The Express.
London, England, 1860-08-20 00:00:00

THE OTTOMAN BANN,

The following is the directors' report for presen-
tation to the exteaordinary general meeting of shareholders
on the 29th inst. :--'Tbe directors beg to submit to the
shareholders the secounte of the bank for the half-year
ending Jane 30,1810. These accounts, which have been duly
examined and verified by the auditors (Hessrs. H. 'Tindal
Atkinson and James E. Coleman), show a net profit of
299981. fie. 14., to which is to be added the sum of
1,3431.45. 14. brought forward from the 31st December
Lat. This statement of the profit and lose to the 30th
June does not include any result of the half-year's business
at &pout, the 'Woof political affairs in Syria having dia.
organised all commercial transactions at Beyrout, and
havinurivented the branch, up to the present time, from
fermis the ordinary statement of profit and lose. The
directorsdirectors.ye despatched the secretary, Mr. Gilbertson, do
his character of inspector of branches, to co-operate with
the menptroller in the difficult position in which lie
is placed, sad to report fully to them as to the
actual state of commercial natters in that locality.
The director' 'MVO to refer to the operation of the bank
with respect to the issue of the Turkish Loan of 1868, and
to announce that, although not entirely chimed on the 30th
June, and, therefore, not included in the accounts now sub.
witted to the proprietors, it has resulted, after realising
the stock taken by the bank, in a net profit of 15,1961.
12s. 9cL ; arid considering this in the light of an exceptional
profit, unconnected with the ordinary banner of the hank,
they recommend that the said sum of 15,196/. 12s. 01. be
carried direct to the reserve fund, thereby raising that fund
to 61,196/. 12s. 9d. With reference to the distributioe of
the profits of the half Icor, they propose that a dividend be
declared for the half-sear at the rate of 8 per cent, per
annum, free of Mamie tax, and that the balance then re-
ntainiag, of 10,1641. Os. Bd., be carried forward to the next
account. Arrangements have been made for Mr. Faloonnet
assauning the management of the branch at Conetantomple,
and. as this involved the necessity of his residence there,
he has ceased to be general manager, an office which the
directors do not propose to fill up. The directors have to
Inform the shareholders that the court has, on behalf of the
bank, subscribed a rum of 2301. towards the relief of the
sufferers by the recent disturbances in Syria, and they feel
sure that in so doing they have only anticipated the wishes
of the proprietors had the urgency of the ere permitted
the directors to bare previously asked their ssaotson.
The amounts me se follow, :—LiabilitissandAmets of the
Ottoman
rninsie 30, 1860—Liebilitime: To capital, all
paid up, .; to reserve feud, 480001. ; bills of
exchange amounts doe by the bank sad its tonacites on
departs and current accounts, 468,4451. 14e. ; to prat and
lose (excludire of say profit oa the Turkish Lain secount),
31,3411. Its. ; total, 1,017,7871. 3a. 2d. Assets: By
cash in band V London and at the branches, 44,3811. ita. 4d.;
4 2.bills of exchange and promisemy notes, ditto, ditto,
ge, 7d. ; by Inhumes due to the bank in current
aseoulds, 336,2801. 4s. Id. ; by foam and maturities,
ft 6141. 17e. 84. ; by Consols (90,6381. 2s. 10d.), 48.0001. ;
/07letseboldmodem furniture, he, in London and at the
braider, 2.421/. 2t. bd. ; total. 1,047,78 D. 3s. bd. Profit
sad Lone Account, Jane 30, 1880: Dr.: Mani 14, 1860—
To amount carried to reserve Nod, as resolved at the meet-
ing of shareholders this data, 8,0 ;to dividend paid, at
the rate of 8 per cent.' per wnas,lo,oool ; to bones paid,
at the rate of ISt per share, 16,4681-43,0001. June 30.
To balance, 31 311/. 9e. 2d ; total, 74,3411. 9a sd. Cr. :
Jen. 1, 1860—ftelialaneehrowgin forward from last ampulla,
December 11, 1 , 44.3431. 4s. let. June 30.
prov By profits to
this date for the half year, after making ision for bad
sod doubtful debts, general charges of the establishment,
laelsolleg rent, direction, salaries, office expenses, fic. (but
exclusive of say prods on the Turkish Loan account),
29,9381. be. let. ; total, 74,3411. 9a. 2d.