1906-03-03 — Page 4

64

SIR THOMAS · JACKSON.

THE STATUE.

UNVEILING CEREMONY.

SPEECH BY HIS EXCELLENCY THE GOVERNOR, { applause)

|

THE HONGKONG TELEGRAPH SATURDAY MARCH 3 1906.

A HISTORICAL RETROSPECT, SIR THOMAS JACKSON AND HARDWORK.

comic, tarday to speak of a in Gd. dollar in iho. Į face of these troubles of n generation ago. Naver was trade less. People want about wringing, their hands and bewaiting their fate to live in a time of a 35. 6d. dollar, Everybody was affected-even the poor coolis. Prices rose-- that is in absolute fact-and they seem to have

on rising ever since.

Speculators stopped speculating ; investors drew out their money; the land was paralysed. A horrible tine! But the dungkong and Shanghai Bank kept on making money. In 1880 it stand pre- eminent in the China, trade, because it was content, as die chroni ler naively put it, so mind its own legitimate business. The reserves were piled up, the idea being to raise the capital. Its shares stood at 116 per ceni, premium in 1987. In other words the shares stood at $152; 10-day it is difficult to get thent in quantity for $89p. This was the Bank that was flated in far and trepidation, but then the tank hud Sir Thomas Jackson at the helm and that counts for much,

"HONGKONG & SHANGHAI BANKING CORPORATION.

ANNUAL MEETING.

24th ult.

of

Mr. Thompson moved the re-ele Messrs. H. A. W. Slade, E. Shellim, and E. Goetz Ba, directors of the corporation.

Mr. Rogge seconded.

The motion was unanimously adopted. Mr. S. Hancock moved the re-appointment of Messrs. W. Hutton Potis and A. G. Wood as auditor

Capt. Tillett seconded.' Agreed:

The ceremony of unveiling a statue to S by Sr Hercules, the site now occupied by the reserve fund to half the amount of the paid up lin. Hon. Mr. R. Shewan N. A. Sials, deserving of the greatest praise for the able"

TRADE IN 1866.

BACK IN HONGKONG.

manner in which they have managed the enor meus funds, entrustet to their care, and the results produced as shown in the accounts just submitted to, and passed by you. As each report is issued I always remark that I cannot Pungine how on earth they contain such a candaid of excellence! But they do. 1, there- fore, propose a vote of thanks to the Court, the able managers and staff generally. (Applause.)

The meeting then ended.

GREEN ISLAND CEMENT CO, LD.

74th ult.

The ordinary half-yearly meet ng of the share holders is the Hongkong & Shanghai Banking Corporation was held at the City Hall, at noon, 10-day, for the purpose of receiving the report

Dr. Noble Aid:-Gentlemen,-Before" we of the Court of Directors together with a state- ment of accounts to 31st December, 1993. aliearty vote of thanks to the Court of Di part, would like to ask you to jain with me There were present: Mr. H. A. W. Slade rectors, the Chief Manager, managers and staff, all of whom have laboured diligently and faith- in the chair), Mr. A. Haupt, Hon. Mr. C W. Dickson, Messis, E. Goci, C. R. Lenz-fully on our behalf. They are ench and all inan, G. H. Medhurst, F. Falinger, E. (d rectors 1. R. M. Smlin (chief manager), Hon. Mr. Gershom Stewart, S. Hancork, Ceter, H. E. R. Hunter, C. W. May, H. Ne Mody, N. J. Stabb, A. Fatbes, C. J. Gonsalves, Capt. Tillett, G. Murray Bain, Ho Fank, N. H. M. Nematen, Dr. J. W. able, H. W. Fraser, A. Chinoy, A. G. Marriss, Wm. Lysauglit, R. Michael, J. Orange, Capt. Goddard, I will be seen from, these notes that from A. R. Lowe, C. 11. Kogge, A. Rodger, E. A the first the Bank under Sir Thomas Jackson Kadoorie, H. Wickham, W. H. Purcell, J. A. was a success. There were crises, of course, Jupp, W. H. Gail, LoCheung Shia, Cheung and the Bank had its vicissitudes as every Pui Kai, o Kom Tong, J. J. Leiris, CA institution of the magnitude of the Hong Thompson, W. H. Potts, W. S. Jackson, Wong Leung Him, S. 4. Michael, Ellis Kadooris, D. kong and Shanghai Bank is bound to have,

Forbes, J. M. S. Alves, il. Schroeter, S. A. but they were safely negotiated, and Sir

The seventeenth ordinary annual meeting of Levy, A. V. Apcar, Jas. Orauge, J. Barton, C.

shareholders in the above Company, was held Thomas Jackson retired after years of strenuous work in the East. When he went E. Anton, R. R. Hyni, W. H. Fraser, L.

at the office of the General Managers, Messrs. to Londen he was given the command-Berindoague, F. A. Gomes, and B. Layton.

