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HONG KONG AND SHANGHAI BANKING CORPORATION
ONE HUNDRED AND ELEVENTH
REPORT OF THE COURT OF DIRECTORS
TO THE
ORDINARY YEARLY GENERAL MEETING OF
SHAREHOLDERS
TO BE HELD AT THE CITY HALL, HONG KONG
on Saturday, the 26th February, 1927
AT NOON.
To the Proprietors of the
GENTLEMEN,
HONG KONG & SHANGHAI BANKING CORPORATION.
The Directors have now to submit to you a General Statement of the affairs of the Bank, and Balance Sheet for the year ending 31st December 1926.
The net profits for the year, including $3,397,722.76, balance brought forward from last account, after paying all charges, deducting interest paid and due, and making provision for bad and doubtful accounts and contingencies, amount to $17,555,790.24.
The Directors have transferred $14,400,000 @ 2/1
£1.500,000 from the Silver Reserve to the Sterling Reserve and the balance of the Marine Insurance Account, $250,000 to the Silver Reserve.
They recommend the transfer of $650,000 from the Profit and Loss Account to the Silver Reserve.
Including these transfers the Reserve Funds will stand as follows:-
Sterling Reserve £6,000,000 Silver Reserve $13,500,000.
They also recommend writing off Bank Premises Account the sum of $1,000,000.
After making these transfers, deducting the Interim Dividend of £3 per share, paid on 9th August last, viz. -£480,000 @ 2/27 $4,286,511.63, and remuneration to Directors, there remains for appropriation $11,569,278.61, out of which the Directors recommend the payment of a Final Dividend of Three Pounds Sterling per Share, viz., £480,000, and a Bonus of Two Pounds Sterling per Share, viz., £320,000, amounting in all to £800,000 which, at 1/11, the rate of the day, will absorb $8,170,212.77.
The Balance $3,399,065.84 to be carried to New Profit and Loss Account.
The Sterling equivalents of the Assets and Liabilities are shown at 1/11, the rate ruling on the last day of the year.
DIRECTORS.
The Hon. Mr. D. G. M. BERNARD has been re-elected Chairman for the year 1927, and Mr. A. H. COMPTON has been elected Deputy Chairman.
These appointments require confirmation at this Meeting.
The Hon. Mr. A. O. LANG, Mr. W. H. BELL and Mr. H. P. WHITE retire in rotation, but being eligible for re-election, offer themselves accordingly.
The Directors very much regret to have to record the death last May, of their colleague Mr. P. H. HOLYOAK.
AUDITORS.
The Accounts have been audited by Mr. C. BERNARd Brown, a.c.a. and Mr. JOHN FLEMING, C.A., who offer themselves for re-election.
HONG KONG, 4th February, 1927.
D. G. M. BERNARD,
Chairman.
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