1921-02-26 — Page 7

No. 18,183.

The China Mail.

六拜禮

六廿月二十一 十二百九千一英

COMPANY MEETING.

ada, 220 katik

HONGKONG & SHANGHAI BANKING CORPORATION

DIRECTORS, FEST_TIGREASED.

INTERESTING SPEECH BY CHAIRMAN.

CABLISHÌD

H

EXTRA.

HONGKONG, SATURDAY, FEBRUARY 26 1821 Bλ+£$*14+#REDEN

Government over certain of the pro-

vinces.

nese Government.

PRICE $3.00 Per Month

wish to lay emphasis is the fact that the pancy of the Consortium, it stond fastly pursued, rings the death, knell

more than three times, should receive bonus. He, readied he had no ob lection but in an event he would

ness, and the business of this Bank.

as the first consideration.

3.

The proposed boens of 20 per cent.

to the staff will, I am sure, moet with your cordial approval.

Before sitting down. I would like

socs.

for that reason have watched his ad-

traordinary price of 891 on the 11th in normal times would have helped not found it possible to resume, its hood of war between the contenting er of accounts. Although 1-can: lay- February. The keen-demand then the producer, proved of little benefit, functions in the important Swato Factions resusins, no loạn can be own--no, claim to being, anything of the wisting for China's products and the as the fall in prices in both the Euro-arte, which were discontinued in sidered. On the other hand, the Con- kind, this will make the third coesion discredit into which various paper pean and American markets outpaced 1919, owing to interference by the sordum is as it were, a notice I have seconded the Bank Report. local authorities. The total revenue Chring, of the conditions under which I seconded the accounts when the currencies had fallen among the the decline in exchange. ~

1907 from $10,000,000 10 Chinese, people, produced a very imports coming on the market due amounted to $78,200,000, de- the Great Powers are prepared to lend capital of the Bank was increased

crease of $1.400,000 compared to the sinews of reconstruction, and it in

now your Chief:- strong, demand for silver, which was ing the first four mouths of the year the revenue for 1919, but still is virtually a notice that without ful- $15,000,000, so not satisfied hit the United States were trid down at relatively high sterf $7,661,000 more than the figures for Shuens of these conditions, China will Manager considers. I ought to repent Government, ultimately allowed the ing rates of exchange, and very large 1918. It has, however, to be noted not an able to borrow at all. If in the performance on the eve of the export to China of very large amounts profits were being made all that of the focal revenue no less than the result his should lead to Chins incres from $15,000,000.0 I said to the Chief from their stocks of Silver dollars. Owing to the prosperity of the import $24,000,000 was retained or appro- borrowing at home rather than abroad, | $20,000,000.

--- | Manager the other day, I thought that: The 100th ordinary yeshly general it is noticeable Bowever that the de The presstion of the demand for hade in 1919 many new dealers apprised locally by the Provincia so such, the better.

peared, particularly in place goods. Authorities, or Military Commanders, The second feature upon which I anyone who seconded the accounta meeting of the Hongkong and Shang pression in trade is reflected in our exporte found, China, moderately Enormous orders were placed in Eng their own user, a striking testi- hai Banking Corporation was held in cash balances which show large fo well supplied with Silver, and during the City Hall at noon to-day. The crease on those of the previous year, the latter half of the year she was not land and America, where manufacturmony to the almost entire lack of Hon. Mr. E. V. D. Parr passided and Our Silver deposits have also in- able to absorb what was offering ers, Booded with indents, were in control exercised by the Central

of the egher policy of spheres of in- soc, so it thack no one was asked to fluence or interest. By the pooling second the accounts more than three there were present Hon. Mr. F. H. creased considerably and the dollars India was in the same case, and no position to constand their own terme orders placed in 1919 for the Spring

