W
tion.
NOTICE.
E have this day authorised Mr. J. E. MEYER to sign our firm per procura-
349
ABSTRACT OF ASSETS & LIABILITIES, HONGKONG & SHANGHAI BANK- ING CORPORATION, 30th June, 1913.
GENERAL PROFIT AND LOSS ACCOUNT, HONGKONG & SHANGHAI BANK- ING CORPORATION,
30th June, 1913.
Sterling Reserve Fund, £1,500,000
LIABILITIES.
Dr.
F. BLACKHEAD & Co.
Paid-up Capital................
........
..$15,000,000.00
Canton, 4th August, 1913.
15,000,000.00 17,200,000.00 250,000.00
DIVIDEND ACCOUNT:-
"
HONGKONG
AND SHANGHAI
BANKING CORPORATION.
NINETY-SIXTH
REPORT OF THE COURT OF DIRECTORS
TO THE
ORDINARY HALF-YEARLY GENERAL MEETING
OF
SHAREHOLDERS
TO BE HELD
AT THE CITY HALL, HONGKONG,
ON
Saturday, the 16th August, 1913, AT NOON.
@ ex. 2/-,
Silver Reserve Fund..................................... Marine Insurance Account,. Notes in Circulation :-
(Authorised Is-
sue against Securities and Coin deposit- ed with the Crown Agents for the Colon- ies and their Trustees,) Additional Issue authorised by Hongkong
..$15,000,000.00
To AMOUNTS WRITTEN OFF:-
"
Remuneration to Directors,.. $ 15,000.00
Dividend £2 per Share on
120,000 Shares-
£240,000 at 1/11/
TRANSFER to Silver Reserve
Fund,...
TRANSFER to Bank Premi-
..$2,438,095.24
250,000.00
"
ses Account,
250,000.00
17
BALANCE forward to next
half-year,
2,052,482.91
$5,005,578.15
Ordinances against Coin
lodged with
the Hongkong
Government, 8,417,798.00
-23,417,798.00
!?
Or.
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 half-year ending 30th June, 1913.
The net profits for that period, including $2,011,410.35, 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 $5,005,578.15.
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 $17,450,000.
They also recommend writing off Bank Pre- mises Account the sum of $250,000.
After making these Transfers and deducting Remuneration to Directors there remains for appropriation $4,490,578.15, out of which the Directors recommend the payment of a Divi- dend of Two Pounds Sterling per Share, viz., £240,000, which at 1/118, the rate of the day, will absorb $2,438,095.24.
The Balance $2,052,482.91 to be carried to New Profit and Loss Account.
STERLING RESERVE FUND.
The holding of £1,200,000 21 % Consols has been written down by £36,000 to £864,000, and now stands in the Books at 72; "Other Sterling Securities" have also been written down to the extent of £5,850.
To effect these adjustments and maintain the Fund at £1,500,000, 3% Exchequer Bonds due 1930, to the face value of £45,000 were purchased at 97 and placed in the Books at 93.
This expenditure ciz., £43,918. 11s. 11d. was met out of the earnings of the half-year.
DIRECTORS.
Mr. F. H. ARMSTRONG and the Hon. Mr. C. H. Ross having resigned their scats on leav. ing the Colony, Mr. P. H. HOLYOAK and the Hon. Mr. D. LANDALE have been invited to fill the vacancies; these appointments require confirmation at this Meeting.
Mr. S. H. DODWELL has been elected Chair- man for the remainder of the year and the Hon. Mr. D. LANDALE Deputy Chairman.
AUDITORS.
The accounts have been audited by Mr. F. MAITLAND and Mr. J. W. C. BONNAR, the former acting for Mr. W. HUTTON POTTS who is absent from the Colony.
STANLEY H. DODWELL,
Chairman,
Hongkong, 5th August, 1913.
Current Silver, $118,642,085.73 Accounts, Gold, £5,053,405. 98. 11d.-50,548,746,53
-169,190,832.26
Fixed (Silver, $70,058,873.95 Deposits, Gold,
4,247,715. 98. 10d.—42,484,019.70
-112,542,893,65
Bills Payable (including Drafts on London Bankers, Call Loans and Short Sight Drawings on London Office against Bills Receivable and Bullion Ship- ments), Acceptances on account of Con-
stituents,
.19,862,185.06
...10,076,194.83 5,005,578.15
Profit and Loss Account, Liability on Bills of Exchange re-discounted, £10,351,358. 178. 17. of which £7,865,491. 38. Oct. have since run off.
$387,545,481.95
ASSETS.
$51,549,356.55
16,000,000.00
Cash,.. Coin lodged with the Hongkong Government against authoris- ed and/or excess note circula- tiou, Bullion in Haud and in Transit, 11,072,694.61 IndianGovernment Rupee Paper, 1,367,919.12 Colonial and other Securitics, ... 12,635,538.24 Sterling Reserve Fund Invest-
ments, viz. :---- £1,200,000 24 per cent.
Consols at 72, £864,000 (of which £250,000 lodged with the Bank of
· England as a Special London Reserve). £330,000 3
per cent. Exchequer Bonds due
1930 at 93,... 306,900 £406,500 Other
Sterling Securities, written
down to...... 329,100
£1,500,000 @ex. 2/-, 15,000,000,00
Bills Discounted, Loans and
Credits,.
Bills Receivable, Liabilities of Constituents for
acceptances, per contra, Bank Premises,...
139,140,340.13 124,596,318.55
10,076,194.83 6,107,119.92
$387,545,481.95
By Balance of Un-
divided Profits,
.$2,011,410.35
31st December, 1912,
Amount of Net
Profits for the Six Months ending 30th June, 1913, after making provision for bad and doubt- ful debts. deducting all Expenses and Interest and due,
paid
2,994,167.80
–$5,005,578,15
$6,005,578.15
STERLING RESERVE FUND.
To Balance, £1,500,000 @ ex. 2/-, $15,000,000.00 (invested in Sterling Securities).
$15,000,000.00
By Balance 31st December, 1912,
£1,500,000 at ex. 2/-,.... .$15,000,000.00
$15,000,000.00
SILVER RESERVE FUND.
To Balance,...............
$17,450,000.00
$17,450,000.00
By Balance 31st December, 1912,$17,200,000.00
Transfer from Profit and Loss
Account,...
**
250,000,00
$17,450,000.00
N. J. STABB, Chief Manager.
A. CECIL HYNES,
Acting Chief Accountant.
STANLEY H. DODWELL,
DAVID LANDALE,
G. FRIESLAND,
Directors.
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.
F. MAITLAND, J. W. C. BONNAR, į.
Hongkong, ōth August, 1913.
Auditors.
No comments yet.
Private notes are available after approval.