COMPANY MEETINGS.
HONGKONG
AND SHANOHAT
BANKING CORPORATION.
THE HONGKONG DAILY PRESS, MONDAY, FEBRUARY 22ND, 1914, --
down to £371,100. The cost of the above adjustments, viz. :-£33,250 (£33,000 per cent, war loan at 05) at exchange of 1/01, amounted to $377,751,47, which was met out of the half-year's profits. Gentle The ordinary half-yearly meeting of the
Iren, -I feel sure you will endorse the shareholders of the above was held at the opinion of your Directors that the Bank City Hall on Saturday, The Hon. Mr. has been well served by its staff during D. Landale (Chairman) presided, and the past year (Applause) and approve those also present were:-Mr. W. L of our action in voting a 10 per cent. Pattaiden (Deputy Chairman), Mr. S. H❘ bonus on salaries (applause)—they have Dodwell, Mr. G T. M., Edking, Mr. C. S. ons and all worked well and loyally in Gubby, Mr. P_H. Holyoak, Mr. your interests. I would specially like to JA. Plummer, and the Hon. Mr. mention the sble manner in which Mr F. Shollin (Director), the Hon. Mr A. G. Stephen controlled the affairs of the E. A. Hewett, C.M.G, Dr. J. H. Sanders, Bank whilst in charge of the Head Office and Messrs. H. C. Sandford, W. R. P during the early months of the war, when, Thurshe.d, G. E. Towns, F. H. Thomas as you all know, conditions were extremely W. Inglis, G. G. S. Forsyth, W. Dunbar, dificult. Mr. Stephen resumed charge of T. F. Hough, F. B. L. Bowley, A Findlay our Shanghai branch in the beginning of Smith, Trang Foo, G, Piercy, O, Pember November on the return of Mr. Stabb, our ton, J. Harrop, W. E. Clarke, H. Percy Chief Manager. In connection with the Smith F. Maitland, Chau Sui Ki, HI staff, it may not be out of place to mention Kom Tong, Chan Kai Ming, G. H. Potts that a very large percentage of the foreign E Kudoorie, P. K. Kwok, H. W. Looker, staff in Londor (numbering in all ever G. K. Haxton, K. D. Gadar A. V. Hoge fifty men)-that is, the men who are train- Ho Fook, Lo Chung Shiu, Ho Winging there for our Eastern service-bave A J. P. Pumirett, A. Rodger, L. N. Leefe CW: Beswick, J. W. C. Bonnar, H. C.
· Gray, J. R. Greaves, D. Macdonald, F. J Burrett, D. II. Silas, C. C. F. Cunning ham, G. C. Moxon, Chan King Yui, T. E. Pearch, S. D. Setna, D. J. Lewis, A. E Grifin, and Dr. F. O. Stedman, with Mr. N. J Stabb (Chief Manager), and A. C. Hynes (acting sub-manager).
The Chief Manager read the notice con- vening the meeting, after which:
The CHAIRMAN Said--Gentlemon, At the
outbreak of war, your Directors were able
to lay before you an excellent report upon
been granted leave of absence to serve their country during the period of the wor (Applause.) Many of the Eastern staff also applied for leave of absence to volunteer, and I regret it was necessary to refuse all such applications, as the men could not be spared without seriously interfering with the efficient
working of the Bank.
Turning to the statement of accounts, though there
ara no changes of marked importance, I shall refer briefly to a few figures which may be of interest. Silver fixed deposits and current accounts stand at about $2101 millions compared with 2023 millions on 30th Jure, and 81854 millions on 31st December, 1913. Fixed deposits and current accounts in gold at £10 millions are £100,000 lower than in June last, and £450,000 higher than a year Notes in circulation amount to $27,247,006, the highest figures on record,
the working of the Bank for the previous six months, but the general situation at that time made our prospects for the balance of the year look far from favour able. It is therefore very pleasant to meet ago. you or this occasion with the satisfactory
As regards China, accustomed to rely Largoly upon foreign capital for the carry ing out of her schemes of reform, and dependent for the service of her external debt on the revenues derived from foreigu trade, a natural anxiety was felt, not only by her friends, but the Chinese (overnment itself, at the new situation which it was suddenly called upon to face, It was faced, however, and met in a way that cannot but increase the public con- fidence in China's credit and immense vitality. The service of the foreign debt has, in fact, beon, punctually met, order prevails throughout the country, the Government give increased evidence of permanence and stability, and China enters upon the year 1915 with a financial position actually stronger than that before the war.
