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THE HONGKONG WEEKLY PRESS AND
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[February 24, 1900,
Whilst we always painstaking and obliging. like to hare with us our esteemed and capable and I may say most illustrious Chief Manager, Sir Thomas Jackson, we do certainly approve and are delighted to know that he is going to take a six months' holiday. We trust that he and Laly Jackson aud family will enjoy them. solves wherever they go, and like some of our civil servants that he will ask for a further ex- tension. and I have no doubt it will be ganted to him--we are so foud of him. (Applause.) Most of us know Mr Bevis very well. We shall be glad to see him here iu Sir Thomas Jackson's absence. We have every confidence'in him that ho will be able to carry on the Bank successfully during the time he is in charge. With these few remarks, Mr Chairman, I beg to second the adoption of the report and passing of the no- counts. (Applause.)
The motion was carried.
Mr CHAMPEAUX proposed the confirmation of the appointments of Messrs. D. M. Moses and R. L Richardson to the Board of Directors.
Mr J STEWART seconded, and the motion was carried.
Mr VAN BUREN proposed the re-election of Messrs Al Haupt, A. McConachie and P. Sachse as directors.
Mr. GRESSON seconded, and the motion was carried.
On the motion of Mr. MUAray Bain, second- ed by Mr. R. H. Bauch, Messrs F. Hender. son and Cis. Sharp were elected anditors,
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An inflated note circulation insufficiently | the Imperial Maritime Customs will, I renture | hai Bauking Corporation staff has been most secured would be highly undesirable in to predict, show a considerable increase upon the interests of all concerned. Both bills pay. former years, The trade of Chins generally has able and bills receivable show an increase on increased, and, în particular, the trade of North Last year's figures; the latter of no less than China. Perhaps this is the most striking feature $12,634,351, a very satisfactory item. Cash in of the period andor review. I desire to draw hand is loss by $10;171,484 than it was on the special attention to the great and growing di 30th Juno. This is mainly accounted for by mensions of trade with the northern ports, as the great scarcity of silver at the northera its full significance is apt to be overlooked. In ports towards the end of the yoar. The de-viewing the figures of the China trade it seems ficiency was in part made good by an increase to be largely taken for granted that foreign of $5,251,038 under the heading of Bullion goods shipped to Shanghai are almost all de. in hand and in transit." Referring to the stined for that vague region popularly designa. recent scarcity of silver in the north of China ed the Yangtze Valley, and the importance it is noteworthy that a similar soaroity of the of the fact that a very large proportion of the circulating medium has occurred in India, and imports thus described in shipping returns are the Government have had to bay silver exten- destined for the northern ports is not sufficient sively for coinage into rupees. It has not ly appreciated. Yet it is just this branch of the China Trade-the trade between Shanghai, recently been a question in India of how to
Tientsin, Chefoo and Newchwang-that has accumulate a gold reserve, but how to supply a sufficiency of silver coins for the requirements of grown more than any other, of recent years, the inhabitants of that great dependency. The and latterly it has been specially stimulated by day has gone by for discussing the desirability the successful working of the imperial railways of North China, the recent extension of which of melting down rupees, and thus, by creating a scarcity of ourrency, bolstering up exchange. to Newchwang-tapping the great granary Happily the expanding trade of the country has of Manchuria-already gives promise of de- Our hold-veloping a now and most important trade rendered auch nostrams unnecessary,
interest. The avidity with which the ad- ings of rupee paper have increased slightly, say $740,547. It is necessary for the bank to keep vantages of rapid communication and cheap | a good amount of rupee paper in haud in order transport have been seized upon in Chihli augurs to facilitate the operations of our Indian agencies. well for the future of railway enterprise in other Our holdings, if realized now, would show a provinces, indeed for all genuine progressive eu- large profit on what they stand at in our books. terprise, carrying with it undoubted benefits to (Applause.) Colonial and other securities stand the people of the country. Progress is slow,
Mr WHEALLER snid-I beg to propose # at $3,619,752 against $2,181,165 in the previous but there is progress, and though, as I have
hearty vote of thanks to the directors, the Chief report, an increase of $1,438,537 during the half. just said, it is checked at the moment, we may
Manager and staff of the Hongkong Bank. I year. These securities were written down on coufidently hope that the position will soon im- the 31st December to the low values ruling on prove, that the elements of prosperity in China do not think there is any occasion for me to make any remark in asking you to accord a that date, sinos when a considerable improve. will in re and more lead to combine, and that a
Mr. Cox has taken the ment has taken place; it is not intended to in-period of commercial expansion on a large scale hearty roth of thanks,
wind out of my sails as far as management is will set in. From the resulting increase in the crease our holdings under this heading. Our
volum of trade, this bank, like all other in- concerne L. Tuo hárman has told us that investments remain exactly as given in the last
stitutions whose interests are largely identified during the past half-year they have had some report; my remarks upon them when I last had the pleasure of addressing you leave me nothing with the welfare of China, may hope to reap its difficulti 8, which they have not previously had to coutendi with, and in spite of those difficulties to say on this occasion, except that notwith full share of benefit. With regard to the man- stanling the severe fall that has of late taken acement and our staff generally, the results of
they come before us with one of the good re- place in the market value of securities of the last year speak eloquently enough to require ports for which the Bank has now become
famous. The directors little further addition from me.
think, gentlemen, for reports of highest class, taking exchange at 23, they were worth on the 31st December £99,556 more than have thought it to emphasize their appre- this sort, the directors and manager of the Bank deserve our heartiest thanks. I am sure ciation of the work done, by voting a bonus they stand in our books, aud on the 12th iust.
we shall give them to then. (Applause.) £113,965. It is not our intention to alter of ten per cent. on the salaries of the staff, in these securities in any way.