Shewan, Tomes and Co.. St George's Build. The Chairman said:-Gentlemen,The re- ing, at 11.30 this farenson for the purpose of It was just at this period that the Suez Canalin voice in the affairs of the Board there.

Sono after, Hongkong passed through one of port which I have read on the half-year's work-receiving a statement of accounts and thà was opened. Prior to that, vessels to Hongkong the rey re financial crises which have marked ng of the Bank is no exception to the 'lavour report of the Ganart Managers for the year. had 10 undergo the terribly long and thang. the history of the Gilony. The Hongkong able statements your Directors have bad the ending 31st December, 1995, declaring a tonous voyage round, the Cape. It was only

and Shangbai Bank was in dire strais, not pleasure of laying before you for many years dividend, and electing consulting, committee because its funds had been drawn out to an past, and 1 think there is no doubt it will meet and auditors. the other day that we were speaking of the new

extent that the firm foundation on which it

with your approval. I hope that the proposed There were present Hon. Mr. R. Shewan, Delhi, an 8, co tonner, and the Dongala, a

rested had been impaired, but on account distribution of profits will also prove satisfactory (chairman), Sir Paul Chater, Hon. Mr. C. W. sister ship, which the P. and O. Company have put on the run to the East. Now we are com of the depressed condition of the Colony, to you. We recommend the addition of ten Dickson, and Dr. J.W. Noble, (directors); Cupl

And when the Hongkong Bark suffers it is lakhs of dollars to our Silver Reserve. In June Clarke, A. Denison, E. J. Moses, G. J. B. laining about the length of the passage to Europe. The probability is, however, that until synonymous with the suffering of the whole list we increased the Dividend from £1. 1of. Sayer, Capt. Goddard, A. Babington, J. R. we get aerial or rail-less railways we can hard-colony, its merchants and its riders, its in-1015), and I am glad to say that so far re Michael, W. Parlane, !A. F. Carmichael, G. ty. expect to get home much under a month.

habitants and its workers. Teref re the suits have warranted that step. We are able Somerville. A. Roza, Murray Baio, and Jackson, “ However, the opening of the Suez Canal gave master-hand was required again at the helin to to again propose a dividend al 1. 15 and The Chairman said :—Gentlemen,—The re- an extraordinary impetus tu. trade in the Far steer the barque through the stormy waters als a bonus of 1, making a distribution of port and accounts for 1935 were issued on 9 h East. The godownsof Hongkong were crammed, nto which things commercial had been plung 44. 10/- per share for the year. As regards the instant, and, we will, therefore, with your per ed in the East generally. Much against his amount of the bonus, while circumstances have mission take them as rend now. As we anti- the treaty ports were overflowing, the volume of commerce increased tenfold, the methods of will, but to relieve the situation, Sir Thomas again been exceptionally favourable, I feel cipated at last year's meeting we have done. trade were revolutionized, and in 1865 the yielded to the request for his presence in that I must repeat the caution uttered by my still better than before, and the accounts show

Hongkong. He was at once reinstated in predecessor in the chair to the effect that a gross profit on working of $498,634 00 03: foreign trade with China amounted to nearly

against $444,09 Loo last year, the net amount. 9500,000. Of that trade Great Britain had office and the familiar remark, Apply to the 1, bonus should not be looked upon as

available for appropriation, i (after) deducting 71,518,723 or nearly 63 per cent. of the whole, had all its ald significance. By his exa recurring certainty; more especially in view kong was the central emporium, it was under affairs and his wonderful finance, he speedily year to the ordinary dividend. and for the distribution of that traffic Hongtraordinary tact, his comprehensive grasp of of the fact that we have since added 10-á interest and sundry charges) and allowing for It is only depreciation, being $437,210,87, Out of this these favourable conditions that the Hongkong rehabilitated the monetary affairs of the Colony, 6uing that I should say at once that the thanks

we propose, to place $ro,cos to reserve fund, Bank was started. In 1866, the shareholders of and when the crisis had been faced and over. shareholders are due to our managers, and pay a dividend of $200 per share and a come he returned in England. That pio.agents and staff generally, and I am sure you hanus dividend of sucants, absorbing 5375,111, the Pank "felt confident of coming prosperity

sper.ty which he left behind him as no! will approve of our action in voting them a leaving $52,219.87 to be carried forward to the and the Bank was incorporated by charter.

only remained but it has been progressing binus of 15% on their salaries (Applause.) credit of next year's account. As it was repres at a rate undreamt of by the most sanguine Tuning to the balance sheet you will find that sented to us by influential shareholders that a, founders of the leading financial institution in our note circulation shews an increase of thirty larger dividend than that of last yo+r, the East, and 10-day the Bank is the inter. Lakhs of dollars compared with the figures on vz: Si.co was expected, and as we are mediary between he British Government and 30th June last," white silver current accounts anxious to meet the views of shareholders, the Chinese Government on the one hand and are some sixty lakhs of dollars less, reflecting though at the same time we are averso the British investors on the other. The result the usual demand for money at the end of the to increasing the usual rate of divideud until year. The withdrawal of some of the loan we feel more confident of maintaining it at the is that now the Bank has attained a position of

funds, temporarily ledged with us in London, increased figure, we recommend an extra bonus solidarity, and has accumulated that vasi re serve which places it in the front, rank of accounts for the decrease in gold current dividend of so cents per share on this occasion, financial institutions not only in the East but in accounts. Deposits in guld remain practically which we hope will be approved by all share the world at large.

