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the rate charged was: from lst January to 16th April 1951: 4%,
from 17th April to 3lst May 1951: 5%,
from lst June to 31 st December 1951: 4j/£%.
On Netherlands Bank Account (in accordance with General Permit 40 D) the interest
charged was:
from lst January to 16th April 1951: 3x/ic/°'
from 17th April to 3lst May 1951: 4
from lst June to 31st December 1951: 4%.
Audits. Our books are closed monthly by preparation of a monthly Balance Sheet; these
monthly Balance Sheets signed by the auditor are sent regularly to the members of the Board and
to the Board of Supervisors.
In compliance with the provisions of Article 17 4 of the Articles of Association the report by
the Board of Supervisors is attached hereto together with the Balance Sheet and Profit and Loss
Account signed by the Auditors and submitted herewith.
NOTES ON SEVERAL FIGURES IN THE BALANCE SHEET
AND PROFIT AND LOSS ACCOUNT.
Expenses this item represents
Salaries494.946,39
Holiday and Family Allowances40.282,62
Inspection Expenses73.317,69
Costs of Meetings11.813,27
Buildings and Equipment152.131,78
Social Insurances and Other Charges97.590,13
Insurances, Auditors' Fees, etc. 37.132,72
Publicity51.924,76
Printing, Forms, Postages, etc212.137,49
Sundries108.003,01
1.279.279,86
Less: Fixed Contributions for Inspection5.860,
1.273.419,86
Net loss Differences in Quotations of Securities: is the net balance between the profit on
quotations upon drawings and redemptions of of securities and the loss on quotation sustained on
sale of securities.
Other Income: relates to a share in the pro fits of N.V. Boeren-Hypotheekbank in respect
of 1950.
Shareholders payable on shares in respect of the fl. 2,725,000 capital issued as at 3lst
December 1951, 90% is still payable, amounting to fl. 2,452,000.
Shareholders Liability Fund payable 2725 X T >000 fl. 2,725,000.
Treasury Bills the nominal amount of Treasury bills issued by the Dutch State, consisting
partly of Treasury Promissory Notes and partly of Treasury Receipts. Current interest is included
under "Sundry Accounts".
25
Dutch Treasury the amounts entered in this account can be recalled on the first working day
of any month.
Provinces, Municipalities etc. term not exceeding one yearrelates to so-called Call
Money loans.
Securities the securities fund for details whereof we refer to Schedule 1 of this Report, is
valued at purchase price, it being understood that no securities are included above par. The
value of the securities fund, computed according to the last Bourse quotation for 1951, was
fl. 71,571,875.33.
Provinces. Municipalities, etc. Classified according to term these loans are as follows:
fl. 66,853,032.30 from 1 to 5 years,
fl. 52,443,850.23 from 6 to 10 years,
fl. 103,789,176.77 over 10 years.
fl. 223,086,059.30.
Mortgage loans: apart from a few exceptions these loans can be terminated at three months'
notice.
Debtors on current account relates to financing on current account of stocks and
claims of co-operatives for purchase and sale of fertilizers and fodders from co-operative Market
ing Associations, Co-operative Dairy Factories and Dairy Associations, Co-operative Meat Packers,
Co-operative Sugar Factories, etc.
Other Debtorsthis item accounts for cash loans for longer periods to the organisations just
referred to. As a rule these loans can be demanded at three months' notice.
Investments
fl. 5,000 shares N.V. Boeren-Hypotheekbank (10% paid),
fl. 58,500 N.V. Borgmaatschappij voor Land- en Tuinbouw (10% paid),
fl. 1,000,000 Mij. tot Financiering van het Nationaal Herstel N.V.
fl. 150,000 Nederlandse Participatie Maatschappij N.V.
fl. 500,000 Gemeenschappelijk Bankkantoor N.V.
Immovables relates to houses built with theassistance of the 1948 Finance Scheme to provide
accommodation for our staff.
Sundry Accounts relates to current interest.
Claims under Guaranteessee below under Guarantees.
Share Capital the capital of our Bank at 31 st December 1951 was fl. 2,725,000.
Liability Fund In pursuance of Article 4 of the Articles of Association, each share entails a
liability of fl. 1,000 over and above the amount of such share.
Reserve Fund at 31 st December 1950 this Fund wasfl. 4,387,712.26
Added out of 1950 profitsfl. 23,252.40
Balance at 3lst December 1951fl. 4,410,964.66
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