When we formed which action they are confident of having your fall approval. During the summer mouths our reserve of oue million sterling we wrote 8 the stocks representing satne our Chief Manager will take a six mouths' down figure that would leave us independent of any trip to Europe, and his post will be tem. reasonable fluctuations which might subse- porarily occupied by Mr. H. M. Bevis, who
The wisdom of quently take place.
has been appointed to act as chief manager in adopting such a course then has since been his absouce, and who is expected shortly from home. It must be a great satisfaction to Sir fully borne out. The $500,000 which we now
Thomas Jackson, as it is to the directors, and I am propose to add to the reserve fund brings the
sure also to the shareholders generally, that by total up to $11,50 1,000. It is proposed on the next occasion to divide this fund by calling his good management he is able to hand over the £1,000,000 representing the reserve fund, for the time being the affairs of the Bank iu | and in London as sterling reserve fund, such a strong and sound position. The past six | the $1,500,000, which the accounts will show months have not been by any means plain sail- after this report is passed, with all subsequenting, aul required a prudent and experienced additions, silver reserve fnad. We will then haul at the helm. Before moving the adoption virtually have our capital of ten millions in of the report aud accounts I shall be happy to dollars; our sterling "reserve tan millions of answer any questions. dollars (representing nominally one million ster- ling, but in reality a good deal more), and a
Mr. J. H. Cox said—Mr.” Chairman and silver reserve fund of $1,500,00. Bills dis-
gentlemen, we have all listened with very great | counted loans and credits. There is a reduction of 84,092,188 under this heading against an attention to the remarks you have been able to increase in bills receivable of $12,634,351. This make with regard to the splendid report the is evidence of the fact that during the half-year directors have been able to lay before us regard- more of our funds were employed in exchange ing the working of the Hongkong and Shang. operations than in local advances. Bank pre-hai Banking Corporation during the past year. mises, after the provision on the 30th June of $250,000, stood at $71,610. In the present | report they stand at $219,435.96. The increase represents payment on a count of new premises ereoted at Peking and Rangoon. We are about to erect new bank premises at Hiogo-our present office there being much too small for our requirements. This is not the place to discuss the effect of the present nuhapppy_war upon the political situation in China. I have al. ready referred to its effect upon exchange bank. ing in creating dear money in Europe. It only remains to add that the work of in- troducing international capital into China for the batter development of her great natı ral] resources has been brought almost to a stand- still by the same cause. But, notwithstanding the check that progress in Chins thus receives, the country's tremendous commercial vitality continues to assert itself, and the revenue of
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No questions being asked, the Chairman proposed the adoption of the report.
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The CHAIRMAN-Mr. Whealler and gentle- man, on iphalf of the Chief Manager and the staff gonetany. I thank you very beartily for your vote of thanks. Dividend warrauts will be ready on Monday.
HUMPHREYS ESTATE AND FINANCE C ), LTD.
The fourteenth ordinary annual general meeting of the Hamphroys' Estate and Finance Company. Ltd., was held on the 19th inst., at the Registered Offices of the Company Mr Hart The other gentlemen present ... Ewens, J. R. Back prasided. were:-Mossrs J. Jupp, Michael, A II. Mateoll. P. Jordau, 3. Rus. tomjoe, E. S. Kelly, W. D. Sutton, W. E. Clement, and W. C. Taylor (ssorstary).
The CHAIRMAN said-Gentlemen,-The re- port and statement of accounts having been in your hands for some days, I will, with your con- sent, follow the usual course and take them as As was anticipated at last year's meeting road. the reat account shows a substantial increase, the receipts being larger by $12,080.98, and we may, I think, look with confidence for a It shows a inaguificent result on the profit and still larger return this year. Repairs for loss account of over $3,118,000. The manner in the past year have been very heavy, showing an incrb se of over $2,800 on 1898; many of which the directors propose to appropriate the profits will meet with our hearty approval, these were quite exceptional and not likely to recur. As you will see our capital has been especially so as you have given us the usual, dividend and given us a bonus of 108, more. It increased by 3189,040 during the past year, and as I stated at the priva♥ meeting of share- is highly satisfactory to us to know that our investments show an increased value of over holders held in October last it is our intention to make the capital up to the full authorised £9,000 at the pressut time beyond the book valas on 31st December last, and we learn also amount of $1,000,070, as soon as possible, giv. with satisfaction that the reserve fund of one ing rogistered shareholders the first opportunity million sterling in London cannot be altered by of taking up the new shares at par. As you will aplerstand our building operations are any reasonable fluctuations in the value of secu- rities, the securities having been written down to somewhat hampered through want of capital and a low, safe value so as to avoid any alteration in in consequence we are not able to develop our the accounts. The bonus to the European staff proprie as we could wish. On our Kowloon of this Corporation here and elsewhere will, I Estate we have at present built 105 houses. am sure, meet with the full approval of all share. We are building 14 more, which will be ready At Yaumati we have holders present and absent, for we all all know that | for occupation within 2 months and most of for many years past the Hongkong and Shang- ' which are already let.
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