aschange, while silver deposits show an in holders. As good provision has been made for crease of twenty lakhs. Outstandings under the depreciation, and as the reserve fund is investe leading of bills payable are twelve lakhs leased in the bushess of the Company itself, and than six months ago. On the other side of the account you will see that we are in a very strong cash position. Coin ledged with the Hongkong Government agalus: excess Note

upon Sir Thomas Jackson as a personal friend, districts of Central China payments, former for he was always full of kindly consideration ly rettled in sycee, had now to be made in for those under him. We are all proud to haveandefaced Mexican dollars which were at worked with him and all gratified to think that a high p emium; that consequently a British he has been so greatly honoured. I am sure dollar of an equal value to that of the Mexi- you will all join me in the esinest hope that he can was urgently required. In consequence may long live to wear his laurels-(loud ap of these representations, the Lords Commis plause). And now I ask you to give three sioners of H.M.'s Treasury approved (April cheers for His Excellency, the Governor (loud to, 1863) of the proposal of Bir ftercus and suggested that the proposed int she'd After the cheers and the "tiger" had been be established in Hongkong by local enactment zith ult.

given, His Excellency returned thanks and the to be ap roved by the Queen, and that it should The statue of Sir Thomas Jackson, who for proceedings ended.

be placed under the control and supervision of nearly three decades ruled the destinies of the

the Master of the Royal Mint, with a view to Hongkong and Shanghai Banking Corpore.

asy and verification of the coins to be issued tion, was unveiled this afternoon, by His Ex-

from it. Arrangements were accordingly made cellency Sir Matthew Nathan. There was a great gathering of shareholders in the Corpora

ast Point Sugar Fefinery was appropriated tion and the general public at the ceremony. Thomas Jackson, which took place to-day, for the purposes of the Mint, additional land The statue, which stands immediately in front marks very fittingly the work of a financier reclaimed from the en, at a cust of £9,000, a of the Bank, was encircled with flags; in the whose ability and energy have left their im water supply secur- d at a east of $3.550, build. centre was the flag of the Colony supported by print on the Colony. His memory is inde-ings commenced which cost $15,000, and a Union Jacks, and the flag of the Way-foong." ibly enshrined in the Hengkong and Shang staff ordered from home. Several Ordinances The flags of all nations were at the side, even bai Banking Corporation, which is itself one of were also issued providing for the conversion. the crescent and star being displayed. There the leading features of this island-a paient of British currency in all payments by or to the was a railed-in area for those invited to attend factor in its prosperity. The distinguishing Government (of 1864) and for the organisa the function. Punctually at a quarter to one trait about Sir Tomas Jackson'scharacter, while tion of the Mint service (2 of 1864). The for- His Excellency, accompanied by Capt. Arbuth Chief Manager of the Bank, was his absolute mer of these two Ordinances ordained, with not-Leslie, A.D.C., appeared in his chair, and devotion to duty. What struck those who'reference to the above-mentioned proclama- mounted the rostrum which had been erected had to deal with him in Hongkong was his tion of January 9, 1863, that as soon as the observant nature. He saw everything, and lic date referred 10 could be fixed, ali payments immediately under the statue. Among those present were:-Messrs. 13. A. W. Städe, A.

