56
THE HONGKONG GOVERNMENT GAZETTE, 20TH FEBRUARY, 1875.
The amount placed against London losses is required on account of transactions entered into prior to the present half-year. Although these transactions were known to the Directors at the
date of the previous Meeting, they had no reason, from the information then in their possession, to look
them as bad. Subsequent advices, upon however, shewed that a considerable amount had to be provided for them, which has now been done. The Directors at the last Meeting had hoped to recoup the Bank a portion of the amount then set aside for London losses from Mr. VACHER, the London Manager at that time, as they believed he was possessed of considerable means, but he is unable to meet his own indebtedness (unwarran- tably incurred) to the Bank, and although the Directors have obtained from him an assignment of his available property, they have to provide for a loss on his account, Mr. VACHER is no longer in the Bank's service.
The losses on Sterling Bills are chiefly due to purchases made previous to the half-year and are now provided for.
The amount placed against "Head Office accounts" is required for writing off considerable amounts from the value, in the Bank's books, of the Sugar Refinery, the Pier Company's pro- perty and other items, and for deficiencies on current advances during the half-year, securities of all kinds having depreciated greatly in value.
The sum placed against “Sundry accounts" is required mostly to meet losses on advances made at some of the Branches previous to the half-year.
Referring to their last Report and to the expec- tations there expressed as to the extent of possible future losses, the Directors greatly regret that their anticipations should have turned out much too sanguine. They cannot, however, close this Report without pointing out, that, although they have been compelled to lay before the Share- holders two successive unfavorable Statements of accounts the general business and position of the Bank continue sound.
Local Committee in London.
The Directors, under authority of Article 144 of the Deed of Settlement, have now resolved to take immediate steps to appoint a Local Com- mittee in London to supervise the transactions of that Branch.
Inspection.
Mr. DAVID MCLEAN has been appointed to make a special tour of inspection of the Bank and will be here shortly, but it will be at least two months before he can hand the Directors his Report.
Marine Insurance Account.
The Balance of this account now amounts to $33,981.06,—no losses have been sustained during the half-year.
Directors.
Mr. THOMAS PIKE resigned his seat at the Board, in conformity with the notice he gave at the last General Meeting. Messrs. R. RoWETT and S. D. SASSOON also resigned their seats at the Board, on leaving the Colony, and Mr. F. D. SASSOON has been appointed in room of the latter gentleman.
Mr. ADOLF ANDRE has been appointed Chair- man of the Corporation for the year 1875, vice Mr. WM. H. FORBES, whose term of Office now expires, and Mr. A. F. HEARD has been elected Deputy Chairman,
In conformity with the provisions of the Deed of Settlement, two Members of the Court, Messrs. ADOLF ANDRÉ and A. F. HEARD, retire from the direction, but they are eligible for re-election and offer themselves accordingly.
Auditors.
The accounts have been audited by the Honour- able PHINEAS RYRIE and Mr. F. W. MIT- CHELL, and the Directors have pleasure in recom- mending the re-election of these gentlemen as Auditors for the year 1875.
WM. H. FORBES, Chairman. HONGKONG, 13th February, 1875.
ABSTRACT OF ASSETS AND LIABILITIES, HONGKONG AND SHANGHAI BANKING
CORPORATION.
31st December, 1874.
Cash and Bullion,
Government Securities,
ASSETS.
.$8,550,804.92 2,478,885.74
Paid-up Capital,.. Reserve Fund,
LIABILITIES.
Marine Insurance Account, Notes in Circulation,... $ 2,242,170.92 Deposits...
Exchange Acceptances, Profit and Loss Account,
$5,000,000.00 100,000.00 33,981.06
17,554,726.80
19,796,897.72 17,858,398.20 119,785.42
$42,909,062.40
PROFIT AND LOSS ACCOUNT, HONGKONG AND SHANGHAI BANKING CORPORATION.
31st December, 1874.
T
NOTICE.
HE interest and responsibility of Mr. S. E. SHELLIN, in our firm at this port and in China, ceased on the 31st December, 1874. And Mr. EDWARD ELIAS SASSOON has been ad- mitted a Partner therein from the 1st January ultimo.
E. D. SASSOON & Co. Hongkong, 4th February, 1875.
NOTICE.
MR. HENRY LISTON DALRYMPLE, and Mr.
JOHN GORDON TALBOT HASSELL have this day been admitted Partners in our Firm.
