1937-03-08 — Page 3

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Bank Of East Asia's Optimistic Note

ANNUAL GENERAL MEETING

The policy of the Bank of East Asia to render whatever as sistance it can to both commercia) and Industrial development in China was emphasised by it's Chairman, the Hon. Sir Shou-son Chow, at the eighteenth annual meeting of shareholders held in the Bank's Board Room on Saturday afternoon, Sir Shou-son Chow further stated that the unification of China is an accom- plished fact and declared that the Bank of East 'Asia will have better opportunities for sound and profitable investment of its sar- plus fund in Chins and brighter prospects of sharing with ber in her future prosperity. A happy state of affairs was revealed throughout the Chairman's speech

Among those who were present Were Hon. Str Shou-son Chow (Chairman): Messrs. Lo Koon- chun, P. K. Kwok, Wong Yun-tong, Chan Ching-shek, Li Lan-sang and Wong Chu-son (Directors):"and L Tse-fong (Manager).

The following shareholders were also present:-Messrs Tsor Shuk- hon, Ling Man-, Lin Man-lai, K. K. Lee, Li Tung, Wong Yin-nin, Chan Tse-chor. Wong Kel-kwong, Fung Ping-wah, Ma Wing-tat arid Lo Hau-fook.

In the absence of the Chier Manager. Mr. Kan Tong-po, who went to Shanghal at the request of Mr. T. V. Soong, Chairman of the Economic Council of the Nanking Government, to discuss the econo- mic problems of South China, Mr. Li Te-fong read the notice con- vening, the meeting.

R

CHAIRMAN'S SPEECH

The Chairman in the course of his specchi sald:-

the sum of $100,000 to General Re- serve Fund, thus bringing it to a total of $2,350,000.00

The recommendation of the Directors to pay a dividend of $6.00 and a bonus of $1.00 per share is the same as that of the previous year. In view of the low rate of Interest ruling at the present time, I think shareholders will be satis- filed with this return on their 'capl- tal outlay.

STAFF PRAISED

I am happy to report that all members of the star have con- tinued through the year to carry out their duties and fulfil their responsibilities with zeal and de- votion, and I have no doubt that you will fully support the Directors' recommendation in voting a bonus of $20,088.71 in recognition of their toyal and faithful services.

Before I formally propose the adoption of the report and ac-

The net profit for the year, in-counts, I have to place on record the death of the late Mr. Chow cluding the amount carried for-

Chi-nam, one of the senior mem- ward from last account, is $938,- 717.47, which shows a slight de-

bers of our staff, on the ith August cline compared with that of the

last. The late Mr. Chow joined the Bank as cashier in 1919 when previous year. But taking into

It was established, and at the consideration the unsettled con-

time of his death he was one of ditions prevailing during the early

the sub-managers in the Head part of last year, I think you will agree with me that the result at-

Office, In him we have lost a consientious and tained may be regarded as satis-

hardworking factory.

officer.

You will notice in the Balance Sheet that our total deposits have continued to increase and at the end of last year amounted to $18,- 358.217.44 as against $15,640,630.85 a year ago. This increase in our deposits is ac indication OT public confidence in our Bank Our only regret, 15 that it has outrun the growth in the de- mand for sound commercial loans. In this connection you will observe that our loan account shows a de- crease of about 1.1/2 million dol- lars, while cash in hand is about 4.1/2 millions higher than that of the previous year

BANK'S POLICY

I wish to take this opportunity to paint out that it has been the policy of our Bank to render what- ever assistance it can to both com- mercial and industrial develop- ment in China. Now that the uni- Acation of China is an accom- plished fact, I am sure that our Bank will have better opportunities for sound and profitable invest- ment of our surplus fund in China, and brighter prospects of sharing with her in her future prosperity. With this in view your Directors have decided to enlarge the activi ties of our offices in Shanghai and Canton.

The Directors feel that you will endorse their policy in transferring

With these remarks I beg to pro- pose that the Report of the Direc- tors and Accounts "us presented be. adopted, and that the balance of $938,717.47 standing at the credit of Profit and Loss Account be dealt with as follows:-

To pay a dividend of

$5 per share on 55,-

086 shares absorbing $335,018.00 To pay a bonus of $1.-

per share on 55,980 shares absorbing ...... 55,988.00 To transfer to Reserve 100,000.00 To pay a bonus to the

staff ......

To carry forward

20,088.71 426.728.76

Mr. Fung Fing-wah seconded the proposal.

וי

MOTIONS APPROVED

The following motions were also unanimously approved by the meeting:-

Mr. Tsor 8huk-hori proposed, seconded by Mr. P. K. Kwok, the appointment of Mr. Li Lan-sang as ordinary director for the current

year,

The re-election of Mesars. Percy Smith, Seth and Fleming as audi- tors for the ensuing year was pro- posed by Mr. Ling Man-L Mr. Ma Wing-fat seconding.

In conclusion, the Chairman an- nouneed that dividend warrants will be payable to-day.

France Expects Finance Policy

To Be Changed

Committee of that House, had not been disregarded.

Reports that fundamental changes in the Government's finan- cial policy were impending caused Both these speakers made it a boom in Rentes on the Paris clear that the majority of the Bourse. states the "Dally Tele-Senate was anxious. to assist in graph,"

maintaining the national credit, but was sincerely convinced that the methods followed by the Ca- binet were prejudicial to that purpose.

It is long since securities of this class have risen so rapidly, the average gain being 11.

On one point the reports are specific. They affirm with assur- ance that dealings in gold are to be freed from all the' restrictions to which they are now subject. »

This would be regarded as an admission, that the plans of M. Vincent-Auriol Finance Minister,

BANK OF FRANCE It is not improbable there will soon be a change at the head of the Bank of France.

M. Labeyrie, who accepted the governorship only provisionally. is understood to have asked more for bringing back into circulation than once to be allowed to re- the gold hoarded in this country,aume his normal activities as Pro- which is estimated at about curator-General of the Btate £80,000,000, have definitely fall Audit Office. He retained this position when he went to the It was, however, rumoured that Bank, the modification of the Cabinet's

ed..

"

Rumours that the French financial policy would go a great Government Intends to seek a 'deal' further than thia. It was Ioan in Amsterdam have been believed that the friendly but em-circulated in political circles here phatic advice offered in the Senate. for two or three weeks. No sum by M. Calllaux, chairman; and M. is mentioned and no one claims Gardey, spokesman of the Finance 'to know any detalls.

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