The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-02-12

The Chairman said-The first thing, gen
tlemen, that will strike you in reading the
report is that the net profits amount to elSS,.
600. This amount is smaller than that which
we made in the half-year ending on the 3Oth
OF June, AMI think it requires some expla.
nation. The diminution OF profit does not
arise at all from the business Of the bank
having fallen off. The average amount held
| by our bank during the last half-year is larger
than the average in the previous half-year.
The Bank of England rate of interest on the
| 1st Of July, when the last half-year began,
| was q per cent. on the 31st of December it
was per cent.
The rise was regular rise, except in the
month Of August. when the rate fell tempo
rarily from to per cent. This, of itself,
would have caused great difficulty in our en-
ploying the money held under the head of
deposit accounts proftably. On these de-
post accounts we have to allow interest, and
the rate of interest fiuctuates with that of the
Bank of England. Had the Bank of England
rate been increased owing to demand from
commerce or to the amount of bills pressing
on the market. we might have saved ourselves
to some extent by the rise; but that was not
the case.
All through the half-year we had great diff
Guilty in. investing our funds in bills. The
rise in the rate of interest was principally at
tributable to the demand for gold for France
and Germany. The money value of the COM
merce of England really declined during the
last half-year, and consequently the bills
which were offering were fewer. The cause
of the decline in our dividend is that we had
to employ the money which was entrusted to
us, and that our power of investing it was
less than it had been;. while We had to pay
correspondingly higher rates for the money
which we held. l do not think that matter
requires any further explanation.
There is only one other figure in the ac-
counts which think ought to say anything
about, and that is the 100000 "set apart to-
ward the Improvements Of the buildings Of
the bank" That sum is set aside in addition
to the flO, 600 which is set apart every half
year. The fact is, that both at this office
and at some of the branches our business has
SO increased that we give the public less bank
ing accommodation than we ought to give
them. At Temple-bar We built new branch
and we find that the money expended has re-
turned very good interest. At that branch
the business has increased very considerably.
We have had to spend large amount on
various buildings belonging to the bank, and
it is on that account that we have set aside
the sum to which 1 allude. I shall be happy
to answer any question that may be asked,
and in the meantime I propose, "That the
report now read be adopted, and printed and
circulated among the proprietors [Cheers.
Mr.. T. Chapman, director, seconded the
motion, and it was put and carried unani-
mously.
The Liverpool Cotton Market.
The following we copy from the Liverpool
Cotton Circular of Messrs. W. C. Watts & Co.,
lated Jan. 22d
The Position, etc-The receipts at the Amer
can ports continue small beyond all ex-
and yet we judge from opinions
ne frequently hear expressed that tbs effect .