1915-02-20 — Page 10

COMPANY MEETINGS.

The Hongkong and Shanghai Banking Corporation.

ركم

(VERBATIM)

The Chairman said:Gentle men,-At the meeting in Angust last, shortly after the outbreak of

war, your Directors were able

THE HONGKONG TELEGRAPH, SATURDAY, FEBRUARY 20, 1915.

In connection with the staff it may not be out of place to

quirements of trade.

centage of the foreign staff in

to

of

1 feel sure there is no one here

יו

The Chairman :-The re-elec-

CHURCH SERVICES:

CORRESPONDENCE. [The opinions expressed by the dorrespondents are not necesa”

arily those of the "Hongkong Telegraph."]

GERMAN EVOLUTION.

92. 259. N.B.-Psalm 105, Sir.-I regret that "Inquirer," «verses 1, 2, 7,8, 15, 31, 32, 33, 34, after reading my reply to his

44 in unison. Evensong (4,45

firat letter, should come to the p.m.) Responses Terial. conclusion that his contention Paalms: Crotoh Medley. Mag- nificat: Woodward (28th morn-really difform very little, from ing), Nane Dimittis: Purcell mius. He contends that we (28th evening). Hymas: 85, Britishers lack learning and (T46), 4*; 95. Psalm 51: Felton.cultura: my contention in that *Special paper.

-] we do not lack them. And lett

believe that my suppored mie- understanding of him, and his misunderstanding of me, are due to faults of mine, I shall attempt to convince him that not only doon he fail to understand me, bat that he fails to understand. himself.

11 am, Hymas, 893,514, Paalm 65, National Anthem, Preacher: Rev. J. Kirk Maconaobie. Sub-

ject: "Is it right to pray for Vic tory? 6 p.m. Preacher: Rev. Noel B. Slater, L.M.S., Amoy,

Godown Fire.

26

|anle-guarded in the same manner balf year. There has however reldims are introduces, and war, which I feel sure all share-

an those of German Banks in been the final payments for our make their effect felt in the holders mcst cordially endorse

We feel that our interests are London. Until the situation is London building to meet, some remoter Provinces," there can be clearer I therefore think it | £25,000 thia. "wa

about no doubt that this revenue, with in good hinde and that we can advisable, as racommended on balanced by returns from our all the advantages of stability, confidently rely on the Court of St. John's Cathedral, Hongkong.

1st Sunday in Lont, 21st Feb., the present occasion, to add property for the year, which went will become one of the greatest Directors, the Chief Manager and

1915. Holy Communion (8,5 surplus profits to the amount direct to credit of Bank Premises national assets of China, staff generally to ensure the con

a.m" Mating (11a.m.)_Res" carried forward, as extra provision

I understand the Chinese Gortioned prosperity of the Bank in

ponses: Ferial. Venite: Barn- against war contingencies. There is still expenditure ahead erament is now seriously turning spite of the great uncertainty the

by. Psalms of the 1st morning. You will notice from the re- of us for the building in course its attention to the question of the future holds for us all (ap Bonedioite: Frost in D. port that Sterling Reserve Fund of construction at Kuala Lampor, reform of the land tax. Nomor planso). With these few remarka Jubilate Ayrton in E. Holy(To the Editor of the Hongkong

Communion (12 noon). Hymns:

Telegraph.) The ordinary half yearly general Investments have been written and also for a new building at sare bould be more timely or I beg to second the adoption of meeting of the shareholders of the down to market price ruling at Elankow, which it has been debatter calculated to si'll further the report and accounts.

