1916-02-19 — Page 4

HONGKONG RACE MEETING.

Messrs. A. S. WATSON & CO.

Invite owners of Race Stands and others to visit their extensive Wine Vaults and inspect the magnificent assortment of

י

BANK

THE CHINA MAIL.

JUBILEE MEETING.

14

the outbreak of was, and, unless future generations held dilurent views from the Prwent one, no Garman is likely to be an the Directorate of this Bank agning not, I hope, ou that of any British Company.

THE FINANCIAL GROUTS

יו!

SATURDAY, FEBRUARY 19, 1918.

KE KLECTION OF DIRECTORS,⠀

HONGKONG & SHANGHAI remuneration to Directors, tearing of

Import urade, although restricted in volume a must have caused the Chief Managary balance of $6,092,437.29, which it is

owing to the diffculty of obtaining supplies | Managare and Aganbe much anxious thought recommended to dispass of as follows :

in the home alarkour anal to the scarcity off while reduced numbers must have entailad tonnage iw, now that unhealthy competition i extra work in all departmentą, bus thu A Boat dividend of £1,9 per subject to

has been rumored, in a sounder and mars Report now presented” folum is proof al ahato (msking 24.8/- per {umamion.

normal condition than any one would have the loyal ao operaion of all membent of the share fur the year)

kljnauta

Vantared to

I to predios a year ago Exports, stail from to bottom. I bare now the Abaqus of 5/- per share

DAY.

We remain, in commun with the American the other Band, have banasted greatly pleasure bo oond the adoption of the The 100th generat mosting of shareWrite of Bank Pranilses a/ $50,000.

and Franeh Gidup partion to the by the increased demand and the enhanced report and accounts as presented. boklers of the Hongkong and Shanghai And

Hakuang Railwng Agreement, and in gul price for all article and there sta "The motion was carried unanimously. carry forward: to DALI! your use with the Fro ch, Russian" and Banking Corxution was held as the City $3.027,219.80, being $20,000 in arcus Japanse Gross to the Quintupla Loan many-which are required for military Hal na neon to-day.

of the amount brought down from the agreement, to which Agrumenteshe Get-supplies. Had sufticions contage bead

man Group are also parties, and, so long asaralably, it in cartel that the volume and Me Herne Huruatre proposed that The Hon. Mr. David Landale, Chair-previous account.

I trust, Goatleman, that this distribu. Shree Agrements are maintained, wo And value of exports from China would have the Hon. Mr P. H. HOLYGAR Hun the Hea Mr DAVID Langaku be re-sleetod: so tha tion will meet with your approval. As ammunicata with the Deutsch-Asiatische the able direction of Sir Richard Dune, very much pleasure to propose their re-

our palibagues of the other Genapa bave to greatly exceeded all precedents, of Directors, proalled, and among

The Salt Revenue Administration, u dar | Board of Director. Hauld it' gave him. those prosent weyn Mr. W. L. Pattenden you will have noticed in the Report, the Bank, representing the German Group, in

The bluation.. (Deputy Chairs)." Hon. Mr. E. changs in the Securities competing the matters Affooting the payment of coaportin to show steady pigrow,

nus ravenne paid in to the Group Buks Me Don weconded, and tha 'motion Shellini, Hon. Mr. P. M. Holyoak, and Sterling Roaerrs Fund cost sets £70, and other posty details. This has led to the

which was mot out of the year's pro-soction that this Pauk is in aluss Lansing the past year axeouded the immense was entsted unanimously.

estion with the Deutch-Asische Bank, of 869, 030.000, sa increase of more than an entholy falsu atatement. Apart from $10,000,000 over the collection of 1914 1.300,000 is now extizoly invested in the International Langevemuuta, tha this tutal $13,811,000 as applier, te Dr. J. W. Nota proposed that Mr J. the 4 per cant. War Loant which stands Bank has up Anancial or ezking agrare painily secured on the Salt Havenus, W. C. Bonner and Mr F. Maitland be re

