£
164
scheme, but probably another Commission will be sent out subsequently to deal with that country. The constitution of the Philadelphia Commer- dial Museum and the objects of the present Commission have been before the public a good | deal of late, but it may be useful to repeat that the Museum has attached to it a bureau of information, which is engaged in the collection and collation of commercial information from all parts of the world and its dissemination to all who desire to receive it. Mr. Green when at home has working under him a staff of a hundred and twenty, whose whole time is engaged in go. ing through Consular reports, Chamber of Com- merce circulars, etc., etc., and tabulating and indexing the information they contain, so that any one desiring information on any particular point can at once be placed in possession of all that is known about it. In the States there are nine hundred merchants, manufacturers, and traders, scattered over twenty-one states, who are regularly in receipt of circulars relating to their own special branch of business, and one of the aims of the institution is to make its coa- nections worldwide, not only as regards the collection of information, but also its dissemina- tion.
|
THE HONGKONG WEEKLY FRESS AND
(August 20, 1898.
in which this bank now stands reflects the greatest credit upon the far-sighted and con- scientious management of our Chief Manager, Mr. Jackson, who has received valuable co- operation from the staff generally. (Applause.) Before moving the adoption of the report and accounts I shall be happy to answer any ques- tions.
No questions were asked, and the CHAIRMAN proposed the adoption of the report and accounts.
should then be independent of silver, whatever | for fixed deposits from four to five per cent. the future might have in store for it. We and we deemed it necessary to act similarly. would virtually have two capitals, one, our A more serious matter was the raising of the ordinary capital, say $10,000,000 in silver, the rate for fixed deposits in London from 34 to 4 other our reserve of ten millions of dollars at per cent. At the time it looked as if there was 2/- say £1,000,000 in gold. This may appear going to be a continuance of dear money in like counting the chickens before they London and on the Continent. We were afraid are hatched. Not so; we have already funds of deposits leaving us and our profitable ontward in hand to affect the desired object. (Ap- | business being checked. It we find that we are plause.) There is another item, viz., our pro-getting too much money at 4 per cent, we can perty account, which in times of prosperity easily revert to 3 per cent. for new money onght to have particular attention paid to it. later on. In conclusion, gentlemen, I have to In addition to the usual percentage we have been remark at the prosperous and sound positioned and are in the habit of writing off from half- year to half-year we have thought it wise to write off $250,000. Property is the one un- productive account in our books, and the nearer it approaches to zero the better will we be pleased. I hope that at the end of the year this account will receive further attention at our hands. In accordance with an Ordinance of the Hongkong Government, No. 21 of 1882, the Bank was authorised to issue notes to the extent of its paid-up capital, say ten million of dollars, Mr. WHEALLER said-1 have much pleasure against which we keep first-class securities in seconding the proposal. The best report with the Bank of England in the name of the ever presented to the proprietors does not need Crown Agents for the Colonies for fally ono- many words to ensure its adoption by them. third of our authorised issue, and by Ordinance Good as the report is, however, the information we are compelled also to keep at least one-third that the chairman has just given us is even BANKING CORPORATION,
in bellion at the various places of issus. Up to better. The report shows that the bank is now recently, with occasional exceptious, this limit in a position of great strength, and the pro- The ordinary half-yearly meeting of share has hitherto been sufficient for the ordinary posal to keep the reserve fund of 10 million holders in the Hongkong and Shanghai Bank requirements of the public in Hongkong and dollars, or say one million sterling, invested ing Corporation was held in the City Hall the Straits Settlements, but from January of in sterling securities, is the one thing desirable With on Saturday, 13th August, at noon for the this year the limit of ten millions has proved to make that strength more absolute. purpose of receiving the report of the Court insufficient, and very reluctantly we had to our capital of 10 millions in silver and our of Directors together with a statement of exceed our limits from January to May. To reserve fund of 10 millions in gold we shall account to 30th June, 1898. The Hon. get the circulation within prescribed limits by not only be independent of silver, but I J. J. Bell-Irving presided, and there were
the 30th June caused very serious inconveni- think the bank's credit in Europe must be also present, Messrs. R. M. Gray, D. Gub-
ence to trade in this colony and its sur-largely strengthened. It is very pleasant to bay, A. Haupt, A. J. Raymond, A. McConachie, rounding centres. On the gravity of the bear that in addition to the handsome profits P. Sachse, R. Shewan, N. A. Siebs (Directors); matter being placed before the Government which you have put before us there is still the Thos. Jackson (Chief Manager), Hon. C. P. of this colony, with the sanction of the considerable profit on two Chinese loans which Chater, Messrs. H. N. Mody, V. A. C. Hawkins, Secretary of State for the Colonies an Ordin- it is proposed to deal with at the end of this A. Hancock, J. C. Peter, A. Coutts, F. N. Firth,
ance was passed on the 28th July, 1898, amend. year, so that hopes are raised that ere long it R. T. Wright, C. W. May, K. A. Chinoy, Ging Ordinance 21 of 1882 as follows:-" Bills may be possible while still adding to the strength Stewart, C. J. Gonsalves, Yan Win Chuen, J.
of the bank's position to add to the usual divid- H. Lewis, S. S. Benjamin, P. Jordan, C. S.
end an occasional bonus. (Applause.) Sharp, E. Georg, J. Y. V. Vernon, S. G. Bird, F. Smyth, E. S. Whealler, R. K. Leigu, J. D. Hutchison, Shun Kau Sui, Ho Fook, Major Gawne, D. Gillies, G. Marray Bain, Captain Tillett, W. T. Bamsey, D. D. Guzdoor, J. R. Michael, R. C. Wilcox, Joseph P. Morris, J. M. Alves. A. P. Stokes, E. D.
