THE HONGKONG TELEGRAPH.
THE HONGKONG AND SHANGHAI BANK MEETING.
EXTRA
HONGKONG, SATURDAY, FEBRUARY 19, 1916
REPORTS OF GERMAN INFLUENCE FIRMLY DENIED Goverment 44 per cent. Loan re- polier of His Majesty's Govern- now hold (including our Sterling in the world where the principle with a few enlightened exceptiom
CLOSE ANALYSIS OF INTERNATIONAL FIÑANCE.
The ordinary yearly meeting of shareholders of the Hongkong and Shanghai Banking Corporation was held at the City Hall to-day at noon, for the purpose of re oring the report of the Court of Directors together wish, state- ment of accounts for the year ending December 31, 1915.
resolution which was passed at their meeting held on 28th December, 1915-
*
years to come there should be no the enemy. I cannot pres by designed. Within the limits of its the people to the British Raj, together and developingi.. tax on profits in the way of -und- this reference without paying a powerrand to the best of itability which to those who knew then was wealth and resources: hi is dúcbt. ing down Sterling Reserve Fond tributs to the loyalty with which the Bank has participated în Lie never in dog bi, has been manifestful if the internal resources o Investments, as your. Directore the Managers and Staff of the various measures taken for the ed in a manner as disconcerting comtry are at present eqne. consiter that, no matter what the Bank have devoted themselver to stabilisation of the foreign ex- to our enemies as it has bear francing the important railway market quotation may be, a Bs. carrying out, in the latter and is change and the maintenance of welcome to Great Britain.
which still zwart construction, os serve Fund Investment is a British | the spirit, the injunctions and supplies. We subscribed for and There is probably no country if the wealthier classes of Chinese,
deemable in thirty years, and ment in thir ruspeak, (Applause). Reserve Fand) $1,800,000 of the of Siste direction of industry and can be broughtło depart so fe carrying with it the right of I repudiate in the strongest 43 per cent, War Loan, in addi- Commerce is applied with such from their traditions as to look conversion, without penaliv, futo/ manner the insinuations which tion to nearly half as much again throughness, and upon the whole, Isvcarably on this class of invent- any future jour raised at a higher bays been circulated from time to applied for on behalf of our con- with such success as in Japan ment. We can therefore only ex- rate of interest may safely be time that the policy of the Bank stituents. I should mention that It is a system which is open to arciss, patience, earnestly hoping left in the book, at par. In addi of its officers has been in the this £1,500,000 includes our pro- objection in times of peace; it that the time may thế be too presents undoubted advantages long before the restorating of tion to this £70.000: claimed by direction of maintaining friendly vions holdings of Consol
in time of war. Japan has had a peace, and the adjustment of more the Sterling Reservs Fund, the relations with Germans with a were converted, writing down of the Bank's other view to resuming business with On the assumption- very prosperous year. Favoured, by pressing claims in Europe, way The Court of Directors investments to below present them after the war.
On the doubtful assumption that high her geographical position, she is again unloose the capital that desire to place on record their market prices absorbed some contrary, our efforts to liquidate rates of interest would operate in fortunately able to supply many o argently needed for them
rest grist at the death of Sir 84 lakhs, making the total amenat the German business standing in time of war as in peace to correct of the more pressing needs of the enterprises. Thomas Jackson, Bart, and also of the rear's profits used for the car books at the outbreak of the the foreign exchanges which had Allies and the demand for exports China is again passing through to give expression on their be purpose of writing down Securiwar have been so far successful turned against Great Britain, thus set up has tarn the balance a phase of political disse
that nothing more can be done till various expedients were reported of trade in her favour; exports which gives oss for anxiety- half and on behalf of the Pro-time $1,200,000. The chair was occupied by the prietors of the Bank to the deep Gentlemen, your Directors voted the various questions relating to to for raising the value of money, having sxceeded imports by about am not going to offer an opinion and widely shared feelings of the staff a bonus of 10 per cent cargo in captured or interned Bank of England rate has been Yen 174,000,000. The harvest as to what form of Government Hop. Mr. David' Eandale and
sprciation of the long and on their salaries for the year, and reesela have been settled and till maintained throughout the year has been farcurable and the re-may be best suited to the genius there were also present Mr. W
invaluable services which Sir and in doing so they felt shay the German Courts are again open at 5 per cent although money at venue has produced a handsome of the Chinese. They are L. Patauden (Deputy Chair- min), the Hon. Mr. E Star Thomas Jackson rendered to were only anticipating your to British claimants.
