Page
*
180
THE HONGKONG WEEKLY PRESS AND
£2,441,027. The shareholders will fully realise the wisdom of their kanctioning large additions to the reserve fund in prosperous half-years, rendering it unnecessary for the Bank to in- crease its capital, a course which would be a handicap on dividends in years to come. Com paring the report with the one issued to 30th June, 1900, fixed deposits in silver and gold together show, a decline of $10,571,344, mainly owing to the enhanced value of money in Lon- don, enabling depositors to find investments yielding increased rates of interest and to the withdrawal of Government funds temporarily on deposit with us. Our silver deposits and current] accounts together show an increase of $856,632. The sterling reserve fund In vestments are almost exactly as last stated the only difference being £4,000 under the head- ing of other sterling securities-same being a pro- | fit on an exchange of 24 per cent. Consols for a similar amount of War Loan. Under the heading of consols, colonial and other securities, there is an increase of $1,195,353, mainly owing to an allotment of £100,000 of the War Loan which we applied for. These securities have been written down to the prices ruling on the 31st December. Bills discounted, bills payable and bills receivable all show a shrinkage on the figures given in the last report. The stagna- tion of business in the North of China fully accounts for the falling off. Indeed, a very much more serious interruption of business than we have experienced might have been expected. Cash and bullion in hand and tran- sit were unusually large at the end of the year. At this time last year, from this chair, your attention was directed to the important and increasing trade interests in the north of China, and their palpable expansion with the extension of railway enterprise in that region. Unfortun ately, the outbreak against foreigners has rudely disturbed for the time being this most desirable advance in commercial aspects there, but when the present negotiations are satisfactorily con- cluded and the country has had time to recover from the ravages of war and famine, I make no doubt that all favourable predictions will be amply fulfilled. Central and Southern China have, fortunately, been spared the horrors of war and want, but in the unsettled state of the political atmosphere there has naturally been a diminution of credit in native circles, which has told unfavourably upon the import trade and curtailed the off-take very considerably, making a serious difference to importers. The fact, however, of the shortage of cotton and con- oquent advance in values has prevented the serious effects to those interested in cotton goods which must otherwise have followed and the trade in a sound, if slow,condi- tion. The period under review from a mone- tary point of view has been an interesting and exciting one. Silver fluctuated more than it has recently done. Uncertainty and unrest prevailed. I am glad to say opportunities for making money were not few, they were taken advantage of, with the favourable results we are able to place before you to-day. On the return of Sir Thomas Jackson to the colony in October last, Mr. H. M. Bevis, the acting manager here, was transferred to Shanghai; the manager there, Mr. Wade Gardner going home on leave. It is, I am sure, quite needless for me to say that we were all glad to welcome our old friend Sir Thomas Jackson back to us in renewed health and strength to take charge of the affairs of the Bank, which he has so long and with such conspicuous ability and judgment man- aged for us. To our manager in London, Sir Ewen Cameron, to Mr John Walter, and to the staff generally our best thanks are due for the zeal and attention they have shown to our interest during the last year, and we have ende- avoured to show our appreciation of their ser vices by our proposal of a bonus of 10 per cent on the salaries of the staff, which I have no doubt will meet with your cordial approval. Applause). Before moving the adoption of the report and accounts, I shall be pleased to answer any questions.
There being no questions, the CHAIRMAN proposed the adoption of the report and accounts as presented.
Mr. R. K. LEIGH said—Mr. Chairman and gentlemen, I have much pleasure in seconding the adoption of the Report, and, in doing so, will only say a very few words. The report is as usual a very fine one, and the more so when
[February 29, 1001. you consider the large decrease in trade that | years instead of three, but now think that as the there must have been owing to the troubles in Company is in a perfectly sound position, has North China. The remarks of our Chairman paid off its Debentures, which were $30,000, bear- regarding the building np of the reserve funding interest at the rate of 8 per cent. per annum, are of great importance, especially to a bank and is likely to pay good dividends in the future, whose very life is its capital, and every addition the time has arrived when we can justly expsot to its reserve is adding strength to its resources to receive an adequate remuneration for our and enabling it to earn more. It is really like management. You will notice that the proposed calling up more capital, with this great differ. | resolution reads that in addition to 5 per cent. ence, that, while such addition to the reserve per annum on the gross earnings the General assists in earning a dividend, none has to be paid Managers would be entitled to an allowance not on it, and there is all the more for the original | exceeding $3,000 per annum for offics rent and share capital. I used to be told that Banks salaries of clerks. I may explain that this would be all right as an investment if it was not would simply mean that we should virtually that the bottom would drop out of them in the revert to the arrangement that was decided event of a war. Since then, we have had the upon when the Company was formed. Should war in South Africa and are now practically at this resolution be passed it will be necessary to war with China, yet Banks, in the beginning of | confirm it at a subsequent meeting, of which 1899 were $435 per share. In 1900 they were due notice will be given. Before putting the $541, and to-day they stand at $567. This doos | resolution to you I shall be pleased to answer not look as if war had knocked the bottom out questions in connection with it or hear any of them, and, if England will only insist on her remarks that any shareholder may wish to rights and the opening up of China to all alike, make. the expansion of trade will be enormous, and with it I feel sure the Hongkong and Shanghai Banking Corporation will be found well in the van of banks. (Applause.)
