Page
14 The Sparkling Moselle
INTIMATI
Ten Victor Records which should be in every home
17665-6 Love Moon, Waltz Song
17805-
a Songs without words No. 22 Sorrow
9 Consolation,
Accordion)
61190-From the land of the sky blue water
17880A Stein Song
Swing
Alour
Success Medler
1788 Melody Rag
6412dLn Farfadets"
(Violin)
841360 solo mio.
Vocal)
74201-Nostarda, Op. 15 F-Maj.
(Pianoforte)
74400-Toca-Visst d'arto
(Vocal)
83001-Boheme Cas gelida manina
THE
Kline Macdonough. Kline Lyric Quartette.
Concert Orchestra.
Orphens Quartette.
Pietro Deiro.
Glack.
MOUTRIE'S
EXCLUSIVE AGENTS.
[98-1
BALLANTINE'S BEER AND STOUT
TRADE
Wedded to
MARK
PURITY, QUALITY AND FLAVOUR
FOR
WITH
THREE RINGS.
DONNELLY & WHYTE,
FOLE AGENTS
BONGKONG DALLY PRESS MONDAY, FEBRUARY 20cm, 1917.
RACE WEEK
SPECIAL DISPLAY
OF NEW GOODS
·AT
MACKINTOSH'S
MACKINTOSH
& Co., Ltd.,
THE
DEPENDABLE
MEN'S STORE.
Men's Wear DES VŒUX RD., Specialists,
No. 16.
A HUMIDOR FREE.
FOR A LIMITED TIME ONLY TO INTRODUCE
"AMULET"
SMOKING MIXTURE.
[103
To a wider circle of smokers, we have decided to offer 8 ozs. of this splendid Tobacco packed in a highly serviceable Gliss Humidor for $2.60, which is the prics of 8 ozs. of this Tobacco alone.”
As the number of these Humidors is limited you should SECURE ONE AT ONCE.
It will keep your Tobacco fresh during the damp weather,
Obiniramble from:
Messrs. Honakong Cigar STORE,
ASWATION & Co..
MANUFACTURED BY-
Link, Crawford & Co.
KELLY & WALSE, LTD.
GR2000-EGYPTIAN CIGAR STORE. ANGZO EGYPTIAN CIGAR STORE. SINCERE & Col
WESTMINSTER TOBACCO
CO., LTD.,
LONDON.
[S17
COMPANY MEETING
HONGKONG AND BHANGĦAT BANKING CORPORATION
TRADE ACTIVIT188, 1
CHINA'S BAYUNAL RESOURCES.
that, by remaining, the Staff are per-kong T.I. 2/4. With the probability forming services which our Government of Uhina reversing the movement of the I would like to draw, attention to the recognise to be essential to the encocrafutia past-year and unporting more Silver shortsightedness of the Chinese Authon prosecution of the War, 1 dohire, to than is exported, Bull hignor levels may ritics in continuing to permit impossible express our obligation to them and our possibly be reached, if the demand for regulations, or lack of may regulations A PROSPEROUS YEAR
piion of curford with Silver in India continue
whatever to hinder the development of Ashich they continue to perform those
the natural riches of the soil and what The 10let annual general meeting duties. I also desire to express our The extent to which trade accommodat lies under the soil of China Railway the shareholders of the Hongkong and hearty good wishes for the welfare of ed axlf in the face of the many dif development may bo in temporery aboy- Shanghat Banking Corporation was held those of our Staff who are serving with culties that arosu during the past yearance, but China's waterways are many, at the City Hall Hongkong, on Satare H. M. Forces and to convey our very is noteworthy, Indian export trade was and the plea that communications are day Mr. W. L. Patten den presided over a deep sympathy to the families of those very active, as evidenced by the extra defective and that therefore mining en- large attendance and was supported by gallant young men who have given thair ordinary demand for Rupees, and it is terprises must await railway construe- Mr. 8 H. Dodwell (Deputy Chairmany lives for their King and Country this demand and the hoarding of the tion, is not altogether sound, nor is it the Hop Mr. O E. Anton, Mr. G. TM (Applause)
