August 26, 1899 |
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tion and efficient management, has beer fill the position that we all hoped for trust that you will long be able to foremost position in financial matte (Hear, hear.) I would also ask you m arly accord a very hearty vote of staff. Through their earnest and we have received during the past report that has been rarely, very" excelled by any European bank--(äpp! and I think that we are very greatly? to them for the efforts that they have the interests of shareholders. I think one has worked harder or done more in terests of the Bank than our very honot done for the Bank better than I can gentlemen, and I trust that he will spared to wear his laurels in honour. dignity. I have much pleasure in proj cordial vote of thanks to the Board of Di and the staff of the Bank:**
· · CHINA OVERLAND TRADE REPORT. at 95 and exchange of 2/6, say $1,900,000. | ment of India may be with regard to currency, When the reserve was being converted into the people of India will continue to use silver, sterling at exchange of 2/; we thought of writ. It is their money, and commodities will be mea- ing down the price of the consols to 90 and exsured in it for many a day to come. Although ohange of 2/; but as that method would increase we have not any artificial expedients for equa- their cost in our books from 19 lacs to 224 lacs of lizing rates in China, our exchange has recently dollars, and as thespecial reserve had so long stood been almost as steady as that of India. Such a at 2/6 exchange and 95, we decided to let the state of things affords very little chance for entry remain as it has stood for a number of making large profits in exchange. Brilliant as years. The remainder of our 44 per cent, consols, are the results which we now place before you, say £522,500, we have written down to 90, say and as they have been recently, I think it only £470,250; they are converted into dollars at ex- right to point out that as far as we can see it change of 2, say $1,702,500. The remaining will be an impossibility to continue them upon item in the investments account, £147,000, which the same scale in the future. Ordinary ex- is described as "Other Sterling Securities" con- change banking, with finely-cut margins, can sists of Indian sterling loans and railway deben-only yield moderate profits. We can congratn-chief. (Applause.) You all know what ture bonds, colonial stocks and bonds, Greek late ourselves that while the opportunity for guaranteed loan, and London County Council making extraordinary profits lasted we took bouds. They stand in our books at what they full advantage of it, and placed the Bank in a cost, say £339,750, converted into dollars at ex- position of immense strength and security, change of 2/, say $3,397,500. I enter into the Another thing, gentlemen, we have recently had foregoing explanation as our consols being in our an almost complete immunity from losses. It books at different rates might be puzzling to some is hardly necessary for me to remind you that of our friends. The placing of 10 lacs to the this happy result is due to the thoughtful care reserve fund, making it just that amount larger and ability exercised by our Chief Manager, than the paid-up capital, marks an epoch in the (applause)-ably seconded by the Managers at history of the bank, and will, I hope, meet with our varions branches and the staff generally,- the approval of our shareholders and well wishers. (applause)-and so long as our interests are in Our business is now so extensive, and divided such good hands we may feel confident that over so many places, that a large reserve in whatever the difficulties may be in the future. addition to our paid-up capital is of the utmost the Bank, under such able management, is in importance for our future well-being. A bank an excellent position to come well through wants three things, viz :- Good character, good them. (Applause.) While touching upon this management, and solid resources of its own. point, I would add that the directors feel sure In the absence of any one of "Lese, pronounced that the shareholders will unite with them in success would be impossible. (Applause.) Our congratulating Sir Thomas Jackson on the proposal to write $250,000 off property accourt recent well-deserved honour conferred on him by will, if approved of. reduce the amount at Her Majesty, showing that his services have which the whole of the Bank's properties been recognised in a wider sphere than our own stands in our books to $71,610.05. You are immediate circle. (Applause.) Before moving aware that our object is as far as possible to the adoption of the report and accounts, I shali eliminate all non-interest bearing accounts out be happy to answer any questions which any of our books. Our properties originally coBG shareholders may desire to put. $2,151,000, and are now worth a snm largely in. excess of that amount: some of them now require extensive alterations and others reconstruction
to make them suitable for present requirements. There are many ports where we still rent offices. and where it would be desirable to purchase land as favourable opportunities offer and to erect premises of our own. This is our aim, and the present satisfactory state of the Bank premises account places us in a good position to realize it. (Applause) Our note crculation is $3,622,695 in excess of our authorized issue of 10 millions; against said excess we bare lodged with the Hongkong Government $5,00,000, leav- ing us a margin for the further issue of notes to the extent of $1,377,305 against the coin already deposited. The Hongkong Government has recently extended the privilege we at present enjoy, of issuing notes in excess of the amount of our paid-up capital against a deposit of coin, for a further period of twelve months, expiring at the end of July 100. The traits Govern- ment is gradually getting its notes into oircula- tion. In time, we will be able to make avail- able, for Hongkong the amount of our note circulation hitherto set apart for the Straits Settlements. Our current accounts and fixed deposits in silver show a small increase compared with the previous six months, say together $92,750,219.18 against $87,943,573.21′ on the 21st December. Our current accounts and fixed deposits in gold also show an increase of £1,651,451.148.2d, accounted for by the consider- able amount of Chinese Government funds we then had in our possession; for a similar reason our cash balance in unusually large, Bills payable show a small decrease and bills receivable a small increase. On the last ooca- sion on which we met here, my predecessor stated that we had participated in the floating of a Chinese loan for £2,300,000. Since then we have participated in the floating of a Japa nese loan. The moderate profits we realized on both transactions will come into the half. year's accounts to the 31st December. (Ap- planse.) The China question still keeps pro- minently before the world, and is likely to do so for years. The great trading nations want a
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No questions being asked, the CHAIRMAN pro- posed that the report and accounts be adopted.
