Appendix, No. 15. 2. (In Answer to Question 7739.) STATEMENT showing the PROFIT to the BANK of ENGLAND arising out of the *The average profits on bullion for the 10 years, 1865 to 1874, were 14,900 7. per annum. Bank of England, 27 July 1875. 3. (In Answer to Question 7740.) THE terms of absorption by the Bank of England of the issues of other banks are in accordance with the 24th section of the Act 7 & 8 Vict. c. 32, which enacts: "That it shall be lawful for the said Governor and Company to agree with every banker who, under the provisions of this Act, shall be entitled to issue bank notes, to allow to such banker a composition at the rate of one per centum per annum on the amount of Bank of England notes which shall be issued and kept in circulation by such banker as a consideration for his relinquishment of the privilege of issuing his own bank notes." Bank of England, 27 July 1875. ! Appendix, No. 16. PAPER handed in by Mr. Dun, 1 July 1875.-(In Answer to Question 6252.) VIEW OF LAPSED ISSUES (Compiled from Bankers' Almanac for 1875.) Appendix, No. 16. Appendix, No. 17. RETURN of the TOTAL AMOUNT of the WORKING EXPENSES of the JOINT STOCK BANKS in England, Scotland, and Ireland, distinguishing between Rent or Interest on Money expended in Buildings and other Expenses, and omitting Interest on Capital and Reserves. * This sum includes 1,3541. 11 s. 3 d., the amount of agents' commissions, English, Scotch, and Irish. *This sum includes salaries, rates, stationery, London bankers' cheques, &c. The Bank buildings originally cost 3,000, which sum has been reduced out of the yearly profits of the Bank to 1,000 7., at which sum it now stands on the books of the Company. This sum includes salaries, 855 l ; directors, 200 l.; and working expenses, 244 l. 13 s. 1 d. *This sum includes 50 l. 4 s. 6 d., composition for duty on unstamped notes and drafts. No. 8 3,130 15 11 Nil 200 Interest charged on money expended for the buildings, as it is the practice to gradually liquidate the cost of the same by half yearly instalments out of the gross profits. Rent paid for premises at one of our branches, and the buildings at head office, and the other branches being the property of the bank. The original cost of the bank buildings has been reduced by 30,000l., being appro priation, from time to time, out of the Bank profits. • This amount includes an exceptional charge of 1,926 l. which will not occur again, and it would therefore be nearer the mark to place our average and regular working expenses at about 35,000l. a-year. The difference between the interest on Building Account and the rents charged is placed to the credit of the Building Accounts in reduction of that account. No. 29 800 10,835 9 6 (a) If the fees ordered to be paid by the shareholders to the directors after the divisible profits for the year have been ascertained and declared are to be treated as working expenses, there would have to be added to the above total, 4,500 l. Income tax was also paid on profits, not included in above total, being uncertain how to deal with it. It amounted to 674 l. 4 c 2 0.86. |