CHIEF JUSTICE.
Going on Leave Tomorrow,
The Chief Justice. Sir William
Rees Davies, and Lady Rees Davies proceed home on leave to-monow. They will be away for
about six months.
BILLIARDS.
Close Piny in the Second Found.
THE HONGKONG TELEGRAPH.
COMPANY MEETING.
Australia and China.
Australia and China was held on
Me T. H. Whitehead (joint
manager) having read the notice
convening the meeting.
The Chairman said: The shareholders probably will have anticed that the accounts have
EXTRA
HONGKONG, WEDNESDAY, APRIL 15, 1914.
The motion was carried un-
immense relief to the public almost certain heavy drap in the generly to the report and cerning the importe and exports the excellent report which you parae; it would show the practical price of silver, with serious and balance-sheet. I am sure you of India inoluded, or did not have placed before us, and opr sympathy of the Powers towards far-reaching effects. Many of will all agree that it reflects the inolu le, treasure. The Chartered Bank of India, China, and, I am sure, would our friends and constituents of greptoat credit on our manegere,
very best thanks are due to our The Chairman-Merchandise | chairman, the directors, the man- oara the lasting gratitude of this bank trading with the East Mr. Whitehead, Mr. Fraser, and only.
agers and the staff for the great China as a nation. Hear, hear) and the Far Eset would have Mr. Presion. (Hear, hear.) I Mr. Ross-Thank you: I think skill and ability with which they The 60tk ordinary general in retaru for this, arrangements met with undoubtedly serious name them especially, but it we should be a very ill condition have steered our sixty-year-old meeting of the shareholdere of would probably be possible losses through no fault of their reflecte oredit on all the staff. To ed body of shareholders if we ship, often through stormy the Chartered Bank of Indin, whereby foreign goods should be own, but through this rash those gentleinen, however, we were not more than satisfied with weather. I beg to propose that During the absence of the Chief March 18, on the bank's premises held, after payment of the small speculation on the part of the attribute great deal of our the splendid results of the past our very best thanks be given to Justice, Mr Justice Gompertz will 38, Bishopsgate, E.O., Sir Mor of all tares inland. In other was necessary. A ayndicate was greatly I personally appreciate bought my shares in this bank in managers
Customs duty of 5 per cent, free Specie Bank Prompt action success, and I cannot tell you how year. (Elear, bear). When I first the chairman, the directors, the aot in his place, the position of tagu Unraish Turner (the Chair words, that the likin, of which formal, in which we took a leading their work. I think it is only 1903-the year in which, if (Applause)
and the staff. Acting Puiene Judge being taken man) presiding
we have heard so much in the part, and the whole of the silver right to give them a word of recollect rightly, you joined the A Shareholder: I have very by Mr F. A. Hazeland.
past, should be abolished. In of the value of about three praise apart from the abarehold board of directors-the net profits great pleasure ia seconding the India we have the anusual posi-millions sterling was taken over ore. (Hear, bear.) It is satis were £170,000; they are this year resolation, tion of an adverse balance of at a fixed price. Sufty was as factory that, although last year £350,000. Therefore they have trade. According to our latest sured, confi lenge was restored in we had a record in our earnings, more than doubled in the 10 years. animously. returns, that balance was 141 the silver market, and the price we have beaten that by over Now he would be a rash prophet The Chairman: I must first crores of rupees, or, say, £9,500,- of silver was maintained at a fair $20,000 this year. We have made who would say that we shall of all apologise to Mr. Ross for As a result of yesterday evening's Mr Mowat, in place of the two
only been signed by one auditor, 000. Now, in explanation of this level. (fear, hear) The whole ample provision for all bad and double them again in the course not calling upon the shareholders play in the second round of the auditore, Mr Mowat and Mr W. we have only to examine the trapanotion has been carefully doubtful debts; we have written of the next 10 years, but, knowing to make remarks if they wish- Soldiers' Club Billiards Tourna A. Browne. The reason is that interesting figures in the Trade and skilfully managed, and our off depreciation on securities, and as we do that banking in India ed to do so, before I pat ment the lead of thres which the Mr Browns, unfortunately has and Navigation Returns, which thanks are due to the small com- we have been able to show a very and in the East generally is in its the first resolution. I quite 88th. Co R. G. A. held over the had a severe illness lately, and, show during the period April 1mittee which has had the mana- good net balance available. In infancy, we can look forward, I overlooked it. I am sure we are Staff and Departments has been indeed. is at present incapacitated December 31, last an increase coment of the matter, and which dealing with that balance the am spre, with the utmost con- all indebted to Mr. Roge for his changed to a loss of fourteen from work,
