63
HONGKONG & SHANGHAI BANKING CORPORATION.
ONE HUNDRED AND THIRD 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 22nd February, 1919, at Noon. HONGKONG & SHANGHAI BANKING CORPORATION.
To the Proprietors of the
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, 1918.
The net profits for that period, including $3,223,238.18, 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 $9,820,420.92.
The Directors recommend the transfer of $1,500,000 from the Profit and Loss Account to credit of the Silver Reserve Fund, which Fund will then stand at $21,000,000.
They also recommend writing off Bank Premises Account the sum of $750.000.
-
After making these transfers, deducting the Interim Dividend of £2.3/- per share, paid on 12th August last. viz. £258,000 @ 3/31 - $1.577,579.62, and Remuneration to Directors, there remains for appropriation $5,962,841.30, out of which the Directors recommend the payment of a Final Dividend of Two Pounds and Five Shillings Sterling per Share, viz. £270,000, and a Bonus of One Pound Ten Shillings Sterling per Share, riz. £180,000 amounting in all to £450,000 which at 3/44, the rate of the day, will absorb $2,683,229,82,
The Balance $3,279,611.48 to be carried to New Profit and Loss Account.
BRANCHES AND AGENCIES.
A Branch Office of the Bank has been opened at Vladivostock.
DIRECTORS.
Mr. J. A. PLUMMER has been elected Chairman for the year 1919, and Mr. E. V. D. PARR Deputy Chairman.
Mr. F. C. BUTCHER having resigned his seat on leaving the Colony, Mr. J. A. PLUMMER was invited to fill the vacancy. This appointment requires confirmation at this meeting.
The Honourable Mr. P. H. HOLYOAK, Mr. C. S. GUBBAY and Mr. E. V. D. PARR retire in rotation, but being eligible for re-election, offer themselves accordingly.
AUDITORS.
The Accounts have been audited by Mr. F. MAITLAND and Mr. E. A. M. WILLIAMS, who offer themselves for re-election. Hongkong, 11th February, 1919.
P. H. HOLYOAK, Chairman.
Paid-up Capital,.
ABSTRACT OF ASSETS & LIABILITIES, HONGKONG & SHANGHAI BANKING CORPORATION,
31st December, 1918.
LIABILITIES.
ASSETS.
Sterling Reserve Fund, £1,500,000 @ em, 2]-. Silver Reserve Fund,.
Marine Insurance Account,
$15,000,000.00 Cash (including $15,500,000 Coin lodged with the 15,000,000.00 Hongkong Government against authorised and/or 19,500,000.00 | excess note circulation),
250,000.00
$77,443,150.35
Notes in Circulation :-
Bullion in Hand and in Transit,
2,543,588.61
(Authorised Issuc against Securities and
Coin deposited with the Crown Agents
for the Colonies and their Trustees), $15,000,000.00 Additional Issue authorised by Hong- kong Ordinances against Coin lodged with the Liongkong Government,
British Government, Indian, Colonial and other
Securities,.
21,918,125.86
Sterling Reserve Fund Investments, viz. :--
10,305,644,00
Current Accounts,
Fixed Deposits,
Bills Payable (including Call Loans and
25,305,644.00 235.089,857.94 ...106,080,904.07
£1,578,947.78, 5d. 5% War Loan 1929/47 @ 95=
£1,500,000 @ ex. 2/-,
15,000,000.00
Short Sight Drawings on London Office), $5,125,479.98 Drafts on London Bankers,
Bills Discounted, Loans and Credits, Bills Receivable,
151,796,213,59
154,814,717.28
574,836.09
Acceptances on account of Constituents,
Profit and Loss Account....
Liability on Bills of Exchange re-discounted, £5,475,249.08. 10d.
5,700,315.98 1.824,504.00 8,212,841.30
Liabilities of Constituentsf or acceptances, per contra,
1,824,504,00
Bank Premises,
6,623,767.60
of which £4,663,548. Ds. 3d. have since run off.
$431,964,067.29
$431,964,067.29
Dr.
GENERAL PROFIT & LOSS ACCOUNT, HONGKONG & SHANGHAI BANKING CORPORATION,
To Interim Dividend :--
Paid on 12th August, 1918, £2-3/- per Share on
120,000 Shares-£258,000 @ 3B}=.
Remuneration to Directors,
13
11
Final Dividend --
19
£2.5/- per Share on 120,000 Shares
£270,000 at 3/44=
Bonus of £1. 10s. per Share on 120,000
Shares £180,000 at 3/41
www.
Transfer to Silver Reserve Fund,
Transfer to Bank Premises Account,... Balance forward to next year,
........
31st December, 1918,
By Balance of Undivided Profits, 31st
December, 1917,
.$1,577,579.62 30,000.00
19
Amount of Net Profits for the Year ending 31st December, 1918, after making provision for bad and doubtful debts and contingencies, deducting all Expenses and Interest paid and due,
Cr.
.$3,223,238.18
6,597,182.74
$ 9,820,420,92
.$1,609,937.89
1,073,291.93
$ 2,683,229.82 1,500,000 00 750,000.00 3,279,611.48
8,212,841.30
$ 9,820,420.92
$ 9,820,420.92
STERLING RESERVE FUND.
.$15,000,000.00 | By Balance 31st December, 1917, £1,500,000 @ex.:
$15,000,000,00
.2/-,...$15,000,000.00
$15,000,000.00
To Balance, £1,500,000 @ ex. 2]-,
(invested in 5% War Loan 1929/1947).
To Balance.......
SILVER RESERVE FUND.
$21,000,000.00 | By Balance 31st December, 1917,
Transfer from Profit & Loss Account, ......................................
.$19,500,000.00 1,500,000. 0
$21,000.000.00
$21,000,000,00
Directors.
N. J. STABB, Chief Manager.
H. C. SANDFORD, Acting Chief Accountant.
P. H. HOLYOAK, DAVID LANDALE, J. A. PLUMMER,
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.
With the exception of certain distant offices, where the year is closed on 31st October or 30th November, all Branch and Agency accounts are made up to 31st December.
Hongkong, 11th February, 1919.
F MAITLAND,
E. A. M. WILLIAMS, A S.A.A.
Auditors.