COMPANY MEETING
ROYAL BANK OF SCOTLAND
ANNUAL GENERAL COURT OF PROPRIETORS THE annual general court of proprietors of the Royal Bank of Scotland was held at Edinburgh on 29th ultimo, His Grace the Duke of Bucdeuch and Queensberry, G.C.V.O., governor of the bank, presiding.
His Grace said,—I assume it will be your pleasure that the annual report and balance sheet, with auditors' report, will be taken as read. The period covered by the report has been one of uncertainty and anxiety, but, notwithstanding the difficult times, the directors are pleased to be able to submit to you a statement which they consider to be very sadsfactory.
The outstanding feature of the year, to which I must refer, was the acquisition, in July last, of the whole of the capital of the private banking house of Glyn, Mills & Co., who were founded about zoo years ago.
As part of the consideration price a new issue of £469,808 Royal Bank Stock was made, increasing our capital from £3,780,192 to £4,250,000. At the special general court held here on August 15th I explained the reasons for our alliance with Glyn, Mills & Co., and I would only add that our expectations of benefit from the union have been fully realised. The premium arising from the issue of the £469,808 stock has been utilised in writing down the value of our investment in Glyn, Mills & Co., and in substantially adding to inner reserves.
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