Mr. E. 8. WHEALLER said-Gentlemen, I have great pleasure in seconding the proposal. The results before us are, as our Chairman says, brilliant. In your remarks. Sir, you said three things were needed for the Bank's suc
CESA.
Good character and good management the accounts show that we must possess, and I think they show, too, that we have solid resources of our own, built up very largely from undi- vided profits or reserve fund, and I am sure that you will all agree with me in cordially ap- proving the continued building up of that source of strength-a continuance of the policy which has brought the Bank to its present prond position and given it the strength" which, coupled with good management, enables us to feel assured of steady dividends and an oc casional bonus. It is not only as shareholders in the Bank that we are interested in its strength and well being. The prosperity or adversity of the Hongkong and Shanghai Bank is a matter of vital importance to every foreigner residing in or having trade with the Far East. No serious adversity could befall this Bank without affecting a much larger circle than those who are shareholders in it-therefore the prosperity of the Bank is a matter of public importance, so that the thanks of the public as well as cf us shareholders are due to the management, and Her Majesty has recognised this by the honor she has gratified us by conferring on our Chief Manager. (Applause.) Gentlemen, I beg to second the adoption of the report and accounts.
178
The CHAIRMAN—Mr. Gillies and gen ou behalf of the directors, chief maus your cordial vote of thanks. There being staff generally, I thank you most heartily
fu ther basine the meeting, I hav
thank you for
attendance to-day. - Divi dend warrants will be ready on Monday, #"
HONGKONG AND WHAMPÒA DỤC
COMPANY, LIMITED;
On Monday afternoon the ordinary half- meeting of shareholders in the Hongkong Whampoa Dock Company, Limited, an the offices, Queen's Buildings. Mr. El Whealler occupied the chair, and there N. A. Siebs, J. H. Lewis, A. Haupt. T.. also present the Hon. J. J. Keswick,
manager), T. I. Rose (Secretary Ge J. 8. Van Buren (directors), D. Gillieg
Haskell, H. Dann, D. Jones, H Bain, J. R. Michael, S. H. Michag F. Henderson, J. Thorburn, Hart Jupp, C. W. Dickson, llo Tang, and La Shiu.
The SECRETARY. read the notice con the meeting.
desor”
The CHAIRMAN said-Gentlemon, permission we will take the report and as read. We have had an extraordinarily sperous half year, one in which we have large amount of the most profitable des of work, and the result is that; our profit in most exceptionally large. I desire to point out that these profits must be looked upon as largest in the history of the company and thing quite exceptional. They are by f results can only be attained under exceptional oiroumstances. Ordinarily we cannot expect be able to lay such results before you. How ever, they show the capacity for money making that our establishments possess if only the necessary quantity of work of the right descrip tion is forthcoming. Further than this, FOR: tlemen, they justify the sacrifices you made in the past in adding to and imp your works out of profits so that they second to none in this part of the world, are not encumbered with a capital on ordinary times, we could look for but return: The profits enable us to reco dividend of 8 per cent. and a bonus cent. be paid to shareholders, a bonus to contributing shareholders, place mopolitan Dooks and steam launcher 189 to reserve, write off from Kowloon and carry forward $365,804.42. The carried forward is somewhat-large, remind you that we have a very large- ture to meet in the reconstruction of shops, and in additions to, and replacing of machinery and tools by those of Mr. GILLIES—Mr. Chairman and gentlemen, modern description, and out of the amount I think we should be ungratefal indeed if we
ried forward your directors, passed in silence the very efficient and able admit, to place on deposit with the services that have been rendered by the Board Bank in London a sum safficient. of Directors and the state of the Bank during Within a comparatively few years
balance of our indebtedness to the the past half-year. I have, therefore, very prosperous C
Chinn and equality of opportunity in much pleasure in proposing vote of thanks to weight of vessels and their ma out to be the end of all the rivalries of recent have submitted to us on this occasion. I think, inadequate, and în order to mainsa
I sincerely hope that such may turn them for the very excellent report that they enormously increased, that tools and ears. The Indian Currency Commission has, gentlemen, that notwithstanding the very keen lengthy investigation, decided upon a competition that exists all over the world,
it is absolutely necessary that our sho par old standard, fixing the exchange at 1/4 ticularly in the Far East, with regard to finan-chinery be kept will up to date.
Whatever the policy of the Governoial matters, this Bank, through the able direc-
are now will, building we hope, fuld!
.:
commerce.
ifter
Bor rupe
The motion was carried.
Mr. G. H. WHEELER proposed confirmation of the appointment of the Hon. J. J. Keswick and Messrs. E. Goetz and E. Shellim to the Directorate,
Mr. LEWIS seconded and the motion was carried.
which were formerly sufficient,
No comments yet.
Private notes are available after approval.