17355-1910-Supplementary-Advertisements — Page 1

EIGHTY-NINTH

REPORT OF THE COURT OF DIRECTORS

HONGKONG & SHANGHAI BANKING

CORPORATION.

ABSTRACT OF ASSETS & LIABILITIES, HONGKONG & SHANGHAI BANKING

CORPORATION,

31st December. 1909,

LIABILITIES.

Paid-up Capital,..............

...........$15,000,000,00 |

15,000,000.00 15,250,000.00

250.000.00

GENERAL PROFIT AND LOSS ACCOUNT,

HONGKONG & SHANGHAT BANKING

CORPORATION,

Dr.

31st December, 1909.

To AMOUNTS WRITTEN OFF :----

Remuneration to Directors...$

DIVIDEND ACCOUNT : ----

Dividend £2

per

Share

oll 120.000

Shares

£240,000 at TDA

Bonus - per

Share

OIL

2 679,060.77

15,000.00

TO THE

ORDINARY HALF-YEARLY GENERAL MEETING

SHAREHOLDERS

TO BE HELD

AT THE CITY HALL, HONGKONG,

ON

Saturday, the 19th February, 1910, AT NOON.

To the Proprietors of the

HONGKONG & SHANGHAI BANKING

GENTLEMEN,

CORPORATION,

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. 1909,

The net profits for that perial, including $2,001,819,19, balance brought forward from last account, after paying all charges, deduct- ing interest paid and due, and making provi- sion for bad and doubtful accounts, amount to $5,307,941.43.

The Directors recommend the transfer of $250,000 from the Profit and Loss Account to credit of the Silver Reserve Fund, which Fund will then stand at $15,500,000.

After making this Transfer and deducting Remuneration to Directors there remains for appropriation $5,042.911.43, out of which the Directors recommend the payinent of a Divid- end of Two Pounds Sterling per Share, viz. : £240,000 and a Bonns of Five Shillings Ster- ling per Share, viz.: £30,000 amounting in all to £270,000 which at 19, the rate of the day. will absorb 3,013,953.49.

The Balance $2,23,987.94 to be carried to New Profit and Loss Account.

BRANCHES AND AGENCIES, Sub-Agencies of the Bank have been opened at Hongkow (Shanghai). Malacca (Straits Settlements), and Kwala Lumpur (Foderated Malay States).

DIRECTORS.

Mr. H. E. TOMKINS has been elected Chair- man for the year 1919, and Mr. G. PALLOCH Deputy Chairman.

Mr. H. A. W. SLADE and Mr. W. HELMS having resigned their seats on leaving the Colony. Mr. G. BALLOCH and Mr. F. LIEB have been invited to fill the vacancies: these this appointments require confirmation ai Meeting.

Mr. C. R. LENZMANN, Mr. H. E. ToMKINS and Mr. C. S. GUBBAY retire in rdation, but being eligible for re-election, offer themselves accordingly.

AUDITORS.

The accounts have beer, audited by Mr. W. HUTTON Ports and Ma. J. W. C. BONNAR, who offer themselves for re election.

W. J. GRESSON. Chairman.

Hongkong, 8th February, 1910.

Sterling Reserve Fund, £1,500,000

@ex. 2-.

Silver Reserve Fund..........

Marine Insurance Account,

Notes in Circulation :-

(Authorisel Is.

STC agalust Securities and Coin deposit- ed with the Crown Agents for the Colon- ies and their

Trustees,)......$15,000.500.00

Additional

Ix-

sue authorised by Hongkong Ordinances against Coin lodged with the Hongkong Government....

30,188.00

15,030,188.00

Current Silver. $97,460,231,04 Accounts, 1 Gold.

£3.422.161.188.67 =60,513,280.03

-157.973.511.07

Fixed (Silver, $63,255,257.13 Deposits, Gold.

€4,586 318,6×5d.= 51,191,676.19

Bills Payable (including Drafts

on London Bankers, Call Loans and Short Sight Drawings on London Office against Bills Receivable and Bullion Ship- ments).

Profit and Loss Account, Liability on Bills of Exchange en-discounted, £1,500,348, 98.5, of which £3,910 659,13%, 46. have since run off.

Cash....

ASSETS.

Coin lodged with the Hongkong Government against authoris- ed and/or excess Note Circula- tion, Bullion in Hand and in Transit.

IndianGovernment Kuper Paper, Consols, Colonial anl ether

Securities.

114,446.933.82

.21,480,773.00 5.307,941.43

$359.739.346.82

STERLING RESERVE FUND INVESTMENTS, viz — £1,208,000 24

per cent.

Consols at 82, £990,560

(of which

£250.000

lodged with

the Bank of

England as

a

Sp cial

London

Reserve).

£255,000 27

per cent.

National

War Loan, at

90.

£325,000 Other

Sterling

Securities,

written down to .....

229,500

279.940

$49,624,147,34

13,000,000,00 6,487,602,55 2.419,349,51

14.881,698,82

£1,500,000) @ ux. 2 - 15,000,000,00

Bills Discounted, Loans and

Credits,..

Bills Receivable,

Bank Premises....

108,502.808.88 147,889.789.11 1,934,450.61

$359,730,316,82

120,000

Shares

£30,000 at

1/93

334,883.72

$3,013,953,49

TRANSFER TO SILVER

RESERVE FUND.......................... 250,000.00

BALANCE forward to next

half year,

2,028,987.94

$5,307,941.43

(r.

By Balance of Un-

divided Profits,

30th

June,

1909. ...........$2,001,819,19 Amount of Net rofits for the Six Months ending 31st December. 1909, after making provision for bad and doubt- fal debts. sledneting all Expenses and

Interest

paid

und due. ......... 8.306,122.24

-$5,307,941.43

$5,307,941.43

STERLING RESERVE FUND.

To Balance, 1,500,000 @ ex 2/-315,000,000,00 (invested in Sterling Securities).

By Balanes 30th June.

$15,000,000,00

1900, £1,500,000 at ex. 2....$15.000,00,00

$15,000,0005011)

SILVER RESERVE FUND.

To Balance,

$15,500,000,00

$15,500,000,00

$15.250,000,00

250,000,60

$15,500,000,(8)

By Balanes

#th June.

1909....

Transfer from Profit & Loss

Account.

J. R. M. SMITH, Chief Mangers

J. COX-EDWARDS, Chief Avevantunt,

W. J. GRESSON,

ROBERT SHEWAN, Directors. J. W. BANDOW,

!

We have compared the above Statement with the Books, Vouchers and Securities at the Head Office, and with the Returns from the various Branches and Agencies, and have found the same to be correct.

W. HETTON POTTS, Į

J. W. C. BONNAR,

Hongkong, 8th February, 1910.

Auditors.