CO129-241 - Governor Des Voeus - 1889 [1-7] — Page 628

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Enclosure 2

HONGKONG AND SHANGHAI BANKING CORPORATION.

FORTY-SEVENTH

C. O.

625

14480

REPORT OF THE COURT OF DIRECTORS

TO THE

ORDINARY HALF-YEARLY GENDAL MEETING OF

SHAREHOLDERS

REGE 20 JUL 89/

TO BE HELD AT THE CITY HALL, HONGKONG.

On Saturday, the 23rd February, 1889,

AT NOON.

To the Proprietors of the

HONGKONG & SHANGHAI BANKING CORPORATION.

GENTLEMEN,

The Directors have now to submit to you a General Statement of the affairs of the Bank, and Balance Sheet for the half-year ending 31st December, 1888.

The net profits for that period, including $10,441.36 Imlance brought forward from last account, after paying all charges, deducting interest paid and due, and making provisiou for bad and doubtful accounts, amount to $874,087.93 of which after taking out remuneration to Directors there remains for appropriation 2864,087.93.

From this sum, the Directors recommend the payment of a Dividend of One Pound and Ten Shillings per Share, which will absorb $400,000.

The difference in Exchange between 46, the rate at which the Dividend is declared, and 3/04, the rate of the day, amounts to $191,780.82.

They recommend transferring $212,482.44 to the Credit of Reserve Fand, which with $87,567.56 being re-valuation of £130,000, 35 Indian Government Sterling Loau, will then stand at $4,300,000.

The Balance of $59,874.67 to be carried to New Profit and Loss Account.

DIRECTORS.

Mr. W. H. FORBES has been appointed Chairman for the your 1889, and Mr. II. L. Dalrymple Deputy Chairman. The Honourable A. P. MCEWEN having resigned on leaving the Colony, the Directors have invited Mr. J. F. HOLLIDAY to join the Board; his appointment requires confirmation at this meeting,

Mr. W. 11. FoRuss, Mr. H. J. DALRYMPLE and Mr. J. S. Moses retire in rotation, and being eligible for re-election offer themselves accordingly,

Mr. G. E. NOBLE was appointed Chief Manager on the 1st January, 1889, in place of Mr. T, JACKSON who takes over the management in London.

AUDITORS.

The Accounts have been audited by the Honourable PHINEAS RYKIE, and Mr. FULLARTON HENDERSON.

JOHN BELL-IRVING, Chairman.

HONGKONG, 8th February, 1889.