N°
IN THE SUPREME COURT OF HONGKONG.
PROBATE JURISDICTION.
In the Goods of MAR TUNG DEP, late of No. 1057 Grant Avenue in the City and County of San Fran- cisco in the State of California in the United States of America, deccased.
OTICE is hereby given that the Court bas by virtue of Section 58 of the Pro- bate Ordinance 1897 made an Order limiting the time for sending in the claims against the above Estate t the 5th day of March, 1912. All Creditors and other Claimants are accord. ingly hereby required to send in their claims to the undersigned on or before that date. Dated this 5th day of February, 1912.
JOHNSON, STOKES & MASTER, Prince's Buildings,
Ice House Street, Hongkong. Solicitors for the Administrator of the
above named Dcreased.
HONGKONG AND SHANGHAI BANKING CORPORATION.
NINETY-THIRD
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 17th February, 1912, 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, 1911.
The net profits for that period, including $2,038,774.39, 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 $4,680,494.70.
After deducting Remuneration to Directors there remains for appropriation $4,865,494.70, out of which the Directors recommend the payment of a Dividend of Two Pounds Sterl ing per Share, viz.: £240,000, and a Konus of Five Shillings Sterling per Share, viz. : £30,000, amounting in all to £270,000 which at 1/101, the rate of the day, will absorb $2,912.359.55.
The Balance $1.933,135.5 to be carried to New Profit and Loss Account,
STERLING RESERVE FUND.
The holding of £1,200,000 23% Consols has been written down from £948,000 to £924.000 and now stands in the books at 77; the adjust- ment being effected by the addition to Other Sterling Securities of £25,000 Indian Railway Debentures bought at about par but written down to £24,000. The cost was met out of the earnings of the half-year
DIRECTORS.
Mr. E. SHELLIM has been elected Chairman for the year 1912, and Mr. F. H. ARMSTRONG Deputy Chairman.
Mr. C. R. LENZMANN and Mr. G. BALLOCH having resigned their seats on leaving the Colony, Mr. G. R. LAURENZ and Mr. W. L. PATTENDEN have been invited to fill the vacancies; these appointments require con. firmation at this Meeting.
Mr. F. LIEB, Mr. G. H. MEDHURST and Mr. F. . ARMSTRONG retire in rotation, but being eligible for re-election, offer themselves accordingly.
AUDITORS.
The accounts have been audited by Mr. W. HUTTON POTTS and Mr. J. W. C. BONNAR, who offer themselves for re-election,
G. H. MEDHURST,
Chairman,
Hongkong, 6th February, 1912.
41
ABSTRACT OF ASSETS & LIABILITIES, HONG KONG & SHANGHAI BANK- ING CORPORATION, 31st December, 1911.
Paid-up Capital...
Sterling Reserve Fund, £1,500,000
@ex. 2/-...
LIABILITIES.
...$15,000,000,00
15,000,000.00 16,750,000.00 250,000.00
Silver Reserve Fund,.. Marine Insurance Account, Notes in Circulation :---
(Authorised Is-
suc against Securities and C'oin deposit- ed with the Crown Agents for the Colon- les and their Trustees,) Additional Issue authorised by Hongkong Ordinances against Coin
...$15.000,600.00
lodged with
the hongkong
Government, . 10,318.318.00
-25,318,318.00
Current Silver, $118,337,806.30 Accounts, 1 Gold. £5,417,061,13s.10%.=58,455,278,65
-176,793,084,95
Fixed Silver, $72,670,735.77 Deposits. ) Gold, £4,527.067.158.107.48,833,065.07
-121,503,800.84
Bills Payable (including Drafts on London Bankers, Call Loans and Short Sight Drawings on London Office against Bills Receivable and Bullion Ship- ments), Acceptances on account of Con-
stituents.
...10.618,765.08
Profit and Loss Account, Liability on Bills of Exchange re-discounted, £4,827,298. 68.0d, of which £3,198,106. 128. 2. have since run off.
Cash..
ASSETS.
8,368,862.34 4,880,494.70
$394,483,325.91
.$48,831,811.44
Coin lodged with the Hongkong Government against authoris- ed andjor excess note circula- tion.
12,500,000 00 Bullion in Hand and in Transit, 12,092.987.35 IndianGovernment Rupee Paper, 1,367,919.12 Consols, Colonial and other
Securities.
STERLING RESERVE FUND
INVESTMENTS, viz. :— £1,200,000 2
per cent.
Consols at 77. £924.000 (of which
£250,000
lodged with
the Bank of England as a Special London Reserve). £270,000 3
per cent.
Exchequer
Bonds due
1915 at 98,... 264,600 £365,000 Other
Sterling Securities, written down to
311,400
11,689,879.91
£1,500,000 @ ex. 2/- 15,000,000.00
Bills Discounted, Loans and
Credits,
Bills Receivable,
Liabilities of Constituents for
acceptances, per contra, Bank Premises,...
122,064,884.41 159,954,852.32
8,368,862.31 2,112,129.02
$394,483,325.91
GENERAL PROFIT AND LOSS ACCOUNT, HONGKONG & SHANGHAI BANKING CORPORATION,
Dr.
31st December, 1911.
To AMOUNTS WRITTEN OFF --
Remuneration to Directors...$
DIVIDEND ACCOUNT:-
Dividend
£2
per
Share
On 120.000
Shares--
1/10
£240,000 at
Bonus 5 per
Share
120,000
Shares
011
$2,588,764.04
15,000.00
£30,000 at
1/10-
323,595.51
-$2,912,359.55
BALANCE forward to next
half-year,
1.953,135.15
$4,880,494,70
Cr.
By Balance of Un-
divided Profits,
ад
300h 1911,
June.
$2,038,774.39
Amount of Net Profits for the Six Months ending 31st December. 1911, after making provision for bad and doubt- ful debts. deducting all Expenses and Interest and duc,
paid
2,841,720.31
-$1,880,494.70
$4,880,494.70
STERLING RESERVE FUND.
To Balance, £1,500,000 @ ex. 2/-$15,000,000,00 (invested in Sterling Securities).-
$15,000,000.00
By Balance 30th June, 1911,
£1,500,000 at ex. 2-
.$15,000,000.00
$15,000,000,00
SILVER RESERVE FUND.
To Balance,...................
$16,750,000.00
$16,750.000.00
By Balance 30th June, 1911, ...$16,750,000.00
$16,750.000.00
N. J. STABB, Chief Manager.
R. EDWARDS, Chief Accountant.
G. H. MEDHURST,
E. SHELLIM,
C. H. ROSS,
Directors.
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, J. W. C. BONNAR,
Hongkong, 6th February, 1912.
Auditors.