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THE COMMERCIAL BANK 6F
TASMANIA LIMITED.
HALF-YEARLY MEETING.
The 159th half-yearly general meeting
of the Commercial Bank of Tasmania
Limited was held at the banking-house,
Macquarie-street, Hobart, yesterday. The
directors' report and balance-sheet, which
were taken as read, were as follow: -
"The directors beg to submit to the
shareholders the accompanying statement
of the assets and liabilities of the bank on
the 31st ultimo, together with the profit
and loss account.
After providing for bad
and doubtful debts and
contingencies, for inter- ,
est pt,id and accrued on
. fixed deposits, and con-
tribution to officers'pi o
vident fund, the profits,
including recoveries,
amount to. £32,535 15 11
Balance from last half
year . 4,964 7 11
£37,500 3 10
Beduct^
Expenses of Manngo
. ment.£14,225 8 4
Note Tax ... 118 10 0
Federal Land
Tai . 205 5 2
Tasmanian
Income Tax 674 14 0
--- 15,318 17 6
Leaving for distribution... £22,186 6 4
Which the diiectorB pro-
pone to appropriate as ( '
follo'ws: -
Dividend at the rato of
14 per cent, per annum £12,250 0 S
Dividend tax. 612 10 0
Reserve Fund (making
same £210,000) . 5,000 0 0
Biilai.cc to bo carried *
forward .'. . 4,82816 4
£32,186 6 4
"During the half-year just passed Mr.
C. E. Walch, feeling that his physical
infirmities prevented his doing his duty
to you as he would wish, resigned his
seat on the board, and Mr. R. C. Lewis
was appointed to fill his place.
BALANCE-SHEET,
Dr.
To Capital. £175,000 0
" Reserve Fund . . 205,OM> 0
" Circulation . , 8,820 0
" Deposits . 1,854,352 17 0
" Profit and Loss . 22,186 6 4
£2,265,359, 3 4
Cr: ,
By Speci»
bullion £268,033 14 1
" Austra-
lian
Notes 81,638 0 0
" Govern
m on t
securi-
ties,
consist-
ing of
£160,000
British
Consols
at £77. 123,200' 0 0
£12,000
Victor-
ian 3 per
cent.
at £50 37,800 0 0
Tasman- . I
ian In
6crfted
Stock 50,000 0 0
" Due from
other
banks... 140,022 19 6
.-£700,694 7 7
" Bills Receivable and . .
other advances . 1,511,326 G 4
" Bank premises. 53,338 9 5
£2,265,309 3 i
PROFIT AND LOSS ACCOUNT.
To Charges at Hobart,
Launceston, and
Branches for (ho
Half-year. .£14,225 '8 4
" Note Tax . 118 10 0
, Federal Land Tax . > - 295 5 2
'" Tasmanian Income
Tax . 674 14 0
" Balance. 22,180 6 4
.1:37,500 310
By Balance from previous
Half-year. X*,3?l 7
".Profits for the Half
year, including^ Re-
coveries from Debts
pi eviously written
off, after providing
for Bad and Doubt-
ful Debt« and Con-
tingencies, for Inter-
est Paid and Accrueu
on Fixed Deposits, .
and Contribution to
OSicers' Provident
Fund . 32,535 10 11
,£37,SC0 3 10
RESERVE FUND.
To Balance . ¿£210,000 0 0
.£210,00» 0 0
By Balance last Half-year X2*5,000 0 0
" Transfer from Profit
and Loss..'. ... 5,000 0 0
£210,000 0 0
DAVID BARCLAY,
Managing Director.
The report of the directors and the
balance-sheet having been taken as read,
the Chairman said:-"I think that the
shareholders may look upon the result of
the half-year's work as being very satis-
factory. The deposits have increased by
£88.576, and the advances by £7,811. In
the present uncertain state of things, the
directors, whilst over ready to support
legitimate enterprise, are not anxious to
make new advances. The liquid assots
are nearly 38 pot cent, of the liabilities
to the public. The note circulation has
been reduced from £12,454 to ¿£8,820. The
notos are coming in very «lowly, and it
will be some considerable timo beforo they
are all reclaimed. The balance of profit
and loss carried forward is about .£600 less
than last half-year, but this is chiefly
owing to the fact that the Federal Land
Tax and the Tasmanian Income'Tax for
1912, amounting to £970, were paid during
the half-year under review. The past
season has been a good ono for the man on
the land in Tasmania. The drought on
the mainland caused such a rise in the
price of fat stock, and produce of all
kinds, that any shortage in crops has
been moro than made up. Potatoes hare
realised 'record prices, and the Irish
blight has not appeared. The saw-milling
industry has exhibited marked activity.
