OMPANY MEETING
TANDARo BANK OF SOUTH AFRICA
STRONG LIQUID POSITION
132nd ordinary meeting of the Standard Bank of South Africa, ited, was held on August 29th in London, Sir Dougal 0. Malcolm, .C.M.G., presiding. The following is an extract from the statement by the chairman irculated with the report and accounts: A satisfactory position is shown in the balance-sheet at March 31st t. The continued increase of liquid funds in South Africa is reflected the item deposit, current and other accounts, which compared with e previous year shows a further rise of £21 million. Cash in hand, t call and short notice, is higher by nearly £9 million and investments se by Dr million, this figure representing purchases of Government Lock. Bills discounted, advance; to customers and other accounts in- eased by over £3 million. The total of the balance-sheet at £197 illion is a new record. The liquidity of our institution places us in a trong position to assist in post-war expansion in trade and industry in .oath Africa. You will observe that the reserve fund has been increased to £3,500,000 y the transfer of £500,000 from contingencies account. The reserve rind has remained at £3,000,003 since March 31, 1937. In view of the act that the deposit, current and other accounts have increased largely ,ince that date, it has been deemed desirable to raise the amount of the serve fund.
In last year's statement your attention was drawn to the form of ertificate by the auditors appended to the balance-sheet, which was Much fuller than that given on previous occasions. The form of certificate "0- as again been amended: it is no less comprehensive, but certain alters- pons in its form have been found necessary as the result of further iscussions with the Registrar of Banks in South Africa.
PROFIT AND DIVIDEND.
Turning to the profit and loss account, it will be seen that the balance profit, after making an appropriation to contingencies account, amounts o £557,807, as against £567,351 at March 31st, 1944. Taking into ccount the amount of £191.,186 brought forward from last year, there s £748,993 for disposal. The interim dividend of 5s. per share paid January last absorbed £125,000, and after appropriating £5o,000 for premises a balance of £573,993 remains.
It is recommended that £150,000 be allocated to the officers' pension and ; that a final dividend of 7s. per share be paid, together with a ?onus of 2s. per share, making a total of 14 per cent. for the year ; and at approximately £198,994 be carried forward.
South Attic: has emerged from its fifth year of war-time economy with is finances in a healthy state, and it now enters a period of gradual ansition to new conditions.
The general level of activity in the various branches of the Union's conomy has reflected little change in the period under review. Corn- erce was slightly busier and industrial output well maintained. Farm- ng production was less satisfactory due to a period of adverse weather, eat, on the whole, farming incomes were well maintained. The British Wool Commission continued to purchase all wool pro- uced in the Union. A large quantity is stored on behalf of the Corn- pission, and, with the object of studying the problem of its disposal 6thout prejudicing the market for future clips, representatives of wool iterests in the Empire 1 ave met in conference in London. It is of pterest to note that a factory is being established in South Africa to rocess wool.
In the mining industries, diamond sales were brisk and base metal hining results were good, but gold production showed a decline. Despite his further setback to the gold mining industry, due in the main to pre- ailing abnormal conditions, it still remains the dominant factor in the vonomic life of the Union.
SOUTHERN AND NORTHERN RHODESIA.
In Southern Rhodesia, where gold mining is also the most important bdustry, production has continued to fall. The base metal industry has hown improving results, and there has been a large output of high quality bal. On the whole, climatic and other conditions affecting agriculture 'ere better than in the preceding year, and results were generally good, though in the case of Virginian tobacco the crop was generally of poor uality.
In Northern Rhodesia copper mining is the chief industry, and pro- uction was well maintained. G-neral business conditions in Nyasaland ave been fairly brisk, but stocks still remain low. In South-West Africa business has been active, being limited only by the scarcity of stocks. ii East Africa agricultural effort has been directed firstly to increase Iroduction of primary products urgently needed overseas, and secondly b secure the internal food situation. Notwithstanding the poor rainfall fi many districts and the difficulties of the labour situation, increases in any crops have been obtained.
I think we can look forward to the future with confidence and feel hat we are well prepared to care for the problems likely to arise. The report was adopted.
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