MANAGING DIRECTORS' REPORT
To Shareholders.
In compliance with art. 46 of the articles of association we beg to report on the
company's situation.
The past year was not a prosperous one for trade and industry. The tension in the
political situation induced to cautiousness. Commercial operations consequently remained
limited; there was little demand for credit. The rate of interest for money on short term was
extremely low; it hardly improved during the gloomy September-days. Foreign exchange
transactions were scarce. All this had a restraining effect on our revenues.
The earnings of the past year put us in a position to propose the declaration of a
dividend of 5
In the course of the year 1938 a number of banks, in concert with De Nederlandsche
Bank, proceeded to the publication of monthly statements according to a uniform scheme.
We have now grouped the figures of the balance-sheet accordingly.
The following may be mentioned as an explanation to the Balance Sheet and the Profit
and Loss Account.
Cash in hand, cash at bankers and money at callFl. 68.296.382,59.
This heading comprises also gold, foreign banknotes and coupons.
Dutch Treasury Bills: Fl. 21.880.001,53.
Other paper issued by public authorities: Fl. 11.832.080,56.
Bills issued by Dutch provinces, municipalities and polders, with
a term of two years at highestFl. 4.646.700,
Belgian and French treasury-notes and promissory-notes guaranteed
by FranceFl. 7.185.380,56
Fl. 11.832.080,56
Bills discounted: Fl. 3.774.359,08.
Commercial paper and bank-acceptances, viz. Fl. 2.990.347,13 in bills on The Netherlands
and Fl. 784.011,95 in bills on foreign countries.