~~~ Rupees that has led to the present tight applicable to all localities. Regulationé, Edking, Mr. C. S. Gabbey the Hon Mr. THE BALANCE SHEET
Less of money, in India; or, perhaps,, just to Government, owner and capitalist P. H. Holyoak, Mr. E. V. D. Parr, Mr Turning to the figures of the Balance instead of tightness of money 1 should alike, for the opening of mines and for J Plummer, and the Hon. Mr. E. Sheet, it will be seen that our Gold say the difficulty of remitting money to the formation of companies to improve Shellim (Directors), and Mr. N. J. Fixed Deposits stand at £4,077,000 and India, as it is as much an exchange as and to increase the production of such Stabb (Chief Manager). The following Silver at $65,245,000, showing decreases monetary difficulty. The usual channel staples as ten, wheat, four, oil, cotton-- were also present Sir Robert Ho of £429,000 and 84,075,000 respectively or remitting to India, viz., by means of to name but a low are a crying need. Tung, Messrs. Henry Humphreys, CW from the Ggures of last year The de Council T.T. and droits, has been par- The development of the Expert trade and Beswick Ho Kom Tong, Ho Fook Pcrease is less than would have been owed by the stoppage of the allotment the stimulation and creation of produc Maitland, T. E. Peares, W. Ey Clarke peefed under the circumstances and of special Councils. For the time being, tive industries are the sources through D. Miodonald, A. O Lang, H. CR while the War Justs and the British and the Indian export trade is greatly cur which the necessary wealth will flow into Hancock, A. Shelton Hooper, Ellis Allied Governments are borrowers at the tailed and until the situation is re
the country whereby taxes can be raised Kadoorie, G. A. Young, N. Croucher, present attractive terms, we may expect medied the business between India and and financial stability assured. G. A. Hastings, CEH Beavis, A this movement to continue to an even Chin, which is of a large volume in Barlow, Ho Wing, A V. Apear, W more marked extent apreially so in normal times, will be seriously affected. Dunbar Lo Cheung Shiu, HaLoung, the case of Silver deposits, as, in addi- It is to be hoped that relief will shortly H. H. Nemuzce, D. Kindation to the patriotic impulse that impels be forthcoming whereby this very im- Kwok WH Smith, Ho KYDE, W 5 Britons who are unable to help their portant brauch of trade may be resumed Jackson, J. S. Dobře, G. H. Potta, Country in the field to help with money, I anhampered, but it does not do to forget Findlay Smith, Sydney Michack, At the high rate of exchange ruling in the that the finance of War requirements Grifin J M da Rocha, H R 1 Erst during the past year has caused, takes precedence and very rightly 20: Dowbiggin, H. Percy Birth, and is still causing, a considerable flow over everything elsery active in the Samy, Anderson, G. K. Haxton At of Silver into Gold investmentą, e Trade was also S. D. Cousland D. K. Mon, D. V Silver Current Accounts show a de Straits Settlements and Federated Malay Stevenson, J. M. de C. Basto HNcline of 803 millions, while those in Gold States, and Japan enjoyed a year of Mody WM. Humphreys J Alves are higher by suno £800,000 To illus prosperity without parallel in her his LN. Lerfe, D. Denison Greaves trate the difficulty in making comparitory, exports exoceding imports by over song owing to the effect variations in Yen 386 millions. In China the scosous W. C. Derby, H. G. Brehun, and H. Hexchange have on the figures, I would were favourable, crops well up to the Girardet (shareholders).