The Chairman:- They hava Hongkong and Shanghai Banking the end of the year. Our hold-cided to erect owing to the grow consolidate Chica a fanncial Corporation, was held at the Citying of 21,200,000. Consols nowing importance of that place and pesition; and, formidable as the now been proposed and second- Hall at noon to-day, the Hon. Mr.tands in the books at 68) against the inadequacy of our present task may at Arst sight appear, ied, and are now before the meet- D. Landale (Chairman) presiding. 71 in the last statement. No premises. The cost of these two believe that its dificulties willing for discussion There being Those present were:-Mr. N. J. change has been made in the buildings will be in the neigh-prove to be largely exaggerated no questions. I will now put the ones. the matter is, taken resolution which has been pro- Stabb (Chief Maniger), Mr. A. C. £380,000 3 par coat. Exchequer bourhood of $10,lück. Hynes, Acting sub-Mapsger), Bonds as the book value of 03

During the past six months seriously in hand. A well posed by myself and seconded by Mr. W. L Pattenden (Deputy is well below quoted price. To every interest and consideration administered and tax would she Hon. Mr. E. A. Howett, that Chairman), Mr. S. H. Dodwell, replace the shrinkage in value of of normal times has been anb fall lightly on the individual the report and accounts as pre-Union Church, Kennedy Road Taquifershould incline to

Thoas in Mr. G. T. M. Edkins, Mr. O. our Console of 230,000 and bring ordinated by the terrible straggle but in the aggregate prove ented be passed. 8. dubbay, Mr. P. H. Holyoak, Other Sterling

favour of them please put up Sacurities

going on in Europe. The sctaula considerable national asset. Mr. J. A. Plummer and Hon. down to market тplab, we have course of events, however, to far

I cannot clois my remarks theirbands. Against Carried: Mr. E. Shellim (Directors); incrassed the amount under the as they have affected the credit without referring to a very arg-unaumbusly.

The Chairman:-The business Messra. H. 0." Sandford Iatter heading by the addition of and commerce of the world out reform that is required in W.R. P. Thursfield, G. E. Towne, £35,000 of the 3 par cont. War enable us, perhaps, to take a China, and that is the currency now before the mosting is the F. H. Thomas W. Inglie, G. G. S. Lown, making the total £168,500 calmer and more hopeful view of Referendes have been made to it election of directore

Mr. A. Findlay Smith:-1 bog Forsyth, Hon. Mr. E, A. Hewett, written down to £371,100, the situation than when we last from this chair on maoy occasions

At 2.35 this morning a fire Mesere. W. Dunbar, T. F. Hoogh, The cost of the above adjaste met.

in the past, and I trust it ie a to propose the re-election of Mr.

Inquirer defines learning as F B. L. Bowley, A. Findlay ments, riz: £33,250 (£35,000 Although trade generally was matter which will receive the C. S. Gubbay and Mr. J. A. broke out in the godown at 11that which comes from books, Praya East, occupied by D. and that which is the result of Smith, Dr. J. H. Sanders, Moears. 3 per cent. War Loan at 95 at

necessarily greatly disorganised earnest attention of the Chinese Plammer as directors.

Mr. T. F. Hough:-Mr. Obair Cooper and Co. The fire only Tsang Foo, G. Pierey, C. Pem- exchange of 1/9 mounted to and consequently restricted for Government at an early date.

practical experience with the berton, J. Harrop, W. E. Clarke, $377,751.47 which was met out some months after the outbreak There can be no doubt that a uni-man and gentlemen; I beg to involved some cases of figs, which world-a very good definition. H. Percy Smith, F. Maitland, of the half year's profits..

Gentlemen, I fael'inre you will of the War, business condition, form currency throughout China second the proposition of Mr. were stored there and it is thought He admits that learning has

that it originstäd either from s Ohna Bai-ki, Ho Kom-tong, Chan

a great influence on character, The Chairman:-Proposed by cigarette-end that must have been bat complains that it has to the trade of the country. Koi-ming, G. H. Potta, Ellis endorse the opinion of your Direct any rate in the majority of would be of inestimable benefi: Findlay Smith.

those countries, in which we as A Kadoorie, P. K, Kwok, H. W. tors that the lank has been wall Bank are interested, are. I am by the alteration made in our Deed by Mr. T. F. Bough that Mr. O. dian watchman's books. The English character. Il it were

