Mr. E. B. Orme, chairman, presiding at the 105th annual meeting of Martins Bank Ltd., at Liverpool, on Tuesday, January 21, said the net profit for the year was £693,117, an increase of £20,860. As this had been achieved when money rates had shown a steady downward tendency they were not dissatisfied.
The dividend of 14 per cent. was to be repeated, £50,000 placed to premises redemption, £50,000 to pension fund, and the reserve fund increased to £3,100,000. The bank's investments stood at £34,905,292, having risen £2,669,842 during the year, while deposits were £87,287,562, being £4,667,530 in excess of a year ago—a growth in the bank's business which was gratifying.
The chairman proceeded to speak of the continued progress of British industry. "Positions which were difficult or frozen." he said, "are gradually responding to the rising sun of prosperity, and I invite you to believe that this will continue, unless we are plunged again by some mad act into external political strife or industrial turmoil at home, such as that threatened in the coal industry."
This steady improvement, he emphasised, was not due to any fortuitous :hange of circumstances but was the result of steady, well-thought-out planning over a considerable period.
















