162
THE HONGKONG WEEKLY PRESS AND
that they were well satisfied with it by frequent show a falling off of $23,184,698, This reduc
applause.
tion is due to the fact that we had not so much floating money to lend on short loans in the The CHAIRMAN then said-Gentlemen, on London market owing to the withdrawal of the last occasion when we had the pleasure of Government funds above alluded to which had meeting you here, I referred to the profits still been temporarily left with us. With the large in hand on loans previously issued, and stated surplus at our disposal we have thought it that they would be dealt with at the end of the desirable to suggest writing $500,000 off bank then current year. The accounts now presented premises account. The very fine premises we include such profits and with the amount car- dossess at the head office and branches after ried forward from the previous half year of the above entry is passed will stand in our books $376,916,76, make the grand total of $4.392,189.66 at the nominal sum of $257,648. This is one available for division on the 31st December of the most satisfactory items connected with last. (Applause.) During recent prosperous times the affairs of the bank. Writing down unpro- we have adhered to a dividend of £1 58. per share ductive accounts such as premises, dead stook. and added large amonuts to the reserve fund. etc., simply means giving us all the more We now propose to add 10 lacs to that fund, mak-capital to employ in our ordinary business. It ing it up to tou millions of dollars, and having has fallen to the lot of very few banks to be so done so we came to the conclusion that the share happily placed in this respect as we are. We holders deserved to participate in the large are still busy in the matter of loans. We have profits earned. (Applause.) After much thought, recently floated one for $2,300,000 on satis- we decided to propose an increase in the factory terms for this bank, and we have reason dividened to 21 103. per share, and you may to hope that more business of a similar nature rely upon it, gentlemen, that we would not will follow. The efforts of the staff, which have taken such a step if we had not seen every have contributed to the satisfactory results now reasonable likelihood of our ability to continue pat before you, your directors have recognised a similar distribution in the future. Applause.) by granting a bonus of twenty per cent. on The profits derived from the exceptional their salaries, a course which, I am sure, you sources previonsly alluded to give us great will fully approve. (Hear. hear.) One word pleasure in recommending that a bonus of el on the political outlook, but at the present time per share be paid on the present occasion, it is impossible to consider the one apart from (Applause.) The directors appreciate the the other. Without venturing to prophesy, it encouragement they have received from the may be said that the disturbance set up in the shareholders in their wish to make the reserve political atmosphere by the events of which fund equal to the capital of the bank-a task-the Far East during the last eighteen months now happily accomplished. The balance sheet has been the theatre, shows signs of subsiding. does not show in full how the reserve fund is China will find herself forced more and more to allow foreign capital and enterprise to under- take the task of developing the great natural resources of the Empire. The elements of wealth she possesses in abundance, but her need is for capital to develop them. This the great capital owning nations of the world will be ready to supply, and they will have a common interest in the maintenance of the integrity of China. As these great capital owning nations are also the great manufacturing nations whose pressing desire is markets, taey have a further incentive to uphold the principle of the open door for trade, As regards the Philippines, it is much to be regretted that a peaceful solution of the question at issue between the Americans and the natives had not been arrived at: still we are not without hope that some amicable arrangement will be come to, and these wonder. fully fertile islands embark on a fresh era of prosperity. We have come through the late troubles without loss, and the than of the shareholders are due to the staff there for the manner in which they behaved during most difficult and trying times. In relinquishing the chairmanship of this bank it is my privilege as it has been that of my predecessors during many years, to bear testimony to the great confidence your directors have in the management under the able and experienced guidance of our pre- sent chief manager, who you will be all gratified to learn has undertaken to continue in his present responsible post for a further term of years. (Applause.)
invested. You are aware that the books of our London Office close on the 30th of April and 31st of October each half-year; therefore we could not respond to entries made subsequent to the latter date. I now proosed to inform you how the ten millions of reserve are invested-The £250,000 22 per cent. Consols lodged with the Bank of England as a special reserve we lat re- main at 96 and Ex. of-2/6-$1,900,0.0; we have increased our holdings of Consols irrespective of the said £250,000 to £522,500, written down to 96 and Ex. of 2/=$4,702,500; we have also in Lon- don in first class sterling securities£347,500 stand- ing in our books at £339,750 at 2/=$3,397,500 The amount required to write down Consols to 90 and Ex. of 21. we hare deducted from earn. ings during the past half-year As to what we intend to do with re ard to the reserve fuad in the future, we have the will, and I hope your future directors will be given the power, to go on adling to it. A bank's reserve cannot be too large, and I feel sure such a course will continue to commend itself to shareholders. (Applause). The Hongkong and Shanghai Bauk has a very large portion of the China, Japan, and Straits business falling to its share, and the more money it has, whether under the heading of capital or reserve fund, the more satisfactorily will it fulfil the duties and re- sponsibilities of its position. Referring to the various items in the balance sheet, it will be noticed that on the 31st of December notes in circulation exceeded the old limit of ten millions by $2,505,537 against a deposit of $3,250,000 with the Hongkong Government as per contra in terms of Hongkong Ordinance No. 6 of 1898. The elastic note circulation granted to us under that Ordinance has proved to be a great convenience to the public. When the Straits Government commence their note circulation (expected in April of this year) it is probable that only under very exceptional cir- cumstances will it be necessary for us to go beyond the old limit of ten millions of dollars. Our current accounts in silver show an increase of $7,784,600. Current accounts in gold show a decrease of $5,387,380 owing to the withdrawal of Government balances temporarily in our possession: They now stand at £1,219,604.