Gentlemen, as you are aware, Mr. Findlay Smith and seconded dropped, or a spark from the In-

very littl effect upon the Looker, G. K. Haxton, K.D., served by its staff during the past glad to say, assuming a mors of Settlement in August last, there S. Gubbay and Mr. J. A. Plummer fire was extinguished by the Fire possible to rear a newly-bora Gazdar, A. V. Hogg, Ho Fak, year" (applause) and approve of normal state. It is encouraging Lo Cheung-ship, Hn Wing, A. J. our solion in voting a 10 per cent to note that in many instances will, in fatare, be only anaus! be re-elected directors. Those Brigade and Police, the damage English child in isolation from all contact with the world by P. Pamfret, A. Rodger L. N. bonus on salaries (applause): They the dislocation of the usual trade meetings, so your Chairman will in favour please hold up their being covered by insurance.

rearing it to manhood in ons lóng" Leelo, O. W. Beawick, J. have one and all worked well and channels for China produce has not have the pleasure of addressing hands. Against? Carried.

The Chairman:-The next: bas- W. C. Boanar, H. O. Gray, loyally in your interents.

The increase to the Insurance sleep of twenty years, this orest- led to new cutlets being found-you again until next February. J. R. Greaves, D. Macdonald, "I would specially like to men-

fat which sugars, wall for Interis dividende, when resulta inesas in the election of auditors. Rserve Fund of $2,655.40 is ure necessarily must be, accord- Mr. F. B. L. Bowley Mr. represented by expired fire risks ing to "Inquirer," little different F. J. Barrett, D. E. Silas, O.C.F. tion the able manner in which important developments in this permit, will be declared at the and Cunningham. Dr. T. Stedman. Mr. A. G. Stephen controlled the direction in the future.

of the first half of the year but no Chairman and gentlemen, I beg underwritten by ourselves. in character from the average Mesara. G. U. Moron, Ohan King affairs of the Bank whilst in

Property Account is up Englishman. Will "Inquirer": In the case of the London balance sheet will be published to propose the re-election of Mr. Yue, T. E. Pierce S. D. Betna, charge of Head Oflica during the market, thanks to the prompt and until the final accounts are made J. W. C. Bonnar and Mr. F. Mait- $49,442.84 the addition repre- admit this? If he does, then no

land as auditora.. D. J. Lewis, and A. E. Grillin, early months of the war, when as wise, measures taken by the up at the end of the year.

Mr. W. Danbar:-I beg for new buildings,

senting payments, to contractors sane person will agree with him; (shareholders).

you all know, conditions were British Government to meet an

if he does not, then he has The building operations now plainly deceived himself, his past the hour for which this Mr. Stephen resumed charge of conditione may be said to have eat hope that before we next meet mar and Mr. Maitland as auditors. in progress necessitated our statement being that the English

The Okairman: It now being extremely difficals (applause) unparalleled emergency, normal who does not join me in the earn-second the re-election of Mr. Bon- meeting is called and there being our Shanghai Branch the begin- been practically restored, and the struggle in Europe will have

gaga. You will find on comparing experience with the world. a quorum present, I will call upon ning of November on the return there now an abundance of arrived at a stage that will admittion of Mr. J. W. C. Bondar and borrowing more money on mort-character is very little affected by the Chief Manager to read the of Mr. Stabb our Chief Manager. cheap money for the ordinary re- of peace negotiations between the Mr. F. Maitland as auditors for the accounts with those of last For his entire satisfaction I

Nations upon a lasting basis the bank has been proposed by year that the item "Mortgages notice convening the meeting,

venture to point out exactly where The Chief Manager having read

an Inquirer" deceives himself. In As regards China, accustomed which will secure the world from Mr. F. B, L. Bowley and second-by the Company) ahowa she notice convening the meeting, mention that a very large per- to rely largely upon foreign car war for many years to come-ed by Mr. W. Dunbar, those in increase of $118,413.01 and that his argument he employe the

favour please bold up their hands. the item "Mortgages" and Loans term learning" to mean "book (loud applause). London, (nambering in all over schemes of reform, and dependent ital for the carrying out of her

After the adoption of the re- Against?-Carried.