restored, and there is now an abundance, the world is engaged in the most gigantic of cheap money for the ordinary require struggle which has ever taken place, that wo fully appreciate the sound policy which monts of trade. /__/_
has been followed up for so many years by those who watch over the destiny of the Bank, in cautiously, building up an ade quate reserve and writing down the values. of the Dank's securities and property, This is chiclly demonstrated by the rela- tirely omnil sum which has had to be provided out of current revenue in order to make up the shrinkage in securities during the past six months. We have all, the possible losses which might be entailed. no doubt, heard a good deal said about
through the sudden outbreak of hostilities in Europe, and it is very satisfactory to hay an assurance from the chair that ap to the present these aro sinall, and that it is hoped further outstanding accounti will ultimately be settled without heavy losses, However, we all realise there must matters until the war is over. I aut sure necessarily be uncertainty about · such we were all glad to hear the generous acknowledgment made by the Chairman of generally during the anxious period the services of Mr. Stephon and the staff
through which the Bank passed immediate ly after the outbreak of war, which, I feel sure, all shareholders most cordially endorse. (Applause) We feel that our interests are in good hands, and that we can confidently rely on the Court of generally, to cusure the continued pros Directors, the Chief Manager, and staff
perity of the Bank in spite of the great (Applause.) uncertainty the future holds for us all.
The Maritime Customs revenue for 1914 shows a net collection of Shanghai Tis. 39,000,000, or about T12 5,000,000 below, that of the previous year, which was a record. As already mentioned, however, foreign trade, particularly in exports, is
showing signs of recovery, and since October there has been a strong demand from Europe and America for all classes of China's products; in fact, there is hardly sufficient ocean going tonnage available to cope with the business offer ing. I think wo may confidently expect a corresponding movement in imports, and there is, therefore, reason to hope that the falling of in the Maritime Chustotine Rengling offered prove to be only temporary.
The motion was then put, being unanimously carried.
Mr. A. FINDLAY SMITH propesed that Mr. C. S. Gubbay and Mr. J. A Plum- mer be re-elected Directors:
motion was unanimously agreed to.
Mr. T. F. Hovau seconded, and the
On the motion of Mr. F. B. L. BOWLEY, seconded by Mr. W. DUNBAR, MI. J. W.C Bonner and Mr. F. Maitland were re- elected auditors for the your
The CHARMAN-That is all the business,
dancs Dividend warrants will be ready on Monday,
INTIMATIONS
LANE
CRAWFORD & Co.
A LARGE
SELECTION
OF
NEW
GOODS
FOR THE
RACES
NOW SHOWING
IN OUR
GENTLEMEN'S
OUTFITTING
DEPARTMENT.
ENGLISH AND AMERICAN
|BOOTS AND SHOES.
LINCOLN & BENNETT'S
STRAW AND FELT
HATS.
THE LATEST NOVELTIES IN
NECKWEAR.
SPECIAL VALUE IN
GLOVES.
RAINCOATS
OVERCOATS.
UMBRELLAS
WALKING STICKS.
the or he he he he he he LANE, CRAWFORD & CO.
The Hon. Mr. HETETT-Before the meet- ing terminates, I ask you to join with me in passing a very cordial vote of, thanks to the Cours of Directors, the Chief Manager, the acting sub Manager, and the staff generally of the Bank, for the very able way in which they have looked after our interests during the past twelve months, especially the last six months, and have accrued therefrom. (Applause.)
result shown in the report now in your and are 323 millions above those of 31st Salt Revenue (excluding that of the for the very sadisfactory results which REMINGTON JUNIOR
hands, especially as these are times when full dividends are appreciated. The dis tribution of the profits recommended is as follows--
Dividend £23 per share subject to
deduction of income tax.:
Bonus 5 per share-subjeos to deduc
tion of income tax..
HUMPHREYS ESTATE AND
FINANCE CO., LTD."
The ordinary annual general mesting of the shareholders of the above was teld at
"A LONG FELT WANT SUPPLIED AT LAST."
THE REMINGTON JUNIOR.” PORTABLE TYPEWRITER FOR TRAVELLERS, SMALL RETAILERS DOCTORS, CLERGYMEN, AND OTHER PROFESSIONAL. MEN, Erc,, Ere. SPECIAL FEATURES:
H. Humphreys (Chairman) presided, and Simplicity Competa ezs, Lonbility, Peztability. Weight 181e, in leather travelling are £1 the
the Hongkong Hotel on Saturday. Mr.