call in the early part of 1915 surpins which the Government, the best judge of that. But the Bank -both daying his wishes never was a bonus more While on this subject I would averaged li per cent, and first with great wisdom, is using to all the friends of China will hope lim, the Hon. Mr. P. H. Holyoak,
discountable reinforce the credit of the nation by that whatever form of Govers Hears. 8. H.Dodwell, G. T. M. tenure of office sa Chief Manager deserved (Applause) Needless like to refer to the sesertion so clase bills were
in Hongkong and afterwards to say, the Hamburg Office of the frequently made by interested st 24 per cent Recourse to more the redemption of its external in- ment is finally decided upon may Edhias, C. 8 Gabbay,, J: AL
in the capacity of Chairman of Bank is not included in the bonus parties previona to the war that drastic messures has to some debtedness The quotations for be accepted by the people with- Plummer, (director) J.
the London Committee," bat British members of that staff the Bank's policy wie subject extent repaired this discrepancy Japanese securities on the London out demur and that the opponente Stabb (Chief Manager), Dr. J. W.
These between Bank and market rates, market have depreciated less than may be patriotic mang to refram Noble, Fr. Bober;;, Messrs. A: H: The report and statement of will receive their share in due to German influences.
sæeactions are so a beard and but it may be questioned if the those of another Power. from an organised. opparitio Barlow, R. C. Sandford, F.sccounts having been in your course.
I would mention that we have wide of the truth-that we have country is not paying too dearly With regard to the trade of which can serve no other end H. Thomas, N. Murphy P. S banda for some days, I shall, as Camily, W. E. P. Tabrafeld, Bo customary, take them as read no information whatever about not hitherto considered it neces for this artificial consistency. For China generally, although the than to mar the brightening pre- WE D... Haskell, H. W. You will notice that the report is the Hamburg Branch or its affairs sary to refer to them, but it now a debtor country, as England Maritime Cast me returns show pects of their country.
One Hundredth beyond the fact that it is in the seems advisable to state that, now appears to be, though pro- some falling off in comparison As regards the balance sheer, Lader, W. E. Clarke, W.Danbar, headed the K: D. Gasdat. George Pierces Report of the Court of Directors banda of a supervisor. Nor am T spart from the local staff of the bably only temporarily, dear with the figures of 1914, it has there does not appear to be any Choo Took J. B. Taggart, Hoso the ordinary yearly General in a position to give any particn- Hamburg Agency, no German money cannot be an advantage to be remembered that foreign item calling for special comment Fok, A. 3. Paibe, Bo Kou-tong, Meeting of Shareholders." This at lara with regard to war losses, was aver employed by the Bank and there seems no doubt that trade during the first half of the with the exception of our invest un-ments under the heading of "Be Lig Tak-po, J. M. C. Basta; Chan first sight would appear to be a Many uncertain items which were in any capacity, and that the trade would benefit if money were latter year was carried on
On tish Government, Colonial and Kading, G. C. Horon 3 H. N. misnomer, as the Bank has only outstanding a year ago, have holdings of Bankshares by Ger- once more left to look after itself. der conditions of peace.
