COMPANY MEETING
ROYAL BANK OF SCOTLAND
THE annual general court of proprietors of the Royal Thank of Scotland was held at Edinburgh on Wednesday, November 28th, 1945, His Grace The Duke of Buccleuch and Queensberry, P.C., G.CN.O., governor of the Bank, presiding.
His Grace said :
Turning to our balance-sheet, the deposits and other credit balances at £111,234,014 show an increase of over £7,000,000 and create another record. Our notes in circulation have again increased and now total £9,690,984, but, due no doubt to the diminished expenditure on war contracts, the increasing tendency would appear to have slowed down in the last few months. Nevertheless, it is felt that the public must still have more notes retained in their possession than are necessary for current requirements. The figures unaer acceptances and endorsements and other obligations do not call for any special comment. On the assets side it will be observed, our customary highly liquid position has been hilly maintained with cash, balances with the Bank of England and other banks, money in London at call and short notice, &c., amounting to £29,163,312, and this sum, along with our Treasury deposit receipts now totalling £16,5oo,ocoo, all increase in the year of £4,000,000, represents 37 per cent. of our liability for deposits and notes issued. British Government securities at £48,974,059 are up on the year by over £3,70o,000, and all of our investments are valued at or under market prices ruling on the date of our balance. The increase of almost £400,000 in bills discounted is accounted for by the larger holding of Treasury bills, ordinary commercial bills continuing in short -supply. Advances on cash credit and current accounts at £23,722,801 show a decline of some £1,412,000, which is wholly due to the liquidation of temporary over- drafts of an exceptional nature connected with war-time finance.
PROFITS.
The net profit for the year at £546,455 is £5,837 more than the amount shown a year ago. This sum is arrived at after providing for taxation and charges of management, and, I think, must be considered satisfactory in view of the heavy incidence of these items.
APPROPRIATIONS.
The directors are pleased to be in a position to recommend that a dividend for the half-year on the capital stock at the rate of 17 per cent. per annum be declared ; that £30,000 be carried to property maintenance reserve account ; that £60,000 be contributed to the trustees of the staff pension fund and that the balance of £95,205 remaining after these appropriations be added to the rest, which, with this addition, now amounts to £4,221,170.
BUSINESS OF THE BAN/C.
The business of the bank continues to prosper along the usual sound lines. Like progress has also to be noted in the case of our associated banks, Glyn, Mills and Company and Williams Deacon's Bank. The three banks, while preserving their own traditions and maintaining all the distinctive and progressive features which have marked their various activi- ties during two centuries, work in closest harmony and, by the diversity of their interest, are able to give additional and direct service to our customers over a wide area.
APPROVAL OF ACCOUNTS--DIVIOEND.
I now beg to propose that the report, containing a statement of the accounts and balance-sheet, be approved, and that out of the profits of the year a dividend at the rate of 17 per cent, per annum for the half-year, under deduction of tax, be declared in conformity therewith.
The report was approved, and the governor, deputy-governor, extra- ordinary directors and the retiring ordinary directors were re-elected and the auditors were reappointed for the ensuing year.
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