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THE HONGKONG GOVERNMENT GAZETTE, 5TH AUGUST, 1899.

HONGKONG & SHANGHAI BANKING

CORPORATION.

SIXTY-EIGHTH

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 19th August, 1899, AT NOON.

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 last.

The net profits for that period, including $834,636.46, balance brought forward from last account, after paying all charges, deducting interest paid and due, and making provision for bad and doubtful accounts, amount to $3,447,579.68.

The Directors recommend the transfer of $1,000,000 from the Profit and Loss Acconnt to credit of Reserve Fund, which Fund will then stand at $11,000,000.

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 $2,182,579.68, out of which the Directors recommend the payment of a Dividend of One Pound and Ten Shillings Sterling per Share, which at 4,6 will absorb $533,533.33.

The difference in Exchange between 4/6, the rate at which the Dividend is declared, and 1/11, the rate of the day, amounts to $685,714.29.

The Balance $903,532.06 to be carried to New Profit and Loss Account.

DIRECTORS.

Mr. C. BEURMANN, Mr. DAVID GUBBAY and the Honourable J. J. BELL-IRVING having resigned their seats on leaving the Colony. Mr. E. GOETZ, Mr. E. SHELLIM and the Honourable J. J KESWICK have been invited to fill the vacancies; these appointments require confirmation at this Meeting.

AUDITORS.

The accounts have been audited by Mr. F. HENDERSON aud Mr. A. G. Wood, the latter acting for Mr. C. S. SHARP who is absent from the Colony,

R. M. GRAY, Chairman,

Hongkong, 1st August, 1899.

ABSTRACT OF ASSETS AND LIABILITIES, HONGKONG & SHANGHAI BANKING

CORPORATION, 30th June, 1899.

LIABILITIES.

Paid-up Capital,

.$10,000,000.00 10,000,000.00 250,000.00

3,622,695.00

13.622.695.00

Reserve Fund,.

Marine Insurance Account,

Notes in Circulation :--

Authorised Issue

against Securities

deposited with the

Crown Agents for

the Colonies........$10,000,000.00

Additional Issue au-

thorised by long-

kong Ordinance No. 1 of 1899, against Coin lodged with the Hongkong Gov- ernment,

Current Silver, .$59,393,562.24

Accounts. Gold,

£2,555,386.11/4=25,823,882.70

J Silver, Gold, £3,313,626.11/2-33,485 092.22

kills Payable (including Drafts on London Bankers and Short Sight Drawings Oll London Office ainst Bills Receivable and Bul-

Shipments),......

Profit and Loss Account, Liability on Bills of Exchange re-discounted, £4,552,588.7/7 of which up to this date £3,663,464, 10/11 have run off.

Fixed Deposits.

Cash,

ASSETS.

Coin lodged with the Hongkong Gov- ernment against Note Circulation in excess of $10,000,000, Bullion in Hand and in Transit,. Indian Government Rupee Paper, Colonial and other Securities,

INVESTMENTS, viz. :— £250,000.0.0 2 per cent. Consols lodged with the Bank of England as a Special Lon-

don Reserve, at

4,702,500.00

95 £237,500....... $1,900,000.00 £522,500.0.0 24 per cent. Consols at 90 £470,250...... £347,500.0.0 Other Sterling Securi- ties standing in the Books at £339,750,

3,397,500.00

$86,729,111.46

5,000,000.00

2,917,601.93

3,867,340.29

2,181,165.25

10,000,000 00

Bills Discounted, Loans and Credits, 63,805,823 01 Bills Receivable, Bank Premises,

78,273,540.25 321,610.05

$202,596,192.24

GENERAL PROFIT AND LOSS ACCOUNT, HONGKONG & SHANGHAI BANKING

Dr.

CORPORATION,

30th June, 1899.

To AMOUNTS WRITTEN OFF-

Remuneration to Directors,

1.

44

DIVIDEND ACCOUNT:~

£1.10 per Share on 80,000

Shares £120,000 at 4/6,.

DIVIDEND ADJUSTMENT

ACCOUNT:-

Difference in Exchange between 4/6, the rate at which the Dividend is declared, and 1/11, the rate of the day,

.$ 15,000.00

533,333.33

TRANSFER TO RESERVE

FUND,

685,714.29

1,000,000.00

13

TRANSFER TO BANK PRE-

MISES ACCOUNT,. BALANCE carried forward to

next half-year,

250,000.00

963,532.06

$8,447,579.68

Cr.

By Palance of Undivided Profits, 81st Decem- ber, 1898, Amount of Net Profils for the Six Months ending 30th June, 1899, after making provision for bad and doubtful debts, de- ducting all Expenses and Interest paid and due,

.$834,636.46

2,612,943.22

$3,447,579.68

$3,447,579.68

RESERVE FUND.

..$11,000,000.00

To Balance,.........................

By Balance, 31st December, 1898, ....$10,000,000.00

Transfer from Profit and Loss

Account...

85.217,444.94

.$33,356,656.94

T. JACKSON, Chief Manager.

G6,841,749.16

13,216,723.46 3,447,579.68

$202,596,192.24

1,000,000.00

$11,000,000.00

J. C. PETER, Acting Chief Accountant.

R. M. GRAY,

N. A. SIEBS, A. MCCONACHIE,,

ન

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. HENDERSON, A. G. WOOD, Hongkong, 1st August, 1899.

Auditora.

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