mans have, always been inconsï- On the Continent, France, the whole, the results are better other Securities" mounting to Holy, H.A. W. Slade, Findlay been in existences little over been liquidated, but there are Smith, J. W. C. Bonta P. Kilty years, bat, up to and many unsettled questions in con- derable at the outbreak of the Russia and Germany followed than could have been anticipated $23,952,689.70. These figures traditional policy of The import trade, although re-are some $9 million higher than Ker, Chan Sai-ta. Ellie Ka-including the year 1914, reports nection with interned steamers, war they amounted to under 5 their doorze, Bo Kwong, C. Pemberton, were issued and general meetings condemned cargoes-etc., still in per cent of the share capital. We finance in time of war. Specie stricted in volume,, owing to the in the previous report, the
The Iset abeyance which will probably not had, as was the case with almost payments were at once suspended difficulty of obtaining supplies increase being due to £300,000 T. Sang Fork, A. V. Apear, held half-yearly. H: B. L Dowbiggin, Y. half-yearly report was the 99th. be decided until after the war. every other Brinet Company in and every effort made to accame the home markets and to the 4 per cent. War. Loun ang the Hogg,
Cheung shui, and, as we are continuing this Outside the Hamburg Office, Hongkong, directors of German late a board of gold in the Siste scarcity-of tonnage, is, now that transfer to this account of the 3 pair Lo
which 合 know nationality these gentlemen Banks. The results have been unhealthy competition has been cent, Exchequer Bonds and other F-Smyth, G. Harton, Henry consecutive numbering, the pre-about
reas signed at the outbreak of war, remarkable. The Bint of France removed, in a sounder and more Sterling Securitisa from the Breez Humphreys, Donald Mcdonald, seat, our first yearly report, is nothing, there seems no
to anticipsts, any heary and, unless future generations which had £168,000,000 on the normal condition than any one ling Reserve Fund, as that Fand AJ Pomfrett L N. Lede, D. therefore the one hundredth. It on Silce, F. Maitland, A. F.D. Cous is a good number to start the losses which have not been hold different news from the outbreak of hostilites now holds would have ventured to predict is now entirely invested in ther
We still present one, no German is likely more than $200,000,000 in gold a year ago. Exports, on the 44 per cent War Loans Assi land, J. T. Douglas, D. K. new order with. The Bank has fally provided for. T. E Pearce, J. H. Walie, Hnow entered its second half can think it desirable, however, to to be on the Directorate of this Russia has $174,000,000; and other hand, have benefited greatly ready mentioned, these Securition Puroy Smith, S.
Sath Stary, and notwithstanding that continue adding surpins profits to Bankagain, nor, I hope, on test Germany 122,000,000. On the by the increased demand and the have been written down, to the
aDy British Company other hand, England, greatly dar enhanced gold prices for all arti-present low level of prices. Michael, A. E. Griffin, L Berin- this commenced in the most the amount carried forward unfil of
Gentlemen, the commercial ing, avoided the suspension of gold cleand they are many--which dongus, G. A. Hastings, J. troubious times the world has the liquidation of pre-war baai- (Applause).
We remain, in common with payments. The stock of gold in are required for military supplies, cutlook is obscure and this is not Gris, E. Ormiston, E. Howard, known, it is a satisfaction to nees in finally closed.
At out last meeting, I express- the American and French Groups, the Bank of England, which was Had sufficient tonnage been avails time for prophecy. Consider G. E. T was, C. Beswick, and your Directors, I am enre HM.H. Nemazee, (shareholders). it will be to the shareholders, fed the hope that when we next parties to the Bakuang Railyar £77,000,000 a year 229 is now able, it is certain that the volume ing the many adveres conditions The Chairman asid-Gertle to know that in spite of many met is right be in times of Agreement, and in common with down to shout £50,000,000, but and value of exports from Chins I think, generally speaking, That hope he not the Franco, Russian and Japanese gold continues to flow in and would have greatly exceeded all basincas in this Colony was fairly men; it is past the hour for which bindrances to trade, the-closing of peace.
