You are cordially invited by the Directors of Martins Bank Limited, to examine their report and the annual accounts of the company and its subsidiaries for 1959. For the purposes of display on this web page, the balance sheet is shown in columnar presentation.
MARTINS BANK LIMITED REPORT OF THE DIRECTORS to be Presented to the Members at their one hundred and twenty-ninth ANNUAL GENERAL MEETING to be held on 10th FEBRUARY, 1960.
Profit for the year 1959, after charging all expenses, providing for taxation and making transfers to inner reserves, out of which reserves provisions have been made for all bad and doubtful debts and other contingencies, amounted to							£1,161,411
To this has to be added the balance brought forward from 1958							564,500
making a total of							1,725,911
out of which the following appropriations have been made:-
	Interim dividend of 8%, less income tax, paid 27th July, 1959					£323,181
	Reserve for contingencies					250,000
	Premises Redemption					250,000
							823,181
leaving a sum of							902,730
from which the directors recommend a final dividend of 8%, less income tax, payable 12th February, 1960, making 16% for the year 1959							323,181
Balance to be carried forward							£579,549
x
As the form of the report and the setting out of the accounts adopted last year met with general approval this year's report and accounts are similarly presented. The accompanying accounts reflect the capitalisation of £1,319,106 10/- of the Published Reserve made in February 1959 when 5,276,426 new shares, fully paid, were issued to shareholders on the basis of one additional new share of 5/- for every four then held, making the issued capital £6,595,532. In November last, your Board decided to increase the Issued Capital of the Bank further by making a new issue offering to shareholders registered on Friday, 1st January, 1960, the right to subscribe for one new 5/- share for every two shares then held at a price of 7/- per share. This will involve the issue of 13,191,064 shares of 5/- each. The Issued Capital will then stand at £9,893,298 and the Reserve Funds at £6,819,106 (including Share Premium Account £1,319,106). The new shares will when fully paid rank pan passu with the existing issued shares except that they shall not be entitled to any dividends declared or to be declared in respect of the year ended 31st December, 1959. The offer to shareholders will be made by renounce-able provisional Letters of Allotment which will be sent to shareholders on 15th January, I960. The issue will not be underwritten. In the absence of unforeseen circumstances, it is the Board's intention to recommend interim and final dividends of not less than 6½% each, making not less than 13% for the year ending 31st December, 1960, on the enlarged capital (as compared with 16% on the existing capital) xxFor health reasons Mr. Myles N. Kenyon, C.B.E., D.L., has decided not to stand for re-election. He has acted as Chairman of our Manchester board for eight years having served since 1927 and he has been a member of the General board for thirteen years. The Hon. Angus D. Campbell, C.B.E., who has served on the General board for nine years, has been elected Chairman of the Manchester board of which he has been a member for nearly eighteen years. Sir Cuthbert B. Clegg, T.D., who has been a member of our Manchester board for twelve years, was elected to the General board as from 1st January, 1960, and, in accordance with the provisions of the Articles of Association, now offers himself for re-election. The Directors of the General board retiring by rotation are Sir A. Harold Bibby, Bart., D.S.O., D.L., LL.D., Sir John M. Brocklebank, Bart., Sir Wilfrid Martineau, M.C., T.D., Mr. A. Claude Morrell, C.B.E., M.C., all of whom offer themselves for re-election. The proposed re-election of Sir A. Harold Bibby, Bart., D.S.O., D.L., LL.D., and Sir Wilfrid Martineau, M.C., T.D., will be the subject of a resolution in the terms of Section 185 of the Companies Act, 1948. In January 1959 Sir John H. Grey resigned from the Manchester board for reasons of health and since my commentary was written we have learned