After meeting all obligations of all outstanding agreements and times. Holyoak, Hon Mr. J. Johnstone, total of our assets and habilities is Goverment in the world was mak- as to deliveries. Consequently many Hestre. A. O. Lang, A. H. Compton, the highest recorded in the history ing fresh issues of Silver coinage On market in China were not delivered secured on the Salt Revenue. the eptions, and by an undertaking to I do not proless to be able to fol the contrary, many Goremments, ill well on in the son of 1920. large amount of $64,000,000 finclud- share equally the Financial, and com-low the incicrues of exchange, or A. S. Gabbay, G. T. H. Edking, G. M. of the Bank. Dodwell, W. L Pattenden, Directors, Your Directors have had under including our own, were either melt. Owing to such uncertainty as to de-ing $6,037,000 refunded by the Mari-mercial results of all future business, politics in Chis, so I abill refrain Mr. A. G. Stephens, Manager, Sir consideration the desirability of in- ing their Silver coinage and selling liveries, exchange in many instances time Customs in respect of the ser- the Powers in effect undertake to Lora comment on those thorny topics. Ellis Kadoorie, Sir Robert Ho Tung, creasing the capital of the Bank, the bullion, or replacing the existing was unsented at time of arrival, with vice of the Reorganisation Loan) was preserve China from those encroach but is does not require a Napoleon of the result that a very large propon released to the free use of the Chi-ments upon her sovereignty which finance to redise that when a pound Hon. Mr. Ho Fook, Hon. Mr. H. E. and have decided to issue the resin-spinage by one of inferior freness.

have followed in the train of coeces-sterling, only buys (about 7/8 worth Consequently the price rapidly fell tion of stocks had to face an over- Pollock, Dr. J. H. Sanders, Messrs.ing 40,000 shares, sa $5. million, Henry Humphreys, G. C. Moxon, A. which the presant Ordinance throughout the year and reached stocked market, with declining prices,

Little, if any, improvement can be sions in the past. There will be poof goods or pre-war basis, more 40% on the 31st December. The caused by the heavy drop in the price noted in the political or financial situa second" Battle of the Concessions": Denison, G. 3. Archbutt, D. J. Lewis, authorises them to do. Q. C. Alabaster, G. Grimble, D. V. The necessity for this measure has China exchanges re-acted similarly, of raw cotton, plus a drop of 50 per tion in China during the past year, there will be no more Playing off capital is required to carry, on a busi- Steavensen, E. M. Raymond, T. E. no doubt been generally apparent for and from 9-3 for the tael and 6-20 cent. in the value of the Tael and The overthrow of the Antu party in by China of one Great Power against Gentlemen, is as, you are doubtless Pearce, H. S. Northcote, A. IL some time past, as the Bank's busi-for the dollar, they declined to 4-1d.an Dollar: as compared with rates ruling the Peking Government which was another; she will be met with fair-aware, not only stupendons but in- at the time orders were placed. The accomplished last summer has not so ness and reason, we do not doube, creasing all the time. The issue-price Barlow, F. N. Graybum, Mok Man ness has kept pace with the expansion 3-2 respectively.

Even the high prices generated by position was further embarrassed by far produced the results in the way of but above all with rigid unanimity of the new shares yiz. 70 is, in the Chee, H. O. R. Hancock, H. Keswick, of Eastern trade and its habilities H. Birkett, Ho Wing, A. V. Apcar, to the public are now $480,398,000); the extraordinary demands of war led political disturbances in the Northern reform so confidently expected by She will be offered for her lows the circumstances, a fair one and wilf- and Central Provinces, where race many, and the immediate repudiation best terms that the financial world has comment itself to those shareholders H. Sassoon, A. S. Garomith, C. & compared with $215,280,000 in 1907 to no increase in the annual produc during June and July was practically by the Southern authorities of the available, and for sit her requirements who look apon the increase of prese of the metal: it remains at a standstill, owing to the presence Presidential Mandate announcing that the most favourable prices that public tige and earning power, of the Bank Roza, G. M. Young, G. Miskin, A. S. when our capital was last increased tion D. Cousland, P. Lauder, H. from $10 million to $15 million..... at about 195,000,000 ounces. But of unpaid and uncontrolled soldiery.

