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HONG KONG DAILY "PRESS MONDAY, FEBRUARY 24, 1936...
HONG KONG & SHANGHAI BANK ANNUAL MEETING
Conditions In Far East Reviewed
Unfavourable Repercussions On Trade Expected
Making reference to a remark made a few weeks ago at the Annual Meeting of one of the big banks at home that in recent years there had been one important change in the position of banking, in that nowadays consideration had to be taken of the many uncertain political factors which were the most incalculable of the risks a banker had to estimate, Mr. Stanley H. Dodwell, Chairman of the Hong Kong and Shanghai Bank-" ing Corporation, in the course of his report for 1935 at the 120th annual meeting of the Corporation, which was held for the first time at the Board Room of the new Hong Kong and Shanghai Bank premises, No. 1 Queen's Road, Central, en Saturday mor ning, said "In our case the political factor is no new thing, but it is true that year after year it seems to become more and more dominant in the Far East. The past year has been particularly under the influence of political changes and business in the forthcoming year looks just as likely to be under the same influence.”
After mäking full provision for losses and contingencies the net profits for the year amounted to $12,088,611.75 to which must be added $3,294,701.30 brought in from the previous year.
In his report the Chairman gave a comprehensive review of the trade conditions in China in particular, and the world, in general. Referring to world conditions the Chairman said that the most promising factor in the world economic situation, was the rise in commodity prices in 1935, and that while the improvement continued slowly in most of the countries, there was still a considerable lack of equilibrium which could not be righted while economic nationalism and unstabilised currencies remained the order of the day. The unsatisfactory state of international affairs due to the Abyssinian war is unfortunately only too likely to have unfavourable repercussions on trade soon- er or later.
AN HISTORICAL OCCASION
A the conclusion of his report, the Chairman said "I have not
3e referred to the fact that we are to-day using our magnificent new building for the first time at an Annual Meeting. In my opinion this the 120th Meeting of the Hong Kong and Shanghai Banking Corporation-is thus al- most an historical occasion. I do not of course presume to claim for that we are making history China or even for Hong Kong, but In the not uneventful and not un- interesting history of "WayToong," to-day is unquestionably one which marks an event of some Impor- tance and of some significance "
#
To pay
Anal Dividend of £3.- per share (subject
ta deduction of Income Tax) ... $ 7,372,800 Transfer to Bank
Premises Account Carry forward LO
New Account
:1
1,000,000
3,327,050.03
$ 11,690,860,03
Your Directors deeply regretted having to reduce the interim divid- end by 10/. and it may be as well to
was
portion of the loss among shareholders.
Comments
to
explain that they did so meet in part a substantial loss sustained by the disgraceful fal- THOSE PRESENT
lure of an important firm in Bom- Ainong those present were: The bay. I may say that our loss was Hou, W. H. Bell, Mr. A. H. Comp- but a small fraction of what other tob, Mr. C. C. Knight. Mr. M. T. Banks suffered, but in view of Johnson, the Hon. Mr. J. J. Pater-the rising price of silver during son, Mr. T. E Pearce, Mr. J. A. the first half of the year which Plummer, and Mr. A. L. Shields (Directors) Mr. V. M. Grayburn (Chief Manager) Mr. A. S. Hench- man (Manager, Shanghat office) Shareholders: Mr. E. S Abraham, J. M. Alves, Dr. H. Balean, The Hon. Mr. T. N. Chau, Mr. P. S. Cassidy, Mr. D. H. Cooper, Mr N. V. A Croucher, Mr. S M. Churn, Mr. Chan Shu Ming, Mr. Chua Sang Choo, Mr. Chun Wing Klu, Mr. R. A. Dastur, Mr. H. Dawson- Graves, Mr. J. D. Danby, Mr. J. Fleming. Mr. H. R. Forsyth, Mr. Fung Kong Un, Mr. H. R. B. Ean- cock, Miss R. Hancock, Mr. A. W. Hughes, Mr. Ho Wing, Mr. H. S. Fills, Mr J. E. Joseph. Mr. F. A. Joseph, Str. Elly S. Kadcerie, Mr. L. Radoorie, Mr. E. D. Kotewall, Mr. F. H. Kew, Mr. Lo Chung Wan, Mr. Y. K L Mг, J. B. M. Mon- targls, Mr. C. G. S. Mackle, Mr. N. C. Macgregor, Prof. C. A. Mid- dleton Smith, Mr. J. Owen Hughes, Mr. J. H Potts, Mr. P. 8. Page. Bir Henry Pollock, Mr. A. B. Raworth,
Far East. The past year has been particularly under the influence of political changes and business in the forthcoming year looks just as likely to be under the same in- Auence.
HOPEFUL YET
ין
will be considerably out of gear, so we may be grateful that they start ed the year in an extremely sound 'position. At the same time it is to be hoped they will remember that Merchants: Shipping and Docking Companies and others have had a pretty lean time for a considerable period and are not In a position to bear "additional taxation; to meet the situation' the proper course should undoubtedly be to curtail expenditure.
acules. It is of spite of its course impossible to get, more than a general idea of the position as treasure" smuggled outwards and commodities smuggled inwards pro- have reached considerable. portions, but the excess of imports has now dropped to 343 million dollars, about one-third of what l was in 1931, and li scerts possible that the balance of accounts adjusted.