in imports of marchandise of 10 has worked it most successfully, directors simply carried out fidence to very great and profit very interesting remarks on the points by which number the unable to sign the balance-sheet, crores of rupees. Indeed, under with this effect--that almost the their policy, so often express-able progress in the next 10 years. Currency Commission Report. latter team now lead. Through but the accounts have been audit-early every head of imports we whole lot of silver has been sold, od, of building up the reserve You alluded, air, to the question the directors, the managers, out this match play has ruled ed by Mr Browno's firm, as well as see increases, but especially in and no loss whatever is anticipat and strengthening the bank which has brought me to my fest myself,, und, the staff generally very oven, honours being fairly by Mr Mowat, and Messrs. Wrailway material, piece goods, and
the cases of metala, machinery, ed. (Heer, hear.)
in every possible way, so as not year after year, and that is the desire to thank Mr. Melohera mogt divided. For the 88th, C. S. M. A. Browne and Co. have given wollen goods. Now, it may be
only to improve its already good question of the Indian currency heartily for his very kind and Bliss beat Conductor Chamber usa latter in respect to the audit-
credit in the financial world, but and the
recommendations encouraging words to-day.. It is lain by 20 p.ints, aud Pio.ing of the accounts which I will with the fact that somewhat Currency Commission will have shareholders. I do not think I know, I was a witness before that our labours meet with apprecis
argued from those figures, coupled The liant report of the Indian
to improve the property of the of the Royal Commission. As you always a pleasure to know that Bartholomew, who made thek Mr Whitehead to read. best break for some little time
large stocks have accumulated in been recoived with great interesteerd say anything farther, and I Commission, and, therefore, per- tion on the part of the share- yast-42-scored a win for the letter referred to, in which Mesara, so no of the markets of Indio, and appreciation, I think we will therefore propose "That the haps I may be privileged to say holders, and I am sure they do so Staff and Departments by 36 points W. A. Browne and Co. certified that we have signs of over-should conrratulate the chairman report now presented, together that, with the exception of the too to-day. It will be an incentive over Gunner Cooper.
that, in their opinion, the balance trading, but. I think we are and members of that Commission with the balance-sheet and profit cautious refusal to give us ony to all of us to put one shoulders justified in assuming that these on the speedy tormination of their and loss account, be approved guidance whatever as to the to the wheel and endeavour to arge imports are really evidence labours and on the very prompt and adopted." (Cheers,)
ultimate size of the gold standard keep op the high standard at
The scores to date are a
follow:-
88th. Coy. R.G.A,
Gunner Grover
Bom. Pritchard
Gunner Draper·
Gunner Hook
0.8.M. Bliss
Gunner Cooper
Staff and Departments,
Staff-Sergt. Coy...
Pte. Dickson
Q. M. 8. Owl
Staff Sergt. Foster
Conductor Chamberlain
Pte. Bartholomew
TWO MOTIONS,
248
250 201
Full Court Appeals Pending.
& motion
250
He was therefore
Mr. Whitehead then read the
ut.
The Indian Currency. Commission.
The proceedings. then
aluated.
The Chief Manager (Mr. P. Meald) read the notice and al the report of the Auditors.
The Chairman:-Gentlemen, I
sheet properly represented the position of the bank at the 31at December last, as shown by the
an increased spending capacity in businesslike manner in which Sir Alfred Dent, K.Ú.M.G.—I reaorve, the recommendations ap- which we have arrived, I may bioke at the head office and on the part of the people of India, they have issued their final report; have much pleasure in seconding pear to me to be very admirable say that the thanks of the share-
and that is the result of half a (feur, hear.) I am quite sure that resolution, 250 the certified returns from the dozen years of magnificent pros that he report of the commission
and very elaborate, and to meet holders are fully earned by the 250 several agencies and branches.