The motion was carried unanimously.
Mr. PALMER proposed the confirmation of the appointment of Mr. Paul Witkowski as a Directer.
Mr. W. H. RAY seconded. Carried.
Mr. J. LEWIS proposed the re-election of Hon. J. J. Keswick and Mr. D. M. Moses as Directors.
Mr. HANCOCK seconded. Carried.
Captain TILLETT proposed the re election of Messrs F. Henderson and C: 8. Sharp as audi. tiers for the ensuing year.
Captain GODDARD seconded. Carried.
The CHAIRMAN-That is all the business gentlemen: Thanks for your attendance.
Mr. G. M. BAIN--I would ask you, gentle. men, before we part, to pass a hearty vote of thanks to the Board of Directors, to the able Manager and to his staff. This is a proposition which requires no remarks at all to commend it to you. The report, the result of the combined gfforts of the Board and its staff, has shown you what they can do. I daresay you could not find a combination equal to the one I have mentioned outside of London, perhaps not there, and I ask you to give the Board and the staff a sincere and hearty vote of thanks for their services. (Applause.)
The CHAIRMAN Many thanks, gentlemen. The meeting then terminated.
There being no questions, the CHAIRMAN proposed:
That Article XII, of the Articles of Associa- tion be cancell and that there be substituted therefor the following Article:-
XII.-The remuneration of the General Man- agers shall be a commission of Five per l'ent. per Annum on the gross earnings of the Com- pany, and in addition thereto an allowance not exceeding $3,000 per Annum for Office Rent and Salaries of Clerks.
Mr. GRESSON seconded and the motion was carried unanimously.
This was all the business.
GEORGE FENWICK & CO., LTD.
On Thursday, the 21stinst., at noon, the twelfth ordinary general meeting of shareholders in the above company took place at the Hongkong Hotel. Mr. A. Rodger presided, and there were also present Messrs. W. Parlane (Director), W. G. Winterburn (Secretary), Hart Buck, R. C. Wilcox, F. Henderson, J. Rodger, J. I. Andrew, G. de Champeaux, H. M. Mehta, and W. H. Purcell.
The SECRETARY read the notice convening the meeting,
The CHAIRMAN ɛaid-Gentlemen: The re-
HONGKONG HIGH LEVEL TRAM-report now before you. The works have been
WAYS CO., LIMITED.
EXTRAORDINARY GENERAL MEETING OF
SHAREHOLDERS.
On Monday, the 18th inst., an extraordinary general meeting of shareholders in the above company was held. Mr. Hart Buck presided, and there were also present Messrs. C. Ewens, R. K. Leigh (Consulting Committee), G. Murray Bain, H. Humphreys, A. H. Mancell, J. A. Trarrant, H. Sutton, R. H. Potts, W. J. Gresson, W. C. Taylor (Secretary), and J. M. Wong.
The SECRETARY read the notice convening the meeting.
The CHAIRMAN said Gentlemen: This meeting has been called for the purpose of read- justing the remuneration of the General Managers of this Company, but before explaining matters to you fully I may say that before calling this meeting we have taken the opinion of some of the principal shareholders, and they agree with us that the nominal fee of $100 a month is inadequate. In the original Articles of As sociation, when the Company was under different management, the remuneration was fixed at 5 per cent, on the gross earnings, but when the Company was in a very unfortunate financial condition we undertook the general manage- ment at the nominal fee I have mentioned, and the Articles we altered to that effect. This was in 1891, and it was verbally agreed that this arrangement would only last for three years, in which time we expected to place the Company' on a better financial footing. We have, how- ever, allowed the arrangement to go on for nine
port and accounts have been in your hands for some days, and with your permission we will take them as read. Your directors are pleased to be able to recommend a dividend equal to that of last year, namely 15 per cent., and hope you consider the report of the year's working and the division of profit satisfactory. I will not detain you with any remarks regarding the accounts as they are very clearly stated in the
fairly well emploed during the year, and a larger proportion of new constructional work has been turned out than formerly; including two large stern-wheel-steamers for the West River. The first of these was completed, and handed over to the owners a few months ago, and the second one is all but finished and will be ready for an official speed trial about the end of the month. This first-class steamer is lying opposite the works at present and is well worth inspection. We have also had a fair share of repairing and jobbing work from the shipping in the harbour and from local works. Although competition is keen, and is becoming keener all the time we hope by turning out first-class work at a moderate charge to be able to keep our different departments well employed. During the year we have made many alterations and improvements in the way of discarding old machines and replacing them with modern tools. It is our intention to continue, this policy of improving the different departments and to add appliances that will minimise labour much as possible, thus placing us in a position to turn out work more rapidly. The general manager has been granted leave of absence fo a visit to Europe, and Mr. J. Andrew, who has been with as for some years, will perform his duties meanwhile. I think that is all I have to say that will interest you, but if any further information is desired I shall be pleased to give it.
AS
There being no questions, the CHAIRMAN proposed the adoption of the report.
Mr. WILCOXI beg to second the adoption of the report and accounts. In doing so I ex-