prosperons during the part yaie, this meeting bas been called and several fields for profitable ex ben falfilled. The area of Groape, to the Quintuple Loan out- the Bank of England precedents.
and the heavy the conflict has widened, and, Agreement; to which Agreements almost as in normal times. It is The Salt Revenue Administra- and probably most merchanta as there is a quoram present. I change person on a reduced although there is no dogbs the German Group are also par- impossible to withhold a tribute tion, under the able direction of both European and Chinese, haye
rill ask the Chisi Manager to bordene imposed upos
eventual result, ties, and so long as these Agree of admirstion to those who are Sir Eichard. Dane, continues to done moderately well; as have rast the notice convening the sa, the different offices of the as to the
Bank have socommodated them- peace is not yet within sight,ments are maintained, we and our responsible for the finance of the show steady progress. The net also the majority of our local meeting.
The Chief Manager having seives to novel and unprecedented Great as are the resources of the colleagues of the other Groupe war, for the skill and address reveane paid in to the Group Companies.
conditions and have taken Allies, they will have to
We have been fortunate in behave to communicate with the with which throughout the Banks during the past year ex- read the notice
The Chilaka nitGentle advantage of new openings with utilised to the utmost before a Deutsch-Asistische Box, retre victissitudes of a great European ceded the immense sum of $69,- Hongkong in remaining outside men,Before proceeding with its such success as to enable us to satisfactory termination of the seating the German Group, conflict they have sccceeded in 000.000 an increase of more than the actual area of hostilities,
alectin
the maintaining specie payments and $10,000,000 over the collection of and, thanks to the business of the meeting I have to come before you with a report war can be reached, and in the in matters
Allied fleets, re'er with very deep regret to the wich compares favorably with development of these resources payment of Coupons and other in preserving for Great Britain her 1914 Of this total, $10,834,000 and
reparable loss, the Bank has any hitherto, presented is incumbent upon all to petty details. This has led to the premier position as the great free was applied to the service of loans bave been left catry on
specially secured on the Salt our business mimolested. I sustained by the death of Sir Including $2,607,27451, the bear their part. The Bank has ar tiem that this Bank is in close gold market in the world.
The infnence of war has, as Bevenue, $23,788,000 was paid the duty of such one of us indivi Thomse Jackson, M. Jackson, as balance brought forward from the endeavoured to do its share association with the Dentech- he was then, joined the Bank in previous year, the net profit for Although it was not possible to Asiatische BanE, an entirely false usual, been in favour of silver towards the service of the Boxer dually to push forward and in- The rise in the world price of Lademnity, being more than create Betish trade to the best Angust 1866 and was confirmed 1915 after paying all charges & pets many from our Eastern statement...
Apart from the above, Inter- commodities, the increased ex-three-fifths of the annual service of his ability, and in doing so let: Chief Manager exactly ten years and making provision for bad and Stad, a very large proportion of
Maritime as not forget to be prepared to do later, a post which he beid until doubtful accounts and contingen- the Bank's London Staff serving national Loan Agreements this penditure of the belligerent secured upon the his lettrement from the Est incies, amounts to $8,467,774.52. in His Majesty Forces, and our Bank has no financial or working countries, the withdrawal of gold Costoma and Salt Revenues, and our share in providing our coue 1902 Upon his retirement: bề From this has to be deducted condolences and deep sympathy agreements or undertakings of any from internal circulation and $27,523,000 was released to the try, to the utmost limit of our accepted the Chairmanship of the the Laterim Dividend of $2.3 go out to the families of those kind whatever with the Deutsch- the relative increase in small free use of the Chinees Govern-means, with the funds so neces London Committee of the Bank per share paid in August last, who, fallen on the field of battle Attisober Bank or any other payments led to a demand for ment, leaving a balance in the sary to bring the warts a succe
silver cnnage purposes which hands of the Groups Banks on ful conclusion. For that resson and occupied that portion up to sminting to £258-000 a 19:5/16, have made the supreme sacrifice German concern,
I regret to have had to go - has only been limited by the diff the 31st December of about Int we may all fare as well the time of his death, thus serving equals $2,908337.21 and $30, in their country's causec
It is proposed that at the end to the matter of such length calty of transferring the metal to $24.385,000, as compared with dure the present year as in the the Bank for very little short of 000 remuneration to Directors, half a century. Words fail me with leaving balance of $0.53 of the war a monument beersot but it is well to expose once and countries where it is wanted. $17,328,000 at the end of the ear that has passed, and that 1918 will bring to our country which to do justion to the 43728, which it is recomended ed in Hongkong by the Bank to for all the slender foundations From 2211 per oz. at the begin previous year.
