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THE HONGKONG WEEKLY PRESS AND
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aad
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[February 20, 1895.
I have seen
way which bas met with your unanimous appro- thing, when you come to consider the quormous | Board of Directors for carrying us safely through val, but I would say one word on behalf of that trale interests of China au | India included in it. all those troubles, but to the Chief Manager and much-abused class, the Directors, who, in bad But I have been thinking the matter over, and the staff of the Bank generally. (Applause). | times, get all the kicks and few of the halfpengo, I quito agree with the rom irk passed to me. I Mr. DOUGLAS JONES-What I came here I and in good times are apt to be forgotten. We have not the slightest doub if it is not now it did not know that I was going to say a single are all very fond of saying that the labourer is will very soon bo, not only the Bank of Asia word, but the remarks of the last gentleman worthy of his hire, but I am afraid wo generally but the exchange Bank of th› whole world (Ap-have put something in my mind, and I have interpret that to mean making sure that he shall plause). From a staff of two or three it bas often heard it said, when a man goes away with be worthy of his hire by keeping the hire itself spread out, first by ageles and then by out expressing his mind, "Well, why did not as low as possible. In the case of our Directors, its own brauches, all over the world. Those somebody say so.' I am determined that that they have laboured woll for us, but it is hard that | branches. ara rapidly growing in local in shall not by-said to me, because what- as the fruits of their labour increased the reward. fluence wherever they ar, and have gained ever I have in my mind I shall always ox- measured by that of men in similar positions at the confidence of the people there; and there is press. I entirely agree with Mr. Dodwell in home, has steadily decreased. Now, gentleman. | not the slightest doubt, as I said before, that the the statement that the Bank has suffered a we know that if we want a good thing we must Hougkou2 and Shanghai Bank, built as it is great loss in the death of Mr. Hoppius. also pay well for it. This Bink has now becomo ouo. upon this little island-which is rock-will prove concur with him in the hope that next year the of the largest in the world; it is certainly doing itself to be as stable as the jock upon which it is Bank's reserve fund will amount to $6,000,000, by far the largest business out horo, and it must | built. Well, gentlemen, these results have not but I go further than that. As regards the in- of necessity be represented by the best commer-been achieved except under the guidance of very creased dividend, it would be to me personally a cial meu in the placi, men who can bring their able men of business. I do not suppose that in considerable advantage if the dividend was in time and abilities, their energias and experience any part of the world you will find abler mon of creased, but I am strongly of opinion that to the aid of the Bank, as well as their loyal sup-business at the hoid of affairs-wo harp got the autil the reserve of the Hongkong and Shang- port with the business they control to the support | pick of the basket, and I hope we will always hai Bank shall amount to 1,000,000 ster- of the Bank. It is, however, no light mattor for hava man of this stamp on the Board of Diling not more than 3 should be paid in such men, with a large business of their own to rectors of the Bank. I do not think in the any one year as dividend. We should be in control and many other interests to look after, to whole world you could fit more capable a position not only of stability, but in a position drop them all and come hore whenever summoned, men of business than you will and here. absolutely beyond suspicion. Then as regards and at least once a week, to attend to our in-
I am quite sura that, apart. from the remuneration of the Directors, I think, gen- terests; and it would be a matter of shame to us if their capacity, they” aro as paterpilising and tlemen, that, considering the very great drop in wanting and demanding to have such mou wa did önergetic as any business man in the whole exchange and the small amount that $20,000 now not remunerate them adequately. I said aquate world. If it had not bad for the enterprise and represents in comparison to what it did eight ly, but it is not a mare question of that; it is not energy on the part of the Directors and Manor ten years ago, 3.0.000 is only a reasonable a question of supply and damant of rvices agement of hongkong and Shanghai Bank, extra amount to allow. I suggest that that rendered and paid. The Bank has taken frout it might have remained a small local bank fill amount be paid to the Directors for the last year- rank amongst the banks of the world and minst this day, as it was in 1865. (Applause). I think, that wo vote them an extra $10,000, now allow a little for style. There are Di- gentlemen. I havy said quite sufficient to war- This Bank at a time of very great prosperity- rectors and Directors, and no doubt you pan getraut what you are asked to do. It is a very perhaps on paper in a much more prosperous cheaper ones, but just as wo Britishers prefer small thing really to ingrass the remuneration condition than it is to-day have also seen it in to maintain our position among the nations by of the Directors from $20,000, at which it has rather low water. I think therefore that the supporting a monarchy, even at greit ogoons, stool singo 1865, under the conditions I have somewhat lau latory speeches we have heard to- rather than run the thing chan us, a Repablic, just described, to $30,000. With a few checks, day, although called for, yet I think perbaps we so must this Bank koop up its proten sipu's and the Bank's progress has been always upwards, might hesitate somewhat before we put our- not be uiggardly with its representatives. We and I am quite sure overy shareholder will agree sides on too high a pedestal, because it would hate an increase of 25 por ent, onlone dividend, with.mo in prossing his in netfelt thanks, hot be very awkward indeed if we should find our and have put by a large ampant for the pro- only to the Directors, but also to the manage selves in low water I am very glad indeed that verbial rainy day; and though thepa was a time ment and staff of the Bink for their donduct of the bonus of 10 per cent. has bon voted to the whep, as Mr. Dodwell said, it was n°c $stry tɔ
its affairs in the past. You rem mber we had staff, and that we fully recognise the able work bajjust before we were generous, I think you will
a bad time about the end of 1890. Our bad performed by the staff. I should not oppose for all agree with my that the tina has noly come tims commnnel then. Well, such was the when we cau afford to be generons too. I strength and vigour of our local bank that I therefore move that the future remuneration believe if it hit bon pugly a local crisis it would of the Directors be increased from $20,000 to have recovered its position within a year; but $31,000 per annuia; bas before it ing down, unfortunately for us, as soon as we beau ti gt Th· CHAIRMAN-Do I understand that as and while on this subject of Directors, I would our hands above, water, "doqu wont the South an expression of opinion, Mr. Jones, or do you like to add my tribute to the memory and the American Republics, carrying with them the more au amendment? worth of him who was sitting in that chair this great house of Buring. If you remember, Mr. DOUGLAS JONES-Merely an expression time last year, but who has now gone from us the whole colony was in a bad way then. of opinion. for ever. He was a man we all admird and Everybody was looking as bine as blue could Mr. DODWELL-Before putting that resolu loved; he was a most straightforward, upright, look, and had good reason, 103, Mr. Jack-tion, I should like to know what is the remu- and honourable man; the sha low of ljubi dal son, if you will monb. rotund to the neration of the London Committee, ing never cam new the name of Me. Hoppius,colony about the end of 1892, and at the meat- hisword was his unf, and no one who viilid on ing then I think I had the plaisir of seconding it ever was disapp inted. It is an old an huck- the adoption of the report and statement of ac- ney paras, but the words ars thas of our cuts. I do not suppose you will remember what greatest post, and aptly apply foour farm s Chair- I said. But I said tin tint. I was very pleased
"he was a man, take him for all i all w injao,
to seo Mr. Jackson back again, that he always may not look upon his liko again." Applausa)" | brought sunshine to the affics of the colony and.
