17651-1910-Supplementary-Advertisements — Page 1

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NISETIETH

REPORT OF THE COURT OF DIRECTORS

TO THE

ORDINARY HALF-YEARLY GENERAL MEETING

OF

HONGKONG & SHANGILAI BANKING CORPORATION.

ABSTRACT OF ASSETS & LIABILITIES, HONGKONG & SHANGHAI BANK-

ING CORPORATION,

30th June, 1910.

LIABILITIES.

..$15,000,000,00

15,000,000.00

15,500,000,00

250,000,00

GENERAL PROFIT AND LOSS ACCOUNT.

HONGKONG & SHANGHAI BANKING

CORPORATION,

Dr.

30th June, 1910.

To AMOUNTS WRITTEN OFF :

Remuneration to Directors,..$ DIVIDEND ACCOUNT:--

Dividend £2 per Share on 120,000 Shares=£240,000 at 1/91-

"

TRANSFER TO SILVER

RESERVE FUND,......

TRANSFER ΤΟ BANK PREMISES ACCOUNT, BALANCE forward to next

half-year,

15.000.00

2,694,786,84

500,000.00

150,000,00

2.029,390.83

$5,389,127.67

SHAREHOLDERS

TO BE HELD

AT THE CITY HALL, HONGKONG,

ON

Saturday, the 20th August, 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 30th June. 1910,

The net profits for that period, including $2,028,987.94, 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 $5,389,127.67.

The Directors recommend the transfer of $500,000 from the Profit and Loss Account to eredit of the Silver Reserve Fund, which Fund will then stand at $16,000,000.

They also recommend writing off Bank Promises Account the sum of $150,000,

After making these Transfers and deducting Remuneration to Directors there remains for appropriation $4,724,127.67, out of which the Directors recommend the payment of a Divid- end of Two Pounds Sterling per Share, viz. : £240,000 which at 1/93, the rate of the day, will absorb $2,694,736,84.

The Balaux $2.029.300.83 to be carried to New Profit and Loss Account.

STERLING RESERVE FUND. Owing to the redemption of the National War Loan a re-arrangement of the securities held in this account became necessary, and #270,000 39 Exchequer Bonds due 1915! were purchased, which stand in the books at 98. The opportunity was taken to adjust our holling of Consols to 80 and to write down Other Sterling Securities.

The expenditure incurred in effecting these changes, viz: £7,170, has been met out of the Profits of the half-year,

BRANCHES AND AGENCIES, Sub-Agencies of the Bank have been opened at Ipoh and Johore (Malay Peninsula).

DIRECTORS.

Mr. E. G, BARRETT, Mг. H. E. TOMKINS, Mr. C. S. GUBBAY and the Honourable Mr. W. J. GRESSON having resigned their seats on leaving the Colony, Mr. G. H. MEDHURST, Mr. F. H. ARMSTRONG, Mr. S. A. LEVY and the Honourable Mr. HENRY KESWICK have been invited to fill the vacancies. DREW FORBES has been invited to join the Board. These appointments require confirma- tion at this meeting.

Mr. AN-

Mr. G. BALLOCH has been elected Chairman for the remainder of the year and Mr. ROBERT SHEWAN Deputy Chairman.

AUDITORS.

The accounts have been andited by Mr. F. MAITLAND and Mr. J. W. C. BONNAR, the former acting for Mr. W. HUTTON POTTS who is absent from the Colony,

G. BALLOCit, Chairman.

Paid-up Capitai............ Sterling Reserve Fund, £1,500,000

@ ex. 2'-.

Silver Reserve Fund....... Marine Insurance Account, Notes in Circulation :-

(Authorised Is.

SUC against Seenrities and Coin deposit- ed with the Crown Agents for the Colon- Jes and their

Trustees.

$ 15,000,000.00)

Current Silver. $120,075,829.63 Accounts, i Gold,

£4.723,737.98.9.=53,032,347,36

13,965,133.00

173, 108,176,99

Fixed Silver, $62,936,914.70 Deposits, Gold.

£4,865,688,13x,67.—5

51,631,394.09

Bills Payable (including Drafts on London Bankers, Call Loats and Short Sight Drawings on London Office against Bills Receivable and Bullion Ship- uncuts),

Profit and Loss Account,

Liability on Bills el Exelange re-discounted. £7,996)062, 17%,644, of which 26,071, 119, 48, 1917 have singe run all.

ASSETS.

117,568,308,79

.21,502,332.6141 5.389,127.67

$377,283,079.09

Cr.

By Balance of Un- dividel Profits,

31st December, 1909, Amount of Net Profits for the Six Months ending 30th June, 1910, after making provision for bad and loubt- ful debts, deducting all Expenses an Juterest paid and due,

„$2,028,987,94

8.360.139.73

-$5,389,127,67

$5,389,127.67

....... kama m

STERLING RESERVE FUND,

To Balance. £1,500,000 @ ex. 2/-$15,000,000,00 (invested in Sterling Securities).--

.$48,095,989.39

By Balance 31st December,

Cash. Coin lodged with the Hongkong Government against authoris- ed and or exeess note circula- tion.

12,000,000,00 Ballion in Hand and in Transit. 11,945,376,69 IndianGovernment Rupee Paper, 2,317.687.65 Consols. Colonial and other

Securities.

STERLING RESERVE FUND

INVESTMENTS, viz. :—— €1.200,000 21

per cent.

Consols at 80, £160,000

(of which

£250,000

lodged with

the Bank of England as a Special London Beserve). £270,000 3

per cent,

Exchequer

Bonds due

1915 at 9.... 264,600 £325,000 Other

Sterling Securities. written

down to......

275,400

14,706,302.64

€1,500,000 @ ex. 2 - 15,000,000,00

Bills Discounted, Loans and

Credit-..

Bills Receivable,

| Bank Premises................................................

144,630,243,46

125,639,578.39 2,047,920,87

$377,283,079,09

$15,000,000.00

1909, £1,500,000 at ex. 2...........815,000,000,00

$15,000,000.00

SILVER RESERVE FUND.

To Balance........

$16,000.000.00

$16,000,000.00

$15,500,000,00

Transfer from Profit & Loss

Account.

500,000.00

$16,000,000,00

By Balance 31st December,

1009,...

J. R. M. SMITH, Chief Manager,

J. COX-EDWARDS, Chief Acevuntaut.

G. BALLOCH, HENRY KESWICK, F. LIEB.

Directors.

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

F. MAITLAND, J. W. C. BONNAR, į

Auditors.

I t

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TARO