821,799,000 was pait towards the service sleated the Auditors Mr FINDLAY SMITH in the books at p for many yours toments as undertakings of any kind worster of the Boxer Lodomaity, being mors than soocnded, and the mution was carried

th the Deutsch-Asiatische Bank, or any three Atthe of the annual service secured ananimously come there should be no tax or profits other German concers. in the way of writing down Stofling

WINES, SPIRITS AND LIQUORS. The variety and number of brands therein stocked enablers. S. II. Dodwell, G. T. M. Edit Our Sterling Reserve Fund of an them to suit the taste of the most fastidious, as well as appeal to c.. s. Gubbay and J. A. Plummer (Dizoctors!, Me. N. J. Stabb (General those to whom price is a consideraticu.'

Macayor), and the following share. holders-Mesars. A. H. Barlow,

For Race Orders full credit will be given for unopened sad. H. Thomas, L. N. Harphy, Reserve Fund Insiemente, as your ab auch length, but it is well to expose the free use of the Chinese Cloverment,

bottles which customers may wish to return.

P. S. Cassidy, W. R. P. Tharold, Wing, D. Haskall, H. W. Looker, W.

I regret to have had to go into this matted pan, the Maritime Customs and S.

Revenues, and $27,529,00 was rolunsad to once and for all the slender foundations leaving a balance in the hands of the for the campaign of mendarity against the

about 894,395,000, -as compared wild feeling, is dealinedly esiculated to give false impression of the situation and policy $17.999,0XX0 at the end of the prarione

year.. of the Bank generally.

E. Clark, W.-Dunbar, K. D. Gading, G. Fund Investiheis Iza British Govor. Bank which, in the present state of public. Groups" Banham thị Sist nonniber I

A. S. WATSON & Co., Ltd. Platey, Chin Teng. Dr. . W. Noble.

WINE, AND SPIRIT MERCHANTS,

ESTABLISHED 75 YEARS,

WM.

Powell

LTD.

TEL: 348.

LADIES

SHOES.

WE ARE FREQUENTLY

DEATHS. EDRING203.-At the

."

THE BANK AND THE WAR,

I will now para on to consileration of a for aspects of the present position of

XI-ILECTION OF, AUDITORY.

NEWS OF THE DAY,

LOCAL AND GENERAL.

A Shanghai paper understands that

Mr. A. C. Holborow. (formerly of Hong Long) is leaving for Home shortly to offer his services to the Goverment

Directors consider than no matter what the market quotation may be, a Reservo

ment if par cont. Load redeemable a J. H. Taggars, Ho Fook, A. E. Paine thirty years, and carrying with it the

It is indeed fortunate for Chins that, at Ho Now Tong, Lau Tak Fo, J. M... right of conversion, without penalty, into

a time of cris like the present, mis háb Basto, Chad Kai Ming, G. Moxou. any futura lonu mised at a higher rate

found a source of revenue which, fa J. II. N. Mody, H. A. W. Slade, of interest, may safely be left in the

INTERNATIONAL FINANCE AND TRADES

atability and independence of excøre al Findlay Smith, J. W. C. Bonnar, P. books at pur. In addition to this £70,000

The Buance of Great Britain is organized conditions, is surpassed by none; and the wok, Chan Sia Ki, Ellis Kadoorie, Eg chimed by the Sterling Reserve Fund. on basis of peste, and on the outbreak of Chinese Coy rement la to be congratulated

war it therefore became necessary to on the fact that Sir Richard Dans, to whos Kwong, C. Pemberton, Tsang Fook, the writing down of the Bank's other improving number

of emergency genius and happy personality this grest V. Apear, E. B. L. Dowbiggia, A. V.

investments to below present" arket menures. I do not propers to specify work is due, has possented to continue his Government Civil

to criticize the n D. CASUTER in services for some years more, Hospital, on the 13th tast, Tox W. Hos. Lo Cheung Shin, Fr. Robert, prices, absorbed some $-4 lacs, maltingfor