(to the Company) has been re-learning" alone, after being st The Chairman:That is all duced by $38,041.02. The two pains to define learning as some accounts has been fifty men,) that is the men who for the service of her external debt port and are training there for our eastern on the revenues derived from seconded, I shall be pleased to the business gentlemen, I thank amounts together have enabled thing much more tham thin service, have been granted leave foreign trade, a natural anxiety answer any questions shareholders you for your attendance; divide us to pay for the work done Such a phrase as, character lay before you sa excellent report absence to serve their country was felt, not only by her friends, may ask. I now beg to propose the ond warrants will be ready on during the year and reduce the without learning inpelf upon the working of the Bank for

amount owing under "Sundry contradictory unless by "learn- the previous six months, but the daring the period of the War bnt by the Chinese Government report and accounts as presented Monday.

The Hon. Mr. E. A. Hewett Creditors" by $100,051. 29. general, situation at that time (applause). Many of the sin itself, at the new situation which Hon. Mr. E, A. Hewett C,M.G., Before this meeting terminates

bo adopted.

ing" is meant "booklosraing" staff also applied for leave of it was suddenly called upon to

You will note also that our alone, for character without ex. made our prospects for the bal.

ask you to join with me in a vote profit on sales of properties is perience with the world is impos ance of the year look far from it was necessary to refure all such met in a way that cannot but

absence to volunteer and I regret face. It was faced however, and seconded and said:

The address which we have of thanks to the directors, the $5,883.04 as compared with sible. A newly born baba has no favourable. It is therefore very applications, as the man could increase the public confidence in just listened to has covered so chief manager, the acting chief $13,423,04 in 1913.

character. Again in the state- pleasant to meet you on this Do not be spared without seriously the pit and among thoroughly all the main points as manager and the staff generally Diber changes in the accounts ment casion with the satisfactory result interfering with the efficient vitality.

a stato of beneficent The series of the to the position of the Bank and of the bank for the very able way are not, in my opinion, of sufficient slavery is conducive to great shown in the report now in your working in the Bank. hands, especially as these are

Turning to the statement oforeign debt hus, in fact, been all matters relating to the trade in which they have looked after magnitude to call for any special learning," this must again be with which we are concerned, our interests in the last twelve comment from me, but I shall be "booklearning" sione, for it times when full dividende are accounts, though there are no rails throughout the country, hafore asconding the resolutions the last six months and for the tion of the report and statement; away with,"

punctually met, order pre-

that little remains for me to say months and particularly during pleased, before moving the adop-"outside distractions are done The distribution of the profits shall refer briefly to a few figures evidence

where is the ex- changes of marked importance, I the Government' givos increased

very satisfactory results which of accounts, to answer any ques-perience with the world"? recommended is as follows:-

which may be of interest.

of permanence and row before this meeting.

acorded therefrom (aptions shareholders may have to It is very satisfactory to find have

Here is another example of Dividend 22.3/-peraharo Bonus

stability, and China enters upon Silver Fixed Deposits and the year 1915 with a Enancial that, the Directors are able to plause.)

"Inquirer's "misuse of terme. 5/ per aliare subject to deduction

The Chairman:-I thank you There being no questions, gen He contrasts a philosopher with of Income Tax.

current a/ce etand at about $210 position actually stronger than recommend the payment of a full millions compared with $203.1/8 that before the war. The dividend and bonus absorb millions on 30th June and $10536

dividend and bonus, and this while on behalf of the directors.

tlemen, I beg to move that the a golfer and use these terms Mr. Stabb:-On bahall of my report and accounts as presented with a very specialised 5288,000 at 1/91-$3,271,952.06 millions on 31st December 1913. for 1914 some tome livation losses incurred, doubtful debts self and the staff, I thank you.

The Maritime Customs revenue making fall provision for all

by passed.

meaning although he is unaware leaving a balanoce of $2,607,- Fixed Deposita and current a/cs of Shanghai Tls, 38,000,000 below and shrinkage of values to all

Mr.. W. E., Clarke: I bag to of it. Using the words in the 274.51, which it is proposed to in gold at £10.1/8 millions are that of the previous years, which securities; while the balance car Humphreys Estate and Finance

Becond that

sense in which fagquirer uses them, carry forward to the current year, £100,000 lower than in Jane was a record. As already men million dollare more than that of being come $518,000 in excess fast and £450,000 higher than tioned, however, foreign trade, six months ago,

*Co., Ltd.

