58
I
NOTICE.
T is hereby notified, under Section 4 (1) of the Saint John's Cathedral Church Or- dinance, No. 5 of 1899, that at the Annual General Meeting of Seatholders and Subscri- bers held on the 24th January, 1911. the following were elected Lay Members of the Church Body for the year 1911 :—
Mr. W. ARMSTRONG,
Hon. Dr. J. M. ATKINSON,
Mr. A. BRYER (Honorary Secretary). Dr. FRANCIS CLARK (Honorary
Treasurer),
Hon. Mr. E. OSBORNE. Col, C. W. R. ST. JOHN, R.E.
ALFRED BRYER, Hon. Secretary.
Hongkong, 6th February, 1911.
HONGKONG & SHANGHAI BANKING
CORPORATION.
NINETY-FIRST
REPORT OF THE COURT OF DIRECTORS
TO THE
ORDINARY HALF-YEARLY GENERAL MEETING
OF
SHAREHOLDERS
TO BE HELD
AT THE CITY HALL, HONGKONG,
ON
Saturday, the 25th February, 1911, AT NOON.
To the Proprietors of the
HONGKONG & SHANGHAI BANKING CORPORATION.
GENTLEMEN,
The Directors have now to submit to you a General Statement of the affairs of the Bank. and Balance Sheet for the half-year ending 31st December, 1910.
The net profits for that perio?, including $2,029,390.88, balance brought forward from last account, after paying all charges, deduct- ing interest paid and due, and making provi sion for bad and doubtful accounts, amount to ¦ $5,249,606,46.
The Directors recommend the transfer of $250,000 from the Profit and Loss Account to credit of the Silver Reserve Fund, which Fund will then stand at $16,250,000.
After making this Transfer and deducting Remuneration to Directors there remains for appropriation $4.984,606.46, out of which the Directors recommend the payment of a Divid- end of Two Pounds Sterling per Share, viz. : £240,000 and a Bonus of Five Shillings Sterl- ing per Share, viz.: £30,000 amounting in all ¦ to £270,000 which at 1/10, the rate of the day, will absorb $2,945,454.55.
The Balance $2.039,151.91 to be carried to New Profit and Loss Account.
STERLING RESERVE FUND.
The holding of £1,200,000 23% Consols has been written down to 79. This was effected by the purchase at about par of £15,000 Other Sterling Securities, making our holding under this heading £340 000 written down to £287,400. The cost of this adjustment was met ont of the earnings of the half-year.
DIRECTORS.
The Honourable Mr. HENRY KESWICK has heen elected Chairman for the year 1911, and Mr. G. H. MEDHURST Deputy Chairman.
Mr. J. W. BANDOW and Mr. E. SHELLIM having resigned their seats, Mr. G. FRIESLAND and Mr. W. LOGAN have been invited to fill the vacancies; these appointments require confirmation at this Meeting.
Mr. H. A. SIEBS, Mr. R. SHEWAN and Mr. G. BALLOCH retire in rotation, but being eligible for re-election, offer themselves ac. cordingly.
AUDITORS.
The accounts have been audited by Mr. W, HUTTON POTTS and Mr. J. W. C. BONNAR, who offer themselves for re-election.
G. BALLOCH, Chairman,
Hongkong, 7th February, 1911.
ABSTRACT OF ASSETS & LIABILITIES.
HONG KONG & SHANGHAI BANK-
ING CORPORATION.
31st December, 1910,
LIABILITIES.
Paid-up Cupital,,
..$15,000,000,00
Sterling Reserve Fund, £1,500,000
15,000,000.00 16,000,000.00
@ ex. 2/-...
Silver Reserve Fund....
Marine Insurance Account, Notes in Circulation :--
(Authorise Is- sue against Securities and Coin deposit- ed with the Crown Agents for the Colon- les and their Trustees,) Additional Issue authorised by Hongkong Ordinances against Coin lodged with the ongkong
...$15,000,000.00
Government, .
250,000.00
GENERAL PROFIT AND LOSS ACCOUNT, HONGKONG & SHANGHAI BANKING CORPORATION,
Dr.
31st December, 1910.
To AMOUNTS WRITTEN OFF :—
Remuneration to Directors,..$
DIVIDEND ACCOUNT :—
Dividend £2
per
Share
on 120.000
Shares
£240,000 at
Bonns 5/- per
.$2,618.181,82
15,000.00
1/10====
Share on
120,000
Shares
£30,000 at
1:10=.
327,272.73
$2.945,454.55
250,000.00
2,039,151.91
$5,249,606.46
TRANSFER TO SILVER
RESERVE FUND,. BALANCE forward to next
Half-year,
Cr.
By Balance of Un-
994.236.00
-15,994,236.00
divided Profits,
Current Silver,$105,717,604.20 Accounts, | Gold,
30th
June.
1910,
..$2,029,390.83
£4,006,570,0s.117.=43,706,174,11
-149,423,778,31
Fixed Silver. $61,582,862.40 Deposits, Gold,
£4,864,288.10s. A d‚ ====i
=53,662,010.04
-114,644,872.44
Bills Payable (including Drafts on London Bankers, Call Loans and Short Sight Drawings on London Office against Bills Receivable and Bullion Ship- ments).
Profit and Loss Account, Liability on Bills of Exchange re-discounted,
£6,783,749, 148. 8, of which £5,001,600, 68, 116, have since run off.
Cash..
ASSETS.
14,771,229,48 5,249,606.46
$346,333,722.69
.$42,379,065,30
Coin lodged with the Hongkong Government against authoris- ed and/or excess note circula- tion.
10,000,000,00 Bullion in Hand and in Transit, 16,894,768.08 IndianGovernment Rupee Paper, 1,435,763.32 Consols, Colonial and other
Securitics,
STERLING RESERVE FUND
INVESTMENTS, viz. :---
£1,200,000 24
per cont.
Consols at 79, £948,000
(of which
£250,000 lodged with the Bank of England as a Special London Beserce). £270,000 3
per cent. Exchequer
Bonds due
1915 at 98,... 264,000 £340,000 Other
Sterling Securities,
written
down to ............. 287,400
11,558,685.02
£1,500,000 @ ex. 2/- 15,000,000,00
125,286,982,59
Bills Discounted, Loans and
Credits, Bills Receivable, ...................................................... 121,903,295,15 1,875,163.23
$346,333,722.69
Bank Premises....
Amount of Net rofits for the Six Months ending 31st December, 1910, after making provision for bad and doubt- fal debts, deducting all Expenses and Interest paid and due,....
3,220,215.63
-$5,249,606.46
$5,249,606.46
STERLING RESERVE FUND.
To Balance, £1,500,000 @ ex. 2/-$15,000,000.00 (invested in Sterling Securities).-
By Balance 30th June, 1910, £1,500,000 ut ex. 2/-
-་་་་་་་
$15,000,000.00
..$15,000,000.00
$15,000,000,00
SILVER RESERVE FUND.
To Balance,...
$16,250,000.00
$16,250,000.00
By Balance 30th June,1910, ...$16,000,000.00
Transfer from Profit & Loss
Account,
97
250.000.00
$16,250,000.00
N. J. STABB, Chief Manager.
R. EDWARDS, Chief Accountant.
G. BALLOCH,
F. H. ARMSTRONG, Directors. C. R. LENZMANN,
We have compared the above Statement with the Books, Vouchers and Securities at the Head Office, and with the Returns from the various Branches and Agencies, and have found the same to be correct.
W. HUTTON POTTS, Į Auditors. J. W. C. BONNAR,
Hongkong, 7th February, 1911.
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