Using to the European, war, China has ERRINGTON, Chief Engineer sa. Kum Smyth, 0. I. Haxton, H Humphrey, the total amount of the year's profitsusel detail. If they had to be done over again

no doubt they would in some resprate of necessity ceased to bo A borrower in Mr. J. Jofrey," Manager of the Hongs any, a native of London. Australian D. Macdonald, A. J. P. Pomfrett, for the purpose of writing down Securito done differently. But upon the whole foreign marketa: and, while this circun kong and Shanghai Bank at Singapore, has paport please copy).

Leefo, E. H. Silas; F. Maitland, A. Stice $1,200,000.

they appear to here been bully con- stanco should no doubt ru-not benedicially been relieved by Mr J. C. Peter, jual NortOn February 19, 1918. at Shang.D. Corstand, J. T. Douglas, D. K. Mose,

ceived and to hawa heen effective for the by stimulating economy And internal hai, Many J. Not the beloved wifeT. E. Pearce. J. H. Wallace, H. Perey of O. G. Noel, aged 69 years.

Gentlemen, your Directors voted the one for which they were designed administrative reform, it postpones tas arrived from England. Mr Jeffrey is going

Within the limitani ita porurs and to the progress on any large scale of the home via Madras and Pombay," Smith, S. A. Seth, Sidney Michael, A.

staff a boune of 10 per cost. on their best of its ability the Bank has participated construction of the railways which E. Orisa, L. Berindeague, G. A.

essential for salaries for the year, und in doing aid the varios mesures saken for the ro

knitting the Hastings, EJ. Grist, E. Ormiston, E.

daveloping itd Shanghai papers sanounced with deep Howard, G. E. Towns, C. Beswick, auley felt they were only puticipating your stabilisation of the formiga exchange and country together and

wishes-nover was

It is doubtful if the regret the death of Mr Charles R. Bonnatt bogus mere de the maintenance of supplier. We subscri- wealth and resources. 4. M. H. Nemazee.

hed for and now hold (including our Stor internal resources of the country are at the son of a partner in the firm of Mustard served. Needless to say the Hamburg Heg Keurve Fund) £1,800.000 of the 43 present equal to financing the important Co. and for many years a prominent Office of the Bank is not included in the per ern War Las, in addition to mostly railways which still await construction, or

behalf of if the wealthier classes of Chinase, with beans, but British members of that stall balf as much again applied for

member of the sporting community st Dur eraslituents. I should mention that for enlightened exceptione, can be brough Shanghai. Mr. Bennett died at Pasadena, will receive their share in due course.

this £1,600,000 includes our previ us huld. to depart so far from their radities ings of Consols, which were converted. Lok favourably on this dises of investment. California, on January 17th.

On the assumption-a very doubtfe! We can therefore only axercise patience, assumption that high rates of interest earnestly hoping that the time may not bu would operate in time of war se in pesco too long befors, the restoration of percs, turned against Gran Britain, varius in Farope may aain saloose the capital to the Government. Civil Hospital yeztete to corrost the foreign exchanges which had and the adjustment of moro pressing claim father, mother sad daughter, vara bakan raina of money. The Bank of Eng and prises.

Chinx is again passing thruch a phasing. They were remorci, under the rate has born m intained throughout the

se at 5%. although money at call in of political disscasing which gives cause for director of Surgeon-Inspector Thomas, on the early part of 1015 averaged 14% nxiety. I am not going to offer an the Police Reserve ambulanos, used for the and Arst-class bille were disscant ble opinion as to what form of Government fast time. at 24%. Reconse to mora dr.atis mesures may be best suited to the genius of the has to some extent repaired this discrepancy Chinese. They are the best judges of that. between Bank and market rates, bus. it. But all the friends of China will hope that sy be questioned if the country is, but whatever form of Governmuns ia Szally too dearly for this artificial con decided upon may be accepted by the

The China Mail.

