Jewish Colonial Trust at Annual Meeting Reports Satisfactory Development

The twenty-sixth Ordinary General Meeting of the Jewish Colonial Trust was held here. Mr. Joseph Cowen, Chairman of the Board of Directors, presided.

The report presented by the Board states that the turnover has increased in spite of the adverse circumstances. In particular, the business transacted in connection with the export and import of goods, especially as regards those territories formerly belonging to the Russian Empire, showed a gratifying expansion. The amount of the Deposit and Current Accounts showed a further increase, and as at December 31st, 1923, stood at £1,022,000. The holdings of the Jewish Colonial Trust in the Lodz Deposit Bank yielded a satisfactory return in respect of the year 1922. The operations of this Bank during the year 1923 were also favorable.

The net profit after payment of all expenses was £16,732. 16. 1 for the year 1923, as compared with £18,150. 0. 8 for the year 1922.

The paid up capital of the Jewish Colonial Trust amounts to £390,887, and its reserves to £4,528. 6. 0. It is interesting to note that there are still £37,126. 4. 4. unclaimed dividends.

The two Directors retiring in rotation, Mr. Joseph Cowen and Mr. Jean Fischer, were re-elected.

The Board of Directors of the Jewish Colonial Trust have decided to continue the policy of consolidation and have therefore found it advisable not to pay dividends for 1923, a course which has been prompted by the feeling that the interests of both the Bank and the shareholders will be best safeguarded by writing off all previous claims which are in any way doubtful, or making provision for them by means of a special reserve. The attitude of the shareholders all over the world has shown that they thoroughly approve of this policy of the Board. The expanding volume of business as well as the increased deposits prove the undiminished confidence which clients are reposing in the Bank.