The Sun.
London, England, 1865-10-11 00:00:00

.kot.

_.-
-ilyrna £l5 per
Share on 2,045
Shares £30,675
Less Arrears 14,944

16,824 Share

s. d•
17 6
'uffryn
24
20 9
21 9
22 0

GEORGE P. IaTS6IV,Esq., Chairman.
P. Hermann Bormles, Esq. John Rogerson, Esq.
Frederick Harrison, Esq. The Hon. Richard Thomas
13. Renshaw, Esq. Rowley.
Aarvey Lewis, Esq., 31. P. I William Tabor, Esq.
. F. Robarts, Esq.

BANKERS.
London and County Bank, Lombard-street.
AUDITORS.
James Cooper, Esq.
Edwin H. Galsworthy, Esq.
SECRETARY AND ASSISTANT GENERAL MANAGER.
J. W. Lambert-Smith, Esq.
CONSTANTINOPLE BRANCH.
ADMINISTRATION.
M.
M. Apik Effendi Tinghir, President.
Stefano Mavrogadato, Director-General.
M. Michel Timoni, Manager.
SMYRNA BRANCH.
Marius Veillard, Esq., Agent, pro tem.
SECOND REPORT of the Directors submitted to the
Ordinary General Meeting of Proprietors at the London
Tavern on Tuesday, the 10th inst.
GEORGE P. KITSON, Esq., in the Chair.
The Directors in their first Re Ort to the Shareholders
submitted the accounts of the AssociationP to the 31st De-
cember, 1864, proposing that the financial year should ter-
minate on the 30th of June in each year ,• and they there-
fore now furnish the Proprietors with the Balance-sheet
as at the 30th June, 1865, together with the Profit and Loss
Account for the six months to that date, both duly audited.
Since the General Meeting held on the 28th February
last the Directors vain added to the Board gentlemen of
commercial standing and influence ; and pursuant to
intentions expressed, they appointed a General Manager in
Ipden, but the result not being in accordance with the
'rectors' expectations, the appointmet has been termi-
nated, and the matter of securing the services of another
Manager engages attention.
--Although the six months ending 30th June last cannot
for hough the
amongst them the reduction in the
price of cotton consequent on the cessation of hostilities
in
urkey—bo
America and the loss of crops through the inundations in
considered to have been favourable for the
9.perations of the Com any yet it will be seen from tho
refit and Loss A P that thegross profits for the half-
-3,,m,
were
£23'22 19s.
Bd.,
balance of last
of all account, enables the directors, after
which,g. with
payment,B33l6 s.,
eu-:ent "Pens to propose that £959 Bs. be written
off prelim' es'
ve Fund
inarY expenses £2,000 put to the Reser ,
itnd £18,079 14s. t f rebate) earned
(less a small amoun or
irover to meet any losses which may result from the sus-
si°4 of payment by their Agents at Smyrna, Stephen
altass and Anthony which the actors regret
Pittaco,
to announce
occurred in May last.
The Directors duly despatched a representative to
Smyrna to take charge of the Branch, and to arrange all
outs Landing matters ; and from information receiv tey
have every reason for believing that the lossesed willh be
More than covered by the sum now carried over ; but until
they are in a position to state definitely the exact amount
of loss, they consider it prudent to recommend to the pro-
prietors the carrying forward of the whole sum rather than
declare a dividend on the present occasion.
The Directors have to state, in conclusion, that certain
arrangements are in view, which, if completed, and the
operations of the Company be not entirely confined to the
Turkish Empire,
;mud materially advance the interests of
the shareholders they have still full confidence in the
future prosperity of the Association.
Two Directors, Frederick Harrison, Esq., and F. B.
shaw, Esq., retire at this meeting, and, being eligible Ren-
, offer
themselves for re-election.
THE OTTOMAN FINANCIAL ASSOCIATION
D. (Limited). To capital called BALANCE-SHEET, 30TH JUNE, 1865.
p,
London, £l5 per viz. :
Share on 10,000
Shares ~,;,,,,,£150,000
Lsss arrears. 19,370
--,
Constantinople, .£130,630 0 0
£15,7 er Share
on 479 Shares £71,685
Less Shares X 1,685
22,715
Sm-
- 48,970 0 0

•X 195,331 0 0

21,039 2 0
£30,126 1 2