Saw round curners-probably that was the due in British sterling to or by the Govern Haupt, Hon. Mr. C. W. Dickson, E. Goetz, C. secret of his success; but it is at least certain ment shoubi be made in dollars, cents or cash, R. Laozman, G. H. Medhurst, E. Salinger, that the Hongkong and Shanghai Bank would 10 be issued from H.M.'s Mint, at the rate of Hon. Mr. R. Shewan, E. Shellim, N. A. Siebs not be what it is to-day had there been no bir 4% ad, to the dollar. (Directors), J. R. M. Smith (Chief Manager), Thomas Jackson. As a result ni his efforts, Colonel Chaier (of the Argyll and Sutherland aided and assisted by numerous capable, Highlanders formerly stationed in Hong efficient and willing coadjutors, the Bank is no koog, an old friend of Sir Thomas Jack-merely a factor in the progress of the Colony son' who happened to be passing through it is álmot a name to conjure with, and it the Colony), His low. Sir Francis Piggott is now entering into international obligations Sir C Paul Chater, CMG, Trgold, G., which, will yet further improve its standing Murray Bain, Berindoague, f. W. Balles, and confer greater honour on the Colony Hou. Mr. A. W. Brewin, G. de Champeaux, Sir Thomas Jackson is an Irishman, born in Hon. Mr. W. Chatham, J. A. Chinoy, T. P. a district with a fine Irish name, Croosimaglen, Cochrane, Chan Tong, Christiani, W. A. It was the Irish blond in his nature, probably, Cruickshank, W. Danby, E. Freyvogel, W...which made him such a companionable man, Gaskell, H. J. Gedge, 1. Georg, A. Hancock, la was educated at an academy known as 8. Hancock, F. A. Hazeland, E. A Hewett, Morgan's Sch ol, at Castle Knock, and by Ho Fook, T. F. Hough, Hon. Dr. Ho Kai, H. private tutors, Deciding to enter the banking Humphreys, W. G. Humphreys, H. U. Jeffries, profession he joined the Bank of Ireland at Dr. G. P. Jordan, J. A. Jupp, . S. Kadoorie, Belfast when he was nineteen years of J.T. Lauts, 1); R. Law, B. Layton, A. R. Linton, age. Four years later, in 1864, he came to W. Lysaught, J. R. Michael, A.S. Mihara, M. the East, where all its successes were to T. Minami, K. W. Mitchell, H. N. Mody, A. G. be won. He entered the Aura Bank, but Morris, G. C. Moxon, Dr. J. W. Noble, in 1876 he came to Hongkong and became Orange, E. Pabaney, H. Pinckney, G. W. F. Chief Manager of the longkong and Shang Playfair, Hon. Mr. H. E. Pollock, W. H. Potts, hat Bank. Meanwhile he had married a sister E. A. Ram, A. H. Rennie, E. W. Rutler, W. J. of Mr. G. M. Dare, of Hongkong. Altogether Saunders, M. W. Slade, Hon. Mr. T. Sercombe ir Thomas Jackson was for more than a Smith, Dr. Harston, Hon. Mr. Gershom Stewart, qurier century in Hongkong and during that 21. Stewart, A. G. Stokes, H. Suter, T. Takami-period the Bank with which he was ass. chi, Hon. Mr. A. M. Thomson, C. H. Thampciated rose from a comparatively humble son, A. Turner, G. . Veitch, Y. V. Vernon, J. origin to become one of the recognised finan-

THE BANK'S DIVIDEND. Whittall, His Hon. Mr. A. G. Wise, A. G. Wood, cial media in the world, and by far the most H. P. White, F. B. Deacon, M. S. Northcote, influential bauking institution in the Far East. Now the Bank had become the financial J. C. Peter, H. E. R. Hunter, C. W. May, N. Within recent days we have seen the Hong-pulse of the Colony. In February, 1877, the A. Stabb, A. Forbery Capt. Fillett, N. M. H. kong and Shanghai Bank, through the foresight Bank declared a dividend equal to 12 per Nemazce, H. W. Fraser, Capt. God lard, A. R.

of the Gavernment, extending its scope by cent, upon the paid-up capital. In February Lowe, C. H. Rogge, A. Rodger, W. 11, Wick negotiating loans for the dryclopment of 1873 it did the same, after, we are told, ham, W. I. Purcell, J. J. Leiria, W. S. Jack- China's internni economy. The name of the some hesitation on the part of the directors, son, S. II. Michael, D. Forbes, I. M. S. Alves, Bank is far better known in London than that

but in August, 1874, the directors declared II. Schroeter, S. A. Levy, A. V. Apcar, I. Bar of some of the many City institutions and its themselves unable to pay any dividend at all, ton, C. E. Anton, R. R. Hynd, F. A. Gomes, bond is accepted everywhere. 'uring the complaining of heavy losses and failure ali G. fl. Piercy, T, Gwen, W. H. Poits, A. Gub long period that Sir Thomas Jackson was cen- round. In 1875 the Bank was still a non- bay, C. H. Grace, Capt, W. E. Clarke, Ho Kom nected with the Bank in Hongkong, he had to dividend paying concern and a Commission of Tonk, Lo Cheung Shui, B. A. Hale, Shigmaga guide his craft through many troubled waters: Inquiry was suggested. However, in 1876, the (of the Tajwan Bank), F. J. V. Jorge, E. Jones that he did so successfully is evidenced by the Bank had recovered its former position, Hughes, S. A. Joseph, C. E. A. Beavis, R. position of the Bank at the present time,

changed the manager, rid itself of encumbered Mitchell, A. G. Gerdon, D. E. Brown, C. 1).

estates and paid £r.dividend per share. The Wilkinson, A. Shelton, Hooper, J. B. Heems kirk, and others.

very next year, in 1877, after Sir Thomas Jackson had been manager for a year, while continuing To pay the same dividend the Bank increased its reserve fund to half a million dollars which called forth, in favour of the Chairman of the Company (the late Mr. E. R. Belilios) and the new manager (Mr. Tb. Jackson) votes of thanks, with acclama, tian by the very men who stated at the time, eighteen months previous, they had thought very hard things about the prospects of the Bank." Thus Sir Thomas Jackson had re- habilitated its standing, and was now a power in the land.

up

THE BANK STARTED.