point out that whereas there in average, and the demand for her pro Gold Current Accounts is considerably ducts Leon and continuous at greatly more than the decrease in Silver ones, alipaced prices. Scarcity of tonnage the total dollar equivalent of the two hampered business, however, otherwiss taken together is over to millions the volume of trade would have been lower than the agures of the previous much greater, year,
J. Johnstone, D. H Silas, R. Staan
the
The Chief Manager having real notice calling the meeting
The CHAIRMAN said The Report and Statement of Accounts having been in your hands for some days shall as usual, take them ne riad. The year's working was Highly satisfactory, and all our offices showed excellent risults, The act profit for the year including 87,027,219.99 brought forward from 1915, amounts to 210.165,005:18, and, after de ducting the interim dividend paid in August lact of £9 per share, viz. £258,000 at 2/1.1/8-82 384,477.61. and 20,000 remuneration to Directors, the balance available for distribution is 27.671.197.55, which it is recommended to appropriate as follows OVERN
A hun! dividend of a 28, per share and a bonus of 10s. per share, subject to deduction of income tax, making a total distribution for the year to shareholders of £576,000 or £4 16s per share, WA Transfer to silver reserve
fund
8 500.000,00 Write off bank premises
account
750,000.00
600,000,00
Bet aside for depreciation
in securities
And carry forward to the
Our Sterling Reserve Fund Invest menta remain unaltered in the Accounts now before you, but a change is being made whereby the fund will be converted into the new per cert, British Govern ment War Loan and will stand in the books at the issue price of 95. No finer investment ever existed gentlemen, for the Reserve Fund of a British Pank. I my mention that the total applications for the New War Loan on account of this Bank and its constituents amounted to £6,010,000 of which £1.670,000 was new money. (Applause.) Our total invest ment in British War Loan Securities is now over £2,000,000
Indian Government Rupee Paper has
order to convert our holding of thấy Scoucity, we applied for and obtained the required amount of the New Indian Government & per cent. Conversion Loan and now hold some Rs. 40 las of that Security Other Securities are reduce by some 30 millions dying tos
Although the hope expreased by my predecessor in the chair at the general meeting of shareholders last year, that 1916 would bring our Country and the Allies to a triumphant and lasting peace, has not been realised, our confidence as to the successful issue of the terrifo struggle in which we and our Allies are now engaged is stronger than aver, and the recent action of the cnomy in conoce tion with submarine warfare on mer chant shipping can only have the same effect as other methods of frightfulnes in, if possible, strengthening our deter mination to continue this struggle, pro- longed as it may be until Prussian Militarism and all that it stands for 18 anally and completely overthrowa. (Applause.)
M HUMPHREYS said-It has been my privilege, as it was my father's bo- fore me, to second the adoption of the It is gratifying to be able to report Accounts of this Bank on more than one. that British Merchants are entering occasion. 1 any privilege, because to a largely into trade in certain lines in large number of us living cut here the which enemy firmas had practically a Baak is part of our life, its prosperity monopoly before the War, and they may reflects our own and we are jointly be sure that the Bank will give them proud of it. I feel sure that the pro- every assistance, and encouragement in posel bonus to the stad will receive the maintaining and where possible in cordial support of shareholders (ap- creasing the hold they have obtained in plause), and I would go further and say this trade
that the shareholder, would welcome any special provision for the dependents of those of the staff who have lost their lives in the service of their country as well is those of the staff who have served and are surving. (Applaus.) I am sure, gentlemen, you have listened with interess to the Chairman's illuminating cemarks
current year $3,106.67895 ct terminal investments. Payment which bas built up tac fast overaces than 7 per cent on the market price of
near future.
and the increasing issue of paper notes
Much attention has been given at bonus recently to the capture of enemy trade, and the Government has no doubt received many suggestions as to how this is to be accomplished and the best means of maintaining the hold British Mer chants have already secured on it in the absence of enemy competition.
chema's Top
on the subjects of Chinese trade and There is no doubt that after the War ordinary individual like myself to competition for China's trade will be handle, I will, therefore, pass on to keener than ever, and, while the Govern local conditions about which I ought to ment can do much, Government measures know something. Nearly every Company can never take the place of the old energy in the Colony is doing extremely well, and enterprise of the British Merchant and there is hardly one which yields less trade of Great Britain. To retain its shares, whilst some yield much more. bag $150,000 more then the amount** Osan, cord lodged with the Govern increase the captured trade, this energy Whilst this is the case, it must not be brought down from the previous scebunt ment bgainst note issue, and bullion in and enterprise will be more necessary forgotten that some of the profits are I trust gentlemen, the proposed distria had and in transit, together amount to than ever, and for its full development abnormal (that is brought about by the bution will meet with your approval. 9,000,000 inst209,000,000 at the end it ha, in my opinion, desirable that as war) and that our ultimate interests While the higher rate of exchange of 1915 Dating the last six months of much control as possible should be vested are wrapped up in China. That means a saving in the cost of the divid the year money was in great demand in the man on the spot in order to com- being so, it is to our barrent that China. end, this is largely counterbalanced by throughout the Last, especially in China, pete successfully in the struggle by the stimulation of her mines, and the reduced dollar equivalent of profits so our funds were very fully employed. During the year the death or President the creation of productive industries, earned in gold and fixed currencies, but Bills Discounted, Loans, Credits and Yuan Baih-kai resalted in important should cease to be a debtor nation, and on the present occasion your Directors Bills Receivable together show an m-political changes; and the party strug that her finances should be put on a are very pleased at being able to recomcrease of 35 millions. The high cost of gles, which these changes inevitably in more satisfactory basis, There can be mend an addition to the bonus of 5 all products and slower shipping facili- volved have cost the country much time, little doubt that the indiscriminate melt- making 10s. per share, though they would ties in these days mean a larger and money and national energy, which could, warn shareholders not to consider this longer lock up of money for financing no doubt have been more profitably ex-ing of copper cash, the export of copper, pended on the reforms of administration, without any special reserve, combined increase a permanent one trade.