The motion was carried un-every probable contingency. We managers and staff both at home 161 He also read Mr Mowat's report, moment in a limited area famine w many misunderstandinge perity. It is true that at the will result in good. It will clear
snimously,
know from the evidence of Sir and abroad. My continued ex- as appended to the accounts.
The Chairman-I have now to James Maston, who representeerionce is that they all work not conditions prevail owing to the ad The Chairman: I might men
many misapprehensions, tion that, in terms of our deel of deficient rainfall last season, but, throw light on many interesting propose "That a dividend at the the Government of India, that in only with their heads, but with 1863 settlement, one auditor is suffiei-18 Sir William Meyer observed in subjects, and show that the fiu-te of 14 per cont. per annum the crisis of 1907 no one seemed their hearts, and they look upon for the half-year ended Decmber exactly to know what to do the bank as if it belonged to them. bis Budget speech last month,ances of the Ladian Government ent. On three previous occasions. The people of India are in good have not been mismanaged in the of 128. per share, both free of nor its commercial advisers, nor
31st last, together with a bonus ceither the Government of India, Bear, hear.). some years ago, only one auditor. 245 signed the balance-sheet, I mere beart, and their staying power has way they were believed to have income-tax, be now declared, the exchange banks, nor the 181 ly mention this for your informa-incressed," so I regard this merely been mismanaged. (Hear, hear.) 250 tion, and so that you should not
as a temporary set back, and of With most of the conclusions and payable on and after the 25th Secretary of State-and for a few
108t."
daja there was undoubtedly con think we
The Mercantile Bank of 221 think that there is anything amiss see the results of this scarcity in shall all agree, especially, in Hamilton, G.0.8.1., seconded the excuse for that confusion again,
oourse it is likely that we shall recommendations I
The Right Hon. Lord George fusion. Now there will never be
- India, Limited. 250 with regard to the absence of Mr. decreased exports from Karachi regard to the keeping of a moiety motion, which was unanimously think, with those very elaborate
Browne's signature. It is always of wheat and seads during the of the gold standard reserve in
'The Twenty-first Annual ind interesting recommendations General Meeting of the Share- 1377 well to be on the right side. I
agreed to.. coming months, as already part actual gold, in the granting of The Chairman-I have next to before us, which are a text book assume that the report God
holders of the Mercantile. of the surplus graia crops are sterling drafts in India by the balance-sheet may be taken as read, and that being so I will the United Provinces and other when occasion requires, and also who now retires by rotation, be which you mentioned, there is one Street, London, F.C., on Thurs- being moved from the Puujib to intiu Government on London Pop That the Right Hon. for future guidance. With regard Bank of India was antile Lord George Hamilton, GOSI, to the three recommendations Winchester House, Old Broad make a few remarks before put districts where scarcity prevails in the more liberal granting of re-elected a director. ting the first resolution. The la regard to exports, I think it is loans to the Presidenay banks
in particular which I thick should In the Full Court, this mar-balance sheet and report now extremely interesting to notice from the Treasury balances the Thomas Cathbertson, and carried dera and depositore of this" bank.