Szgo

The histories of the Hongkong and Shanghai Banking Corporation and Sir Thomas Jackson are so inseparably intertwined that the story of one is the life-history of the other. When the bank was started in 1864-twelve years Defore Mr. Jackson joined it-there was much dubiely as to its ultimate saccess, "A mushroom grown in a night could scarcely compare with such banks as the Chartered, the Mercantile, the Commercial, the Oriental, the Agra and United Service, or the Central Bank of Western India. There were then firmly established, enjoying the confidence of investors and de- pasitors alike.. But in July, 1864, the firm of Dent & Co., one of the princely houses of the period, issued the prospectus of the newly- formed Corporation which started with a capital of five million dollars in 20,000 shares each. What contributed to the success of the Bank more than anything else was the broad spirit which animated its directorate. There was no question of party or stale about the institution in any shape or form. A glance al the names of those who were the provisional committee, practically the founders will indicate this at once. There was Mr A. F. Heard, of the established house of Heard & Co., Thomas Sutherland, whom everybody kunws as the great head of the P. & O. Com- pany, the head of the Suer Carial; and the patron of half a hundred institutions, D. Lapraik, the founder of Donglas & Co., W. Schimidi, A. Sassoon, Palinnice Framjee, W. Adamson, Pestonjee Dhunjeeshaw, and others. The first manager was Mr. V. Kiesser, who entered upon his duties on the first day of January, 1865. Whether he did actually work on New Year's Day is matter for doubt; in fact it is a shrewd guess to hazard the opinion that the familiar notice, "The Exchange Banks will be closed" was operative then as now on festive occasions,

THE FLUCTUATING DOLLAR.

BARK NOTES.

Between 1864 and 1872 the annual circula

Hongkong averaged two tion of bank notes and a half million dollars. The Agra and Commercial Banks had collapsed, and there had been a run on the Oriental and Chatt-red Banks, when the circulation of notes fell to one and a half millions. In June, 1892, the Hongkong and Shanghai Bank ob- fained the permission of the Governor, Sir Arthur Kennedy, ta issue $1 notes, where by a much felt want was supplied. Twelve. months after the issue of these notes there were $17,500 in circulation. The total pum- ber of notes in circulation, all denomina- tions, in 1874 had reached three and a half million dollars. Then, of course, the fatuous heads of departments at St tephen's took it into their nuble and distinguished minds, or what they were pleased to term minds, and said that the circolation of $t notes WAL-A serious evil, because, farsonth these notes would be largely in the hands of the poorest Chinese who might be even more subject to punics than the mercantile classes." Governor, acting under instructions, asked the Bank to show cause why the $t notes should not be called in. Then the Colony rose ex mars, A memorial was signed by everybody who was anybody; the Chamber of Commerce rous ed itself from its usual lethargy and passed a special resolution in favour of the retention of the 5t nales.

The

¦

+

AN EVEN KEEL.

The great policy of Sir Thomas Jackson was, as he described it in his own words, to keep the listik on an even keel." That is to say, by

keeping the liquid funds of the Bank in a pro-

portionate share in vold and silver, the silver reserves being held in Eastern securities, and in properties, and the gold reserves being invested in London, in such funds as commended them selves to the excellent udgment of Sir Thomas Jackson. That "even keel", no matter how the turbulency of the water agitated the mone- tory world, or whether values rose or fell, safe. guarded the Hank under all circumstances.

FOR THE PUBLIC GOOD.

A GOOD STORY.

In 1889 Sir Thomas Jackson was knighted by Queen Victoria, A rather good story is told in this connection. Sir William Robinson was the first to bear the news and hurried off

to congratulate his old friend. But Mr Thomas Jackson was enjoying his matutinal tubs at the time and could not be seen for the moment. It is said by that malicious jade rumour that he lay flat in his bath when he was told that he now had a handle to his name: but of course we cannot vouch for the fact. In 1901 Sir Thomas was created a baronet, in common with our readers and all who are interested in the Hongkong & Shanghai Bank we with Sir Thomas Jackson long life and happiness, and we trust that in the fullness of time he may be enabled to revisit the scene of his success and view his, own counterfeit presentment as it stands facing the Bank over which he ruled so long and so ably,