In conclusion. I must mention the South were practically composed, Taggart, LAN. Leefe, T. W. Hill, E.

The enhanced value of merchan this azoount is not all available. We The fact that the products of Asia the differences between North and tender om reach. A. H. Williains, A. E. Grifin, P. M. N. dise of all kinds entails greater calls must deduct from it 60,000,000 ounces have been confronted with overstock showed that there is still a wide gull question of the mufication of railway d Silva, Mok Kon Sang, W. E. vat on our resources than formerly; mak- of the United States production to be ed markets and declining prices in

both parties are themselves in a state Consortium programme. The con Epps, Chan Siu Kai, R. A. Dastar, ing addition to them urgently neces-purchased by the American Govern Europe and America, has naturally between the two penile then whale a prominent, practical part of the T. E. Pearce, E. Howard, L. Dunbar, sary. My predecessor in this Chairment in accordance with their under- had its effect on the purchasing powers of dissension, and in the South new salidation of the Tallways of this R. A. Gribbay, J. M. de C. Basto, Lo in 1907 remarked on a similar occa- taking to replace the 200,000,000 of India. China, Japan and all other governments are formed and re-form-country under one administration, it to say a few words about our fe ever carried into effect, cannot but Chief Manager and our present one.

We all feel pleased and honoured, that Cheung Shiu, Lo Man Hin, Chan Shu aion that whatever political changes ounces sold to the Government of Eastern countries. In dealing with with bewildering rapidity. While Ming, G. E. Towns A. B. Stewart, G. { may be in store for China, there can India. On the other hand, econ- the situation thus created, we are this situation obtains, it is to be fear-prove of the highest advantage. Aside the valuable services of Mr. Stabb to

necessarily proceeding with caution, ed that the first steps towards the from the economy of administration Hogg, K. S. Morrison, Tung Kong Un, be little doubt but that the ultimate omies in the use of silver as currency but we are also carrying out the tradi-establishment of a really representa which will be brought about by such this great Institution have been re- H. Edgeumbe, G. Hastings, Teo outcome will be a wider field for the already referred to have compensated anal policy of the Bank, and liber- tive Government, suficiently power- a step, there is the more important cognized by His Majesty the King in Kung Po, F. Smyth, A. S. Ellis, F. operation of foreign capital, and for the loss of the American produc ally, if judiciously, assisting our ful to exercise authority over the pro- question of, local administration which the shape of a Knighthood. As re Maitland, F. Bevington, P. V. considerable increase in overseas tion as a source of world supply friends whose resources are tempor vinces, which it becomes more and railways, in partially developed, dis- gards the present Chief, Manager I am confident he will prove worthy Botelho, A. Murdock, F. H. N. Mody, trade I think that this is as true the Continent, where paper issues arily immobilised by the stagnation more evident is so necessary for the tricts so often involve Lo Cheung Wan, J. McArthur, B. C. to-day as it was fourteen years ago. have supplanted the old metallic of the markets. This policy has well-being and prosperity of the coun Were there a Chinese Railway Ser-Successor to his illustrious predeces

I knew him personally when Lambert, Ho Cheak, H. M. H

vice moulded on the same fines and "The question of the issue price of currencies, silver has been largely de-ways been looked for from the Bank

Financially the situation is suffi-characterised by the same integrity as we were both very young men, and Nemate, P. K. Kwok, M. W. Lo, the new shares was closely considered monetized and sold; as securities are in the past and bes invariably broughty nst inevitably be postponed. O. L. Ellis, P. C. Pott, G. B. Dannett. by your Directors. In arriving at sold, in order to obtain credit in other its own reward.

