608285-1928-Supplementary-Advertisements — Page 1

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HONG KONG AND SHANGHAI BANKING CORPORATION

ONE HUNDRED AND TWELFTH

REPORT OF THE COURT OF DIRECTORS

TO THE

ORDINARY YEARLY GENERAL MEETING OF

SHAREHOLDERS

TO BE HELD AT THE CITY HALL, HONG KONG

on Saturday, the 25th February, 1928

AT NOON.

To the Proprietors of the

GENTLEMEN,

HONG KONG & 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 1927.

The net profits for the year, together with $3,399,065.84, 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 $17,638,353.98.

The Directors recommend the transfer of $500,000 from the Profit and Loss Account to the Silver Reserve, which will then stand at $14,000,000.

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 8th August last, riz.:—£480,000 @ 2; == $4,800,000, and remuneration to Directors, there remains for appropriation $11,288,353.98, out of which the Directors recommend the payment of a Final Dividend of $3 per Share, viz., £480,000, and a Bonus of £2 per Share, riz., £320,000, amounting in all to £800,000 which, at 2/-3, the rate of the day, will absorb $7,876,923.08.

The Balance $3,411,430.00 to be carried to New Profit and Loss Account.

The Sterling equivalents of the Assets and Liabilities are shown at 2/-3, the rate ruling on the last day of the year.

DIRECTORS.

Mr. A. H. COMPTON has been elected Chairman for the year 1928, and Mr. N. S. Brows has been elected Deputy Chairman.

The Hon. Mr. A. O. Lang, Mr. J. A. PLUMMER and Mr. G. M. YounG resigned their seats on leaving the Colony and Mr. C. G. S. MACKIE, Mr. A. MACGOWAN and Mr. N. S. Brows were invited to join the Board.

These appointments require confirmation at this Meeting.

The Hon. Mr. D. G. M. BERNARD, Mr. A. H. COMPTON and Mr. W. L. PATTENDEN 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.

HONG KONG, 3rd February, 1928.

D. G. M. BERNARD,

Chairman.