The high price offered for our timber on
the mainland has led to the opcning'of
new milln on the North-West and North
East Coasts. The mills in the South are
working full time. y As to mining, the
high price of metals has enabled a profit
to be made out of low-grade ore which
otherwise would haï e been too poor- to
treat. In conclusion, I have to 6ay that
during the half-year ,we have, as stated in
the report, losf the services of one of our
directors, Mr. C. E. Walch. .This gentle-
man's health having been indifferent of
late, he felt that he ought to make way
for someone who could devote more time
and attention to the bankes airairs, and
he accordingly resigned his position on
the board. This being a "casual vacancy"
under clause 91 of the bank's deed of
settlement, it was filled up by the direc-
tors, who appointed Mr. R. C. Lewis to
the vacant seat for -tho balance of Mr
Walch's term of office.
'.'I need hardly say that wo parted with
Mr. Walch with much regret. His lib-
eral views, and far eightedness, and gen-
eral business knowledge and acumen, were
of value to the bank. The following let-
ter, written to him on his retirement, ex-
presses the Board's feelings as to the loss,
they had sustained by his resignation:
The Commercial Bank of Tasmania Lim-
ited, Hobart, 17th August, 1912. C. E.
Walch, Esq.., Hobart. Dear Mr. Walch,
We very much regret that yonr failing
strength has rendered it necessary for yon
to retire from the position you occupy on
the board of. this bank. We, however»
feel that we cannot let this opportunity
pass without expressing the appreciation
of the motive that has moved you te take'
this itep, and te «ature yen that we feet
more than we e»a express, at the eemiaf
te an ena1 ef ee lena a business compan-
ionship, that has been at all times a
pleasant one. We part with you with
regret, and assure you that, though your
physical infirmities may now'prevent vour
carrying out i your duties to the bank as
ypu would wish to do, w$ are both satis-
fied that'your occupying the position'of
director baa helped the bank in many
ways.-Wa remain, dear Mr." Walch, yours
truly, (signed) O. H. Butler,.D. Barclay."
TE« Managing' Director having moved
the adoption of the report .and balance
sheet. , .
Mr. Cecil Allport «aid: I hare much
pleasure in seconding the adoption of the
report and balance-sheet. I think the
report is of a very satisfactory nature,
and must please all the shaiohoidors. it
is not,, like the proverbial curate's egg,
good only in parts, but good all'over.
In addition to-paying us a handsome
dividend, a largo amount has been car-
ried forward to the reserve fund. I feel
nure we all feel regret at parting with
Mr. Walch from the board of directors,
but I am glad to see my old friend, Mr.
R. C. Lewis, promoted to the vacancy,
and I hope his term Will be « long and
pleasant one.
f The adoption of the report and balance
sheet was carried unanimously.
Mr. J. H. G. Murdoch : For some time
past I have thought that owing to the in-
crease in the business that has taken
place in this institution, not only in Tas-
mania, but outside also, that the direc-
tors are very inadequately paid; £100 per
annum for three meetings a week seems
to me too little, and I will move that the
remuneration be increased to £150 per
annum.
Mr. J. C. Williams: I will second that
motion.
Mr. Barclay then quoted the fees paid
by three companies that he was director
ot, and pointed out that the present re-
muneration paid to tho bank s directors
wars smaller in comparison. .
The motion WTIS carried by acclamation.
Mr. F. L. Lan gio id proposed a hearty
vote of thanks to the directors and stafl,
which was seconded by-Mr. Thos. White
sides, and carried. .
The Managing Director returned
thanks.
The meeting then terminated.
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