HONGKONG AND SHANGHAI BANKING CORPORATION.
ONE HUNDRED AND FOURTH
REPORT OF THE COURT OF DIRECTORS
TO THE
ORDINARY TEARLY GENERAL MEETING OF
SHAREHOLDERS
TO BE HELD AT THE CITY
HALL, HONGKONG
on Saturday, the 28th February, 1920,
To the Proprietors of the
GENTLEMEN,
AT NOON.
HONGKONG & 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, 1919.
The net profits for that period, including $3,279,611.48, 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 $10,666,473.57.
The Directors recommend the transfer of $2,000,000 from the Profit and Loss Acconut to credit of the Silver Reserve Fund, which Fund will then stand at $23,000,000.
They also recommend writing off Bank Premises Account the sum of $1,000,000.
After making these transfers, deducting the Interim Dividend of £2.5/- per share, paid on 11th August last, viz. £270,000 @ 3/6=$1,542,857.14, and Remuneration to Directors, there remains for appropriation $6,093,616.43, 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 Three Pound Ten Shillings Sterling per Share, viz. £420,000 amounting in all to £690,000 which at 4/10, the rate of the day, will absorb $2,830,769.23.
The Balance $3,262,847.20 to be carried to New Profit and Loss Account.
The sterling equivalents of the various accounts are shown at 4/104, the rate ruling on the last day of the year.
DIRECTORS.
The Honourable Mr. E. V. D. PARR has been clected Chairman for the year 1920, and Mr. A. H. COMPTON Deputy Chairman,
The Honourable Mr. DAVID LANDALE and Mr. G. T. M. EьKINS having resigned their seats ou leaving the Colony, the Honourable Mr. JOHN JOHNSTONE and Mr. Ross THOMSON were invited to fill the vacancies. Mr. J. W. C. BONNAR was also invited to join the Board. These appointments require confirmation at this meeting.
The Honourable Mr. STANLEY H. DODWELL, Mr. W. L. PATTENDEN and Mr. J. A. PLUMMER 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.
J. A. PLUMMER,
Chairman.
Hongkong, 17th February, 1920
ABSTRACT OF ASSETS AND LIABILITIES, HONGKONG & SHANGHAI BANKING CORPORATION.
LIABILITIES.
PAID-UP CAPITAL,
STERLING RESERVE FUND,
SILVER RESERVE FUND,
MARINE INSURANCE ACCOUNT.
NOTES IN CIRCULATION :--
(Authorised and Additional Issue against Securities and Coin de- posited with the Crown Agents for the Colonies, their Trustees, and the Hongkong Government).
CURRENT ACCOUNTS,
FIXED DEPOSITS.
BILLS PAYABLE:-
(Including Call Loaus and Short Sight Drawings on London Office and Drafts on Londou Bankers)....
ACCEPTANCES ON ACCOUNT OF
CONSTITUENTS....
PROFIT AND LOSS ACCOUNT,
Liability on Bills of Exchange re-discounted. £16.250.682.12.1 of which £14 312.177 198
31st December, 1919.
DOLLARS
STERLING EQUIVALENT
£3.656,250: 0: 0 $15,000,000,00
1,500,000: 0: 01 6,153,846.15
5,118,750: 0:0 21,000,000,00
60,987:10: 0 250,000,00
7,438,495 ; 11: 10 30,516,905.00
56,558,921: 12: 4 | 232,036,601,51
25,638,267 :11: 2 105,182,636.14
1,081,914:17: 3 4,438,625.07
511.346: 4:11
2,097,830,75
2,216,569; 0; 1: 9,093,616.43
£103,781.452: 7: 7 $425,770,061,05|
ASSETS.
CASH (including $15,500,000 Coin lodged with the Hongkong Govern- ment against authorised and/or excess note circulation),
BULLION IN HAND AND IN
TRANSIT,
STERLING EQUIVALENT
DOLLARS
£16,954,180 :17: 0
$69,555,613.75
3,042,463:16: 8
12,481,902.90
BRITISH GOVERNMENT, INDIAN, COLONIAL AND OTHER SECURITIES,
4.693,561: 1: 0
19,255.635.08
STERLING RESERVE FUND IN-
VESTMENTS, viz. :-
£1,578,947 7*. 5d. 5% War Loan
1929/1947 @ 95,
1,500,000: 0: 0
6.153,846.15
BILLS DISCOUNTED, LOANS AND
CREDITS,
37,704,975: 0:11
87,681,280: 1:10
154,687,077.11
154,589,867.05
511,346: 4:11
1,693,645: 5: 3
2,097,830.75
6.948,288.26
BILLS RECEIVABLE,
LIABILITIES OF CONSTITUENTS
for acceptances, per contra,.
BANK PREMISES,
£103,781,452: 7: 7 $425,770,061.05