The Chairman: Proposed by it would be impossible for a golfer of the smount brought in from a year ago. Notes in circulation particularly in exports, is showing

The ordinary annual general myself and seconded by Capt to be a philosopher. Yet there meeting of the shareholders in Clarke that the report and as are many golfers who are philosop the last account, (applause); Amount to $27,247,000, the signs of recovery, and since October

It is an Cocasion such as this the Humphreys Estate and Fin-counts as presented be adopted. hers and vice veras, Although the outlook is still highest figures on record, and are there has been strong demand from when practically half the world ance Co., Ltd. was held this Those in favour kindly hold up "Inquirer bas again misan- obscure and it is a time when cou- $24 millions above thoas of 31st Europe and America for all is engaged in the most gigantic morning servative policies should be adopt December 1913.

at the Hongkong their hands. Against? Carried derstood himself and me when he classes of China's products; in struggle which has ever taken Hotel, when Mr. Humphrey The Chairman:-I beg to pro-ed, art, history, and

unanimously.

reminds me that he also mention- ed with regard to the allocation On the other side of the account, fact, there is hardly sufficians place, that we fully appreciate the presided. There were also pre

science, with of profite, your Directors feel, cash, and coia lodged with the ocean going tonsage available to followed up so many years by J. W. C. Boanar and W. L. directore, Messrs. J. Scott Harston, German superiority in these is Bound policy which has been sent:Megara. J. Scott Haraton, pose the re-election of the retiring regard to these I stated that fully justified in recommending Hongkong Government a/a Note cope with the business offering those who watch over the desting Paitonden, directors; and Messrs J. W.O. Bonnar, W. L. Pattonden only seeming and not real. that it will meet with your ap transit, taken together, amount to pect a corresponding movement. the above distribution and trust Issue and Bullion in hand and in I think we, may confidently ex- the Bank in cautiously building, W. L. Olarke, O. B. Bayers, A. V. and Dr. J. W. Noble for the The German knows more, only of proval (applause).

We have $97,400,000 against 8301 mil-in imports, and there is therefore up an adequate réserve and writ Apoar, H. Peroy Smith, A Shelton ensuing year. steadily strengthened our Reserves lions in June and $70 millions reason to hope that the falling of ing down the values of the Bank Hooper, M. 3. Northcote, F.W. Mr. Agcar-I beg to second most closely. He knows, more of and it has always been the policy at the end of 1913. of the Bank to make liberal pro-

Continental history only where it Colonial and other Securities referred to above, will prove to

in the Maritime Customs Revenue in securities and property. Stapleton, shareholders; and Mr. that, ho vision for all. doubtful accounts, have been increased during the six be only temporary.

This is chiefly demonstrated by G. Rapp, secretary.

The Chairman Proposed by involves German history, las the 'relatively small eum which The Secretary having read the myself and seconded by Mr. Englishman knows more. Contin - Bo our position is a strong one. months by the addition of £215,000 The salt revenue collection, for

for has had to be provided out of notios convening the meeting, Apcar that the retiring directors, ental history than touches English Up to the present the ascerten of the 3 per cent. War Lcan, the the same peried paid into the current revenus in order to make the Chairman wald:

whose names I have just read be history closely. The... German od losses incurred owing to the Bank having been allotted in all five groups Banks in accord up the shrinkage in securities Gentlemen, I propose with your re-elected directors. Those in knows Colonial history much loss war have been very small, but 250,00 of this Loan, £35,000 of ance with the forms of the during the past six months. there are still outstanding con- which, an siready mentioned, was Reorganisation Loan agreement,

permission to take the report and favour, kindly hold up their than the Englishman, He knows We have all no doubt heard statement of accounts sa read." hande. Against ? Carried unani- less of English, Scottish and Irish tingencies in connection with placed with the Sterling Reserve stands at Billa drawn against shipments on Fand Investments.

the unprecedented a good deal said about the pos- The accounts for the year areously.

