I
NOTICE.
T is hereby notified, under Section 4 (1) of the Saint John's Cathedral Church Ordi- nance, No. 5 of 1899, that at the Annual General Meeting of Scatholders and Subscri- bers held on the 22nd January, 1913, the following were elected Lay Members of the the Church Body for the year 1913-
Mr. W. ARMSTRONG,
Mr. F. B. L. BOWLEY.
Dr. FRANCIS CLARK, (Honorary
Treasurer).
Mr. W. L. PATTENDEN (Honorary
Secretary).
Col. C. W. R. ST. JOHN, R.E. Mr. N. J. STABB
Hon. Secretary.
W. L. PATTENDEN,
Hongkong, 8th February, 1913.
HONGKONG
AND SHANGHAI
BANKING CORPORATION.
NINETY-FIFTH
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 22nd February, 1913, 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, 1912.
The net profits for that period, including $1,960,288.64, 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 $5,031,435.48.
The Directors recommend the transfer of $200,000 from the Profit and Loss Account to credit of the Silver Reserve Fund, which Fund will then stand at $17,200,000,
They also recommend writing off Bank Pre- mises Account the sum of $200,000.
After making these Transfers and deducting Remuneration to Directors there remains for appropriation $4,616,435.48, out of which the Directors recommend the payment of a Divi- dend 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 2/-, the rate of the day, will absorb $2,605,025.13.
The Balance $2,011,410.35 to be carried to New Profit and Loss Account.
DIRECTORS.
Mr. F. H. ARMSTRONG has been clected Chairman for the year 1913, and the Honour- able Mr. C. H. Ross Deputy Chairman.
Mr. G. H. MEDHURST and Mr. A. FORBES having resigned their seats on leaving the Colony, Mr. S. H. DODWELL and Mr. J. A. PLUMMER have been invited to fill the vacancies; these appointments require con- firmation at this Meeting.
Mr. G. FRIESLAND, Mr. H. A. SIEBS and Mr. C. S. GUBBAY retire in rotation, but being eligible for re-election, offer themselves! accordingly.
AUDITORS.
The accounts have been audited by Mr. W. HUTTON POTTS and Mr. J. W. C. BONNAR, who offer themselves for re-election.
E. SHELLIM, Chairman.
Hongkong, 11th February, 1913,
68
ABSTRACT OF ASSETS & LIABILITIES, HONGKONG & SHANGHAI BANK ING CORPORATION, 31st December, 1912.
Paid-up Capital,..........
Sterling Reserve Fund, £1,500,000
@ex. 2/-.
GENERAL PROFIT AND LOSS ACCOUNT, HONGKONG & SHANGHAI BANKING
Dr.
CORPORATION,
31st December, 1912.
To AMOUNTS WRITTEN OFF:-
Remuneration to Directors...$
DIVIDEND ACCOUNT:-
LIABILITIES.
..$15,000,000.00
19
15,000,000.00 17,000,000.00 250,000.00
per Share on
Silver Reserve Fund,.
Marine Insurance Account, Notes in Circulation :-
(Authorised Is
sue against Securities and Coin deposit- ed with the Crown Agents for the Colon- ies and their
Trustees,).....$15,000,000.00
Additional Issue
authorised by
Hongkong Ordinances against Coin
lodged with
the Hongkong-
Government, 9,826.168.00
Current Silver,$121,122,489.47 Accounts, Gold,
£5,685,448, 6s. Id54,838,417.78
-24,826,108:00
Dividend £2
120,000
Shares
21-1-
£240,000 at
Bonus 5/- per
Share
Fund...
on
$2,815,577.89
15,000.00
120,000
Shares
£30,000 at
21-1-
289,447.24
-$2,605,025.13
200,000.00
200,000.00
2,011,410.35
{
$5,031,435.48
TRANSFER to Silver Reserve
TRANSFER to Bank Premi-
BALANCE forward to next
half-year,
ses Account,
"
Cr.
By Balance of Un-
-175,960,907.25
"
Fixed Silver, $70,409,214.49 Deposits, Gold, £4,361,428.178.3d.-42,075,405.13
-112,484,619.62
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,
Profit and Loss Account,
Liability on Bills of Exchange re-discounted, £9,263,783, 3s. Id. of which £7,057,717. 28, đả have since run off.
Cash,..
ASSETS.
6,010,886.41
..10,683,052.06 5,031,435.48
$382,247,068.82
Coin lodged with the Hongkong Government against authoris- ed and/or excess note circula- tion, Bullion in Hand and in Transit, IndianGovernment Rupee Paper, Colonial and other Securities, Sterling Reserve Fund Invest-
ments, viz. --- £1,200,000 24
per cent.
Consols at 75, £900,000 (of which £250,000 lodged with the Bank of England as a Special London Reserve). £285,000 3
per cent. Exchequer
Bonds due
1930 at 93,... 265,050 £406,500 Other
Sterling Securities, written down to
334,950
$41,980,205.83
16,000,000.00 5,169,592.60 1,493,020,25 11,015,645.26
£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,...
139,869,948.93 135,674,964.99
10,683,052.06 5,360,638,90
$382,247,068.82
divided Profits,
30th June, 1912.$1,960,298.64 Amount of Net
I'rofits for the Six Months ending 31st December, 1912, after making provision for bad and doubt- ful debts, deducting all * Expenses and Interest
paid and due,
3,071,146.84
-$5,031,435.48
$5,031,435.48
STERLING RESERVE FUND,
To Balance, £1,500,000 @ ex. 2/-$15,000,000.00 (invested in Sterling Securities).-
By Balance 30th June, 1912,
$15,000,000.00
£1,500,000 at ex. 2/-........$15,000,000.00
$15,000,000,00
SILVER RESERVE FUND.
To Balance,...
$17,200,000.00
$17,200,000.00
By Balance 30th June, 1912, .$17,000,000.00
19
Transfer from Profit and Loss
Account,.......
200,000,00
$17,200,000.00
N. J. STABB, Chief Manager.
A. CECIL HYNES,
Acting Chief Accountant.
E. SHELLIM,
F. H. ARMSTRONG,
H. A. SIEBS,
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.
} Auditors.
W. HUTTON POTTS, J. W. C. BONNAR,
Hongkong, 11th February, 1913,
15