HONGKONG AND SHANGHAI
Sanders, C. H. Rogge, G. C. Cox, E. S. Kelly,
G. H. Medhurst.
The CHIEF MANAGER read the notice con- vening the meeting.
The CHAIRMAN then read the report of the Court of Directors.
and notes of the Company payable to bearer ou demand may be issued and be in actual cir- calation to an amount in excess of the capital of the Company actually paid up, provided that there shall be previously kept at the head office of the Company in Hongkong to the satis. faction of the Colonial Secretary and Colonial Treasurer an amount of coin and bullion to
the whole value of such excess issue actually in
circulation." Our thanks are due to the Seore- tary of State for the Colonies and to His Ex- cellency the Administrator of this colony for so promptly acceding to our request for an elastic note circulation, instead of a fixed limit, which has recently caused such serious inconvenience and loss to all concerned. I may remark that the proposal to keep an amount of coin or bullion equal to the whole value of our excess issue emanated from us. We were so anxious to have the matter settled at once that we put forward our proposal on such liberal lines that we were convinced it would be acceded to. The state of affairs in the Philippines, where the bank has considerable interests, has been a I am glad to source of anxiety to us of late. say that we do not anticipate any loss whatever there. I hope that peace will soon be restored and that business may speedily flourish in those
most fertile islands, To refer for a moment to
the items in the balance sheet, I wish to point out that current accounts in silver have
The CHAIRMAN said-Gentlemen, the Direc- tors have the pleasure of laying before you on the present occasion a record report, enabling them to pay the usual dividend of £1 58 per share, place one million of dollars to reserve fund, write $250,000 off property account, and carry forward $376,000 odd to new profit and loss account. These figures are the outcome of an unusually prosperous half-year when almost no losses were incurred and when everything went well with us at the head office and at all the branches. Money was in strong demand, and ex- change banking afforded unusual opportunities for making money, of which this bank took fall advantage. (Applause.) We have left our London investments unchanged with the excep tion of a sale of £70,000 Indian 24 per cent. increased by 83,909,973.15 during the half-year, sterling loan, which we intend replacing when while fixed deposits in silver have decreased a favourable opportunity arises. During the by $1,176,237.17. Current accounts in gold half-year we participated in the issue of a Chi- have increased by £4.749,759 88. 8d. owing to the nese loan for £16,000,000 on joint account with large amount of Chinese Government money our German friends. (Applause.) Our share
we held on the 30th April when our London of the profit on the transaction represents a
half-year closes. Our cash in hand and bills dis- very considerable sum- (applause) and is
counted, loans, and credits, also show an increase unappropriated, as well as the profit on the
from the same cause; in the latter instance we previous loan referred to on former occasions, had employed in liquid advances a considerable (Applause.) It is the intention of the directors portion of the funds temporarily in our posses- to deal with both sums at the end of the presentsion. In the former case the funds not so em. year. The idea the directors have in view is to raise the reserve to ten millions of dollars, and to have it all invested in first-class securities standing at an exchange of 2/- say £1,000,000, said securities to be written down well under their market valne as is the case with the securities we at present hold, and in accordance with the precedent set us by home Banks. We
Carried.
Mr. LEIGH-I have much pleasure in pro- posing the confirmation of the appointment of Messrs. A. McConachie and P. Sachse as Directors.
Mr. HUTCHISON seconded. Carried.
The CHAIRMAN-Gentlemen, I have to thank you for your attendance. That concludes the business of the meeting. Dividend warrants will be sent out on Monday.
HONGKONG HOTEL COMPANY, LIMITED.
The ordinary half-yearly meeting of share- holders in the above company was held on Thurs- Mr. E. Osborne (Chairman) day at noon. presided, and there were also present: Messrs R. C. Wilcox, W. Parfitt (directors), C. Mooney (secretary), J. R. Michael, Captain Clarke, W. H. Potts, J. C. Peter, G. C. Cox, W. K. Low, R. S. Philpott, Ho Tung, Lo Cheung Shui, Leung Kit Shan, Ip Che Fong, Ho Yau Nam, Chan Chan Nam, Tai Tak, and Wong Kam Fuk.
The SECRETARY read the notice convening the meeting.
The CHAIRMAN-With your permission we will accept the report and accounts as read. The profits which have been realised on the six months covered by the report are the largest for any single half year in the company's history; and the directors have to congratulate you on their being able to recommend a fairly substantial dividend after writing off an ade- quate sum from perishable property and allow- ing for a balance to be carried forward that will ensure the second half year's dividend being at least equal to the first. It may interest you to know, gentlemen, as showing the recuperative ployed were held in cash. Fixed deposits in power of your business, that since the year gold show a slight decrease of £5,856 128. 7d. Bills 1894-a year that proved to be the turning point payable show a decrease of $1,457,000.44. while between ruin or success-you have invested bills receivable show an increase of $6,445,185.65,863,000 in new furniture and furnishing acces the latter a very satisfactory item, showing theories, you have carried out repairs and im- larger volume of exchange business transacted.provements to your building to the extent of The recent industrial development in Shang- hai having caused money to be in good de- mand there, other banks raised their rates
$82,000, and including the present half year you will have written down your assets by $47,000, ä total of $142,000, equal to about
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