Bank for International Settlements

Extract

The 32nd annual report of the Bank for International Settlements, covering the financial year from April 1, 1961, to March 31, 1962, was submitted to the annual general meeting of the Bank held in Basle on June 4, 1962. In his introduction, the General Manager of the Bank, Mr. Guillaume Guindey, reported that the accounts for the 32nd financial year closed with a surplus of 20,185,172 gold francs, as against 27,324,105 gold francs for the previous year. The reduction in the volume of gold transactions handled accounted for the greater part of the decline in the year's earnings. After deduction of 7,500,000 gold francs was transferred to the provision for contingencies, the net profit amounted to 12,685,172 gold francs, compared with 14,974,105 gold francs for the preceding year. The annual general meeting decided to distribute a dividend of 37.50 gold francs per share. In view of the results for the financial year 1961–1962, the meeting also decided that, as an exception measure, a lump sum of 4.5 million gold francs should be applied in the forthcoming year to the further reduction of the amount of the undeclared cumulative dividend.