with deep regret of his death. Sir W. Hereward Clare Lees, Bart., has been elected in his place. Mr. J. A. Banks, hitherto Liverpool District General Manager, has been appointed a Joint General Manager and Mr. N. N. Jobling, M.C., T.D., has succeeded to the position of Liverpool District General Manager; further, Mr. D. C. Bardsley has been appointed to the position vacated by Mr. Jobling as Midland District General Manager. Mr. W. H. T. Laidlaw, formerly Assistant General Manager (Administration), has retired on pension. The auditors, Messrs. Harmood Banner, Lewis & Mounsey, Messrs. Peat, Marwick, Mitchell & Co., and Messrs. Thomas Bowden Sons & Nephew have signified their willingness to continue in office and a resolution proposing their remuneration will be placed before the Annual General Meeting. During the year we formed a new subsidiary company, Martins Bank Executor and Trustee Company (Isle of Man) Limited, with a paid up capital of £25,000 to deal with our Trustee business in the Isle of Man. The Bank's Balance Sheet and Profit and Loss Account are annexed, together with those of Lewis's Bank Limited. liverpool, 8th January, 1960 A. HAROLD BIBBY, Chairman
MARTINS BANK LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR 1959
1958
£520,484		Balance brought forward from 1958					£564,500
1,050,805		Profit after charging all expenses, providing for taxation and making transfers to inner reserves, out of which reserves provisions have been made for all bad and doubtful debts and other contingencies					1,161,411
£1,571,289							£1,725,911
£227,546		Interim dividend of 8%, paid 27th July, 1959, less income tax					£323,181
379,243		Proposed final dividend of 8%, payable 12th February, 1960, less income tax					323,181
200,000		Staff Superannuation Fund					---
---		Reserve for contingencies					250,000
200,000		Premises Redemption					250,000
564,500		Balance carried forward					579,549 x
£1,571,289							£1,725,911
		Directors' Remuneration (including amounts received from a Subsidiary Company): Directors' fees £18,727 (1958—£18,250), directors' other emoluments including fees of Standing Committee and fees as members of local boards £13,696 (1958—£13,782). Total £32,423 (1958—£32,032).
		--------------------
		STATEMENT CONCERNING THE INTERESTS OF THE MEMBERS OF MARTINS BANK LIMITED IN THE SHARE CAPITAL, RESERVES AND PROFITS OF ITS SUBSIDIARY COMPANIES.
(1) Lewis's Bank Limited
1958
£1,000,000		Issued Share Capital					£1,000,000
297,421		Capital Reserves (including share Premium Account £10,000 and pre-acquisition profits)					297,421
9,792		Balance of Profit and Loss Account					12,151
£1,307,213							£1,309,572
---		Profit for year ended 31st December, 1959, less transfer to Reserve for contingencies					£63,609
£38,542		Proportion of profit for year 1958 applicable to period since date of acquisition					---
28,750		Dividends declared and paid out of the above profit, less income tax					61,250
9,792							2,359
---		Balance of Profit and Loss Account brought forward from 1958					9,792
£9,792		Balance of profits since date of acquisition					£12,151
(2) Martins Bank Executor and Trustee Company (Channel Islands) Limited
£100,000		Issued Share Capital					£100,000
		Profit and Loss Account:
£1,105			Profit for the year ended 31st October, 1959				£801
3,988			Balance of profit brought forward				5,093
£5,093			Total (all retained by Subsidiary Company)				£5,894
(3) Martins Bank Executor and Trustee Company (Isle of Man) Limited
---		Issued Share Capital					£25,000
No profit has been earned for the year ended 31st October, 1959 as the Company did not commence trading until after that date.
(4) Other Subsidiary Companies
£186		Issued Share Capital aggregating					£186
		These are non-trading and have made neither a profit nor a loss for the year ended 31st December, 1959.
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The Balance Sheet and Profit and Loss Account of Lewis's Bank Limited for the year 1959 are annexed hereto. Separate accounts for the remainder of the subsidiary companies are not being published in view of the comparatively insignificant amounts involved.