In writing $760,000 off Bank Premises THE PRICE OF SILVER
finance and currency the preliminaries Account, you will be continuing the During the past year, fluctuations in of any real progress. On the whole, how with an advance in the cost of all the necessaries of life, have been injurious sound policy followed in the past. the price of Silver have been extreme, ever, the changes in question have been to the welfare and purchasing power of Building operations are going on at ranging from 2011/16 to 37:1/8, the effected with far less cost to the country the Chinese people and possibly purtly present in Calcutta and Hankow, and lowest quotation being in January and than might have been anticipated responsible for their recurrent periods there are few other ports in the East the highest in May. The coinage demands Beneath the waves of party atrife and of unrest. As regards the accounts sub- where the general increase in the Bank's of the belligerent countries, including disension lies the great ocean of nations mitted for our
approval, the profite buses will probably necessitate a con- the expenditure on military operations common-sense, which is the greatest deset shown are most satisfactory, the writings siderable outlay for rebuilding in the in Egypt, East Africa and Mesopotamia of the Chinese people and as there waves off are large enough to satisfy the most have been a contributing cause to the subside, and are replaced by the calm captious critics, and the extra five shil- remarkable rise in the price of Silver, currents of public opinion, we may BILVER-RESERVE FUND, We feel justified in recommending an but there was chiefly due to the pur look with confidence for that political lings by way of bonus is both grateful and comforting I have much pleasure addition to the Silver Reserve Fund to chases made by the Indian Government, stability which is clearly essential for the extent of 8500,000 the first addition who bought during the course of the past retrenchment and reform, in seconding such splendid accounts, to that fund since the War started and twelve months some £15,000,000 worth of As regards finance the year 1918 has which I believe constitute a record in I hope that results will permit of the Silver. The balances in the Indian Car been for China au exceptionally prosper pounds sterling if not in dollars. (Ap- Bank's Reserves being steadily increased reney Reserves were reduced by Rs 18 ous one. The gross collection of the plause.) in the future, Experience has proved crores between August, 1915 and March, Maritime Customs, amounting in round FINDLAY SHIT seconded, that the elec 1916, and had to be replenished by large figures to HK. Tla. 37,750,000, shows RD the great wisdom of building up our repurchases of the metal, the urgency of exons of H.K11,000,000 over the sources, and I am sure you will all ap which has been in no way diminished by collection of the previous year or ex prove of adhering to this policy. So far the heavy withdrawal of Rupees which is pressed in sterling (which, as the entire as it is possible to judge, ample pro still going on. These demands of the Customs revenue is mortgaged for the vision has been made for all known War Allied Governments for coinage and of service of the foreign debt, represents the losses and contingencies, but until the the Indian Government to replace the real basis of value for China), an in- War is over there must necessarily enormous, absorption of Silver Rupees creased field of nearly £1,500,000. some uncertainty as to their extent by the Natives of India where Gold was Thanks to these satisfactory results, and the state of affairs at Hamburg office not available for hoarding purposes, to the present high level of exchange, it stul remains a sealed book to us have more than kept pace with sup is estimated that, for the next six month Willisras ag auditore for the ensuing With regard to our Investments. Lapped, the equivalent of standard sufficient to meet all obligations secured The CHAIRMAN thanked the sharehold plica. Outside sources of supply were at least, the Custome revenue will be year, and this was unanimously agreed although the 8600,000 set aside in the fources & 350,000 was obtained from the upon it, including the service of the Inera for their attendance, and intimated account will, together with what he Government of the Philippines in the demaity, without recourse to contribu- already been provided out of the pronte form of peso coine, and the movement tions from the Salt Administration, thug that dividend warrants would be ready be more than sufficient to write down of Silver funds into Gold securities to releasing pro tunin as increased propor-