HosOxONG, SATURDAY, "Feb. 19, 1916.

ANNIVERSARIES.

THE CHAIRMAN'S SPEECH.

THE LATE SEN THOMAS JACKSON.

The Cuammas, in moving the adoption

of the report and accounts, said

Gentemen. Before proceeding with: the business of the Meeting I have to refer with very doop regret to the is

I

would mention that we have ao informs

sich whatever about the flamburg Branch

or its affairs beyond the fact that it is in the hands of a supervisor. Nor am in a position to give any particulars

Three-members of a Chinese family,

This is the year of Jubilee of the Hoogkong and Shanghai Banking Corporation. The meeting of share. Parable loss the Bank has sustained by with regard to war losses. 3iany uncor-spedients we:g resorted to for raising the that is so urgently needed for these enter dag, suffering from auppaad opium poison-

holders held to-day was the hundredth in the history of the Bank; for they

no

1}

· THE BALANCE BEZET.

de regard the Balance Sheet, thora does not appear to be any item calling for special comment with the exception of our investments under the beading of "British Government, Colonialand other Securities"

mountingCo $21, 052,639. 70..

that Fund is

·

The new French Mail steamer Andre

aftarozón.__A_description of the rotaci.

has already appeared in our columnA,

the death of Sir Thomas Jackson. Mr.tain items which were outstanding & your Jackson, as he was then, joined the Banks, have been liquidated, but there are in August 1866 and was confirmed Chief many unsettled questions in connection | have been held half yearly. We believe he held until his revirement from goes, etc., still in abeyance which will Manager exsetly ten years later, a post with interned steamers, condemned tur only one of the founders of the Bank the East in 1902. Upon his retirement probably not be decided until after the is still alive-Sir THOMAS SUTHER be accepted the Chairmanship of the 5. Cutside the Hamburg Gied, about London Committee of the Bunk and are which we know nothing, there soonas no LAND. #bo in the carly, sixties was pied that position up to the time of his which have not been fully provided for.now appears to be, though probably enly opponents may be patriotic enough to first rekura voyage from Shanghai, and th

reason to anticipate any heavy louses (paring or debtor country, as E-gland people without demur and that Lebon unived in port this morning on.her the P. & O. Superintendent in Hong death, thus serving the Bark for roryWe still think it dairable, however, to tom pornsily, dear money cannot be refrain from an orisased opposition which reception which was postponed on her RECEIVING

koug, and subsequently for so many little short of half a clutury. Forse al continue adding, surplus profits to the advantage and there seems no dubt that can serve no other and that to mar the outward tip will be held on board this SMART

years the Chairman of the Directors me with which to do justice to the great amount carried forward until the liquida rade would Lonent if money were once

were once brightening prospects of their country. of the P. & O.Company Sir Tarts services rendered by Sir Thomas Jackson of pre-war business is insly closed.

more left to lock after itself.

On the continent. Franco. Rassin and to this Bank, with the rise of which he SUTHERLAND, indeed, a few years was so closely identified. The welfare At pur Inst Meeting I expressed the Germany followed their traditional policy NEW MODELS.

A new steamer for the Nippon Yazı ago in a public speech took the credit and success of the Bans were always hope that when we not met it might of finance in time of war. Specia payments were at once suspended and every effort

Kisha wa launched at the Kawasaki yard unto himselt for suggesting the estab- foremost in his thoughts, and for the be in times of peace. That hope has not

February 7. The Tujina Maru is a State Binks. The results have best whole of his energy and great abilities has widened, and although there is remarkable. The Bank of Franen which

These stemmer of 7,30 tons displacement and WILLIAM POWELL, LTD.hment of the Bank. There were greater part of his life he devoted the bee fullled. The area of the conflict made to accumulate a hoard of gold in the

at that time at least pine other to its services. There can be no better doubt as to the eventual result, peace is had 166,000.001) on the outbreak of gues are some $3 million higher then i will be delivered to her owners by May: 10

bolds mot!

thin the previous report, the increase boiur das next. The steamer is to be employed on Banks already established in the tribute to his minory and work than the not yet within sight. Great as are the hostilites,

£200,000,000 "gold": Rasia bas to £300,000 41% Was I can and the transfer Colony, and consequently when a few position the Bank now holds. Great and resources of the Allies, they will have

to be utilised to the utmost beforo On the other hand, England, greatly and other Sterling Securities from the Takala Mern.

