, 1893-08-16

or the west India Colonies an ANTICIPATION
which is undoubtedly well founded.
In moving the adoption of the report, the
Chairman Mr.. Dobree, sald-"My first duty
is to glance over the account with you, com
pairing it with the account of the previous
corresponding half year. ! think that you
will find that the position IL practically unal-
tered. On the debit side Of the
account our notes in circulation are
f2O,00 more, orr deposit at interest and
on current account are G75, 900 less, and our
bills payable and other liabilities are
9I00,0 900 less. On the other side Of the &C.
count we have SOC, 900 less specie in the
Colonies, 870, 900 more cash at the bankers
our English and Colonial Government, and
other Investments are ELS, 900 less, but
against thatIwe have bills receivable $40, 900
more, and bills discounted in the colonies and
in transit f70,0O0 more. We have in hand
-sssets-o 81, 600,400 Immediately available TO
meet total liabilities of 93, 900, 600 fully so
per cent, which is about the same as we had
at the corresponding period last year. Look
ing at the profit and loss account, you will
find that our expenses are slightly less,
94O0 less fer the half year. We are able to de-
Glare a dividend Of 10 per cent. out of profits,
and to carry forward e. 900 to the next half
year as against Ell, 700. Now, gentlemen, [
think that having regagd to the low rate for
non ely which has ruled here in the six month
with which we have to deal, and taking into
consideration, too, the dulness that has char
acterised trade all over the world during the
period, and further that the seasons in the
West sIndies have been 10y no means toe
propitiOus, you will admit that the account
we render you is fairly satisfactory. zap
plause) I must confess some disappointment
at not being able to add any sum 10 q
dividend reserve. [ and my colleagues, as |
have told you before, are very anxious to have
q dividend reserve. but we cannot ommand
the profits of banking, and We are unable at
present to do more than pay ID parent
dividend. Now gentlemen, the times
through which we have passed lately, have
been very trying, not only for directors and
managers Of banks but also for shareholders
We nave seen a terrible crisis in the Aus
tralian Colonies, owing in the first instance
to the down fall of one or two i'll conducted
and / might almost say swlndllng con-
cerned an unreasonlng pane set III which
brought down some undoubtedly solvent
institutions in the colonies. This has affected
the minds Of shareholders in Banks generally
and | think to this cause must be ascrlbet
the lower range of prices the shrlnkage IN
value, if l may 50 call it in onr own bank
shares. / can assure YOU that Shareholders
in This Colonial Bank have ~ cause for any
anxiety; we know of nothing within the
walls Of he Bank which causes US to be at
all apprehrnsivp. Our business is carefully
managed ON legitimtt tie, Solld banking ines;
and as far as pros )ects are conoernel we are
all agreed on this side Of tho table that
they are better now than they have been for
years past, especial Iy as regards the pros
poets of oar stIli principal staple, sugar
The price now ruling for sugar is between
&5 and e. per ton higher than it was nine
mouth, ago. and should 1leave a very ample
margin to planters. We have put this rather
mildly IN the Report, because we do not like
to o~verstate prospects; at the same time |
think the prospects are good, the rise in
prices having been caused not by any undue
speculation, but simply by the consumption
Of the world having for the time being over
taken the production, and though we do not
look to the maintenance of present high
prices / think we may look for a %continu-
ance of good remunerative prices for some
time to come. In Dem9rara the gold indus
try continues 10 progress, and for the five
months from January to May inclusive, the
export of gold from the Colony was $4,000
ounces as against "a, 900 ounces for the cor.
responding period of the previous year.
Then in Jamaica the fruit industry is GER
tainly progressing. Very large shipments
continue to be made to the United States
and there is no industry in the colony which