1917-02-24 — Page 7

THE HONGKONG TELEGRAPH.

EXTRA

HONGKONG FEBRUARY, SATURDAY 24, 1917

HONGKONG AND SHANGHAI BANK MEETING. The decrease in Ise than would replace the enrmous absorption monopoly before the war,_nail

THE QUESTION of capturing AND RETAINING ENEMY TRADE.

A PLEA FOR GREATER FACILITIES TO DEVELOP CHINA'S RESOURCES.

4.

bare been excepted under the of silver rupees by the natives of they may be sure that the Bank circumstances, and while the war fodis, where gold was not avail. I will give them every violador lasts and the British and Allied able for bording purpose, bave and are^uragement in majutsžo- Governments are borrow.rast the more then kept pacs with suping and--where possibler-incrang- present attractive terme, we may pliss, Outside sources of supplying the hold they hays chained expect this movement to continue were tapped; the equivalent of in this trade.—(Apjúlduse). to an even more marked extent. | l'andard ORFOSE 8,350,000 Mach attention has been given Especially so in the case of silver was obtained from the at Home recently to the capture. deposits aa, in addition to the Government of the Philippines in of enemy trade, and the Guvern. patriotic impulse the impele the form of peso colu, and the ment has no doubt received many Britons who are unable to movement of silver fande into suggestions as to how this is ta belp their

country in the gold securities, to which I have be accomplished and the best fi id, to help with money, referred, necessitated a heavy mears of maintaining the hold The ordinary yearly general share, though they would warn the high rate of exchange ruling export of silver from China British merchants Bava Already mesting of the Hongkong and shareholders not to consider this in the East during the past year. During the year under review,moured on it in the abs Shanghai Braking Corporation increase a permanent one. are a used, and is still causing, these exporis amounted to about enemy competition. was held at the. City Hill to-ing To writing $750,000 off Banks considerable flow of silver into ounces 57.1/2 millions, while tha There is no doubt but that at Doon, over which Mr. W L Promises old, you will be con gold investments.

imporia"from" "all courres were after the war, competition for Pattenden (chairman) prailed. tinning the sound policy followed Silver Current Accounts show only shout ounces 19 millions. "Ta Chias's trade will be keener thin There were also present:-Yr. in the past. Bailding operations a decline of $6.3/4 millions, addition to the above, about ever, and while the Government 8. B.. Dodwell (Deputy Chair- are going on at present in Calcutta while those in gold are Ligber by ounces & millions were exported o mus),

the Hon. M. O. E and Hinkow, and there are a few come 2900,000. To illustrate to India from Dongkong in the messures aiz never take the place do much, Government Anton, Mr.

Talher ports in the Eist where the the difficulty in making compar form of dollare and subsidiary of the old energy and enterprise of Edkins, Mr. O. 8 Gubbay, general increase in the Bank's isons, owing to the effect varia- coins. There is, therefore, no the British merchant which has the Hon. Mr. P. H. Bolyoak, Mr. business will probably necessitate, tions in exchange bare ca the escape from the conclusion that built up the vast overmons tende E. V. D. Fair, Mr. J. Plummer, a considerable outlay for rebuild- Sgurse, I would point out that, the amount of silver left in of Great Britio. To retain and the Hon. Mr. B. Shelliming in the near future.

whereas the increase in Gold Chins must be barely sufficient and increase (Dirsators) Mr. N.J Stabb Quief We feel justified in recommend. Current Accounts is considerably for trade

the captured. * requirements, and trade this Masger), St. Robert Ho Tuaz, ing an aridition to the Silver more than the dearense in silver asuming, as we have every enterprise will be more necessary

energy.. Mesama. Haury Humphreys, C.W. Reserve Fund to the extent of oxen, the total dollar equivalent reason to, that there will continue than ever, and for its fall develop- Berwick, Ho Kim Tong, Ha Fook: 8500 000, the first addition to of the two taken together is over to be a strong demand for the ment it is, in my opinion, desir F. Maillard, T. E Pearce, W. E that Fund since the war started, 91/2 millions lower than the producte of China, it would sp-able that as much control as Clarke, D. Mao-konaki 4 O.'Lang, and I hope that results will per figures of the previous year. pear inevitable that China must possible should be vested in the HC. Rt Bar cock, A.Shelton Hoo- | mit of the Book'e reserven being' Our Starling Reserve. Invest sgaio be a competitor in the man on the spot to "compels per, Ellia Kaderie, D. K. M,teadily increased in the fature, meats remain unaltered in the ailver market, Silver and Eastern saroomfully in the stregy e. G. A. Young, N. Croucher, G. A. Experience has proved the great accounts now before you, but a exchanges reached levels during Daring the year the death of Hastinge, O. E H. Bearis, A. H. wisdom of building up our se obange is being made whereby the year unheard of since the President Yusn B.rlow, H. C. Sandford, W. B P. sources, and I am sure you will the fund will be converted into closing of the Indian Mints to the resulted in important politiani Shih-k'ai Thumbel, Bo Wing, A. V. Apcar, all approve of adhering to that the new 5 per cent British free coinage of silver in 1883, changes.; and the party struggles W. Darbar, Lo Queong hin, polis. So far as it is possible to Government War Loan end will and new recent records have been | which

