324
THE HONGKONG GOVERNMENT GAZETTE, 14TH AUGUST, 1875.
Inspector's Report.
Dr. DAVID MCLEAN has duly inspected the Head Office and Branches, and his Report to the Directors, dated 10th May, is to the following effect, viz. :-
He estimates losses at $116,888.68, and recom- mends that they be written off at 30th June, although, he says, possibly a portion may be recovered. He adds: "Taking the doubtful "accounts as eventually turning out all bad, I "estimate the (further) total losses to be, at the "outside, $340,000." He considers the current business of the Bank as being on a much safer basis than in former years, and continues: "I "feel certain you will not be called upon to provide more than the amounts mentioned above." Не expresses his entire confidence in the management of the Bank at the Head Office and Branches. He considers it extremely difficult to reduce "Charges Account" very much without impair- ing efficiency, but feels confident that where it can, it will be done.
The Directors, acting on Mr. MCLEAN's Report, have written off the above sum of $153,997.42, which includes the $116,888.68 estimated by him as lost (less certain portions of it which have been recovered), $41,000 included in his estimate of "doubtful accounts" (since ascertained to be bad), and all probable losses by recent failures. Several amounts estimated by Mr. McLEAN US probably lost, have since been recovered, and the position of the "doubtful accounts" has improved so much since his Report was handed to the Di- rectors that, of the remaining $299,000, they have every reason to anticipate that a considerable sum, probably as much as one-half, will turn out good. They expect to know definitely the position of these accounts by the end of the current half- year.
Marine Insurance Account.
The balance of this account now amounts to $43,534:34; no losses have been sustained during the half-year,
Directors.
Mr. ALBERT F. HEARD, the Deputy Chairman, ceased to be a Director on the suspension of his firm, and Mr. H. NICAISE was appointed in his stead. Mr. NICAISE has since resigned under instructions from home, and Mr. ALEXANDER McIVER has been appointed to supply the
vacancy.
Mr. WM, H. FORBES has been elected Deputy Chairman.
Auditors.
Mr. F. W. MITCHELL resigned his appoint- ment as Auditor on leaving the Colony, and Mr. H. B. GIBB has been appointed in his stead.
ADOLF ANDRÉ, Chairman.
HONGKONG, 11th August, 1875.
ABSTRACT OF ASSETS AND LIABILITIES, HONGKONG AND SHANGHAI BANKING CORPORATION.
30th June, 1875.
ASSETS.
Cash and Bullion,
Government Securities,
.$ 8,072,637.86 2,895,355.20
Bills Discounted, Loans and Credits.... 9,526,220.45 15,501,583.34 Exchange Remittances,
229,581.12 92,879.56
Bank Premises,... Dead Stock,
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, H. B. GIBB,
Hongkong, 5th August, 1875.
Auditors.
"THE HONGKONG GOVERNMENT GAZETTE.”
Subscription:
Per Annum, Payable in advance, Extra copies,
$12.00
....each, $ 0.50
Terms of Advertising:
Each Additional line, $0.20
$36,318,257,53
LIABILITIES.
Paid-up Capital,... Reserve Fund,
$100,000.00 Marine Insur. Account,... 43,534.34
$5,000,000.00
For 5 Lines and under, $1.00
143,534.34
13,525,888.48 17,385,707.21 263,127.50
$36,318,257,53
Notes in Circulation,... $ 1,354,283.33 Deposits,..
12,171,655.15
Exchange Acceptances, Profit and Loss Account,
PROFIT AND LOSS ACCOUNT, HONGKONG AND SHANGHAI BANKING CORPORATION.
30th June, 1875.
Dr.
To AMOUNT WRITTEN OFF:
Rebate on Bills not due,
.$ 3,104.08 To CONTINGENT ACCOUNT:
Amount set aside to meet Losses, 153,997.42 To BALANCE:
Carried forward to next half-year,... 106,026.00
$263,127.50
Cr.
By Balance of Undivided Profits, 31st
December, 1874,,
By Amount of Net Profits, for the Six Months ending 30th June, 1875, after deducting all Expenses and Interest paid and due,
RESERVE FUND.
$3,059.44
260,068.06
$268,127.50
To Balance on 30th June, 1875,................................ 100,000.00
.$100,000.00
By Balance on 31st December, 1874,
JAMES GREIG, Chief Manager. H. SMITH, Accountant.
ADOLF ANDRÉ, WM. H. FORBES, E. R. BELILIOS,,
Directors.
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