191784-1932-Supplementary-Hongkong-and-Shanghai-Banking-Corporation-One-Hundred-and-Sixteenth-Report-of-the-Board-of-Directors-to-the-Ordinary-Yearly-General-Meeting-of-Shareholders — Page 1

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HONG KONG AND SHANGHAI BANKING CORPORATION

ONE HUNDRED AND SIXTEENTH

REPORT OF THE BOARD OF DIRECTORS

TO THE

ORDINARY TEARLY GENERAL MEETING OF

SHAREHOLDERS

TO BE HELD AT THE

OFFICES OF THE HONG KONG AND SHANGHAI BANKING CORPORATION, 1 QUEEN'S ROAD CENTRAL, HONG KONG

on Saturday, the 27th., February, 1932.

A 11.30 A.M.

To the Proprietors of the

GENTLEMEN,

HONG KONG AND SHANGHAI BANKING CORPORATION.

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 1931.

The net profits for the year, together with $3,429,093.38, 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 $19,898,554.63.

The Directors recommend writing off Bank Premises Account the sum of $500,000.

After making this transfer, deducting the Interim Dividend of £3 per share, paid on 10th. August last, viz.:-£480,000 @ 1/04 = $9,216,000, and remuneration to Directors, there remains for appropriation $10,099,772.02, out of which the Directors recommend the payment of a Final Dividend of £3 per Share, viz., £480,000 which, at 1/54, the rate of the day, will absorb $6,678,260.87.

The Balance $3,421,511.15 to be carried to New Profit and Loss Account.

The Sterling equivalents of the Assets and Liabilities are shown at 1/51, the rate ruling on the last day of the year.

DIRECTORS.

The Hon. Mr. J. J. PATERSON has been elected Chairman for the year 1932, and Mr. T. E. PEARCE has been elected Deputy Chairman.

During the year Mr. B. LANDER LEWIS resigned his seat on leaving the Colony.

Mr. J. P. WARREN, Mr. W. H. BELL and Mr. T. H. R. SHAW retire in rotation, but being eligible for re-election, offer themselves accordingly.

AUDITORS.

During the year Mr. C. BERNARD BROWN resigned owing to pressure of business. Mr. H. R. FORSYTH was appointed in accordance with Article 147, Section 6, of the Bank's Ordinance.

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

HONG KONG, 5th. February, 1932.

C. G. S. MACKIE,

Chairman.

1:

ABSTRACT OF ASSETS AND LIABILITIES, HONG KONG AND SHANGHAI BANKING CORPORATION.