£174,000,000; and Germany £122,000,0 to this account of the 3x Exchequer Bonds the European trade in place of the ill fated many as were the public services he ran- years after its establishment a gray" [doval, bis most enduring: monument is satisfactory termination of the War esa daring, suided the suspension of geld Sterling Reacrvo Fund, commercial crisis occurred, in which the standard of commercial morality be reached, and is the development of payments Testesk of gold in the Bank entirely invested in the P

Avalondy mentioned,” thote many banks and business houses which be at Shroughout the Far East, these resources is is incumbent upon all of England, which was £27,000,000 a year Coat.

about

£50,000,000, but Securities have been written down to the gold continues to flow in an out at tha prosent level of prices. succumbed, it seemed doubtful Nothing" that was not generous, nothing to bear their part. The Bank has endeo is now down to

youred to do its share. Although it was Bank of England lucas a jn neeun1 whether the Hongkong and Shanghai mean or anderhand, could, abide his pre-

not possible to spare many from our timer. It is imposible to withhold a Bank would have a long, existence.sence, and he leaves to those who follow

Gentlemen, the commarais, outlook is a noble and inspiring araciple of unsct. Eastern Staff, a very large proportion of tribute of admiration to those who are It came to pass in 1874-75 that itsel devotion to duty. Your Directory the Bank's London Stag is serving in responsible for the-na-en of the war, ob cure and this is notă time for prophecr. Kring, vios-chairman; Mr Lim Neo-kar,

comfur the skill and addrose with which Considering the many adverse conditions, Chinese mëmbur. The sub-committoes ara : .. failed to pay a dividend, but the wish to record here as following rescluis Majesty's Forces, and our throughout the vicissitudes

of a great think, generally speaking, bisiness in Works-Mr H. G. Kring and Mr. W. A fortunes of the Bank took a slisrption which was passed at their Meating dolences nzd deep sympathy go out to Furopean, ecuflet they have succeeded in this Colony.was ínicly prosperous during Perry. Watch-Capt. Bathurst and Mr 8.

the families of those who feller-on-tho maintaining specio cayments and in the past year and probably mort turn for the better" soon after the held on 28th December, 1915-

The Court of Directors desire to field of battle, have made the supreme preserving for Great Britain ber promior Merchants, both European and Calness, Uchida, Financa-Mr W. S. Nicholls and place on record their grest grief at the sacrifice in their Country's chase. It is position as the grant Itec gold markat in have dond moderately welf, au have also Me Kring. Assessment Capt Bathursty

the majority of our local Companies. The infunsca of war has, as usual, beca Wo have been fortunate in Hongkong fo

Mr Kring and Mr Perry, death of Sir Thoinus Jackson, Bact., proposed that at the end of the War & and also to give expression on their moment be wrected in Honghong by in favour of silver. The rise in the world remaining outside the actual area of behalf and on behalf of the Fapprietors the Bank to the memory of those mem-prins of commodities, the increased ex-hostilities, and, thanks to the British, and of the Berk to tho deep and widai, bers of the Stad who have fallen in this † pouditers of the belligerent countries, the allied Boots, we havɑ, béco left to carry the A. D. O. is giving its two performances

withdrawal of gold from internal circolation our business unmolesced. It is the daly great war...

