388
THE NORTH-CHINA INSURANCE
COMPANY, LIMITED.
THE HONGKONG WEEKLY PRESS AND
Mr. Hogg said it was expressly in view of an offer that he asked the value of the Shang- hai property.
The CHAIRMAN replied with regard to the value of the Shanghai property, that it had received the consideration of the directors and when the question was under discussion the directors' idea was the property was worth about Tls. 160,000. He begged to propose that the report and accounts as now pre-
The fourth ordinary general meeting of the shareholders in this Company was held at Shanghai on the 28th April. Mr. E. H. Lavers (Chairman) presided, and there were present, Messrs. D. Brand, E. Davis, H. R. Hearn, C. J. Holliday, W. D. Little, A. McLeod, J. Welch (Directors), A Ross (Secresented be adopted and passed. tary), E. J. Hogg, C. M. Dyce, F. Souter, F. Gove, H. Sylva, W. Lamond, Jr., H. A. J. Macray, Count A. Butler, H. Adams, and W. H. Anderson.
The notice convening the meeting having been read by the Secretary.
|
Mr. H. R. HEARN seconded.
The third resolution was proposed by the CHAIRMAN, secoded by Mr. D. BRAND, and adopted-That the directors be and are hereby authorised to close up the accounts of the year 1895 as soon as they find it expedient to do so, and that the balance of profit (if any) be applied in such manner as the Court of Directors may deem conducive to the interests of the Company. Mr. C. M. DYCE proposed, Mr. E. J. HOGG seconded, and it was agreed, that Messrs Brand, Davis, Hearn, Holliday, Lavers, McLeod, and Welch, be elected directors of the Company for the ensuing year, and that their remunera. tion be Tls. 6,000.
The resolution was carried unanimously. Proposed by the CHAIRMAN, and seconded by Mr. A. MCLEOD, it was agreed that the following distribution of profits for the year 1895 be now declared :-Interest at the rate of The CHAIRMAN said-Gentlemen, the direc-10 per cent. upon the paid-up capital, payable tors' report and statement of accounts for the in Shanghai at the exchange of 38. Od. per year 1895 have been before you for some time tael; a bonus of 10 per cent. on contributory past, and the formality of reading them will, as premia. fusual, be dispensed with. The report is a very full one, and the accounts are so clear and smple that they call for little, if any, explana- tion. They show that at the close of the first triennial period since its reconstruction, the Company is in a sound and satisfactory position. Our investments, which were depressed in connection with the financial crisis in Aus- tralia, have now more than recovered their original values, and the sum of Tls. 10,756 which was set aside from profits to meet the depression, being no longer required for that purpose, has been returned to the working account, in which is also included a profit of Tls. 12,384 on London investments sold during the past year. Further, there is a substantial appreciation in the existing securities, amount. ing upon a moderate estimate to Tls. 25,000 in excess of the values now placed upon them in the balance sheet, and to shareholders with & knowledge of local affairs it is hardly necessary to say that our property in Shanghai, which is stated separately, is very moderately valued among our assets. These are grounds upon which the position of the Com- pany may be regarded as satisfactory, and the directors would also have been glad to have been able to lay before the shareholders an
equally favourable account of the past year's working. The income of the Company exceeds that of the previous year by Tls. 183,000, but one-third of this increase is due to the difference (between 38. 4d. and 3s. Od.) in the book rates of exchange for the years 1894 and 1895, and on the other side of the working account the
Mr. H. SYLVA proposed and Mr. F. SOUTER seconded that Messrs. White and Bell be re- elected auditors of the Company for the en- suing year.
Carried.
BANK REPORTS.
BANK OF CHINA AND JAPAN, LIMITED.
[May 7, 1896
has resulted is not discouraging. The working. of the Bank as a going concern has contributed. materially to the successful realisation of assets.
M
MERCANTILE BANK OF INDIA. The report of the directors of the Mercantile Bank of India for the year ended 31st Decem- ber last states:-The net profits, after providing for bad and doubtful debts, and including £8,555 brought forward from last account, amount to £24,818. Out of this sum there has already been paid £4,687,being an interim dividend for the half- year ending June 30 at the rate of 5 per cent. per annum on the A" shares of the Bank. The directors now recommend a distribution on the "A" shares at the same rate for the second half of the year, and on the "B" shares at 2 per cent. for the year. This will absorb a sum of £12,083 and will leave a balance of £8.047 to be carried forward. The transfer of the lease- hold premises formerly occupied by the Bank has been completed, and other convenient and. suitable offices secured.
THE DEUTSCHE BANK. The Deutsche Bank report states:-The net profits of the year 1895, amounting to £570,173, represent 15 per cent. on the paid-up capital, and are to be apportioned as follows:-£375,000 to dividend of 10 per cent. to shareholders, £38,268 to ordinary reserve, £83,539 to directors and managers, £30,500 to superannuation fund and gratuities to staff, £20,000 to additional premises, £22,872 carried forward to new account. From a German banking point of view, the past year, 1895, has yielded more than ordinarily satisfactory results. Whilst peace in Europe remained undisturbed, the struggle between China and Japan occasioned a considerable demand for certain manufactures, and thereby tended in some measure to stimulate European commerce and credit. The troubles
The proceedings then terminated.-N. C. in Asiastic Turkey were happily unattended by Daily News.
any directly prejudicial effect on German trade, and the clonds which appeared on the political horizon in connection with the dispute which arose between Great Britain and the United States of America quickly passed away.