on Monday (to-day), our Securities to below the prices ruling which I have referred, necessitated ation of the latter for the general needs of at the end of the year, we consider heavy export of Silver from China Dar the Chinese Government
HONGKONG POLICE RESERVE advisable to be well on the safe side in the year under review these exports The net collection of Salt revenue for owing to the impossibility of forming amounted to about ounces 571 millions, the same period amounts to 82 140,000, ARACH WEEK PATROLS, FEB. 261A 29TH. reliable opinion is to inture valúo of while the imports from all sources were or an increase of about $3,100,000 over Members of Nos. 1 and 2 Sections and even such first-class Securities newe only about ounces 19 millions. In addi- the record of the previous year; a result
the hold, other than British Government War tim to the above about ounces which, considering the unsettled political Loans, which we consider should always millions were exported to India, from conditions prevailing in some of the stand in our books at par,
Hongkong in the form of dollars and provinces, can only be regarded as highly mbadiery coins. There is therefore, no satisfactory and encouraging. . Of this
· Your Directors feel assured that you escape from the gonclusion that the total nearly $16,000,000 has been applied will all cordially endorse their action in amount of silver left in China must be to the payment of the service of the voting the Staff (excluding Hamburg barely sufficient for trade requirements, various Inan, secured upon the Salt office) bonus of 20 per pont, on and assuming, as we have overy reason revenue, and $10,000,000 has been contri salaries for the past year. Their work to, that there will continue to be a strong, buited to the service of the Indemnity, has been arduous and they have loyally demand for the products of China, it while a sum of no less than 852,228,300 carried out their responsible duties; would appear inevitable that China must had been released to the free use of although all of them would prefer to be again be a competitor in the Silver the Chiness Government: leaving serving their country in a different market. Silver and Eastern exchanges balance with the foreign banks on the 31st field. Still, if British commerce in the reached devols during the year unheard December last of $18,542,000, including a East is to be carried on; it is oftential of since the closing of the Indian Minte sum of $12,500,000 maintained as a re for the Bank to be efficiently staffed, and to the free coinage of Silver in 1883 and serve to meet maturing obligations, ROULS MARCH I would mention that the Stall has been now recent records have been established. The results thug briefly stated surely depleted to the barest minimum com during the past two months, Silver justify us in describing these two great patible with efficiency. I need hardly having reached 38 7/16 and Shanghai revenues, the Customs and the Salt, ss say the Chief Manager and your Dire Ecchango IT 3/8, but the Hongkong the bulwerks of China's credit, and in tois have recognised the great respon rate bag not again touched T.T. 2/4 hoping that their administration will be sibility placed on them a refusing the which it stood at the end of the year, adopted at the foundation and model for many applications from the Eastern During the past week there has been the videre fiscal and financial reforms Stuff for leave to proceed home to fight reaction in Silver and Eastern Ex- which are the pressing need of the hour, a responsibility they would not have langes present tuotations being Bax and the master key to future national accepted bag not been their conviction Filter 27) Shanghai T.1.3/6, and Hong progress
THE BANK'S INVESTMENTS, U
THE STAFF AND WAR SERVICE
Mr. W. DUNBAR proposed, and Mr.
tion, as directors, of the Hon. Mr. C confirmed, and that the Hon Mr. E. E. Anton and Mr. E. V. D. Parr be shellim and Mr. W L. Puttenden be re-elected directors for the ensuing year. The motion was unanimously adopted. Mr T E. PEARCE proposed, and Mr. D. MACDONALD sconded, the re-appoint ment of Mr. F. Maitland and Mr. A E
Mounted Police who bave voluntured for Patrol Duty will report ab No, 2 Station (Wanchai) . 9.45 am or at 9.50 p.m. on their respective days of duty, Uniform, belmets and spikes ------ Ambulance Patrols will report at the
Race Course at 2 pr. daily. Inspector Gogg will be in charge of all
Police Reserve Patrola
MECRUITS,
There will be no Recruita' Drills on Feb.
26th, 27th, 28th, or March 1st,
The Recruits Platoon of No. 2 Company will parade at Central Station at 1.si pm on Friday, March End.
All Rauks (except Recruits) of Noe.
3 and 4 Companies, Ambulance Platoon and Buglers and Drum- merg will parade Central Station at 5.30 p.m. sharp on Frida, March 2nd. Uniform, with helmets and rifles
(Bgd.) 7. U. JENKIN.
D.S.P. (E).
February 24th, 1917.