Mr. H. W. Slade, the chairman of direc- tors, said:-Your Excellency and gentlemen, By way of introduction to the ceremony which we are about take part in, I will briefly re- capitulate the circumstances which have led to Sir Thomas Jackson took over the chief managership of the Hongkong Bank in 1876 when its fortunes were not very flourishing, when indeed the circumstances were somewhat humble. le laid down the burden in igaz, leaving the institution proudly and, as we think, firmly established as the premier Bank in the Far East He was always the first to claim that these results were in a large mea sure due to the splendid services rendered by the men who were associated with, him in his life's work; but they, on the other hand, have always been ready to attribute them to his able leadership. A born loader he was every onc who has known him on his serious side knows that-but he was more, than a leader. There are leaders who command admiration by the brilliancy of their intellectual achievements, but who otherwise fail to command our respect. A successful Benker must have more than intellect. He must have character. 'Char acter has more to do with successful hanking even than brilliant intellectual gifts; for, after all, the great thing is to inspire confidence. Your Excellency and gentlemen, Sir. Thomas Jack on had both combined, and when he left the Colony, although happily still to be con- nected with us. as Chairman of our London Committee, the shareholders of the Bank decided that it was only fitting that some monument should be erected to remind those who shall come after us of the man and of his work. They decided that it should take the form of a statue, to be set up in the vicinity of the Head Office, so that it might come to be regarded as part and parcel of, and be per- manently identified with, the institution in the building of which hr, for so long, took the

It is interesting to nale here how the money leading part. Gentlemen, H. E. Sir Matthew market stood. It had been recommended by Nathan as kindly consented to unveil the Sit 1. Bowring that there should be established, statue, and I now on behalf of all the share at Hongkong a Mint for the issue of British holders have the honour of asking him to per-dollars. At that time, in 1850 to 1860, there form the ceremony. (oud Applause.)

were constant complaints as to the embarrass- His Excellency said :- Mr. Slade and gentle ing fluctuations, in the value of the Mexican men-In the three months that I spent in Eng-dollar and the insufficiency of the small silver dollar, an American trade dollar and a Japanese dollar or yen. When the new Mexican dollar land in 1904 between my return from the Gold coins procured from 1ngland, in July, 1861, Coast and my departure for Hongkong, I had clean silver dollars (Mexican) bore a premium came out it was boycotted by the shroffs and the good fortune to make the acquaintance of of 7 per cent. above their intrinsic value as

traders in Hongkong. The Viceroy of Canton three men whose powers of mind, strength of

compared with bar and sycee silver, and subse-had it assayed, when it was officially announced character, and attractiveness of personality far quently reached a premium of nearly 12 per

that to pay o'taels worth of pure sycee it Major Beaman, a surge a in the US. army, transcended.those which fall to the comman

would be necessary to pay 11111 in new cent, which however, fell to 8 per cent in the

who was detailed to study the Ketical Corps Mexican dollars, that foo new Mexicon dollars fol And I recognised in these three men the early part of 1863. It was felt that these exces-

of the Japanese Army in the recent war, paid type that had maintained, during the las, quar; sive fluctuations of the common medium of

were equal to $ror.41 old Mexican dollars. As that arm of the service a wonderful tribute, ter of the nineteenth century, the greatness exchange in China and Japan must tend to

a result of that, and the published assay of the saying that it stood as a model to all the other the Braish Empire outside the metropolitan embarrass the operations of commerce. In

American trade dollar, the Mexican dollar armies of the world. Asnerican Medicine re- country. · The first of the three was Sir George 1861 Sir Hercules Robinson obtained the

came into favour again. The English com. cently said: "In the Oricat there is a new art Dashwood Taubman Goldie, who, while guid. sanction of the Colonial Office for the munity were anxicus to have a British dollar of war depending upon a new style of physique ing the affairs of the Royal Niger Company, principle on which he proposed to base which should not be defaced by stamping. At of a race which has never before been put in | bad secured the months of the Niger for a reform of the currency of the Colony, the

a meeting of the Chamber of Commerce is 1874 | this work, Repeatedly the Russians have re- Great Britaíp. The second was Sir Frank official re-establishment of a silver standard the feeling was expressed that chopped dollars ported the Japanese to be so exhausted that Swettenham, who, in a long connection with the based on the Mexican dollar. By a prociams-

should be done away with altogether, and an they could not pursue, yet the purauit kept up Malay States, raised them to their present prostion dated January 9, 1863, it was determined

almost unncimous opinion was voiced against with no change of vigour. The lap is shori, perous condition. The third was the man who, that Mexican and other silver dollars of equal be introduction of the American trade dollar slacky and blessed with muscle's big enough for zó years, steered the Hongkong and Shang- | value should, together with those silver coins

or the Japanese yer. Then the English for a much taller man, He is consequently hai Bank through difficulties and dangers to of Mexican standard and bronze cents and

authorities were commpnicated with, but they able to do more work than a European of equal opulence and security, who tempered wise cash being hundreth or thousandeib parts of replied that the proposal to coin a special weight. A rural letter-carrier thinks nothing of caution with equally wise boldness, British the Mexican dollar, be the only legal tender dollar for Hongkong was impracticable, as it distances for which we demand horses, and in Earnestness with Irish joyfulness, and neces

would cost two per cent. for coinage and one exceptional cares the rickshaw mag has been of payment in the Colony. The date, however,

per cent. for freight. Thuathe movement for a WAB not fixed until the Mint was established sary strictness with genuine kindness, whose

known to trot forly miles a day dragging his features-well done-in bronze hy Mr. Raggi, in 1265. But Sir Hercules Robinson obtained Hong kong dollar came to an end.