Under these circumstances greater activity was ap- parent in trade and industrial circles; the con-
manufactured goods in turn caused a rise in the quickened, and the increase in the output of sumption of articles of food and luxury was
prices of many classes of raw produce. This favourable economic situation gave rise to con. of the year, became excessive. siderable speculation, which, in the latter part The reaction which set in the last two months has, however,
nected with the Bourse.
The report of the Bank of China and Japan, Limited, states that the realisation of the assets The position of the Bank as regards the public of the Old Bank is progressing favourably on Dec. 31 was-Liabilities: Fixed Deposits and accrued interest, £751,262; other liabili- ties, £3,356; total £754,618. Assets: Gold securities, £14,753; silver, £382,146; other; £21,701; in Bank of England at credit of trustees for depositors, £130.731; in transitu,
sterling losses and charges are similarly £21,139; capital set aside for new working only here and there affected certain classes con-
affected;
the apparent increase in the London expenses is due entirely to exchange, the starl- ing amount for 1895 being really £300 less than for 1894. The underwriting result is disap pointing, not through any specially heavy in- dividual losses, but owing to an unusually large number of minor casualties, the claims upon which have mounted up in the aggregate. and it was only on the eve of the issue of the report that telegraphic advice reached us of our largest loss, by a vessel homeward bound from Calcutta, which compelled the directors to reduce the contributors' bonus to 10 per cent. instead of 15 per cent. which it had been formally decided to recommend. It is to be hoped that our ex- perience of the past year may prove exceptional and that at the next general meeting there will be better results to lay before the shareholders. The first business of the meeting is to pass the
report and accounts, but before putting the formal resolution to that effect, any questions you may have to submit I shall be glad to reply to as far as I may be able to do so.
Mr. E. J. Hoog said he presumed the sterling investments stood at what they cost, and the Tis. 12,000 odd appreciation was ou the invest mets realised.
The CHAIRMAN said that was so. Mr. HOGG said that of course they knew their property in Shanghai was worth considerably more than it stood at in the accounts, and he desired to know whether the Board had arrived any idea of its value in the light of sales which had taken place in the immediate vicinity. He also enquired the value of the London pro- perty.
at
Mr. D. BRAND said the value of the London property could only be ascertained by paying for it, the expense of which the directors had not thought fit to inour.
account, £100,000; total £670,471, showing a deficiency of £84,147. Owing to the ap- preciation of securities and to old share- holders joining the new Bank, this deficiency has since been sa reduced that the instal- ment of call due on April 2, amount- ing to about £50,000, is expected to more than cover it. At close of 1894 the Bank's affairs indicated that shareholders might require to provide £300,000 in cash to meet its liabilities; but if the above anticipation proves correct, a total of under £180,000 will suffice. This would leave the remaining four instalments of the call of £3 158. per share to provide capital for the Bank. In the balance sheet no value has been placed on amount outstanding £87,350 due on 1893-4 call, nor on the liquida tor's call of £7 158. per share on shareholders who have not yet accepted the new scheme £813,600. Legal proceedings are being taken to enforce payment of these calls, and the suits which have been commenced against the Chinese and American and other recalcitrant share- holders will be pushed on with energy. The French courts have already given a decision in the Bank's favour, which induces the Board to expect similar judgments elsewhere, in which case above assets will be of con. siderable value and lessen still further the probable loss of £180,000 referred to. The final approval of the judge to the scheme of reconstruction was not given until 3rd April, 1895, when it was too late to arrange for the Bank taking a share in exchange business at the opening of the export season in China; indeed active operations did not commence until 1st July. Considering therefore that the ac- counts cover a period of nine months as regards expenses, and only six months as regards earn- ings, the small debit balance of £2,438 which
THE HISTORY OF THE LOAN.
Peking, 13th April, The history of the late loan is not devoid of interest. Some five months were spent in the negotiations. The loan was finally and definitely signed on the 23rd of March, barely seven weeks from the time when the instalment of the Japa- nese indemnity falls due in London (8th May). No wonder that the rumour found circulation that China intended to repudiate it. But China never had any such intention. The long delay and interminable negotiations were owing to a variety of canses. Two Boards, that of Revenue and the Taungli Yamên, had it in charge; two officials, their Excellencies. Wing and Chang, President and Vice-Pre- sident respectively of the first named Board and members of the latter, were the active agents in conducting the negotiations. Prince Kung and H.E. Wu Ting-fen had also the subject in oversight. The Board of Revenue had al- most settled the matter with a British syndicate as long ago as November last. The Chargé d'Affaires and Minister of the British and Ger- man Legations respectively, with the Hong- kong and Shanghai Bank, stepped in at the end of November and the former requested the British syndicate representative to stand aside for a few days to enable them to get their pro- posals forwarded to the Tsungli Yamen. This was done and then began the weary negotiations. The second hundred millions were promised by the Chinese Government to Great Britain and Germany. This promise was made to Sir Nicholas O'Conor and much use was afterwards made of it as an argument for granting the loan to the Anglo-German syndicate. The late
No comments yet.
Private notes are available after approval.