51
IN THE SUPREME COURT OF
HONGKONG,
ORIGINAL JURISDICTION.
In the Matter of the GREEN ISLAND CEMENT COMPANY, LIMITED, (and Reduced)
and
In the Matter of the Companies Ordi-
nance, No. 58 of 1911.
NOTICE is hereby given that a Petition
presented to the Supreme Court of Hong- kong, on the 25th day of January, 1917, for confirming a Resolution reducing the Capital of the above Company from $4,000,000 (Four million dollars) to $3,000,000 (Three million dollars) is directed to be heard before His Honour the Chief Justice, on Wednesday, the 21st day of February, 1917, at 10 a.m.
Dated this 16th day of February, 1917.
DEACON, LOOKER, DEACON & HARSTON,
1, Des Voeux Road Central,
Hongkong,
Solicitors for the Company.
HONGKONG & SHANGHAI BANK-
ING CORPORATION. ONE HUNDRED AND FIRST
REPORT OF THE COURT OF DIRECTORS
TO THE
ORDINARY YEARLY GENERAL Meeting
OF
SHAREHOLDERS
TO BE HELD
AT THE CITY HALL, HONGKONG,
ON
Saturday, the 24th February, 1917, 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 year ending 31st December, 1916.
The net profits for that perio, including $3,027,21,9.89, 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 and contingencies, amount to $10,165,665,16.
The Directors recommend the transfer of $500,000 from the Profit and Loss Account to credit of the Silver Reserve fund, which Fund will then stand at $18,500,000.
They also recommend writing off Bank Pre- mises Account the sum of $750.000 and making a provision for depreciation in Securities of $600,000.
After making these transfers, deducting the Interim Dividend of £2.3/- per share. paid on 14th August last, riz. £258,000 @ 2{1}= $2,464,477.61, and Remuneration to Directors, there remains for appropriation $5,821,187.55, out of which the Directors recommend the payment of a Final Dividend of Two Pounds and Three Shillings Sterling per Share, viz. £258,000, and a Bonus of Ten Shillings Ster- ling per Share, viz. £60,000 amounting in all to £318,000 which at 2/44, the rate of the day, will absorb $2,654,608.70.
The Balauce $3,166,578.85 to be carried to New Profit and Loss Account.
DIRECTORS.
Mr. STANLEY H. DODWELL has been elected Chairman for the year 1917, and Mr. J. A. PLUMMER Deputy Chairman."'
The Honourable Mr. DAVID LANDALE hay: ing resigned his seat on leaving the Colony, the Honourable Mr. C. E. ANTON was invited to fill the racaney. MrE. VD. PARR was also invited to join the board. These appoint- ments require confirmation at this meeting.
HONGKONG & SHANGHAI BANK-
The Honourable Mr. E. SHELLIM and Mr. | GENERAL PROFIT & LOSS ACCOUNT, W. L. PATTENDEN retire in rotation, but being eligible for re-election, offer themselves accord- ingly.
AUDITORS.
The Accounts have been audited by Mr. F. MAITLAND and Mr. E. A. M. WILLIAMS, the latter being appointed in place of Mr. J. W. C. BONNAR, who resigned on leaving the Colony. Mr. MAITLAND and Mr. WILLIAMS offer themselves for re-election.
W. L. PATTENDEN,
Chairman,
Hongkong, 12th February. 1917.
ABSTRACT OF ASSETS & LIABILITIES, HONGKONG & SHANGHAI BANK-
ING CORPORATION, 31st December, 1916.
Dr.
ING CORPORATION, 31st December, 1915.
To INTERIM DIVIDEND :-
Paid on 14th August 1916 £23/-per Share on 120.000 Shares £258,000 @ 21:0
11
REMUNERATION TO
DIRECTORS,
FINAL DIVIDEND:-
£2.3/-per Share
on 120,000
Shares
£258,000 at 2/14=
Bonus of 10/- per
Share O TI
$2,153,739.13
$2,464,477.61
30,000.00
120,000 Shares
-£60,000 at 2/11-
500,869,57
2 654,608.70
*
TRANSFER to Silver Reserve
LIABILITIES.
Fund...
500,000.00
Paid-up Capital...
..$15,000,000.00
"
TRANSFER to Bank Premi-
Sterling Reserve Fund. £1,500,000
@ ex. 2/-.
ses Account,
$50,000.00
15,000,000.00 18,000,000.00 250,000.00
17
PROVISION for Deprecia-
tion in Securitles,
600,000.00
BALANCE forward to next
3,166,578,85
$10,165,665.16
Silver Beserve 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,. 14,250,329.00
-29,259,329.00
Current Silver, $153.091,299.52 Accounts, Gold,
£6,104,688.158.10d. 50,825,763.79
-203,917,063.31
Fixed Silver, $65,245,057.58 Deposits, Gold, £4,077,844. 73. 12.
Bills Payable (in- cluding Call Loans and Short Sight Drawings on London
PLA
33,905,679.21
99,150,736.79
Office),....$ 9,796,170.55 Drafts on London
Bankers,
Acceptances on account of Con-
stituents.
year,
Cr
By Balance of Un-
divided Profits,
31st Dec. 1915, . $3,027,219.89
Amount of Net Profits for the Year ending31st December, 1916, after making provision for bad and doubt- ful debts and contingencies, deducting all Expenses and Interest paid and due,
7,138,445.27
-$10,165,665.16
$10,165,665,16
Dr. STERLING RESERVE FUND. To Balance, £1,500,000 @ ex. 2/-,$15,000,000.00 (invested in 4% War Loan
1925/1945).
Cr.
By Balance 31st December, 1915,
£1,500,000 @ ex. 2-
$15,000,000.00
$15,000,000.00
2,131,599.80
11,928,070.35
$15,000,000.00
2.615,557.59 7,701,187,85
Dr. To Balance,...
SILVER RESERVE FUND.
$18,500,000.00
$18,500,000.00
$402,812,944.59
Profit and Loss Account, Liability on Bills of Exchange re-discounted, £8,385,557. 11. 2 of which £6,916,302, 8. 6d. have since run off.
Cash,...
ASSETS.
Coin lodged with the Hongkong Government against authoris- ed and/or excess note circula- tion, Bullion in Hand and in Transit, Indian Government 4% Conver-
sion Loan, British Government, Colonial
and other Securities, Sterling Reserve Fund Invest-
ments, viz. :---
Cr.
By Balance 31st December, 1915, $18,000,000.00
Transfer from Profit & Loss
*
$45,793,204.24
15,500,000.00 7,789,601.29
2.369,050.95
17,855,938.94
£1,500,000 43% War Loan
1925/45 @ par and ex. 2/-, 15,000,000.00 Bills Discounted, Loans and
Credits,
Bills Receivable,
Liabilities of Constituents for
acceptances, per contra, Bank Premises;...
146,453,871,71 143,714,617,80
2,615,557.59 6,721,099.07
$402.812.944.59
Account,
500,000.00
$18,500,000.00
N. J. STABB, Chief Manager. H. C. SANDFORD,
Acting Chief Accountant.
W. L. PATTENDEN. STANLEY H. DODWELL, C. E. ANTON,
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, (with the exception of the Hamburg Office from which no Statement of Accounts has been received since 1914) and have found the same to be correct.
F. MAITLAND,
E. A. M. WILLIAMS, - A S.A.A., Į
Anditors.
Hongkong, 12th February, 1917. .'