93
HONG KONG AND SHANGHAI BANKING CORPORATION
ONE HUNDRED AND FOURTEENTH
REPORT OF THE BOARD OF DIRECTORS
TO THE
ORDINART TEARLY GENERAL MEETING OF
SHAREHOLDERS
TO BE HELD AT THE OITY HALL, HONG KONG
on Saturday, the 22nd. February, 1930
AT 11.30 A.M.
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 1929.
The net profits for the year, together with $3,397,812.89, 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 $17,546,022.46.
The Directors have transferred $5,000,000 @ 2/-
Reserve.
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£500,000 from the Silver Reserve to the Sterling
They recommend the transfer of $500,000 from the Profit and Loss Account to the Silver Reserve.
Including these transfers the Reserve Funds will stand as follows:-
Sterling Reserve £6,500,000.
Silver Reserve $9,500,000.
They also recommend writing off Bank Premises Account the sum of $750,000.
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After making these transfers, deducting the Interim Dividend of £3 per share, paid on 6th. August last, viz. -£480,000 @ 1/11/ $4,981,621.62, and remuneration to Directors, there remains for appropriation $11,264,400.84, out of which the Directors recommend the payment of a Final Dividend of £3 per Share, viz., £480,000 and a Bonus of £1 per Share, viz., £160,000, amounting in all to £640,000 which, at 1/74, the rate of the day, will absorb $7,876,923.08.
The Balance $3,387,477.76 to be carried to New Profit and Loss Account.
The Sterling equivalents of the Assets and Liabilities are shown at 1/71, the rate ruling on the last day of the year.
BRANCHES AND AGENCIES.
A Sub-Agency of the Bank was opened at Muar, Johore, Malay States on 1st January, 1930.
DIRECTORS.
Mr. J. A. PLUMMER has been elected Chairman for the year 1930, and Mr. C. G. S. MACKIE has been elected Deputy Chairman.
During the year Mr. NEILAGE S. BROWN, Mr. T. G. WEALL and Mr. C. G. S. MACKIE resigned their seats on leaving the Colony and Mr. J. P. WARREN, Mr. T. H. R. SHAW, Mr. M. T. JOHNSON and Mr. T. E. PEARCE were invited to join the Board. Mr. M. T. Jonsson resigned his seat on the return to the Colony of Mr. C. G. S. MACKIE who was invited to rejoin the Board.
These appointments require confirmation at this Meeting.
Mr. W. L. PATTENDEN, Mr. A. H. COMPTON and Mr. B. D. F. BEITH retire in rotation, but being eligible for re-election, offer themselves accordingly.
White.
The Directors very much regret to have to record the death last February of their colleague Mr. H. P.
AUDITORS.
The Accounts have been audited by Mr. C. BERNARD BROWN, A.0.A. and Mr. JOHN FLEMING, c.a., who offer themselves for re-election.
HONG KONG, 4th February, 1930.
W. H. BELL,
Chairman.