Mr. GEORGE HALES is authorized to sign our Firm by procuration at Foochow.
BIRLEY & Co.
Hongkong, 1st January, 1875.
Dr.
To AMOUNTS WRITTEN OFF:
Remuneration to Directors, $10,000.00 Rebate on Bills not Due,... 725.98
$10,725.98
Firm.
To CONTINGENT ACCOUNT:
Amount set aside to meet Losses, (referred to in half-yearly Report of 12th August, 1874),
..$275,000.00 Amount set aside to meet
Losses,...
506,000.00
-781,000.00 To BALANCE:
Carried forward to next half-year,...... 3,059.44
Cr.
By Balance of Undivided Profits, 30th
June, 1874,.......
By Amount of Net Profits, for the Six Months ending 31st December, 1874, after deducting all Expenses and In- terest paid and due....
By Amount from Reserve Fund,
RESERVE FUND.
$794,785.42
7,042.19
..112,743.23
...675,000.00
To Amount transferred to Profit and Loss Account to meet Losses, $675,000.00-
To Balance on 31st Decem-
ber, 1874,
$794,785.42
...100,000.00
By Balance on 30th June, 1874,..
-$775,000.00
.$$775,000.00
$775,000.00
JAMES GREIG, Chief Manager.
H. SMITH, Accountant.
WM. H. FORBES, ADOLF ANDRE, H. HOPPIUS,
Directors.
We have compared the above Statements with the Books, Vouchers and Securities at the Head Office, and with the Returns received from the various Branches and Agencies and have found the same to be correct.
P. RYRIE, F. W. MITCHELL,
Hongkong, 12th February, 1875.
T
NOTICE.
Auditors.
THE interest and responsibility of the late Mr. GEORGE FARLEY HEARD in our firm have ceased.
AUGUSTINE HEARD & Co.
Hongkong, February 12th, 1875.
NOTICE.
Bills Discounted, Loans and Credits,... 9,759,524.26 MR. CHARLES EDWARD PARKER was ad-
Exchange Remittances,
Bank Premises...
Dead Stock,
21,797,957.84
229,967.09 91,922.55
$42,909,062.40
mitted a Partner in our firm in Hongkong, China and Japan on the 1st January, 1875.
AUGUSTINE HEARD & Co.
Hongkong, February 12th, 1875.
NOTICE.
"R. ALFRED THOMAS MANGER, has
Mthis day been admitted a Partner in our
DOUGLAS LAPRAIK & Co.
Hongkong, 2nd November, 1874.
JUST PUBLISHED.
A CHINESE AND ENGLISH DICTIONARY,
BY
THE REVD. W. LOBSCHEID.
THE above work, which has been chiefly com THE
piled for the purpose of aiding students in the study of Chinese literature, comprises many characters not met with in any of the Dictionaries hitherto published.
The selection of between 8,000 and 9,000 cha- racters will make it comparatively easy to find a character without counting the strokes of the compound figures, (minus the radical), and the addition of the Synonyms will prove a great help to such as are anxious to acquaint themselves more minutely with the character of the lan- guage.
The work contains 584 Imperial Octavo Pages and is neatly bound in cloth.
PRICE $8 per Copy.
NORONHA & SONS,
Hongkong
Agents:
In Europe,... Messrs. H. S. KING & Co., London.
Amoy,....Mr. E. LEMATTRE.
Shanghai, Messrs. LANE, CRAWPORD & Co.
Hongkong, F5th April, 1871.
COPPER PLATE PRINTING. ARTIES' having their own engraved Plates may have VISITING CARDS printed from them, by applying at the Office of
PAR
NORONHA & SONS.
"THE HONGKONG GOVERNMENT GAZETTE.”
Subscription:
Per Annum, Payable in advance, Extra copies, .....
$12.00
...each, $ 0.50
Terms of Advertising:
For 5 Lines and under, $1.00 Each Additional line, $0.20
In Chinese-For 25 Characters for 1st insertion.
and under,
.$1,00
Each Additional character, 4 c. Repetitions, .........Half price.
Unless otherwise ordered, all advertisements will be repeated until countermanded.
Advertisements intended for insertion should
be sent in not later than 3 P.M. on Saturdays.
Printed and Published by NORONHA & SONS, Printers to the Hongkong Government, OSWALD'S TERRACE, WELLINGTON STREET, Hongkong.
No comments yet.
Private notes are available after approval.