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Extract from the South China Morning Post of 24th.February, 1930.
50
but with the very greatest regret. He has had over 35 years' service -of which over
12 have been in Hongkong itself and during the
tained
our
and
the
The Sterling Bonus.
Those present were:-Mr. W. H. Whilst we, as shareholders, must Bell (Chairman), Mr. J. A. Plummer B. D. F. regret that the sterling bonus for the Vice-chairman), Messrs.
S. Lander Lewis, C. G. year has been reduced from £2 to Belth, B. past
ac- Mackie, W. L. Pattenden, T. E. Pearce, three years has
£1 per share, we feel bound to been Chief Manager. These three years,
quiesce in the decision of the Board T. H. R. Shaw and J. P. Warren A. C. Hynes as you all know, have been exception when we reflect that, at the low ex- (Directors), Hon. Mr. ally difficult ones, and the results at hange of is/72d to the dollar, the (Chief Manager), Hon. Sir Henry
final payment to us of £4 per share Pollock, K.C.,
following in face of these difficulties speak more for Mr. Hynes' zeal and costs only about $40,000 less in dollars shareholders: Sir Robert Ho Tung, ability in the service of the Bank than the payment of the final of £5 Hon. Mr. J. Owen-Hughes, Hon. Mr. than anything I could possibly say. the then exchange of 2s. 04d. to the Smith, Messrs. J. W. C. Bonnar, F. C. per share cost us for the year 1928 at W. E. L. Shenton, Professor C. A. M. I feel sure that you would wish to join dollar. Moreover, those sharehold- Hall, R. M. Dyer, D. J. Lewis, H. G. me in offering a warm farewell to
V. ers, who think in dollars, can derive Hegarty,
M. Grayburn, J. Mr. Hynes and in wishing him enjoy-comfort from the fact that for the T. Bagram, H. B. L. Dow- ment of a well-merited rest after his
year 1929 they are receiving, in divi- biggin, Paul Lauder, L. G. S. long and successful career in the Bank. dend and bonus combined, $80.37 per Dodwell, H. R. Sturt, Lo Cheung- Another old colleague of mine, Mr.share as compared with $79.02 per wan, Chan Shu-ming, M. K. Lo, A. V.M. Grayburn, has been appointed to share for the year 1928.
Stevenson, R. A. Dastur, A. P. Samy, be Acting Chief Manager when Mr.
In regard to the disturbed state oJ. H. Little, F. W. James, F. W. Hynes leaves in two or three weeks' affairs in China, shareholders can only Stapleton, F. R. Marsh, D. Tem- time. Here again I feel sure that you join with our Directors in deploring the pleton, G. C. Moxon, A. C. will join me in offering him a hearty continued persistence of civil war in Kennedy, A. B. Raworth, S. M. Churn, welcome and every success.
China with its accompaniment of E. F. R. Sample, P. S. Cassidy, C. B. famine and brigandage and of the Johnson, J. M. Alves, J. M. McHut- oppression of the Chinese merchants chon, L. E. N. Ryan, H. Dixon, Chua and masses by irregular taxation and Seng-choo, F. McD. Courtney, J. of interference with the arteries of Coulthart, Chun Wing-heu. J. Kote- trade in so many Provinces of China. wall. A. Alfred Tse, F. M. Ellis, D. H. Also the molestation of shipping by Cooper, J. E. Joseph, T. N. Chau, John pirates is still unfortunately with us, Fleming. E. D. Kotewall, Davenport and we trust that the preventive Brown, G. K. Hall Brutton, J. B. Mon- measures, which have recently been targis, G. E. Towns, W. E. Van Eps, initiated by the Government Kwangtung, will shortly bear fruit.
of Mrs. E. J. Hegarty, Mrs. L. G. S. Dodwell, Mrs. A. B. Raworth, and Mrs. A. C. Hynes.
In conclusion I would ask you to confirm the Directors' vote of a bonus to the staff of 5 per cent. on their salaries. The reduction from 10 per cent-the figure of several years past -has been made to correspond with the halving of the Shareholders' bonus. I now beg to propose the adoption of the Report and Statement of Ac-
counts.
After the proposal has been second- ed and before placing the motion before the Meeting, I shall be pleased to answer to the best of my ability any quesions that shareholders may have to ask.
THE SECONDER'S SPEECH.
The Bank and its Sterling Position.
Seconding, the Hon. Sir Henry Pol- lock, K.C., said. Mr. Chairman, ladies and gentlemen. In rising to second the adoption of the Report and the Statement of Accounts, I do not propose to occupy many minutes of your time, especially in view of the very full and interesting speech which has just been made from the chair.
The first point which strikes one as satisfactory is the fact that, in spite of difficult trade and banking condi- tions during the past year, our earn- inga in silver for 1929 exceeded by some seven lakhs of dollars our earn- ings in silver for the year 1928.
Yet another point for congratula- tion is that our Directors by transfer- ring 5 million dollars from our silver reserve at the very favourable rate of 2/- to the dollar, have raised our sterling reserve to six and a half millions sterling, and when we call to mind that only 10 years ago, at the beginning of 1920, our sterling re- serve stood at one and a half million pounds only, it will be readily appre- ciated how much the Bank has strengthened its sterling position dur- ing the last ten years.
We are also transferring $500,000 to our silver reserve and $750,000 to Bank Premises Account; and it is
Extrality Abolition.
As regards the abolition of ex- trality, one can only express the hope that the powers-that-be in Nanking will realize the desirability for pro- ceeding slowly and gradually, so long as Chinese Judges have no security of tenure of office, and so long as such Judges are liable to dictation and in- terference by political and military officials.
All shareholders will most cordial- ly indorse the bonus of 5 per cent. to the Bank staff on their salaries, and will very much regret the neces- sity for reducing the same.
I
In conclusion, Mr. Chairman, desire, on behalf of the shareholders, to echo your words of appreciation of the very valuable services which have been rendered to the Bank by retiring Chief Manager, Mr. Hynes, during the past three tremely difficult years, and we join in wishing him, and Mrs. Hynes also, many years of happiness to come.
our
ex-
We likewise desire to endorse your words of welcome to the incoming Chief Manager, Mr. Grayburn, and to wish him every success in his arduous task.
The report and accounts were unani- mously adopted.
Business Matters. Mr. R. M. Dyer proposed and Mr. D. J. Lewis seconded the appointment of Mr. J. P. Warren, Mr. T. H. R. · Shaw, Mr. M. T. Johnson and Mr. T. E. Pearce to the Board of Directors, and the re-election of Mr. W. L. Pat- tenden, Mr. A. H. Compton and Mr. B. D. F. Beith to the Board. This. was carried.
Messrs. C. Bernard Brown, A.C.A.,, and John Fleming, C.A., were re-elect- pleasing to hear from you, sir, thated as auditors, on the motion of Mr.
our investments stand at well under market quotations.
F. C. Hall, seconded by Mr. J. W. Bonham.