A music than the Englishman know

interned and captured steamerr&c.

figureof Shanghai Tis. 42, 250.000 Aible for which might be en- not as satisfactory sa at one time Mr. Northcote-I beg to proof German music. The German Bille Receivable at $151 mil-After paying the service of the tailed through the sudden outbreak they looked like being, the in- pose the re-election as auditors of knows more of synthetic dyes; However in nearly all cases the lions are slightly higher than on vations: obligations, chargeable of hostilities in Europe, and it is orease in revenue from route being Meure. E. Peroy Sraith and C. the Englishman knows more of and the majority of the Billa will is not due to increased trade but that of the Reorganisation Loan) to the present thess are small, and been considerably larger Mr. Stapleton-I beg to lish there is a lack of interest in, and are purity of the Billadio both the previous occasions-this upon the Salt Revenue (exóluding very eatisfactory to have an only 86.247.17 as compared with Bernard Brown at a remuneration engineering

assurance from the chair that up 1913. This increase would have of $150 each.

Finally, if among the Eng- doubtless be met in due course to extensions under the Moral and after contributing when questions, with regard to grium, which did not end until 9,850,000 to the service of the that it is hoped farther outstand- but for the war which broke second that.

and knowledge of, general matters Insurance, relpose of cargoes &c. 4th October, consequently a nam-Boxer indemnity, beam of going accounts will ultimately be out in August. Amongst our The Chairman:-Proposed by outside of work and play, 18t balo be drawn by and on Thurber of extended Bills were still less than Tls. 22,250,000 has been astled without heavy losses. tonante wo numbered many mil- Mr. Northcote and seconded by not strange that a local. DWR- Bills are firms. in Germany we shall, in many running when our London Office released to the fres use of the However, we all realise there itary officers and Germans, who, Mr.Stapleton that Mosste paper will give space to such

books were closed at the end of Chinese. Government, and an

must necessarily be uncertainty from one cause of another, had to H Peroy Smith and C. Bernard lettera aa" Inquirer a "and mine? instances, probably have to wait

Yours, eto, antil the conclusion of the War that month. For a similar reason amount of Tle. 12,500,000 is loft bodt such matters until the War vacate our houses suddenly, with Brown be re-elected as auditors before a settlement can be effected liability on Bills of Exchange with the Group Banks to becarried in over,

the result that during the last for the ensuing year lati are. re-discounted at 611,584.000 se forward to the present year. There

I am sure we were all glad to three months of the year many of muneration of $150 each, Those Hongkong, Feb. 20, 1915. With fegard to bur amburg Ofice, beyond receiving a balance gher than usual, but of this administration, as at present con- the generous acknowledg our houses which under ordinary in favour, kindly hold up their sheet and prolit and less afe fon

dmount £9,22,000 has since run alitated, igbarely eighteen months ment made by the chairman of oircumstances would have been bands. Against? Cartied un the servicen of Mr. Stophen rent producing brought is noth animodaly. That is all the busi- old, and its réforma have so their half year to Blat October,Bank Promises account show aimed at little more than 17 AFERANSESTAU

the, a

staiḥ, generallying Signs of improvement are ness, gentlemen. I thank yon ing business mattera tire, but only a slight increase on the proper collection of the tex with during the anxious period now manifest, but it will probably for your attendance no doubt the interests of Britisk Trevious figures after allowing for the minimum of disturbance to rough which the "Bank pared be some time before normal con- warrants are readyinow and may The

be had at the Company's office, here on or about the 11th Maron Banks in Germany are being to the $4 lace written of last the existing system. As further immediately after the outbreak of ditions are reached,

appreciated.

we have no information concern.

Tis.

fried forward is over half a

"

..

I

Bøk,

.....

Dividend

18

those mattera which touch him.

WORLD

LATEST SHIPPING NEWS.

MOVEMENTS OF STEAMERS

ITOLA salled from Calamite

on the 20th inst, add day, be exprste

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