This was acconded by Mr. appeal directly to the earebolay March 19, R. J. Block, Esq,
the Chairman, presiding. ning, before the Chief Justice, presented to you for adoption are that the value of opium exports surplus fun to which would other-
The Chairman:-Gentlemen, and Mr. satisfactory proo's of the fact that has decreased by seven crores of wise be lying idle in the reserve
unanimously. the Puaine Judge
It is that in which the Govern-r. Mould will read the notice Hazeland,
The Chairman-I have also to ment is recommended definitely convening the meeting and the this bank participated with ad- for
rapees during the past nina Treasuries. I think that will; leave to appeal to Privy Council vantege in the general ao'ivity of months-vory remarkable figures have a very great effect snd will propose "That Mr. William Foot to undertake to grant sterling re- Auditors Report. against the decree of the Full trade which characterised the and this in addition to decreus be very much appreciated by the Mitchell, who now retires by litates on London at gold Court in the partnership case of year 1913. During that perioded shipments of wheat and barley mercantile ammunity of India. rotation, be re-elected a director" export paint whenever required to Ho Chiu
lan
I might mention that Mr. Mitchell do so. Now, it is quite true, as Ho our resources were very fully and from Karachi, added to the hears (Hear, tes) As regards the very altas Yin-tong appellant, versus Eo profitably utilised, and the net increases in the importe to which vered question of a State Bank is unavoidably absent to-day, as our manager, Mr Fraser, said io San-lam alias Ho Nguk-lan results show a profit which has have already alluded, will for Iodia, I desire to asscolatele had to go abroad, and also his interesting evidence before have now the pleasure to submit respondent, terminsted, the usual dever been exceeded in the history sufficiently acoɔnat for the myself with, and to support the that our old and valued director, the Commission, that the Coveroo you the results of the past order being given.
of the bank. This is the more adverse balance of trade. A part views so well expressed by Mr. Sir Henry Canningham, is laid up ment of India cannot let exchange year's work, and I hope I may be Mr. Eldon Potter and Mr. F. O. satisfactory seeing that we cele fun natural cases, to which, I Robert Campbell, the able chair by illness, and very much regrets fall without ruining the country permitted: as usual, to take the Jenkin, instructed by Messra, brate to day our sixtieth birth- Otto Kong Sing and Mr. L.day-this is our sixtieth annual have alluded, trado in. India, man "of the National Bank of that he is not allowed to attend and everyone in it, and therefore report and accounts as read. It we knew that in the last resort is very pleasing to us to be able especially in regard to woollen Indin, at their meeting yesterday. to-day. D'Almada appeared for the appoi- general meeting and i thing we and piece goods, has somewhat
Mr. L. A. Wallace seconded the Government must always to lay before you so satisfactory With a view to providing im lants and Mr. B. H. Sharp K..may congratulate ourselves on suffered from the restriction of proved and incrossed accommoda- the motion, which was noanim come to the rescue, but I think it statement of our position, and I and Mr. O. G. Alabaster, in having arrived at a good ripe old credit in the native bazaars con- tiun for our staff at the hand onely agreed to.
gives us all a much more comfor- venture to think it will be equally Mr. M. Roas-The next table feeling, both shareholders gratifying to you to see that the struoted by Mr. Beavis, of age and being still full of honour -Mesera. Wilkinson and Grist, hosar. Of course, we have had Swadeshi banks in Bombay and a very favourable opportunity of resolution which has been placed know that it is not what the materially strengthened and that
and of earning capacity. (Hear, sequent on the failure of several office, your directore have taken
and sterling depositors, when we resources of the Bank have been appeared for the respondents. our troubles and anxieties, lop country,
acquiring the premises, No. 2, in my hands is." That Mr. Mag- THE BIG CLAIM CASE. some cases the results have not
we are consequently steadily The collapse of those instita-Great St. Helen's, immediately as Mowat and Mr. William Government may be forced to do. tions was entirely due to an absondjicent to this build ng. At à Adolphus Browne be re-elested but what the Government has increasing our ability to take our The Hon. H E Pollook, K.O. been up to our expectationslute disregard of the elementary very small cost we are able to saditors for the ensuing year," voluntarily undertaken to do. instructed by Mr. L. D'Almada, China, for example, is still in the
proper share in the ever-growing in the osse in which the Great throes of an unsstiled Constitu- principles of banking. Where link up the now premises with Seeing that we have done so well you, air, and your follow directora quirements of Esstern banking. Westera Smelting and Refining sion, and the conditions of the speculation is rife and credit is the oll, and it will give us very with one auditor. I am not quite will have a weight taken off your It is chiefly due to the policy of Company secured judgment