those also present were:Messrs. W. L. Pattonden J W. C. Bonner, J. Scott Harston (Directors), Capt. W. E. Clarke, F. W. Stapleton, C. B. Buyers, A. V. Apcar, M. S. Northcote, D. E Clark, A. Shelton Hooper, H. Fercy Smith, with the Secretary, Mr. G. Rapp, a
The Salt Revenue collection for the same period, paid into the five group banks in accordance with the term
with the terme of the reorganisation loan agreement, stands the unprecedented figure of Shanghai Tis 42,250,000. After paying the service of the various obligations chargeable upon the reorganisation loan), and after contribut ing Tis. 9,650,000 to the service of the Boxer indemnity, a sum of no less than Tls, 22,250,000 has been released to the free use of the Chinese Government, and an amonat of Tls. 12,500,000 is left with the group hanks to be carried forward to the present year. The administration, as at present constituted, is barely eighteen months old, and its reforms have, s so far, aimed at little more than the proper collection of the tax, with the minimum of disturbance to the existing system. As further reforms are introduced and make their effect. felt in the remoter Provinces, there can be no doubt that this revenue, with all its advantages of s-ability, will The Secretary read the notice consen become one of the greatest national assets ing the meeting, after which of China. I understand the Chinese The Chairman said: -- Gentlemen,
I propose, with your permIKHOË, Government is now seriously turning it.
statement the land tax. No measure could be more the year are not as satisfactory as at onc attention to the question of the reform of to take the report, and
of accounts as at The accounts for timely or better calculated to still further time they looked like being, the incroso consolidate China's financial position, in revenue from rents being only 86,247,17 This increase and, formidable as the task may at first as compared with 1913 sight appear, I believe that its difficulties would have been considerably incger but will prove to be largely exaggerated once for the war which broke out in August. the matter is taken seriously in hand. A Amongst our tenants we numberzů many are
Military Officers and Germans who, from lightly on the individual, but, in the one cause or another, had to vacate our aggregate, would prove a considerable houss suddenly, with the result that dur national assoting the last three months of the year I cannot close iny remarks without re- many of our houses which, under ordin- Signs forring to a very urgent reforma that is ary circumstances, would have been rent required in China, and that is the producing, brought in nothing. carrency. References have been made in of improvement are now manifest, but in The increase tu it from this chair on many occasions in the will probably be some time before normal past, and I trust it is a matter which will conditions are reached. receive the earnest attention of the Chinese the Insurance Reserve Fund of 82,855.40 Government at an early date. There can is represented by expired fire risks, underwritten by ourselves. Property be no doubt that a uniform currency
representing payments to contractors for throughout China would be of inestimable count is up $49,440.84, the addition Lew buildings. The building operations benefit to the trade of the country,
Gentlemen, as you are aware by the now in progress necessitated our borrow- alteration made in our Deed of Settlemont ing more money on mortgage. You will in August last, there will, in future, be find, on comparing the accounts withi only annual meetings, so your Chairman those of last year, that the item Mort will not have the pleasure of addressing gages ??! (by the Company) shows an you again until next February Interim increase of $118,213.01, and that the itein dividends, when results permit, will be "Mortgages and Loans" (to the Com declared the end of the first half of the pany) has been reduced by 838,041.02: year, but no balance sheet will be publish the two amounts together have enabled us ed until the final accounts are made up at to pay for the work done during the year the end of the year
and reduce the amount owing und I feel sure there is no one here who does Sundry Creditors by $100,054.20, not join me in the earnest hope that, before You will note, also, that our profit on we next meet, the struggle in Europe will sales of properties is 86,893.04, as Co have arrived at a stage that will admit of pared with $13,423.04 in 1913. Other pesce negotiations between the nations changes in the accounts are not, in upon a lasting basis which will secure the for any special comment from me, but I opinion, of sufficient magnitude to call world from war for many years to come. shall be pleased, before moving the adop
Before moving the adoption of the report and accounts as presented, I shall be ton of the report and statement t pleased to answer any questions you may holders may have to ask
There were no questions, whereupon.