the changes in- Ho Leang, H. . . Nemize, judge, ample provision has been stand in the books at the established during the past two evitably involved have on the K. D. Gaztar. P. K. Kwok, mide for all known war losses issue prios of 95. No fixer months, silver basing reached asantry much time, money and B. Smith, Ho and contingencies, bal until the investment over existed, gentle 38 7/16 and Shanghai Exchange antional energy, which mald,no Kwong, W. S. Jackson, J. S. war is over there must asossarily men, for the Reserve Fand of a T.T. 3/8, but the Hongkong rate doubt have been more profitably Dobie, G. B. Potte, A. Findiay be some uncertainty as to their British Bank I may mention has not again toached T.F. expanded on the Smith, Sydney. Michael, A Extent, the state of affaire us that the total applications for the 2/4 3/4, at which it stood at the administration, finance and cur Griffin, J. M. ca Baba, B. B. L. Hamburg Office still remains New War Loan on account of this end of the year. During the past renoythe preliminarios .to Dowbiggio, B. Percy Buit, wealed book to me.

Book and its constituents amount week, there has been a resotion in say real progress. On the whole, A. P. Samy, L. Anderson, G. With regard to our investmente, ed to £5,010,000, of which 41,- silver and Eutera Exchanges, | however," the - obengra. K. Haxton, A. 8. D. Cuosisad, although the $600,000 set amide 670,000 was new money,(Ap present quotations being her question have been effected, with in D. V. Stevenson, JM. de C. in the argunt will, together with plause). Our total investment in silver 87.3/4. Shangbai T.T. 3/6, far less cost to the country. Baelo, J. H. N. Mody. W. M. what has already been provided British War Land Stearities is sad Hongteag T.T.2/s. With than might have been anticipated. Kamphreys, J. M Alves, L N. ont of the profits, be more than now over £2,000,000,

the probability of China Beneath the waves of party strife Leefe, A. Denison, J. B Greaves, sufficient to write down our Ladian Government rupee reversing the movement of the and dissension" live the grai J. Johnstone, D. 8. Bilsa. B. eocritics so below the prices paper has disappeared from the past year and importing more ocean of national common sense, Swain, W.G Darby, B.G. Bachao, raling at the end of the year, we accounts, as, in order to couvert silver then is exported, still higher which is the greatest anest of the and H. B. Girardet (shareholders) occaider it advisable to be well holding of that security, we levels may possibly be reached, Chinese people and sa' 'theme

The Caairman said-Galeon the safe side owing to the in-applied for and obtained the re- if the demand for silver in India men, as it is now past the boat possibility of forging a reliable for which the meeting has bresapiojonas la falare valas of even oslled, I will ask the Chief Man such first glass securities as we agar to read the notios convening hold, other than British Govern the meeting.

W.

The Chiel Manager having read the notioe,

ment War Loans which consider shouil ́alwaya stand on sar books at par.

Your Directors feel assured that you will all cordially endorse their action in voting the sts (exolad. in Hamburg Office) a bones of

Home

continues.

`raferme" of

waves subside, and are replaced by the calmer currents of publie opinion, we may look with con fidenes for that political stability which is so clearly essential for retrenchment and reform,

quired amount of the New Indian Government 4 per cent. Con- The extent to which trade version Loan and now hold some accommodated itself in the fios Ra.10 lakhs of that security. of the many difficulties that arose Other securities are reduced by during the past year is note

$6 millions, owing to worthy. Indian export trade was As regarda Enance, the year. repayment of terminal in-very active, se evidenced by the 1918 has bast for China an ex- Vestments,

extraordinary demand for rapeas, ceptionally prosperous one. The Cash, coin lodged with the and it is this demand and hoard-gross collection of the Maritime Government against note isene, ing of the rupees that has led to Custone, amounting in sound sad hallion in hand and the present tightness of money in figures to B.K. T. 37,750,000 shows an excess of HX TL.