ciently serious. The Government, in those of the Customs Service, and Speaking generally, the stocks of spite of the large sums that have been "were-the satisfactory profits which vancement step by step to the highest The Chairman:-As it is past the the decision to issue at £70, they were countries. hour for which this meeting has been guided by a long view of the per- For the reason stated the ordinary imported goods lying in Hongkong and released to their use by the Customs certain of the lines are able to ear, rug in the ladder with more thas called, I will ask the Chief Manager to manent interests of investors in our Mint demands for silver coinage, both the Chinx ports are not excessive, and Salt Revenue Administrations, even under present conditions, de- passing interest. I have now mock read the notice convening the meet Stock. This figure confers a sub in England and the Continent, are in and not more than what was normal are still in dire straits for money to voted to improvements, and exten-pleasure in seconding the Report and

It is known that meet their many obligations and ad- sions, the time-would not be distant Statement of AccOVĖS. ing.

stantial bonus, while the addition to abeyance, and it seems unlikely that in pre-war times.

The Chairman: There being re questions, as proposed by myself. The notice having been read our Reserves of the funds to be re- they will be revived in the near future, the markets in the interior are bare ministration expenses, of which the when the end of railway borrowing the Chainman said: Dentlemen, ceived will considerably increase not A considerable part of the trade de- of supplies of these goods, so it is

army altogether beyond the legitimate" China has her own particular dif- and seconded by Mr. H. Humphreys, The culties to contend with and these bave the motion now before the meeting the Report and Statement of Ar only the earning power, but also the mand has been met by the melting to be hoped that this trade will soon heaviest item remains the pay of an would be in sight.

down of silver plate. In India the re- resume its normal course, and there requirements of the country. counts having been in your hands for prestige of the Bank.

are already welcome indications of fall in exchange, by largely increas a compelling interest for the Bark, is the adoption of the Report and In due course a special circular will serve of silver rupecs, some sixty this some time I shall follow the usual

be sent to each shareholder, and an crores, is larger than it has ever been, The volume of engineering businessing the amount payable in the cor but she is suffering also from the re- Statement of Accoums as presenteit custom and take them as read.

their bands? Those against? Car The statement shows a zet profit Extraordinary Meeting will be called, and seems ample to meet all require in North China was fair, but ordering year in discharge of Chinese gold actions of the war, like the rest of Will those in favour kindly hold up

obligations, adds to the difficulties of the world

famine placed during the war are in may the sinuation, while the for the year of $8,841,166.30, which when the Resolutions necessary to ments for some time to come.

The outstanding cause of the ried unanimously. The business noe compares with $7.336.862.09 for 1919. obtain your sanction to the scheme. In these circumstances, on the as-1 cases still in process of completion. which now exists, over a large area world's trade troubles to-day is lack before the meeting is the election of

sumption that the American. pur- Further cotton mill and textile machi- in the North, consequent upon the of capital, loss of purchasing power. Directors. Last June, as the prospects seemed will be put before you... so favourable as to justify an intresse Since we met last year, the re- chases have been offset by the Connery is required to a large extent, drought of last summer, imperatively No quack, remedies, such as a new of the dividend, we made an interim action that was to be expected after tinental sales and that India is well whilst the requirements of the Chi-calls for relief measures by the Gov-international money or unit of a pleasure in proposing that the ap distribution of £3 per share, and on the great trade boom of 1919 and supplied, it is upon China that the nese railways are very considerable; ernment on a large scale, involving count; no further ination of carpointment of Mr. G. M. Dodwell, Mr. burden will fall of absorbing sa amount new locomotives and rolling stock are considerable extra expenditure if the rency, with its attendant evil of higher A. S. Gubbay. Mr. G. T. M. Edkins. this occasion we propose to distri- early 1920 has taken place. bute a final dividend of $3 and a The disorganisation of the world's equal to the world production of sil- badly needed in many instances. lives of perhaps millions of people are prices; no extension of Government and Mr. A. O. Lang as Directors be control or increase of Government confirmed and that the Hon. Mr. E bonus of £2, making in all £8 for the exchanges became more pronounced. ver. In other words, China's trade The Shanghai Cotton Mills enjoyed not to be lost. year the same as in 1919.

