 7
AMES CAMPBELL, Chief Manager.
MORTON DOVEY, Accountant.
By Balance from 31st December, 1911...
Les Dividend :-
가
For half-year ending 31st December,
1911, at 7 per annum
Gross Profit for the year ending 31st December,
1912, after providing for bad and doubtful Debts and Bonus to the Staff
---
£8,388,314 12 7
£48,827 7 I
19,687 10 0
29,139 17 I
208,433 8 6
5237,673 5 7
By order of the Board,
JAMES CAMPBELL,
Chief Manager,
R. J. BLACK,
D. YULE,
H. MELVILL SIMONS,
REPORT OF THE AUDITORS TO THE SHAREHOLDERS.
Directors.
We have audited the above Balance Sheet with the Books in London and the certified returns from the Branches. We have obtained the information and explanations we have required. In our opinion such Balance Sheet is full and fair and properly drawn up so 13 exhibit a true and correct view of the state of the Company's affairs according to the best of our information and the explanations ven to us and as shown by the Books of the Company
COOPER BROTHERS & CO., W. A. BROWNE & CO.,
Chartered Accountanto,
Loypos, 14th March, 1913.
Anditors.
7
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