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No questions were asked, and the CHAIRMAN proposed the adoption of the report and state- ment of accounts..
[February 25, 1899.
banking affairs, and I am sure, gentlemen, you will all admit that this very wise policy has been very carefully followed in the manage- ment of our affairs, otherwise we should not in that very satisfactory position in which we find ourselves to-day, Our Chairman has touched so very fully on all matters of interest connected with the Bank that I think it quite nunecessary for me to detain you longer in therefore, content myself with most cordially comments on what he has just told us. I will, seconding the adoption of the report and state-
ment of accounts.
The motion was carried.
On the motion of Mr. J. H. Lewis, seconded by Mr. J. HUTCHISON, the appointment of Mr. RH. Hill as a director was confirmed, and Messrs. C. Beurmanu, A. J. Raymond, and David Gubbay1were re-elected directors.
'n the motion of Mr. G. de CHAMPEAU, seconded by Mr. J. ORANGE, Messrs F. Hender- son and C. 8. Sharp were re-elected anditors.
The CHAIMAN-Gentlemen, that concludes the business of the meeting. Dividend war- rants will be sent out on Monday.
Mr. J. H. Cox-Mr. Chairman, I have great pleasure in proposing that the shareholders of this corporation give a cordial vote of thanks to the directors for their valuable services during the past half year. I think we all agree with the Chairman that the great success of this corporation has been mainly owing in the very largest degree to the phenomenal perseverance and great ability of our esteemed manager, Mr. Thomas Jackson. (Applause). We therefore tender to him our cordial thanks and congratulations and we are immensely pleased to learn from the Chairman that he will remain with us some few years. To the other members of the staff of the corporation in all parts of the world
our cordial thanks are also due. This is au occasion which affords me the opportunity to
make
the
remark which I am sure the shareholders will agree with. We always have appreciated the very great attention of th gentlemen connected with the Hongkong stuff, and their desire to do everything they can for us and for the Bank's constituents. We at all times meet with the greatest assistance when-...i ever we have occasion to enter the Bauk's premises. We are confident of the increased success of the Bank, and that there is a great fature before us in the opening up of China. With these few remarks I beg to propose a cordial vote of thanks to the Board of Directors, Mr. Thomas Jackson, and the staff.
The CHAIRMAN-Mr. Cox and gentlemen, on behalf of the Directors, the Chief Manager and staff generally, I thank you for your cordial
vote of thanks.
HONGKONG AND KOWLOON WHARE AND GODOWN CO., LIMITED.
On 20th Feb. at noon the 12th ordinary annual meeting of shareholders in the Hongkong and Kowloon Wharf and Godown Company, Limited, was held at the offices of the Company, No. 4, Praya Central. The chair was occupied by the Hon. J. J. Bell-Irving, the other gentlemen present being Hon. C. P. Chater, Messrs. 0. Beurmann, A. Haupt, N. A. Siebs, A. J. Raymond, H. A. Ritchie, D. Gubbay, E. S.. Whealler, P. Sachse, C. H. Thompson, C. S. Sharp (directors), E. Osborne (secretary), E. Georg, J. Goosmann, Ho Fook, and R. C.
The notice convening the meeting was read by the SECRETARY,
Mr. D. GILLIES, in seconding, said-Gentle men, we have met with pleasure on many simi- lar occasions to this one to receive from our esteemed Chairman a statement of the progress made by the Bank during the past half year and his comments on the results of the half-Wilcox. year's working. I am sure, gentlemen, yon will all most readily admit that we have never at any previous half-yearly meeting received a statement of our financial affairs so very care- fully elucidated and so very highly satisfactory, (Applause.) The enormous amount now placed to the credit of the profit and loss account Cash in hand is much smaller than it was on is a perfect monument of the skill and the last occasion when we had such heavy sagacity of our management (hear, hear) liabilities in onrrent accounts. Fixed deposits and the large amount that is now placed at in silver show an increase of $1,555,520. Fixed the credit of the reserve fund shows us that a deposits in gold show an increase of £381,075, great deal of care, anxiety and assiduity must fixed deposits in London from 4 to 34 | the magnitude at which it now stands, and cent per annum. We made the alteration great credit and praise are due not only to the when the Bank of England rate was reduced Chief Manager but to the members of the to three per cent. Bills payable show a decrease Board for their praiseworthy assistance to of $2,701,183. Bills receivable are less by him in attaining buat most honourable result. $3,785,077. Bills discounted, loans, and credits (Applause.). Safety is a well-known axiom is
The CHAIEMAN said-The Company's opera tions doing 1898, as set forth in the report and accounts which have been in your hands the past few days, show a very marked advance on previous years, and the recommendations of your directors in regard to the disposal of the balance at credit of profit and loss account will doubtless meet with the approval of shareholders and afford them gratification. A portion of the increased business of the year resulted from war in the Philippines and although we cannot look for a continuance of custom from this cause, yet I think we may safely predict that Hongkong and with it the Wharf Company will benefit considerably by the expansion of trade which we hops will follow the settlement or
A recently reduced our rate on twelve have been exercised to bring that amount up to | temporary dislocation of trade caused by the
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