The foreign communities in China restrictions will help us to sell our V. D. Parr, Mr. A. H. Compton and in the course of the year, and in Asia, balance is at present the governing a period of unprecedented prosperity. We propose also to continue the currencies normally based on Gold, factor in the silver situation and the Fhe demand for mill products (part are giving what assistance lies in their exports, or to correct our exchanges the Hon. Mr. P. H. Holyoak be re policy of strengthening our reserves, such as those of India, Java, the prospect of her being able to fucrease, cularty yarn) was consistently steady power. This Colony and neghbour-for, next to peace, Freedom is what elected Directors.

Mr. A. E. Griffin: I beg to secos and the mills have been able to maning British Colonies have contributed trade requires: Governments can de And accordingly $2,029,411.76 out Philippines and Japan, moved, in or even to maintain, last year's im-

facture profluably owing to compara- of the years' profits is added to the orbita of their own with variations port of 9 million ounces is, to say tively cheap conon. Handsome pro-Europe and America by means dom but the larger part of govern

generously and funds have been open-much to establish both peace and free-that.

The Chairman: It is proposed Silver Reserve.

not always easy to foresee and pro- the least of it, doubtful

fits were also made on locally made of which large sums have been raised ment expenditure in most Europeat Mr. T. E. Pearce and seconded enmulative effects of As stated in our Report, the trans-vide for. Still, notwithstanding these.The

cloth until the summer months, when and are being expended in relief mens countries is in the nature of war ex Mr. A. E. Grifin that the appointments in the... world' fer of £1 million to our Sterling Re- handicaps and the vagaries, of the depression

the effects of the piece goods crisis The excellent work perform- penditure, which is crippling trade of Mr. G. M. Dodwell, Mr.AS affected serve was effected at a favourable Silver market, to which I will refer markets particularly

began to be felt. From recent statised in this direction by foreign mis and industry by its demands Gubbay, Mr. G. T. M. Edkins and Mes rate during the year, and that fund later, the earning power of the Bank Japan, owing to the very exceptics it is estimated that there are somaries is the admiration of all who capital.

A. O. Lang as Directors be confirmed Political instability still denies and that the Hon. Mr. E. V. D. Part now stands at £2,500,000. The more than maintained, and I tional expansion of her foreign trade nearly 1,300,000 active spintiles in Silver Reserve, with the proposed think we should record our apprecia- during the four or five preceding operation in China, and there is littleave seen and bad experience of it.

however, has scarcely more than needs of the situation. The fact that Mr. P. H. Holyoak be re-elected addition, will stand at $21,500,000. tion of the able way our Managers years, and were fully felt by April, doubt that the future prospects of the All that has been done in this way, proper bearing to the crying economic Mr. A. H. Compton and the Hon With regard to Bank Premises, and Agents have handled what must when something in the nature of a cotton industry in this country are sched the fringe of the needs of the the urgency of these needs has so far Directors. Will those in favour the expenditure on buildings in re have been at times very difficult situa crisis might well have overtaken the encouraging, as is evidenced by the famine-stricken regions, and the failed to force all nations into pats kindly hold up their hands? Thos cent years has been heavy but en- tions. I am sure the Directors anticipat country. There was indeed a stock continued expansion in the capacity hankilling of the situation is one of leading to universal peace, is only against? Carried unanimously, The tirely unavoidable. Our business seed the wishes of the Shareholders when exchange crisis, culminating in the of the existing mills, both as regards the most serious problems requiring additional evidence of prodigious business now before the meeting gradually outgrown our accommods- they decided to vote a bonus of 30% losing of the Exchange over a lengthy spindles and looms,

ed "necessary by the war's disturb

Mr. F. Smyth: I have much ple? The speech of my predecessor lastance of the world's equilibrium. The tion and in addition to the new build- to the Staff on their salaries in re- period, which naturally afected all The Maritime and Native Customs the immediate attention of the Chi-finities of the readjustments render the slection of Andieces. ings referred to last year; it will soon cognition of their efforts in maintain restore Generally, speaking, how revenue collection inder the Inspec-nese Government.

