138
and the balance $16,909.13 be carried to new account
•
THE HONGKONG WEEKLY PRESS AND
During the last two years there has been a marked increase in the regular business of the Company; to meet this augmentation in business our resoure s have teen taxed to the ntinost limit, and a vast umount of night work has been necessary. With a view to relieve this p essure of work and to meet the increasing wants of our constituents, the Directors have under consideration certain schemes for adding largely to the facilities of our Kowloon
establishment.
The damage to the Company's property by the recent typhoon has not leen serious, neither has the work in hand I een interrupted to any apprecia- ble extent.
The Aberdeen Docks have been well employed during the last half year, and the returns from that establishment my Lé considered very sitisfactory.
J. KRAMER,
Chairman.
Capital Account, January тO JUNE, 1896. 30th June, 1896.
Aberdeen.
ASSETS.
To value of Aberdeen Docks, as per last
statement
Kowloon.
To value of Kowloon Docks, ns
per last statement
Amount paid on account of
$
1,030,884.06
20,651.25
Amount paid for various ex- tensions, and plant added during 6 months....
23,067.00
16 new houses..
Cosmopolitan Dock.
To value of Cosmopolitan Dock,
as per last statement..... Amount paid balance of cost of new European quarters Amount paid for building
stone retaining wall Amount paid on account of new sea wall and extension
Value of plant added last
six months
Tug, Launches, and Lighters.
267,219.46
1,400.00
200.00
2,500.00
...
4,170.52
To value of Fame as per last, acconat To value of 12 steam launches, 1 steam
lighter, and boats
To fixed deposit with Hongkong and Shang-
hai Bank
To 5 shares China Fire Insurance Company,
Limited
To sundry debtors..
To cost of material on hand
30th June, 1896.
LIABILITIES.
By shareholders for 12,500 shares of $125
each fully paid-up
By Admiralty loan £20,000. 0.0
By reserve fund
Les repayment
6,697.16.4
£13,302.3.8 @ 2.1 }
By Admiralty exchange adjustment at ere-
dit of this account
By sundry creditors
By balance of profit brought for- $
ward from last account
By profit
54,474.30 569,073.12
30th June, 1896. REVENUE ACCOUNT. To cost of labour, material, and working expenses at the Company's three esta- blishments
To interest
To fire insurance
To Crown rent.
To office expenses, salaries, stationery, and
Tent of head office
To drawing office expenses and salaries
To telegrams
To legal expenses
To protit
1st Jan. to 30th June, 1896.
$
❤.
100,000.00
1,074,002.31
275,489,98
169.00
922,510.75
$
1,562,500.00 200,000.00
125,197.00
|
THE HONGKONG AND SHANGHAI | report and passing
BANKING CORPORATION,
August 19, 1896.
glad to answer any questions she wish to ask.
No questions were asked. HALF-YEARLY MEETING OF SHAREHOLDERS.
The CHAIRMAN As there seen The ordinary half-yearly meeting of the share- questions, I beg to propose the holders of the Hongkong and Shanghai Bank report and the passing of the accou
Mr. D. GILLIES
Mr. hairman ing Corporation was held in the City Hall on
Mr. A. McConachie pre- tlemen, as a shareholder I have list Saturday, at noon. sided, and amongst those present were Hon. J. much interest and a very great am J. Bell-Irving, Messrs, St. C. Michaelsen, G. B. pleasure to the statement you have jus Dodwell, M. D. Ezekiel, J. Kramer, D. R. Sas- given us of the financial affairs of our soou, and N. A. Siebs (Directors); Thos. Jack-The information which you have conveyed to
us of the profit from the loan lately made to son (Chief Manager); Hon. C. P. Chater, Hon. E. R. Belilios, Messrs. H. N. Mody, V. A. C. Chinese Government, likewise the profit realised Hawkins, J. C. Peter, E. Georg, C. J. Gonsalves, on the sale of Consols, is in my opinion S. Hancock, F. Henderson, D. D. Guzdar, J. A, proof of the safe and cautious policy followed Chinoy, D. Gillies, W. S. Banısey, E. Ezekiel, by the Court of Directors in providing H. Buck, E. J. Hughes, P. Sachse, C. S. Sharp, every possible emergency. (Applause.). As G. H. Potts, P. Jordan, G. Murray Bain, F. such, I trust that their action in this matter Dodwell, T. F. Hongh, C. Palmer, G. C. Cox, will commend itself to the body -
From the report you will 800 H. M. Mehta. G. Stewart, E. S. Kelly, A. Coutts, holders. W. H. Gaskell, P. Morriss, A, Coxon, Ho Fook, Lau Wei Chuen.