japose of as follow
the memory of those members of for the campaign of mendacity aing of 1815 silver rose, slowly in It is indeed fortunate for Chins and our Allies s tziampisat anË great services recdereč by Sir to Thomas Jackson to this Bint A final dividend of $2.5/- per the Staff who have fallen in this against the Bank which, in the the first instance, to 2741. at the that, at a time of crisis like the lasting peace. (Applause);
I now beg to propose she adore present state of public feeling stend of November. The silver present, she has found source with the rise of which he was so share (making #1.61 pershare for great war.
We in the Easthione circum- dangnedly calculated to give exchanges followed closely in the of revenue which, for stability and tion of accounts mid-statement of closely identif The welfare the year) subject to deduction of
stances or responsibilities out here fale i pression of the situation train of suver. From January, independence of external conda accounts. After the proposal and exocess of the Bait were at income tax-
preolude us from respondin 10 and policy of the Bant generatfy, 1915, Hongkong T. Trose from tions, is surpassed by none; and been seconded, befus ways, foremost in his thoughts,
the call of active military service I will now pass on to considers 1/8 to 1/11 per dollar in Norea- the Chinese Government is to be motion to the meeting, I and for the greater part of his life
for our country,- must--romai Įtion of a fair aspects at the presentber: the Shanghai rates at the congratulated on the fact that pleased to answer, to the he devoted the whole of his energy
whose filify any questions which and great abilities to its services,
forward to next year spectators of the appalling ex-position of international fiance same dates being 2/21 per tael Sir Richard Dane, to
pendimte of the nation's re- | and trade.
and 2/19% respectively. Since genius and happy personality shareholders wish to ask. Ther can be no better tribals 137
Mr.HAW. Blade sait sources, and sacrifics of its fizinet The finance of Great Britain is Novembercsilwer declined to 253 this great work is due, hás con his Müttery sad work than Cô
manhood, by which it is striving ored on a basis of pesca, and but now stands at 26 with Hong sented to continue his services for Chairman and Gentlemen, position the Bank now holds
have referred Chairman. to vindicate the liberty and on the antizen of war it there kong and Shanghai rates at T. T. | some years móra," Great add maily as wets the públi
right" wifier is the her for become necesary to improlly and T. T. 2/71.
Owing to the European war, the great loss which the Ba services be rundred his mos
China has of necessity ceased to sustained through the our Allied Wd na¬
bea borrower in foreign markete: Sir Thomas Jackson and, while fra circumstance like to samocżało, za
A bonas of off-share.
Write på Bank Preenase ajo
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's number of emergency, man- In India, the volume of foreign
I do not propose to specify trade has been cartailed by the ine thone :znessmesneing affects of war bus the lose has
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they had to be done been to some extent compensated should no doubt reset beneficial that you hare, maid,
would by the Eigher pričce. Fhich she is | ly, by stimulating economy, and that everyone presen obtaining for her exporta. The interazi ad cinistrative reform, it would wish the material prosperity of the country postpones the progn on Bay as one who ha
is indiested by evalence of a pro- Large Eade of the
grenaïve rise in the etendard of of the railways which comfort, while the loyalty of essential for knitting the
of his anikling kin
British