passenger, The daily drills of the soldiers in- the sanction for 'the Mint and a large stock

clude, athletic exercise too severa for the aver you are able to look upon to-day, with the admiration and esteem and respect Sir Thomas of subsidiary coins. There consisted of In 187 the Chinese Government contracted age European soldier, such as running up and Jackson has so well deserved--(loud applause), silver ten-cent pieces, bronze cents and a loan with the Hongkong & Shanghai Bank of down long fights of airs. It is not surprising,

Sir. Matthew Naiban then unveiled the statue

brze mils (cash). The intrinsic value of £600,cco nt 8 per cent, giving as security the then, that their troops should cover lang dia- amid the loud and continued cheering of the the silver ten-cent pieces was such as to make whole of the revenues of the imperial Mantimetances, and the report of four succcessive days spectators.

53 face value equal to $2.987 intrinsic value. Customs. No better evidence of the stability of 35, 30 and 15 miles of marching are prefect Mr. J. R. M. Smith, chief manuger of the

of the Bank or the standing of the Colony could ly credible. They are reported to have march

ed. 48 hours without food and with little rest, Hongkong and Shangbai Bank, moved a vote of thanks to His Excellency Sir Matthew Nathan

be furnished Since then, the Bank and the

and then to have fought well, though captured for his kindness in coming to perform the

Colony have helped China on many occasions,

men have dropped asleep instantly. The Ceremony of unveiling the statue of Sir Thomas

but this loss in 1874 was the imprimatur, so to

west has," caught a Tartar" where it least ex pected to find him. No country in Europe or Jackson. I also, on behalf of the staff; he went

speak, of confidence. ob, would like to take this opportunity of thank

Americs, It is believed, would be willing, in the light of recent events, to fight a lap army ing the shareholders and directors for this algnal mark of appreciation of the services of

with equal numbers, The Jap spirit is a factor gur old chief. The Bank staff will ever look

as important as the Jap physique,

· MEXICAN DOLLARS.

Sir Hercules.represented to H.M.'s Govern ment that Mexican dollars now passed cur- rent in large quantities even in Shanghai; that the dollar bad already been declared the only legal tender of payment in Hongkong; that the supply of Mexican dollars had become quite insufficient, in consequence of the new de mand for Japans that even in the silk

WANTED-A ITISH DOLLÁR.

At this time there were three silver dollars in circulation. There were a new Mexican

A CHINESE LOAN.

ATERRIME CALAMITY.

A terrible thing happened in 1879 The dollar, fall till it actually touched sx. 6.3/8d 1 The taol fall below fing shillings. It seems

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is not a reserve in the true sense of the ward, we recommend placing only Srooo to the credit of that fund, which will then amount to $910,000. Throughout the year the demand for our cement was very good, and we had no difficulty in disposing of all we turned out, The full benefit of our new rotary kilns was not however received, as after their installation much time was necessarily consumed in-train- ing our workmen, and accustoming them 10186. newcondition ofthings. I am pleased to say that these kilns now promise to exceed our highest anticipations. So much for the profit and loss account. Referring to the balance sheet you will have no doubt noticed the large stocks, principally of raw material that we are carry. ing. I can only assure you that this is ab solutely necessary. Your general managers lay great stress on the advisability of keeping these stocks, and making them even larger if possible, as with our continually increasing output, even now, they are by no means, large in proportion to the consumption. They are all valued at actual cost, and no credit has been taken for any profit on manufactured cement, As you will see from the figures a greates deal of money is tied up in these sucks, and so, in spite of the last increase of capital, we still owo $250,000 to our bankers.. The other items in the balance sheet are com•. paratively trifling, and I do not think they require any explanation. I now come to another paint which has been raised. We have been urged

Issue has risen from $8.500,00 to $10,000,000, ur cash shows an increase of 30 lakhs and we have about 11 lakhs inore bullion in hand and in transit. These increases are m jely accounted for by the expansio in our Note issue already referred to, and by the preparations made for the usual, requirements of trade at this period of the year. Indian Goverment rupee paper, and consols, colonial, and other securities, stand at $11,344,379.3 A time came when the issue of the Bank against $13.954.399 64 on 30th June. Sterling nates far exceeded the amount authorised by reserve fund investments remain unchanged; Current exchange is now over 2, the rate at the deed of incorporating; nd it will be remem bered how to protect the public, the Colonial which our gold reserve appears in the balance Office, in one of its fits of fatuity, imposed the sheer; but any difference on that account is more condition upon the Bank that for every dollar un counterbalanced by the price at which the of its notes issued in excess of the amount austering investments stand in our books us com prd with their market value. Bills receivable thorised the Bank should deposit with the Colonial Treasury a Collar iu silver to meet the

are lower by about $100,000 and there is a Excess in note circulation. To-day in the similar reduction in bills discounted, loans and credits. The dollar totale shown in the balance vaults of that wonderful institution' at the

she, olthough higher than a year ago, are corner of Queen's Road and Des Voeux Road

less than on goth Jure; this, however, is ac there must be accumulated millions of money in the Mexican coin to meet the requirements counted for to a large extent by the rise in the price of silver and the consequent higher level of the Government and of the public.