tor-General of Customs for. 1920 be necessary to rebuild our Singapore (ing the Bank's service in 's high state ever, though some important. and amounted to H.K. Trels 49,500,000 year contained a reference to the pre-i restoration of conditions of security, Sure in proposing that Mr. F. Mát Office. When it and the other of efficiency.

H.K. 4,380,000 respec: liminary negotiations for the re-estab without which no new period of trade land and Mr. E. A. M. Williams be Mr. L. Dunbar I beg to second buildings now under constraction As is well known to you, Sir Newton ly suffered eclipse and brought loss and K. Tarts 43 1000 per listament of the Consortium on a four expansion can be looked for, is every re-elected auditors for the year. are completed, the Bank will be Stabb resigned the Chief Management to others in their fall, and though 1920 tion, in the case of the former over Power basis: that is to say, the groups where hindered by political re

Extravagant The Chairman: It is proposed by: housed in all its principal places of at the end of the year, after filling that has been a bad year for everyone all my previous record section tering of British, French, Japanese and born of aspirations soonomically im- that. business in the East in modern and position with brilliant ability and round, merchants, manufacturers, 1919, and decrease of H.K. Tacis American bankers for co-operative possible of hulfilment. commodións premises, sufficient for untiring energy for a period of over dealers, and all concerned faced their 111,000 in the case of the latter since work in China. The year which has hopes, along with all other forms of Mr. Smyth and seconded by Mr. Lề tates of economic law. Recognition E. A. M. Williams be re-elected our requirements for many years to ten years. During his regime the position correctly and prepared them-fast year, the not increase expressed passed has brought these negotia extravagance, must submit to the dic- Dimbar that Mr. F. Meidland and Mr. come, and no further considerable prestige and the business of the Bank selves to suffer loses and pay their in gold, st average exchange being tions to a successful conclusion.

Mr. T. W. Lamont's visit to the of the futility of rebellion against if Auditors. for the year. Will those fa expenditure should be necessary increased very greatly, and the Di- debts, and such it in certain will con- £2,242,709 over the Egures for

1919 posection After meeting all Far East in the Spring had the hap is the beginning of wisdom. Hap favour kindly hold up their hands less, of course, we decide from time rector wish to record their deep ap- tinue to be their attitude, w

Mr. G. C. Moxon: Gentlemen 2 to time to extend the area of our preciation of the distinguished ser. There are some difficult months obligations, including, the service of piest results in removing certain pre-pify its early beginnings are to be Those against? Carried unanimously vices he rendered to the Corporation, ahead till accumulated stock of un the Reorganisation, Loan, Tasliminary difficulties, and everyone described in recent events, and first

us to face the future in a spirit of proval of those concerned and I thin Mestise, we propose to continue They wish also to tender him on their ports go into consumption, and till 23,150,000 surplus funds have been concerned is much indebted to him signs of returning confidence appear: I rise to make a proposal which I writing down these properties when own behalf, and I hit sure on behalf, exports have revived, the last diffi- handed over to the free use of the and, through him, to Messrs. J. P. Awaiting the development, it is for think wil meet with the general

Chinese Government

Morgan & Co.

