Numerous relations with foreign countries were interrupted; this has greatly limited
international financial transactions, in which this Bank used to participate to a large extent
before the war and has led to considerable lack of profit in this branch of our business.
Our interest-account showed a satisfactory result. The decrease of the interest-revenues,
owing to retrenchment of the commercial debtors, was surpassed by the higher interest-
proceeds of the treasury-paper. This comparatively favourable result was, however, counter
balanced by the falling out of our foreign exchange-business after The Netherlands had been
involved in the war; besides a few forward foreign exchange transactions had to be settled with
some loss. Our commission-account was unfavourably affected by the decreased commercial
activity and the temporary closing of the Stock Exchange.
Our expenses have increased, mainly by the opening of six new branch-offices, in
connection with the taking over of the Noordhollandsch Landbouwcrediet N.V., the profits
of which will only gradually come forward to their full extent. Considering, however, that
we had not to make any special provisions this year in respect of debtors and with regard
to securities and syndicates, the balance of our profit- and loss-account has finally, after
deductions made for depreciation of premises, become rather considerably higher than that
of last year.
The possibility of dividend-payment is restricted in a great measure by the profit-tax
which was introduced in the course of the financial year and was afterwards strongly
increased. We propose to you to pay a dividend of 5 °/0 and to transfer an amount of
Fl. 86.012,77 to new account. We do not wish for the present to make use of the faculty
to reduce the primary dividend, referred to in article 3 of the „Resolution of the Secretary-
General of the Department of Finance with regard to the levying of a super-tax on profits
in behalf of the State" of December 11th 1940.
We beg to submit the following explanation to the Balance Sheet and the Profit and
Loss Account.
Cash in hand, cash at banks and money at call: Fl. 19.296.538,26.
This heading also covers gold, foreign banknotes and coupons.
Dutch Treasury Bills: Fl. 102.455.350,82.
Other paper issued by public authoritiesFl. 7.284.193,58.
Notes issued by Dutch municipalities, maturing within one year Fl. 4.184.193,58
Belgian treasury-notes3.100.000,
Fl. 7.284.193,58
Bills discounted: Fl. 482.765,28.
Commercial paper on The Netherlands.
Balances with Inland and Foreign Bankers: Fl. 21.874.300,47
Balances with Dutch clearing institutions
Balances in nostro-accounts
Fl. 183.872,14
21.690.428,33
Fl. 21.874.300,47
A considerable part of the balances in nostro-accounts is outstanding abroad for account
and at the risk of third parties.