MARTINS BANK LIMITED BALANCE SHEET 31^ST DECEMBER 1959
		CAPITAL
1958			Authorised: 83,164,480 shares of 5/- each £20,791,120				1959
£5,276,425			Issued: 26,382,128 shares of 5/- each, fully paid				£6,595,532
5,500,000		Reserve Fund					5,500,000
564,500		Profit and Loss Account Balance					579,549
11,340,925							12,675,081
339,265,701		Current, deposit and other accounts, including sundry provisions and reserves for contingencies			£362,904,359
491,173		Balances in account with subsidiary companies			154,731
18,597		Notes in circulation (Isle of Man)			19,285
379,243		Proposed final dividend, less income tax			323,181
							363,401,556
1,236,129		Acceptances on account of customers			£2,115,405
21,049,298		Engagements on account of customers			19,270,870
							21,386,275
		Notes:— 1. Investments in British Government securities amounting to £66,533,964 which are all redeemable at fixed dates, the majority maturing within 4 years, are taken at or under cost and below redemption price. Market value of these Investments at 31st December, 1959, was greater than the balance sheet figure. 2. The market value of the remainder of the Quoted Investments amounting to £493,750 at 31st December, 1959, was greater than the balance sheet figure. 3. £50,000 nominal British Government securities are lodged against the note circulation in the Isle of Man. 4. There are contingent liabilities (a) for uncalled capital in respect of a portion of the Trade Investments of £10 (1958—£290,010) and (b) in respect of an indemnity given to Lewis's Limited covering the guarantee given by that Company of part of the deposits in Lewis's Bank Limited (and interest thereon) totalling at 31st December, 1959 £2,027,289 (1958—£2,223,596). The assets of Lewis's Bank Limited itself at that date were more than sufficient to cover those deposits. 5. Foreign currency balances have been converted into sterling at the rates current on 31st December, 1959. 6. United Kingdom taxation has been provided for on the basis of all profits to date. 7. Contracts for outstanding capital expenditure amount to (a) approximately £425,000 (1958—£338,000) on premises and (b) nil (1958—£1,486,007) in respect of future instalments due on the purchase of new ordinary shares in the Mercantile Credit Company Limited.
£373,781,066							£397,462,912
1958		CURRENT ASSETS
£28,013,077		Coin, bank notes and balances with the Bank of England					£28,960,362
24,079,288		Balances with, and cheques in course of collection on, other banks in the British Isles					29,531,883
9,312,500		Money at call and at short notice					28,029,919
433,115		Balances with banks abroad					529,418
61,985,000		British Government Treasury Bills					61,290,000
3,898,039		Bills discounted					6,712,849
		Quoted Investments, less Reserve (see notes 1, 2 and 3):—
88,519,011		British Government securities			£66,533,964
493,871		Other Investments			493,750
							67,027,714
107,498,777		Loans, advances and other accounts, less provision for doubtful accounts					144,686,908
22,285,427		Liability of customers for acceptances and engagements					21,386,275
366,518,105							388,155,328
		Fixed Assets
1,500,000		Investments in Subsidiary Companies Lewis's Bank Limited 200,000 Ordinary shares of £5 each fully paid at cost less amount written off			£1,500,000
100,000		Martins Bank Executor and Trustee Company (Channel Islands) Limited 100,000 shares of £1 each fully paid at cost			100,000
-------		Martins Bank Executor and Trustee Company (Isle of Man) Limited 25,000 shares of £1 each fully paid at cost			25,000
-------		Other Subsidiary Companies at cost less amounts written off			-------
							1,625,000
1,137,064		Trade Investments at cost less amounts written off					3,009,495
4,525,897		Bank Premises and other property at cost less amounts written off					4,673,089
		A. HAROLD BIBBY E. R. BOWRING J. M. BROCKLEBANK J. N. NICHOLSON		Directors
		M. CONACHER, Chief General Manager
£373,781,066							£397,462,912
REPORT OF THE AUDITORS TO THE MEMBERS OF MARTINS BANK LIMITED We have audited the above Balance Sheet and the annexed Profit and Loss Account and have obtained all the information and explanations which we considered necessary. So far as appears from our examination the received proper and adequate returns from its branches and has kept proper books of account with which the Balance Sheet and Profit and Loss Account are in agreement. In our opinion such Balance Sheet and Profit and Loss Account, together with the annexed Balance Sheet and Profit and Loss Account of Lewis's Bank Limited, and the statement concerning the Subsidiary Companies, comply with the requirements of the Companies Act, 1948, in the manner authorised for a Banking Company and on this basis give a true and fair view of the state of affairs at the 31st December, 1959, and of the profit ascertained in the manner indicated, for the year ended on that date, of the Bank and its Subsidiary Companies. HARMOOD BANNER, LEWIS & MOUNSEY, PEAT, MARWICK, MITCHELL & CO., THOMAS BOWDEN SONS & NEPHEW, 7th January, 1960.
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