A meeting of the Four Groups took quiet determination, to make the best will give you a great pleasure to the profits permut, and on this occa of the Shareholders, pasiz congratul- cult state to bring about now, owing While it has to be borne in mind sion we propose to allot $1 million ations on the honour conferred on him to the existing high cost of, pra that the increase is largely if not a place in New York in October and of whatever situation may arise, and with animity as it does me to pus

allot

by HM the King which, in a dtting duction in Japan, but there is nothing tirely due to the revision of the Gus the agreement which they reached to discharge in a manner worthy of the Resolution.

sibilities laid-upon this Institution. The groot depreciation in all gülte crown to his career in the East, to justify the pessimistic view of the toms tariff which began to be creo and the resolutions which they passed our predecessors, the great respon

The Chairman continued: I beg to edged securities in the course of the It is fitting that I should here recountry's condition which lately has live in August 1919, it is none the were subsequently made public. ggend has entailed heary writing downfer to the already valuable services been expressed in some quarters, less a remarkable fact that in spite The aims and objects of the Con- of our Sterling and other Gold in to this, Institution in many positions In China, with which we are, off of the unselfied state of the country, sortium, as to which misunderstand propose the adoption of the Rep vestments; this, however, has been af trust of Sir Newton Blabb's mis pourse, more intimately concerned, and the political Pissensions which ing he's sometimes arisen, should now and Statement of Accs After the accomplished from the current pro- | dator, Mr. A. G) Stephen." the year 1920 opened with, a pheno- resulted in active hodities and con- be sufficiently clear, but I will just proposal has been seconded and before fite and all our Guid wecurities now Your Director, while congratulat menal boom in trade generally, the siderable cartulment of trade for touch upon the stent features placing the motion before e re exceeding a quarter of a penting stand either at well under their maring Mr. Stephen on his well mezz export trade was, brisk and prices many weeks last summer, a record In the first place, I should like to beat of my ability any questions ket "vained, or have been adequately proferment are consagittast, the riled high, producers making large odlection, can still be shown, and emphasise the point that the Cowhich shareholders may have to sto habilities of this great: Corpor

Bank's best interests, and therefore,pronts during the first four months bears striking testimony to the vital sortium is a partnership which con The balance carried forward is yours, Gentlemen, will in his hands of the year. Dating bay, the Euro-ity of the country's trade and of the templates transactions spread nec. In seconding Mr.XHumphreys said: tion have increased pearly four time

great possibilities of its expansion considerable period of time! While Mr. Chairman and Gentlemen, $3,291,101.69 compared with 33-be in the same sale keeping in the pean and American marints, already under more lavourable conditione. It provides general machinery for the The seconding of the Bank Report and increasing responsibilities of

fitare as they have been with his pro overstocked, slumped heavily, awing With regard to the ether figures decessors in the past, to curtailed credit, and shipments The Sal Revenue collection for the future borrowings of Ching, it does Statement of Accounts is, or Court of Directors and in red

year has also been maimained at no contemplate a large immediate I am concerned, becoming a sort of of the sousity, and skill which the balance sheet, comparisons The Silver market showed very from the East rapidly fol off, leaving with lever in spite of the unfavourable. Indeed, so long as the hold of family habit. My father did it on marked the conduct of our with farmer years are difficult owing marked fluctuations during the year, the Chinese with large sccumule

conditions to which I have ready the Central Government on the Fra soveral occasions and I remember formaty propone to the varying rates of exchange at From 75 at the beginning of January, stocks which have greatly depreciated referred, coupled with the East That vicces is in its present unsatisfactory Mr. Fraser Smith need to refer to him which the seconds aro" pres if rose rapidly till it attaised the exe în yaku. The fall

the Salt Revenue Administration bee condition, and so logger the likeli in his paper, la taps Champion second-

motivities."

provided for.

-263,847.20 in 1919. -

well-known names have unfortunate-

3.

F

sures.

00

I shall be plosed to answer to the

Mr. T. E. Pearce: 1 have much

2

The Directors fees of this Bank re. ixed at $20,000 per an when the Bank) was fridorporated: were raised to $30,000 in 1894 witch figure they have remained ever since that is to say over a per

During this interval the capital

the Bank has been doubled and

An' view of the increased, tid

(Continued on Bax Pa