INSTONE BANKING CORPORATION, LIMITED
INSTONE BANKING CORPORATION, LIMITED
HONG
KONG.
REPORT OF THE DIRECTORS
for the year endig 30th April, for presentation to the Shareholders at the Second Ordinary Annual General Meeting to be held at the Head Office, No. 25, Des Voeux Road, Central, Hong Kong
on Monday, the 18th June, 1928 at 12 Noon.
172
NOTICE is hereby given that the second Ordinary Annual General Meeting
of Shareholders of the Company will be held at the Head Office, No. 25,
Des Voeux Road, Central, Hong Kong on Monday, the 18th June at 12
o'clock noon for the purpose of receiving the Report of the Directors together
with a Statement of Accounts for the rericd ending 30th April, 1928.
By Order of the Board,
Hong Kong, 9th June, 1928.
LEO PING CHUEN,
Secretary.
The Directors have now to submit to the Shareholders a statement of Profit and Loss Account and Balance Sheet for the year ending 30th April, 1924.
The profit for that period after paying all charges, amounts to $95,875.75, for appropriation, which it is proposed to deal with as follows:-
To write off Depreciation.......
TO BONUSES & Reserve FOR FOUNDERS,:-
Reserve for Founders (including Staff Bonus)
being 15% of Dividend.... Bonus to President, being 4% of Dividend... Bonus to Secretary, being 1% of Dividend...
on
TO DIVIDENDS & INTEREST:-
Dividend 12,340 Ordinary Shares
($10 per share paid up) 10%..... Dividend 011 2,400 Ordinary Shares ($10 per share paid up) bearing dividend as per Resolution of Directors 24/3/28... Interest on Uncalled Capital paid in
advance at 8% per annum... Interest on allotments in advance at 8%
per annum...........
Balance carried forward.......
$ 16,417.00
$ 1,878.61
500.96 125.24
2,504,81
12,340,00
184.10
54,099.06
375.17 66,998.33
9,955.61
$ 95,875.75
Our Shekki Branch was opened on March 23rd, and our Canton Branch is scheduled to open on June 23rd, of this year.
In accordance with the Articles of Association, Messrs. Lee Simpson, Yip Wing Fong, Li Shin Hong, Chas. W. Mok, Jan See Chin (deceased) Chow Kwan Ming, Har Mon Chiu, Kwan Hoi Tin, Liu Hing, and Liu Yau Po retire from the Board.
The accounts have been audited by Mr. Li Tung, who was our Auditor for the past year, and he now retires, but offers himself for re-election.
By order of the Board,
(Sa)
INSTONE BREWER,
Hong Kong, 9th June, 1928.
President.
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