of exchange. The confident expectation that a revival of trade in the Far East would result immediately upon the conclusion of peace between japin and Russia, has not been altogether fulfilled, but though more slowly by some of our largest shareholders to pay as in- tha was at first anticipated, yet surely the terim dividend half-yearly, but it seems to us signs of renewed activity appear. With re-that it would be hardly right to do this, so long as we have to go to uur bankers for the money, ference more particularly to the region directly affected by the war, it is noteworthy that an The payment of this dividend will increase the agreement has been arrived at between Japan present overdraft considerably, to, if we are to and China which, if interpreted in a wise and wait for interim dividends until we have funds statesmanlike spirit, should eventually secure in hand, we may have to wait some time... The for all the great commerciul natious interested only way we can meet the wishes of these share. the obvious benefit of the maintenance of the holders is to raise more capital, and it is pro- open door in Manchuria and equal trading posed that we should issue a further 50,000 opportunities f'r all-thus realising the aim shares al par, which will bring in $500,000, and which has been so steadily advocated from this raise the capital to $1,000,000. We cannot chait for many years. We must not forget expect to always run on borrowed money, and that it takes considerable time to move large $2,000,000, is not a farge capital for the business bothes of truops, and this operation has involv we are doing. On the contrary you must ed the requisitioni of all available means of not run away with the idea that such inland transport, preventing the free distribution works as ours could be built with a of merchandise to the various markets in | capital of even $1,000,000 for to that you must Manchuria. Notwithstanding these difficulties, add $800,0:0 of original capital written off, and however, a considerable business has bee the 5000,000 at reserve, which is really' capitul. done, and there seems every season So that to duplicate-factories such as ours expect that on the opening of the Northern to day would take at least $4,000,000, if not ports and with transport available through inore, and years of experience into the bargain on the conary, we shall see a greater to run the business. Of course this proposed demand for foreign manufactures, and the increase of capital must be dealt with stra opening of new and mare extended markets in special meeting of which, dus notice will, be this large and important province. Gentle given, and it will be then for shareholders to men,the Bank continues to improve its position; decide whether they are in favour of it or not, we have made a good start for the present ball We might have followed the previous course, year and I think you may safely look forward and issued the shares at a premium, but share with confidence to the fature. (Applause) holders appeared to be opposed to this, and as Mr. Jupp said-I have much pleasure in the five lacs seems to be about all we shall moving the adoption of the report and accounts. seed wo recommend leaving the share at par I feel I am only voicing the sentimena of ati The new shares wilt, of course, rank equally with the old shares for dividend, and to save shareholders present in congratulating the directors, the Chief Manager and staff on the time and trouble to ali concerned, it is proposed splendid results they are again able to place to make one call only of $10, due on 31st July

of their salaries before us. The bonus of 15

next. As regards the future it is impossible to make a forecast, the brightest feature in our vited to the staff, I'am confident, meets with the very hearty approval of all shareholders, favour is that the use of Portland cement (for (Applause.) As regards the dividend and bonus you must not forget that ours is true Portland proposed to be distributed we have also good cement) has increased, and is increasing all reason be pleased to ace a gradual increase over, the world. Coal too which has been very of returns to shareholders. We are all relieved, high during the year has fallen somewhat in I am sure, that the terrible war which raged price, but on the other hand the present high for eighteen months in this part of the world rate of exchange is against us, and then, too, - is now a thing of the past and that a revival in our two best and largest local contracts are trade is beginning to be apparent. The strong rapidly running out. However, railways in position attained by the Bank should, I think, China have brought us some, business, and be a source of congratulation and pride not will, we hope, bring us a good deal mary: only to its shareholders but to the whole There is nothing more that occurs to me as Colony. The Colony and Corporation have useful to add, except that I should like to pat grown up together so to speak, and each has on record your general managers' appreciatioh: contributed to the growth of the other, "(Ap- of the loyal and hearty support they bave se plause.) I cannot I think do better, therefore, ceived from the manager Mr. U'dall, his deputy than conclude these few remarks with the 'Mr. Hewitt, and all the staff at both factorier in wish that they may long contique to thrive and a very busy year. If any shareholders hova sný flourish to their mutual beneft and to the good questions to ask I will be pleated to answer of us all I have much pleasure in seccading them, see the the adoption of the report and accounts, (Ap plause)

STRENUOUS JAPANESE,

AN AMERICAN APPRECIATION,

10

Mr.: Michael You 'difated just cow on the increased capital: Some ebareholders arm opis