13
Senator Plitman has suggested tha China will before long go 1 In Shanghai, our Manager Mr.
All I back to a silver standard. Henchman, whom we are glad to ❘ can say is that it will need a very have with us to-day, has been different silver policy in the United struggling through very trying States before this is likely to come tines.
A through the year he about. It is true that after the kept in close touch with the C-heavy purchasing pf silver by the United States' Treasury in the nese financial authorities and, like the other
first half of the year, the so-call- leading foreign
bankers, co-operated with themed "permissive clause" was carried But ctr-out from September to early in as and when possible.
December in such 2 way as to cumstances were too forthldable to
keep sliver steady around 85.3/8 occurred. prevent what finally
cents an ounce, and indeed at one Right from the beginning of the
time. It began to be said that the year the exchange situation was
United States Government were critical, confidence in the currency doing their best to avoid causing was lacking. and interest rates
further difficulties to China as a. were therefore almost prohibitive. result of their silver policy. How- There was a continual danger of ever, on the definite abandonment panic fights from the dollar. The of the silver standard by both steady rise in silver from 24.5/8d. | China and Hong Kong in Novem- at the beginning of the year to ber they suddenly withdrew their support from the London Silver its peak of 36.1/4 in April, and the continued uncertainty as to Market. What the next step will be no one knows. The statement. where the U. 8. Silver polley was going to lead, were perhaps out-attributed to the Secretary of the standing factors, But there was also the uncertain political situa- tion in North China and the dif ficulties into which a number of Chinese banks got, as well unfor- tunately as the crash of the Raven Group and certain Realty compan-United States, and it is particular-
es in Shanghai.
NOT AFFECTED BY FAILURES
United States Treasury himself that the monetary policy of his government is on a twenty-four hour basis shows just how far we can look ahead in regard to this matter, But the question is not purely a domestic one for the
ly
that
unfortunate for China America first raised the price of
silver to an extent which forced
I am glad to say that we our-china to alter the basis of her selves were not directly affected by these failures, but they helped
to
aggravate the unsatisfactory state of affairs, and matters were made worse by the very large-scale smuggling of silver and the ex- change operations of well-placed speculators. It was these opera I do not propose to weary "you tions, following months of tension, with a long dissertation on world which eventually brought about conditions. I will merely say that the sudden enforcement of the the rise in commodity prices in Government decrees of November 1935 Vis the most promising 4th which made Chips another ad- factor in the world economic situa-herent of the managed currency tion, and that while the improve-policy which is the fashion of these ment continues slowly iz most countries there is still a consider- able lack of equilibrium which cannot be righted while econo-
days.
Sir Frederick Lelth-Ross, tho Adviser to H.M. Chief Economic
currency and
the then allowed
before China had price to drop been able fully to establish the new system.
The United States have always been animated with' goodwill to the Chinese people and we can only hope that they will, appreciate their responsibil- ity for the present difficulties and assist China to overcome them.
Wi
"
CHINA'S POSITION
POLITICAL SITUATION. IN
CHINA
A review of the political situa- tion in China during 1935 can be
mie nationalism and unstabilised Government, was fortunately in little more than, a review of the currencies remain, the order of the day. The unsailafactory state of international affairs due to the is unfortunately Abyssinian war only too likely to have unfavour- able repercussions on trade sooner or later.
known to you.
here
the over
.
LO
The year opened with desultory fighting
the Charhar-Jehol frontier, and the year ended with similar trouble which does not yet seem to have come to A close. The situation in North China has
the
Shanghai at the time. He had relations between China and Ja- been examining the financial sit-pan, and it is a troubled and con- uation and it is understood that he fused picture. was, preparing a detailed scheme of financial reform for submission the interested Powers whose doing so much damage to
collaboration was desirable. But China, your Board decided that t
I will turn without further delay
the dollar exchange degenerated was only common prudence to keep
to the subject which has I feel
so rapidly that the Chinese Göy- the Bank in a thoroughly sound
Chinese- claim that the position and distribute the greater sure been uppermost in your ernment felt compelled to take not been easy to follow. The Ja-
the minds. as it has in ours, during action before detailed pians could Danese
have falled to carry out the un- the past year. I mean of course | be completed or international sup- on changes in the the monetary problems of China port assured Sir Frederick Leith-Published terms of certain agree-
The difficulties are again and Hong Kong.