The CHAIRMAN-Gentlemen, on the part of Mr. J. D. HUMPHRE 3-1 havo viry grout gentlemen, I think you will agros that the pleasure in seconding the motion mid by Me. sunshin his com. (Applip. But, not from the Board of Directors. I beg to tender you Sheran, and indoing so aud in making the fav any weakness of ows fros, but from circum. their best thanks for the handsome manner in remarks I should like to make as mu6] of the stancos entirely beyond on control, almost which you have thought fit to show your re- oldest residents in this colony and on: of the ima diately afterwards. down wont all the cognition of their servic's, and I must also on oldest constituents of the Bunk, bi hope you will
Australian Banki They were banks, many behalf of my collegas and myself, express the excuse me if I ritrate any of Mr. Showan's re of them. in a pocfectly solvent condition, gratification we cannot but feel at the very marks, and will hot think I am guilty of an were able to pay the liabilities over kindly and considerate way in which Mr. Shew- plagiarism, for I have been able to how him | sal again, and yet down they wear.an and Mr. Humphreys have spoken of such only imperfectly. This Buik, was establishot | When we consider wheu, happ med in Australia efforts as we have been able to put forth on your in 1855. At that tim, it will by within thỷ | with poefoe ly, sound Books, Lthink that you behalf. I have no hesitation in saying we have memory of the oldest residents in the will all b3. getful to the direction and never failed to try to do our very best for colony, exchange stool at 4/3-it par-and management of this. Bak for currying you the large and important justitation confided generally iti
that. OVAT.
It through an oq rdly s were crisis with hardly a our care, and if things with the
we all could I would state th average from in sinory in 1865 ripple on this wators so far as the outward eye at one time did not go quite as I should say exchangy was probably dị or 31. can sp. (Applaus) Nobody bost his head; there have wished, I can assure you it was through no higher than par valus! That is on reson why was no pinio; there was no far. The direction fault of ours, nor due to any shortcomings on the Directors might reasonably look for an and management here was greatly assisted and our part I must remind you there are matters increase in remuneration. I suppos) that all supported by Mr. Jackson in London, who. I which are beyond all human power to control, and all that we were able to do in such time of have to remit a very considerably portion of their know, could not lose his head if he tried-if h› empluments home. But there is another and had I should like to bị thx man to find it; but it difficulty as we may have boon called upon to Very much greater and more interesting reason is abs slut ly phenom mid that we in this little is face was to exert our every endeavour to bring for this increase, and that is the enormous land, in this out-of-the-way part of the world, through with as little actual injury as possible development of the Bank's business and its re- should tide over all these troubles. this wave of the grave interests, entrusted to on charge. sources. In 1865 it was a small local bank, disis or which has ro al round the whole world. Considering all things I am by no means sure What is it now ? The other evening I said to a whileuation's and old-oktablished firms and banks, that a Bink Director's lot is one altogether to gentleman who probably knows more about the perfectly solvat, went down. It is therefore, be envied, especially in what is known as bad longkong and Shanghai Bank, thin huybody for thess reasons that I think you will cordially ap-times-it is hard enough and harassing enough blah, that it was the Bank of Asia, and hp replied prove of the proposed increase in the remuneration very often to have to attend only to one's own Yes, and a good deal more than that." I have of the Directors of the Bink and that you will individual affairs-but it is terribly trying work been thinking of that ever since. If it were
feel with me, although you do not express it, that when the serious responsibility as to other peo- merely the Bank of Asia it would be a good you owe a debt of gratitude not only to the ple's interests is added. I am sure, gentlemen,
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moment the voting of $10,000 to Directors, but I propose that it should be put in the form of what shall we call it a bonus an addi tional remuneration.
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Ta9 CHAIRMAN—200 a year, Mr. D DWELL-200 sterling ? The CHAIRMAN—Ye, €200. Mr. DoDWELL-That is to each member
The CHIRMAN-Yes; each member. The resolation was then put to the meeting and carried.
to
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