given without limit, without re- much needed ground space. As sure that the terms of this reminds when you are employing adding to our reserves, which you Against T. F. Marques, for country, especially of the pro striction, and without regard to the present time we ball only solution are such as might par vast resources in Indio, how have co-wisely supported in the $85,000, applied to the
to any great expansion of trade safety, there can be but one end. require to use the ground flor, commend themselves to using that if this recommendation past; that we have one in the but for the fact that Mr. is adopted by the Government maintain the position we do, and Chief Justice for a stay such as we had hoped for. In is fortunate indeed that the and we have already let the upper
this have behind you a guarantee that has been of the greatest assistance your patience and forbearance After hearing the recital of deed, it is remarkable that with effect of these native failures was floors to exellent tenants. At Browne is unfortunately ill. We as I trust it will be you will conditions mentioned by Mr. euch unsettled conditions so good limited-and
limited-I think extraordinarily Singapore we have also found it recognize in proposing Pollock, Mr. Sharp for the Com-a volume of trade has been car
As regards the necessary to acquire à site and resolution last year I recognized these large sterling resources at to your Board in the management: pany said he did not mind so ried on during the past year. But European banks their credit rebuild premises, and your direc- his valuable services. We all your disposal will be safely re of your affaire; and it is also long as the amount bore the until the finances of China are maina absolutely unimpaired; intors have also decided to open aldeeply appreciate them, and turned in case of need to the great measure due to that that ordinary interest of aight periput in order, until currency thened in comparison with what purpose, as we were unable totion conflicts with the positionis. company making that it stands at to-day. It is only
fact, I should say rather streng-
branch in Pking. For that therefore, air, although the resula depositors and shareholders of the value of your property is what
reform is seriously taken
of affairs, in proposing two reenmmendation, not only have comparatively a short time since hand, and until
has happened in regard to these hire any suitable office there at a the
very prohibitive figure, we have auditors, let us hope that those the Royal Commission rendered the shares were at a considerabla The application was granted. improved, it is impossible that
surroundinge generally have native banks. (Hear, bear.)
Bat in connection with there required a small site in the two auditors will give us better an important service to India, but discount; they now stand u resulta this year than they have they have rendered in particular almost 100 per cent. premium. we can look for any great improve tion arose in the silver market proceeding to build offices there done in the past year. Iti 8.service to gil interested in ex. If our prosperity continues and
failures a somewhat serious posi Lagation area, and we are R. G. A. Sports.
ment in trade. Tuuching on the
under ordinary circumstances I The prizes mentioned in the fianuces of Ohina, has not the in London. It was found on the suitable to our requirements. Of usually your custom to invite change banke. (Hear, hear).
Mr H. B. Henley: I have much see no reason why it should not motter dealing will the B. G. A. time arrived when the Great closing of the doors of the Indian course, all these extensions of the remarks from the shareholdert.
I know that I have inflicted my pleasure in seconding the repluf/hope the date may not be sports yesterday referred to the Powers might seriously consider Specie Bank that that bank had buildings are absolutely necessary self on these meetings year after tion for the re-election of the distant when this self denial for mile rane, and not to the relay the question of a substantial of some three millions steling of our business abroad; they are years home the hub, whic
an overbought position-in silver to keep pace with the extension
auditors.
The motion was carriel un rewards, (flear, hear.)
your part will meet with is. race for Indian troops.
reduction, if not an entire essa So we were faced with this post- necessities in all cases, but we again, because the subject which
ion of the payments on account, This afternoon, the heats pro- of the Baxor indemnity, which tion that either we had to take do not build without very careful called me to my feet is now, Ianimously.
Mr Carl E. Melchers: Mr. membered as a time of politicil The year 1913 will be long re- trust, happily terminated. Bat liminary to the Hongkong payments are such a terrible drag prompt action in concert with consideration.
before referring to that I should Chairman and gentlemen, I think stress and anxiety, more or less Schools Athletic Sporta, are being on the finances of the country?
those interested in the silvor
like to ask you, Sir, whether the all the shareholders have every all the world over, and following run off in the Happy Valley. Such a measure, would be so
market or stand by and see an
Now, I have only to refer interesting figures you gave con- reason to be very satisfied with in its wake there was prek nged
cent. whether it was put up in cash or security to the satisfaction of the Registrar.
Schools Sports.
vinces, are such as to be adverse
ם!
The Appropriation of
the Harnings.
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