Ross was therefore not responsible menta made during the past year or two. Whether this is so or not. balance sheet figures
which we have had to face in for the decision actually taken difficult owing to the, different rate
It is anyway not within our pro- well
by the Chinese Government, but of exchange compared to the pre-Hong Kong are only too
vince to express our regrets at vious year. The total figures are
his presence gave them an op-
this unfortunate state of affairs, We opened the year with ex-
advice down some 12 million while the
portunity to obtain his
The friction in the North has dollar equivalent is up some $100 change at 1/8.1/2d. which advan- regarding their currency changes,
ced steadily through the spring. which we sincerely trust will been a continual source of dan- million compared to 1934.
the peak of 2/6.7/8 being reached eventually prove to be of great ker; things just drifted on with- ACCOUNTS COUNTERBALANCED
forelan towards the end of April. From benefit to China and to
out a settlement until on Novem- ber 1st a dastardly attempt was Speaking roughly, we can say then onwards silver and exchange traders. There are of course cau-
Wang that there is a reduction in the declined and there began a remit- ses for apprehension. The poll-made to assassinate Mr. amount of Current Accounts, Fix- tance of the large amount of tical situation is an unpredictable Ching-wel. General Chiang Kai- which had accumulat- and ominous factor; the problems shek then took over, the reins of ed Deposits and. Note Issue on one funds
past two raised by a managed currency ro zovernment, and though He showed side, which is counterbalanced on ed the other side by a reduction in for, three years; these opera-quire great technical knowledge a stiff front to proposals that an
necessitated the sale Cash and Bullon, the cause of tlons
and experience, and full details autonomous government of which will be seen when I refer of an enormous amount of silver about the establishment of the Ave Northern provinces should be promised independent Central formed, he nevertheless indicated later on to Hong Kong Exchange. which had been held as cover.
working You will notice Httle ar no The movement gathered pace in Reserve Bank are anxiously await- his desire to come to a
the autumn with the result, as ed. Moreover, Government expen-arrangement with Japan. Sir W. Shenton, Mr. E. Stuart change in the total of our Bank Smith, Mr. H. Summers, Mr. F. Premises Account though we cre- you all know, that the Hong Kong diture will have to be mercilessly when the Government was reot- Schriber Mr. W. T. Stanton, Mr.dited the account last year with $1 Government followed the example pruned if the budget is to be baganised after the Fifth National lanced, but do far the only known Congress of the Kuomintang in F. W. Stapleton, G. G. N. Tinson, million and charged it with about set by China and an embargo was
declared on the further export of action in this direction has been December, he chose as his Cabinet 6. T. Willamson and others.
half the cost of our new building.
Towards the end of the year 10 silver after the 9th November by the somewhat arbitrary alteration Ministers largely men who had
of the domestic loan system re-
been educated in Japan and were became apparent that provision which date exchange had fallen to
also therefore in close touch with Japa- we had made in past years" for 1/4.3/8d. From that date for cently announced. There is certain contingentea would not about three weeks followed a per- the problem of the note issue and nexe feeling. The establishment be required, so your Directora de- lod of uncertainty during which the maintenance of a substantial at Pelping of a Hopel-Charhar Po-
the figure rose again to cided that as the fund so, accu -
over equalisation fund, together with litical Council was also a compru- I believe that Ge- mulated was in no way profit 18/5d, but by the beginning of the uncertainty surrounding Ame- mise measure. earned during the year it should December measures were piorica's future stiver policy. These neral Chiang Kai-shek is doing his be used to write down the new mulgated, to control exchange, and are some important considerations utmost to come to a proper under- building, which now stands in our
since then we have had a period upon which the long-term success standing with Japan, and I am ali hope that an books at a very reasonable figure. of comparative rest from extreme of the new currency scheme is de- sure that we
A few weeks ago at the Annual | Auctuations. We trust that this pendent, and a false step in any agreement on main principles will Meeting of one of the big banks will be for the good of the Colony of them may lead at any time to soon be reached.
a recrudescence of speculation and NANKING-CANTON-RELATIONS was made in that one of the nightmares of at home the remark After making full provision for that in recent years there had merchandising has been removed.
to a serious flight from the dollar, losses and contingencies, the net
been one important change in
IMPROVED INTERNATIONAL profits for the year amount to the position of banking in that
BALANCE $12,088,841.75" to which must be nowadays consideration had to be
But I do'
not want to be thought added $3,204,701,30 brought in taken of the many uncertain poli-
entirely pessimistic and one good from the previous year!
tical factors which are the most
The sudden drop in the value of feature of the present altuation is After deducting, the interim incalculable of the risks a ban
our local dollar, I am afraid, hit that according to reliable author dividend paid at 2/21/2 and Dirker has to estimate..
Government (rather badly. Itles the state of the internation ectors" remuneration, there re-i In our case the political factor the
al balance of payments is much mains available for distribution is no new thing, but it is true" that and it is feared that their bud- $11,699,880.03 which it is proposed year after year it seems to become get estimates which were formed improved. This should help the to pull through in o deal with as follows:-.
more and more dominant in the before the heavy decline set in Government
CONDITIONS REVIEWED
In making his report Me S. H. Dodwell said:
Ladles and Gentlemen,
The Report and Statement of Accounts having been in your hands for some days, I will, with your permission, take them as read
THE EXCHANGE
Thus
The relations between Nanking and Canton have changed little; Outer Monoglia and Binklang re- main largely under the influence of Soviet Russia, but Inner Mon- golla, is a danger spot which may well lead some day to trouble be- tween Russia and Japan, invol- ving China as well,
(Continued on Page
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