Mr. T. JACKSON (Chief Manager) read the notice calling the meeting.
will
|
the
share
that the business of our bank has been con ducted with a very large amount of success: The returns probably are not quite so brilliant as those of former years, yet eighteen per cent per annum on the net value of our sha dividend of which we can well be satisfied and which can hardly be approached by any o institution in the home country. For su cellent results, as our Chairman has just stated, we are largely indebted to the skill and: it has been said that credit of the manager.“ (Applause.) In modern
the life breath industry. Now, gentlemen, if you will look around this little colony you will see on ever side evidences of what I have stated, and am glad to say that this life-breath emanates in a very large measure from our prosperous institution. (Applause.) Possibly we do not always receive that share of credit that we would like to, but the careful and skilful physi cian who presides at the head of our affairs holds the scales of justice with equal poise, and I am certain that he distributes the breath of
Carried.
as far as he
The CHAIRMAN-That is all the business before us, gentlemen. I thank you for your attendance. Dividend warrants will be issued on Monday morning.
The CHAIRMAN, after reading the half yearly report of the Directors, said:-Gentle mon, the past half year was one of considerable interest to us. We took part in floating a large loan for the Chinese Government with very Three | satisfactory results to all concerned.
millions of said loan have still to be dis. posed of; they will be dealt with about September or October in the present year. The profit on theso important operations
in future balance sheets. appear
We recently reduced our holdings of Consols by £188,000, leaving £500,000 still on hand but as the transaction was not completed by the 30th April, when our London Office ends their balf year, the present accounts do not contain the adjusted entries. Our position 15,000.00 will be as follows:-We will hold in all £500,000 of 24 per cent. Consols written down to 31,486.00 | £95, after which there will be a profit on the life, which gives credit to everyone, a
possibly can, and as far as their position in amount realized of £25,582 16s. 3d. to be dealt business merits. I trust, therefore, that he 200,000.00 with during the present half year. (Applause).
The two items in the accounts which show the will be long spared to hold his present position. 161,686.08 greatest change are gold current accounts (Applause). With these few remarks, gentle- men, I have pleasure in seconding the adoption and cash. The increase in both is accounted of the report and statement of accounts for for by the large amount of money we held in
just half year. (Applause.) $2,780,944.12 London belonging to the Chinese Government at the time the accounts were closed. Bills payable and bills receivable both show a falling off as compared with the last half year. The increasing amount of business done by telegraphic transfer accounts for the falling off in the bills payable. Bills receivable," although less than what they were on the 31st of December, are still largely in excess of previous half years. The reduction in the rate we pay for sterling deposits has 261,161.12 caused a shrinkage of £344,120 48. 1d. during the half year. Silver deposits also show a de- crease during the six months of $3,845,397.94. Still we have to complain of having too much money rather than too little for our require ments. Looking to the results we are able to place before you, if I tell you that times are very hard for Eastern banking you may be incredu- lous. Still they are, and I am sorry to say they are likely to become more so as time goes on. 883,201.36 The tendency of a long continuance of very 1.670.84 cheap money in Europe will be to turn attention 1,133.21 to other fields. China and Japan have been brought very prominently before the world in 19, 54.07 late years, and the consequence is that the pro- 3,556.39 fitable seclusion we formerly enjoyed is being 427.50 sadly interfered with. Still I am persuaded 297.50 that we will hold our own no matter what com- 500,073.12 petition may come our way. If we do not, we would be unworthy of the commanding position $1,480,075.23
we at present enjoy. (Applause). I hope all our friends will be pleased with the proposed division of profits. £158. represents a return of a little over 18 per cent. to the shareholders. Two and a half lacs of dollars bring the reserve up to 60 lacs, while about 3 lacs are carried forward to 1,296.00 profit and loss new account. I can, 1 am hap
py to say, repeat what my predecessors in the $1,480,075.23 chair have said before, that the Bank is in a splendid position, and I feel sure you will agree with me when I say that we owe it largely to the the zeal and ability which has characterised the ang management of our great institution.. (Ap-- plause). Before moving the adoption of the
By gross earnings of the Company's three
establishments
By towage net darnings
By transfer fees.....
By bonus on premia, &o.
8,538.58
023,547.42
$2,780,944.12
1,480. 5
$
C.
1,460,261,57 0,289.06 228.00
The Osaka Shosen Kaisha has ordered two now screw steamers of 2,250 tons each from Clyde firms.
Mr. P. SACHSE-Before dispersing, propose a hearty vote of thanks to of Directors, the Chief Manage entire staff of the Bank for the gratifying results which have been ac their combined efforts during the past (Applause.) Let us hope that the balan half year at the end of the current ha equally as good or even better, and let | hope that the unique position, which the
is now enjoying will be maintained for many years to come. (Applause.)
The Chairman---I thank Mr. Sachse, the for my colleagues and myself, and also the Chief Manager, for your vote of thanks..
A meeting of the liners was held at pore, on the 3rd Aug bility and advisability freight for homeware
some tuisoussion it.
rates to London,
of call on the Co from the 15th insta to
155. a minimum This decision has, we nicated to Penang low rates recently tion have not have involved o companies some cases no shillin
Afte
Free
1