The in the East, whose circumstances and the relativa increase in small paparents of each end of an individually to push for of "The Angolia the House on the 4th led to a demand for silver coinage purposes ward and incresse British Trade to the best and 8th March in aid of the Blue Cross or responsibilities out here preclude which has only bear limited by the of bis ability, and in doing so let us not Fund The Booting ppens at Mouthie's

of transferring the metal forget to be prepared to do our share in from responding to the call of active dificulty

countries where it to wanted. providing our Country, to the utendat limit on February 25th and with a view to military service for our Country, must to

From 2214. por coz. ab the beginning of our means, with the fande so necessary welling the proceeds it has been decided remain spectators of the appalling, ex- perditure of the nation's resources, and 1915 silver rous, slowly in the fist to bring the war to successful conclusion. to charge $1 for all good centre snaha instanco..to 2718 at the and of November. For that resson. I trust we may all fare un sterifice of it's finest munbood, by which The Silver exchanges followed closely in well during the present year as in the year throughout the house (Stalls and Circle) it is striving to vindicate the liberty and the train of Siver. From January 19:5, that has presedi, and that 1916 will bring and 23 for side seate. It is hoped that this

dollar in November: the Shanghai res and lasting peace. as the same dates being 2/2 par taal and

THE DIARY.

MEMOS. FOR TO-MORROW,

Princess Royal's birthday (1867).

a.m.-Excursion to Macno by 8.8.

Taizban" Volunteer Reserves: Field Operations,

MEMO. FOR MONDAY.. Hongkong Jockey Club's Rice Mooting

General Memoranda.

TUES.. 22 & Web., Feb. 23 y

Hongkong Jockey Club's Race Meating,

„Friday, Feb. 25 :--

11.30a.m. China Provident Loan and

Mortgage Ca's. Menting. SATURNAT, Feb. 26:-

H.K. Jockey Club Races -Off Day. MONDAY, Feb. 23.

Day.

TUUAY, Feb. 29:-

230 p.m.-Auction ав

Hughes and Hough's.

Wadamday, March «L :-/

St. David's Day. FRIDAY

Furniture.

& Baruenay, March 4 :—

Show. SATURDAY 4 & MONDAY, March 6 --

9.30 p.m.-The Angel in the House" by the HK. AD.C at Theatre Royal.

management of its affairs was en- trusted to Sir Tuostas JACKSON who is acknowledged to have been perhaps the greatest financier the Colony has ever known. The Bank started with a capital of five million dollars; in the year of its Jubilee it has a paid-up capital of 6fteen millions; reserve faads amounting to thirty-three million dollars and a reserva liability of proprietors to the extent of fifteen million dollars. The Hongkong and Shangbai Bank has,

shared feelings of appreciation of the long and invaluable services which Siz Thomas Jackson readored to the Bank both during his tenure of office as Chief Manager in Hongkong and afterwards in the capacity of Chairman of the London Committee."

(Hear, hear.)

THE BANK'S JUBILIE.

the world.

ovidence

ין

THE OUTLOOK..

The following gentleman bare bear eloczed to мета on the Kalingst. (Amoy) · Municipal Cancil for 1916:— Capt. H. Bathurst, chairman; Mr KG,

---- As will be seen from 'another column,

The Report and Statement of Accounts moral right which is the heritage of our Bobgkone T.T. rose from 10 to 1/11) por to our County and our Allies & triatuphaut innovation, which has been introduced in the cause of Charity, will meet with the having been in your hands for some days, elves and our allies. We are spectator in short, been recognised for many I shall, as customary, take them as read. but not passive ones fur upon us, and 23 respectively. Since November Silver "MA H. A. V. ŚLADE, seconding, said oupport it certainly deserves. Although years past as the leading, financial You will notice that the Report is headed por tuis. Institution in particular, declined to 25 but now stands at 263 with You have referred. Mr. Chairman, to the the Advance Booking system adopted for boen institution in the Far East, and its the "One Hundredth Report of the desolves the duty, no less responsible Hongkong & Shanghai rates at T.P. 1/11 great loss which the Bank has sustined

through the death of Six. Thoans Jacksco. Previous Charity Performances bas In Indin the volume of foreign trade should like to acciate myself with all abandoned for this occasion, a big rush for insevee in the financial world is Court of Directors to the ordinary yearly than that of military service, of protect and T.T. 273.

