OTTOMAN BANK
SIR HERBERT LAWRENCE'S ADDRESS
THE annual general meeting of shareholders of the Ottoman Bank was held on December 23rd at Winchester House, Old Broad St., London, E.C. General the Hon. Sir Herbert A. Lawrence, G.C.11, presided.
The chairman said: I am informed that the requisite number of shareholders with the necessary shareholding are present or represented in accordance with the requirements of our statutes. The report and accounts have been circulated among you and I presume it will be your pleasure that they be taken as read. (Hear, hear.)
LIQUIDITY WELL MAINTAINED.
The total of the balance-sheet shows a considerable increase over the corresponding total in 1940, being £36,584,755, as against £28,749,583. Liquidity, as is our normal custom, has been well maintained.
As regards our assets and liabilities in French francs, they have been included in the balance-sheet at the rate of 176.50, the rate ruling when communications were severed. For our Greek branch, Thessaloniki, we have in the absence of the usual figures at the end of 1941, included those of December 31st, 1940. The Greek figures are, however, small, and the French and Greek figures combined are considerably less than to per cent. of the whole. Needless to say, no profits from our French and Greek offices have been included in our profit and loss account.
There were, during the year, appreciable profits which, owing to exchange restrictions, still cannot be remitted into sterling and therefore are not included in our results for 1941. Our reserves to meet future contingencies are strengthened by the extent of those unremitted sums.
THE AVAILABLE BALANCE
The profit and loss account, after providing for all known bad and doubtful debts, shows an available balance for the year of £98,751 35. 5d., representing only those results which have actually been, or can without hindrance be, remitted into the currency of our balance-sheet. This balance, added to the amount brought forward, shows a total available of £208,035 5s. 4d., but the committee again do not recommend the distribution of a dividend.
On the assets side of our balance-sheet, I would direct your attention to the increase of money at call and notice by £1,400,000 and bills receivable by over £3,000,000, the latter increase being due mainly to larger holdings of British and Turkish Treasury Bills.
The proceedings then terminated.
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