It is to be hoped that relief

The Chairman said:-Gentle men. The report and sintoment of accounts having been in your bande for some days, I at all, as

-nal, take them so read. The 2) per cent, on eaiaries for the in travait, together amount to India: or, perhaps, instead of year's working was highly satis past your. Their work has been. 189,000,000, against $90,000,000 tightness of money, I should say 1,000,000 over the collection of faglory, and all our les show ardags, and they have loyally at the end of 1815. During the the difficulty of remitting money the previous year; or, expressed in ed excellent results. The gel carried out their responsible last six months of the year, to India, sa it is as much an sterling, (which, as the entire Cas profit for the year, includ. duties, although all of them would money was in great demand exchange as a monetary difficulty. toms revenge is mortgaged for the

$3,027,219 89. brought prefer to be serving their country throughout the East, especiallyToe asal channel for remitting service of the foreign debt, rapre ing forward from 1915, amcunts to

different field. Still, if in Ohins, as our fande were very to India, vis.: by means of sent the real basis of value for $10,165,665.18, and after deduct British commerce in the East is fully employed. Bills Discounted, Council T. T. and drafts, has Chius), an increased Field of ing the interim dividend paid in to be carried on, it is cepential for Loans, Credits and Bills Boce been narrowed by the stoppage $1,500,000. Thanks to those Angust last of £2.31 per share, the Bank to be efficiently staffed, able together show an increase of the allotment of special satisfactory results, and to the VIE: £258,000

2/1.1/8. and would mention that the of $5 millions. The high cost Councils. For the time being, present high level of exchange, it $2,464,477 01, and $30,000 bas besa deplated to the of all products and slower ship- the Ladisa export trade is is estimated that, for the next six remuneration to Directors, the bate 4 ninimum compatible with ping facilities in these daye mess greatly curtailed, and until months at least, the Customs re- balance available for distribution officiener. I used hardly may larger and longer lock up of the situation in remedied, the venas will be rafficient to meet all ie $7,671,187.55, which it is the Chief Manager and your money for financing trade. business between Indís and Chips, | obligationssecured upon it, inelud." recommended to appropriate as Directors, have recognised the

Daring the past year, footas which is of a large volume in ing the service of the Indemnity, great responsibility placed on tigas in the price of silver have normal times, will be seriously without recourse to contributions follows

them in refusing the many boen extreme, ranging from affected.

from-the ̄ Balt~ "Administration, applications from the Eastern 26.11/16 to 37.1/8, the lowest

thús rolessing" pro sanko ai în- staff for leave to proceed Home to quotation being in January and will shortly be forthcoming creased proportion of the Tatter fight: & responsibility they would the highest point was tenched in whereby this very important for the general: seeds" of "the not have 6000pied bad it not been May. The coinage demands of branch of tenda may be resumed Chinese Government, Altza their onviction that, by rain the belligerent countries, inclad- unhampered, but it does not do The net election of mält revénUS ing, the staff are performing ing the expenditure on military to forget that the fasues of war for the same period smondta şa services which our Government operations in Egypt, East Africs requirements take precedence, $72,450,000, or an OE recognise to be emential to the and Mesopotamia, have besz a and very rightly 10, over every---shout $3,106,000 over the ricord successful prosecution of the war, contributing one to the rework thing else, saki redtmul of the previous "year" 1" 75 I desire to express our obligation able rise in the price of silver, but Trade was active in the Straits which considering the to them and our appreciation of the rise was chiefly due to the Settlements and Federated Malay settled politics the cheerful seal with which they purchases made by the lodian Sutes, and Japan sajoyed a yese. prevailing in some coatings to perform those doties. Government, who bought daring of prosperity without parallel in provinose, osa only be sino desire to express our hearty the course of the past twelve her history, exporta eroseding as highly entiafsolon good wishes for the welfare of months some $15,000,000 worth imports by over Ian 288 millions. conraging. Of thes I trust, gentlemen, the proposed tons of our staff who are sscving of silver, The balanase in the In Chins, the sensops were favour $15,000,000 has been mor distribution will meet with your with HM. Forces and to cover Indian Currency Reserven were able, arope well up to the average, the payments

our, vary deep sympathy... to the reduced by R«, 16 crores between and the demand for her products of the approval. ...

While the higher rate of ex-families of those gallant young Aagun 1915 and March, 1916, change means a saving in the cost me who have given their lives and had to be replenished by of the dividend, this is largely for their King sad Goantry. large purchases of the metal, the tonnage hampered busjuoma, how counterbalanced by the reduced Terning to the Agates of the dollar equivalent of profits earned balaton whost, it will in mean that in gold and fixed currendise, but our gold åzed déposite stand at

the present conscios your

£4077,000 And silver at $65, * Diéselors are very pleased at being 249,000 and $1,075,000

245,000, showing – daar ble to pegommand an addition so

Tiraly from the gurse of la

▲ foal dividend of £2.30 per share and a bonas of 10/- per share, sabiject to deduction of Income Tax, making a total dis- tribation for the year to share holders of £576,600 or $4.160 per share;

Transfer to Silver Reserve Fund, $50,0000; Write off Bank Premises so, $750,000; Set aside for depreciation in Scoprities, $600,000, and carry forward to the outrent year, $3,168,678,85 being $139,000 more than the amount brought down from the

@previons Roconut,

!

koca and continuous, at greatly aponyab enhanced prices. Scarcity of $10,000,000. argency of which has been in no ever otherwise the volume of trade Ende way diminished by the heavy would have been much great withdrawa of rupees, which

stifying to be

in, still going on. These repo damanda oli, the Allind Coracamenta

and of the Indian Gorarni