General Meeting of Shareholders." This ing and extending British trade interesta steadily increasing. It has now over at first sight would appear to be a mis. in the Fast, the expenses, wherever he been curtailed by the effects of war but her, you have said, and I am sure that seats is anticipstad on the morning of the fose has been to some, extant coureryons present here to day would wish February 25th and those desirous of

But ga ood who has" lind, Hongkong Stock Exchange Settlement thirty branches, agencies and subacter as the Bank has only been in possible, of the enemy. I cannot pass by pensated by the higher prices which, she is beau

agencies in different parts of the existence a little over fifty years, but up this reference without paying a tribute obtaining for her experts The material experience of his unfailing courtesy and securing good ones are advised to be.

progressive rise the the Bank his loet through his death world, but no better testimony to its to and including the year 1914 Reports to the loyalty with which the Maungers prosperity of the country is indicated by kindness, I abould like to add that while Mourie's early. vigorous bealth at the age of fifty is bali-curly. The last half yearly Report themselves to carrying out, in the letter the people to the British Raj, which to has had the privilege of knowing him were issued and General Meetings, hold and Staff of the Bank have devolodandard of comfort while the loyalty off most abla and loyal adviser, everyone who Crockery, Pianos, ato. at Mosers needed than the eminently satisfactory was the 20th, and, as we are continuing and in the spitit, the injunctions and those who kary them was over in doubt, has lost a most gained and trusted friend. balance sheet which the Directors this consecutive numbering, the rescat, policy of His Majesty's Coverament in has been manifested in a manner as discot provious years. I have often heard the

this respect.

corting to our sacmies as it has been gentleman who has seconded the Report at welcome to Great Britain, the Annual Genaral Meeting congratiate SANITARY BOARD ELECTION. were able to ubmit to the share-ocr first yearly Report, le therefore the

BUSINES THE RAMES GERMAN oba handredth. It is a good number to

There is probably no country in the the Management upon the satisfactory holders to-day, especially when we start the new order with. The Bank has I repodiate in the strongest manner the world where the principle of State direc statement submitted to the Sharabelders E.K. Horticultural Society's, Anatal have regard to the fact that for the now entered its second half century, and insinuations which have been careulstedtion of ladustry and commerce applied but I think that this your such congratula. The result of the election to fill the past eighteen months the world has notwithstanding that this commenced in from time to time that the pollar o' the with such thoroughness, and, upon the tious ara expsoisly justified. Something ▼ «acancy on the Sanitary Board was declared :

Bank or its officers has been in the whole, with such success, as in Japan. It far beyond the ordinary diffealties of been convulsed and trade to a great the most troublona timas the weald has direction of maintaining friendly relations in system which is open to objection in businees has had to be contended with and at the City Hall yesterday evening some known, it is a satisfaction to your Three with Germans with view to resuming times of posce; it presente cadeabbed yet we find thas. it has hoon possible to twenty minutes or so after the closing of

Advantages

sin time of war. Japan his had strengthen further the position of the Bank extent disorganised by a war un-

tors, as I am sure it will ba to the business with them after the war. Ou tha precedented in history.