December, 1913. On the other side of the account, cash, coin lodged with the Heng- kong Government, account note issue and bullion in hand and in transit, taken together, amount to 897,400,000 against 280 millions in June, and 870 million at the end of 1913. Colonial and other securities have been increased during the The dividend and bonus absorb £283,000 six months by the addition of £215,000 of at 1/91-83,271,952.66, leaving a balance the 3 per cent, war loan, the Bank having of $2,607,274.61, which it is proposed to been allotted, in all, £250,000 of this loan, carry forward to the current year, being £35.000 of which, as already mentioned, some 8818,000 in excess of the amount was placed with the Sterling Reserve Fund brought in from the last account. Investments. Bills receivable at 8151 (Applause.) Although the outlook is still millions are slightly higher than on both obscure, and it is a time when conservative the previous occasions—this is not due to policies should be adopted with regard to increased trade but to extensions under the the allocation of profits, your Directors moratorium, which did not end until 4th feel fully justified in recommending the October; consequently a number of estend above distribution, and trust that it willed bills were still running when our meet with your approval, (Applause.) London office books were closed at the end Wa bave steadily strengthened our of that month. For a similar reason, reserves, and it has always been the policy liability on Bills of Exchange redis of the Bank to make liberal provision for counted at £11,504,000, is higher than ail doubtful accounts, so our position is usual, but of this amount £9,220,000 has a strong one, Up to the present, the since run off. Bank premises account ascertained losses incurred owing to the shows only a slight increase on the pre-wall administered land-tax would fall war have been very small, but there are vious figures, after allowing for the 34 las still outstanding contingencies in con- written off last half year. There has, nection with bills drawn against ship however, been the final payments for our ments on interned and captured steamers, London building to meet, seme £25,000 etc. However, in nearly all cases, the This was about balanced by returns from firms responsible are of standing, and the our property for the year, which went majority of the bills will doubtless be met direct to credit of Bank premises account în due course, when questions with regard There is still expenditure ahead of us for to insurance, release of cargoes, etc., have the building in course of construction at been decided; though, where bills are Kuala Lumpur, and also for a new build drawn by, and on, firms in Germany, we ing at Hankow, which it has been decided shall, in many instances, probably have to to erect owing to the growing importano wait until the conclusion of the war before of that place and the inadequacy of our settlement can be effected. With present promises. The cost of these two regard to our Hamburg office, beyond bujidings will be in the neighbourhood of receiving a balance sheet and profit and 810 lacs. loss account for their half-year to 31st During the past six months, every October, we have no information concern interest and consideration of normal times ing business matters there, but no doubt has been subordinated by the terrible the interests of British banks in Germany struggle going on in Europe. The actual are being safeguarded in the same manner course of events, however, so far as they as those of German banks in London have affected the credit and commerce of Until the situation is clearer I, therefore, the wor'd, enable us, perhaps, to take a think it advisable, as recommended on the calmer and more hopeful view of the present occasion, to add surplus profits situation than when we last met. Although to the amount carried forward, an extra trade, generally, was necessarily greatly provision against war contingencies. You disorganised and consequently restricted will notice from the report that Sterling for some months after the autbreak of the Reserve Fund Investments have been war, business conditions, at any rate in written down to market prices ruling at the majority of those countries in which the end of the year. Our holding of we as a bank are interested, are, I am £1,200,000 Censols now stands in the books glad to say, assuming a more normal state. at 88 against 11 in the last statement. It is encouraging to note that, in many (Applause) No change has been made instances, the dislocation of the usual in the £330,000 3 per cent, exchange bonde, trade channels for China produce has led as the book value of 93 is well below quoted to new outlets being found a fact which price. To replace the shrinkage in value augurs well for important developments of our Consols, of £30,000 and bring in this direction in the future In the Other Sterling Scurities" down to ease of the London market, thanks to the market value, we have increased the prompt and wise measures taken by the amount under the latter beading by the British Government to meet an un addition of £35,000 of the 3 per cent paralleled emergency, normal conditions war loan, making the total £466,500 written may be said to have been practically
www.
put to the chair on
120
accounts, to answer any questions share:
There were no questions, whereupon t The CHATEMAN moved the adoption of and statement of accounts as
the report and statement of accounts as present *** The CHAIRMAN proposed the adoption of the
presented
Capt. W. E. CLARKE seconded, and this The Hon. Mr. E. A. HEWETT, C. G., was unanimously agreed to. seconded, and in doing so said: The The CHAIRMAN then proposed the re- address which we have just listened to has glection of Dr. J. W Noble and Mess19, covered so thoroughly all the main point J. Scott Harston, W. L. Pattenden, and as to the position of the Bank, and all J. W. C. Bonnar as directors.
this was matters relating to the trade with which Mr. Argaz seconded, and we are concerned, that little remains for unanimously agreed to me to say before seconding the recolutions Mr. NORTHCOTE proposed the re-election now before this meeting. It is very satis of Messrs. H. Percy Smith and C factory to find that the Directors are able Bernard Brown (in place of Mr. W to recommend the payment of full Hutton Potts resigned) auditors for dividend and bonus, and this while mak $150 each. ing full provision for all losses incurred, Mr. STIPISTON seconded, and this was in all securities; while the balance carried doubtful debts, and shrinkage of values unanimously agreed to forward is over half a million dollars more CHAIRMAN announced that dividand war - This was all the business, and the
than that of six months ago. It is an rants were now ready and could be had ocrision such as this, when practically half on application at the Company's office
the ensuing year at a remuneration of
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