Tíminn - 18.07.1971, Blaðsíða 8

Tíminn - 18.07.1971, Blaðsíða 8
Astatement of wcM'ld-wide i nterest MrJócelynHambro reportsto shareholders ipast vear have been directed to —icetín.i; the cliallenge that tliis presents. Oompetttton is keener than ever before " fJ thc services we offer have to be fast, curate and flexible. Above all we have ;o>meet the needs of our customers, J ,wherevcr these arise. For many years we have been a thoroughly international orgamsation, but in the last financial year we liave expandcd and consolidated our position ovcrseas to meet the hanking nccds of today. w ' - Oui results rcflect this period of transition, . , hut 1 am coníident that the rewards will be increasingly opparent in theyears to come. Infiation remains as a .yorld-wide problem and the Government still needs to feconcile thc rcquircments of price stability, full eniploynicnt and economic growth. This difficulty has g not tuisen ovcrnight; it will not be solved overnight. L ise who bclicvc that such problemscan be solved with roke of thc lcgislative pen put more faith in human Srethanwouldbe wisc fora practising banker. tycvcr, wc do havc a Governmept.w^ a,wijl tft--x. ent.-and a belief in itself and in thc British people. New Regulations Wc wcleome the Bank of Fngland’s new proposals trthc control of credit-which I persónally consider to v thc most important contribution to thc banking -tcm'iiicc the Radcliffe C'ommittee report some 15 irsago. We havcalways operated with a substantially ,rcater degrce of liquidity than that now rccommended , >y thCBank ofEngland but, far more important, it "gnals theBank'sdesire tosee much greatercompetition i thcdomestic bankmg sphere. Wc can only bencfit J'romthisfrccratmospherc. Rccord Year ; The past year has not bcen without its customary ditTiculties for theCity 6f l.ondon, somewhat aggravatcd by thc rc-introduction of financial discipline and the hrce/cs of frce enterprise; for some these bree/es had an arcticquality. However painful this may bc, I fecl that we Iare entering a period of regencration. and that when we , join thc Coinmon Market, Industry and thcCity will show their undoubted ability to exploit the new oppor- tunitics tliat the F.E.C. presents. Fortunately I am glad to report that it has been an excellcnt ycar for us. Our balanct shect total is a record of : £730 inillion; disclosed profits liave inc.eased for ihe fdurtecnfh year in succession and are riow £2,565,000, or án increaseof 15.6 per cent over iast ycar'sequivalent figurc, and-we havc recommenaed an increase in the dividend for thc fourth'sueccíssiveyear from 28 per cent todOperccnt. We have also appropi iatcd £500,000 to the published rcscrve of Hambros Bank from trus year’s carnings. l’rivateBill Our most important development was the Privaté Act of Parliament which, on Ist Julyi 1970. allowed us to separate the banking side of the businessfrom our Íncreasingly important iuvestment und other financial activities. It had bccome increasingly dtfFicuU for us as a bank to show these and other non-banking activities in a form of accounts whicn had primarily to be judged b> banking eonventions, ratios. liquiditics and themix of assets. While Hambros Bank Emiiied icmainsthc princi- pal sourceofour profits. it is now a wnolly-owned sub- sidiarv of Hambros Limited. thequqted parent company. Merchandise and Investment Trust Wchave in the past held nrianv of ourrnajor Group invcstmcnts in MIT. Tíiis coinpany, although 87j per- ccnt dircctly and indircctly owncd w ithin the Group. has not been consólidated in the Group accounts' to datc. We ■'<\\ Reorganúatios ' I do not think that anyone can sit still and hopefor the best in tlie financial world of to-day. It was becausc of this togefher with the increasing sizeand cqmplexity of our business-that we started our management reorganisation, which I menlioned iast year, In banking, the old patterns have quite definitely broken and we are now part of a world-wide industry vvith an accelerating pácc of ehangeand devclopment. None of uscan tell with any certainty whal new structurcand competitive shape will emerge in banking over the next ten years. We rcmain a very personal business, and we : have done our best to strengthen and continue this personal Connection by the establtshmem of a Financtal Services Division, wtjjch will tejpg'uj, wik customers find their way througn the wtStte cange/*' of qur financjai actjyities. ^ ■ ' ' / inteccnt years we have created a Property Oepartmem with a tcam of highly qualified men direcfly engaged on all types of property finance, development, management and ínvcstment. in its scopeit is probably unique in the Ctty of London. This hasbeen another excellent vear for the • department, and we now manage property assets and devetopment projects-either forclients or associáied.conipanies- valued at more than £100 miilipn, : . Thc Abbey Life Property Bond Fund, wbíchisctórmost important propertýclicnt, has had anórher successfu I arid record ýear and shows eyery prospect of continued growth. We have been asked, atui have willingly agreed, to confine our property bond investment managentent actiyities tothisfund. Hambros Ltd. Consofidated Finaocial Statement as at 31st March 1971 s* 448 ■* Paid-ra Capital and Rcserves L.oan Capital Minoritv Shareholders Inlerest m Subsidiarie* Current, Deposit and othec Creditor Accounts Proposed Finai Divídends Acceptances for Customcrs Casii, Batances with Ranks, Moncjr at Call and Bullion Bills dLscountcd and Bank Certilicates of Deposit Term loans to Banks and Local Authorilies Government and other Securities Advancjs and other Debtor Accounts Custoniers’ liability for Acceptances Investments Goodwilí on Consolídation £ 31,85«,000 17,794,000 9,220,000 597,302,000 1,112,000 72,755,000 £730,041,000 Dividends Paid and Proposed Retaincd Profits PROFIT FOR THE YEAR 71,647,000 9,637,000 199,627,000 44.929,000 299,060,000 72,755,000 28,311,000 ' 4,075,000 £730,041,000 1,502,000 1,063,000 £ 2.565,000 thefatiorialisution ofthe Group. For this pprpose tlie £1,750,000. We proposc to offer Hambros Limited Ordinary shares of 25p each for this acqtiisitipn. Ðetails of the number of shares to be issued and terms of the bffer will bé given as soon as.possible. We are very pleased to wcleomc Mr, Nórmán." D’Arcv to the main Board of Hambros L.imited. For many ycars he hasmanagcd a group.of Canadian investment companies. among theiriá'qtioted Investment Trust called Anglo-Scandinavianinyestment Corporation, based in Toronto.We had helda substantial interest in thiscontpany but were not direetly inyblved iu its management before this year when we increased our holding to 65 pcr cent, making it a stibsidiary of the Círoup. We liave ehanged its name to Hambi o Corporation of Canada and plan to use ilasa inaior investment vehiele with theaim of providing áll forms of financiaj, service in Canada except domestic banking, ,lts acíivities arc exoccted to include venturc caoitál. soecial i uijv ní*> >ibu aiiotuci successiui ycai anu nas viriuany doubled iis profi's. HABAT hás just opened a hranch in Paris houseci by our good friends Banque dc TLhiion Europeenne in the Rtue Gaulon. International Growlh We are. ai;d wiil remain, truiy international. Our staff, from secrctaries to Boárd members, is a mixlure ol ntariy nationaliiies. anc the rnajority of our business is tránsacted in currenci ;s other thán stetiing. Weare strongly esiablished in the rnain itadingand rtnancing areascf íhe wórld: ín North America, with thesolid liasc of Hamoro Arrie-t. an bark &TrustCo. and Hambro' Corpoi-atipn ot Canáda; in Continentai Europe through Hambrc iri'.ernatioria! N.V.; in the L'.K titrough Hambros Bank; and I expect 10 havenews on the fourth great trading area of the worid -the Paeific-wlieri I next ;: report. We are activein most areas of financíal enterprise; i banking in aii itsTonns, investmem banking anu funds management, lcasingi propertý, bufápn and gems. The Future 1 look forward with confidcnce to thecoming yeai'. I said earlier that we.live-in a rapidly chariging Husinéss and bánkingenvironment, and I am sure that the Group is strongly plaeed to take advamage of these 41 Bishopsgate, London EC2P 2AA Copies of the Annual Report can be obtained from The Secrctary, Hambros Ltd„ 41 Bishopsgate, l .ondon EC2P 2AA. \ .vi^-íGvwl-.v.-JiXvXi

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