NATIONAL BANK OF INDIA
PROFITS MAINTAINED
ordinary general meeting of the National Bank of India, Limited, Id in London on May izth.
following statement by the chairman, Mr. R. Langford James, has issued to the shareholders with the report and accounts and will be as read:—
ME DIRECTORATE
we last met Mr. J. K. Michie has been appointed deputy chair- of the board and I take this opportunity of expressing our apprecia- of the services he is rendering to the bank in that capacity. In ber, 1941, we lost a distinguished and highly respected colleague, Hewett, who had been a member of the board since 1915. Sir who was a great personality, was possessed of outstanding ability. value of his service to India and, after. he retired from the Civil , to the companies with which he became connected will not soon nen. To fill the place of our old friend we appointed Mr W. G. of Messrs. Wallace Brothers and Co., Limited, to a seat on the and we have every 'reason to congratulate ourselves on securing ices.
g to the war-time uncertainties of the postal service it has again found impossible to complete the 1941 accounts at the usual time annual meeting must necessarily be held a few weeks later than al pre-war date. In my last year's address to the shareholders sed some apprehension as to prospects for 1941. My fears, how- in regard to the bank's results were not justified as the net profits— ring to £437,738—closely approximate those of the previous year, providing a substantially increased sum for taxation and after full provision for bad and doubtful debts.
order that there should be no undue delay in payment of the dividend this was again declared in the form of a second interim the rate of 6 per cent. instead of 8 per cent., reducing the total for the year from 16 per cent.—a rate at which it has stood for few years—to 14 per cent.
JAPAN'S ENTRY INTG WAR
ugh circumstances have indicated that pessimism as to the 1941 was not justified it is patent that the entry of Japan into the cannot fail to have repercussions on aur business. Up to the we have been relatively fortunate in that, not having any branches to the east than Burma, Rangoon and Mandalay arc the only from which it has been found necessary to move (temporarily we hope and believe). But whatever may be the outcome of the effort to penetrate farther to the west it appears obvious that, the allied nations can impose greater restraint on the naval activities enemies, trade from and to the Bengal ports and the areas they must suffer some restriction, and the same may apply not only to Indian ports on the Bay of Bengal but tc Ceylon also.
being the present position shareholders will doubtless approve having decided, as. a measure of prudence, to make a slightly distribution from the profits which enables us to add £38,000 sum carried forward—raising it to L284,253—after allocating to the pension funds and £70,001. to house property account.
SOUND FINANCIAL POSITION
regard to the balance-sheet, the bank's total liabilities and assets >00.o.00ct higher than at the end of the previous year. On the es side this is almost entirely accounted for by an increase in t. fixed deposit, and other accounts, while amongst the assets, cash bdhon appear at £x,000,000 higher, British and Indian Government s are nearly £3,000,000 up, and the figure representing bills of e shows an increase of £1,7o0,000 as compared with the previous The long period occupied in transit of mails has again swollen ner item. Discounts, loans receivable, and other sums due to the ,PPear at £600,000 less. The ratio of the combined items of cash "vernment securities to the bank's total liability on current, fixed • and other accounts, is 70 per cent., which indicates a ,sound
is.a pleasure to pay a tribute to the staff of the bank both at home c4erseas who have maintained an efficient service notwithstanding depletion caused by the large number now on duty with His s Forces which has necessitated their replacement by a less ex- staff. In consequence an extra strain has been placed on r members of the staff remaining with us who have cheerfully .their difficulties and enabled our business to be carried on with dislocation as possible. Our appreciation of the work of all mem- ui old and new is well deserved.
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