Shareholders, to know that in spite of conteary, our efforts to guidate the prosperous year. Fevoured by bor by writing down investments and property the boxes at 6. p.rs, The result of the

fortunately

ccounts and at the same time to distributa Toling was

Dr. M. Ownlo Germen busines standing in cur books stigraphical position, she is Of course there are many older many hindrances to trade, the closing of the ontinusk of the have been so able to supply many of the more pre-among the Shareholders the same dividerad

Dr. H. GEarle Institutions and Grms in the Colony several fields for profitable exchange far successful that, nothing more can ag needs of the Allies and the demand siyens, Zan very glad to learn that our shan, the Bank. Firms like Mesara disposedojority

posed upon a reduced staf, the different relating to cargo in captured or interned balance of trade in her favour exports of. This investment has been a drain upon Jardine, Matheson and Co., Gibb fees of the Bank have accommodated ratals have been settled and till the having exceeded impnete by about ten our profia for many yours, and it is most De rio was bored when the realt | Livingstone and Co., A. S. Watson themselves to novel and unprecedented | German Quarts "ata "mgnia "open to 174.000.000. The lurveet bas barnebifactory to kany that as far as can town made known, Mr H. A. Nibst was

cisimants Britialr

While on this.anbject favourable and the revenus has produced a possibly foreseen any further allocating the Petarnieg Officer, and the Colonial,·· and Co, and what we may now conditious and have tosen advantage of I would like to refer 6 the sections with great widom, is using to rulaforce the down the investmouts of one Sterling Secretary (Hon. Mr Cut Borerny was

bandsome surplus which the Govorament from profita for the papuse of writing.

RACE BOOK.

describe as the late local" firma of new openings with such success to frequently made by interested patcredit of the nation by the ratediption of its Roserva Fand will be annecary I hupu present during the counting

policy way enable us to come before you with a vious to the war that the Bank's Siemissen and Co., and Blackhead and Report which compares savourable with subject to Garmas leñuenoss. These or external indebtedness. The quotations for that if nax year pils squad those of

jospit

thyay he found powálba to dive.t to packets of the Basrabolders Das you distinguish your Race Book Co have been here from the very say hitherto presented. tions are so beurd and wide of the truth Japanese amouritids on the London tarkus this

EDAL taro

not hitherto considered it bare dopreciated: less

some of the 12 is ated the those of any to refer to them, but it now other fawr for the wetting down of our investmenta

required thi foundation of the Colony seventy- Including $2,607.27 arviore year frienble to state that, apart from from any other ?

- TIK ZLADE OF CLINA. - * We all of un

us walosing the five years ago. As we were reminded brought forward from the previous year, seeras Socare spendy return of your Escs Book at the recent meeting of the Hong the zero od ranking provision for German was graz employed by the bear

nett praft for 1915, after paying all the local staff of the Hamburg Agency, so With regard to the trade of China the Charman has made with zero of generally, although the Marithas Catoms the losing stuns directed against the kong Hotel Company, this institution bad and doubtful accounts and contin. any pay Cossus Istre always been returns show some filling off in comparison of favouring the Gerning. I hope that ET Ed clavery cold so quickly as pos

in capacity, and that holdings like the Bank, has been established gencies amounts to $8,467,774.52 From inconsiderablot the outbreak of the with the figuren of 1024 ad to be que cows bicy, and will effectually tula aile in the cernenor: all Glty years, and we may add that to-day this has to be deducted the Interimar they amounted to enter 3% of the remembered that fordien tride during thi stop to auch 80tions in the future. The pumos y trouble and demonte the China Mail completes the 60th Dividend of 22.0%, pet share paid a thare pipital: We had, as was the case first half of the Litter gearr alla ton of boat on their faries to develop in tres bora. Louna my Angust last amounting: to £258,000 at with almost every other British Company entried on! under conditions of pick the Alcubity of the Staff wi l' feet with the Cough Remidy it is a simple thing to Hongkongdirsetors ef German a the boleh resalte ko to hearty approval of all terzolden Thedido, life the effect is marvellount For sale 1/8,5/18 12,905,037.34 and 980,000 nationality these gentlemen resigned it than could have been anticipated. The culkles which have had to be overcome this by all Cheats sel. Semakeeper

YOUR NAME

in gold on

should you mislay it

Name and year printed on the cover

In gold at the CHINA MAIL" Officer

Prior one dollar.

year of its existänne.

East ws

Уваг

referens, to

13:30)

215

DON'T RISK TNEUMONIA,