103063-1926-Supplementary-Hongkong-and-Shanghai-Banking-Corporation-one-hundred-and-tenth-Report-of-the-Court-of-Directors-to-the-Ordinary-Yearly-General-Meeting-of-Shareholders-to-be-Held-at-the-City-Hall-Hongkong — Page 1

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HONGKONG AND SHANGHAI BANKING CORPORATION

ONE HUNDRED AND TENTH

REPORT OF THE COURT OF DIRECTORS

TO THE

ORDINARY TEARLY GENERAL MEETING OF

SHAREHOLDERS

TO BE HELD AT THE CITY HALL, HONGKONG

on Saturday, the 27th February 1926.

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 year ending 31st December 1925.

The net profits for the year, including $3,390,508.94, balance brought forward from last account, after paying all charges, deducting interest paid and due, and making provision for bad and doubtful accounts and contingencies, amount to $15,846,978.01.

The Directors recommend the transfer of $500,000 from the Profit and Loss Account to credit of the Silver Reserve, which will then stand at $27,000,000.

They also recommend writing off Bank Premises Account the sum of $1,000,000.

=

After making these transfers, deducting the Interim Dividend of £3 per share, paid on 10th August last, viz. — £480,000 @ 2/37 $4,132,735.43, and remuneration to Directors, there remains for appropriation $10,164,242.58, out of which the Directors recommend the payment of a Final Dividend of Three Pounds- Sterling per Share, riz., £480,000, and a Bonus of Two Pounds Sterling per Share, viz., £320,000, amounting in all to £800,000 which, at 2/43, the rate of the day, will absorb $6,766,519.82.

The Balance $3,397,722.76 to be carried to New Profit and Loss Account.

The Sterling equivalents of the Assets and Liabilities are shown at 2/43, the rate ruling on the last day of the year.

BRANCHES AND AGENCIES.

Vladivostock Agency was closed on 30th September 1925.

DIRECTORS.

Mr. D. G. M. BERNARD has been elected Chairman for the year 1926, and the Hon. Mr. A. O. LANG Deputy Chairman.

Mr. B. D. F. BETH resigned his seat on leaving the Colony and Mr. D. G. M. BERNARD was invited to join the Board.

These appointments require confirmation at this Meeting.

The Hon. Mr. P. H. HOLYOAK, Mr. G. M. YOUNG and Mr. T. G. WEALI. retire in rotation, but being eligible for re-election, offer themselves accordingly.

AUDITORS.

The Accounts have been audited by Mr. C. BERNARD BROWN, A.C.A. and Mr. JOHN FLEMING, C.A., who offer themselves for re-election.

HONGKONG, 6th February 1926

G. M. YOUNG,

Chairman.