Y - Historische Gesellschaft der Deutschen Bank e.V.

of guarantees, taxes, and other purposes. At DM 1.2 million Sundty Liabilities appear almost
unchanged. Transitoy Items contain revenuc which does not apply to 1964, as wcll as expenses
incurred in the year under review and paid in the current year.
Contitzgent Liabilities
Liabilities arJ..riq from Gcrnrdwtees Vurious Kinds and Warrang Contructs rose b y uhr I 74.8
million to nM 1,717.7 million. This increase is especially due to the extension of new guaran-
tees and warranties, as well as the opening or confirmation of letters of credit in connec-
tion with our foreign business.
Endorsement 1,iabilz'tz'es 012 Bills Of Exchaqye in Circula~ion aniourited to i>br 219.9 rnillion
against DM 205.9 million at the end of I 963.
Contingent Liabi1itie.r in respect of possible cdls on shares not fully paid up in companies in AG
or GmbH form amountcd to DM r r .7 million on Dcccmber 3 I, I 364.
Expc~zdittdre and Receipfs
'I'he general upward trend of wages increased personnel costs of the Bank by 5.6 pcr cent
to a total of DM 261.9 million. This increase reflects the rises in contractually agreed salaries
of 4 per Cent on January I, 1964 and 6 per Cent on October I, 1764. Another increase uf 3 per
Cent has already been agreed for April I, 1965. AS in preceding years, we have again granted
merit bonuses. Expenditure for Jocial Purposes and on Welfare arid I'ensions rose by DM 2.2 rnillion
to nu 41.5 rnillion ; this increase is mainly due to the rise in welfare payments on account of
higher salaries.
Obher Operating Expe/~?ses rose to ~ h 8 r 1.6 million, that is I I .G per ccnt more than in the
preceding year. This increase reflects the growing costs for thc substantial expansion of our
branch network. As in the past, we havc endeavoured to kccp eupenciiture on materials as
low as possible.
Taxes and Sirnilar Expenses amounted to DXI 1zj.6 million. The reduction agairist the
precedirig year was mainly due to an increase in our global valuc adjustment resulting
from thc growth of our credit volume, as well as to the expansion of our reserves for pcnsions,
which was made necessary by the rise in contractually agreed wages, the recruitment of
additional staffand the adjustment of retirement allowances.
On the income side, the surplus from Inlerest and Discotlnt Earnings was entered at DM 275.5
Fees, andOther Earrzings were entered at DM j zj, I mil-
rnillion (+ 4.7 per cent) and Co7nmi~~iov~~,
lion, All other iricorne was again applied to internal reserves, value adjustments, reserves for
specific purposes, and depreciation.
Total emolutnents of the Board of Managing Directors, includirig pensions for former
members of the Board of the DLUTSCHI; BANK AG and the DEUTSCHE BANK, Rerlin, arid thcir
surviving dependants, aniounted to DM 4,5 68,3 63.34.
The Supervisoxy Board received fixed emoluments totalling DM joo,ooo.-. A sum of
DM I, j I 2, j 00.- has been Set aside for the variable fees of the Board members,