~ August 25, 1900.]
HONGKONG AND SHANGHAI
·BANKING CORPORATION.
The ordinary half-yearly meeting of the Hongkong and Shanghai Banking Corporation was held on the 18th inst, in the City Hall. Mr. N. A. Siebs presided. The other gentlemen present were: Hon. R. M. Gray, Hon. J. J. Keswick, Messrs. A. Haupt, D. M. Moses, A. J. Raymond, P. Sachse, R. Shewan, R. L. Richard- son, H. W. Slade (Directors), H. M. Bevis (Acting Chief Manager), J. R. M. Smith, H. N. Mody, J. C. Peter, E. Georg, C. J. Gonsalves, R. T. Wright, Lan Wai Chun, K. A. Chinoy, A. Coutts, L. J. C. Anderson, J. M. E. Machado, J. M. Alves, P. Jordan, J. H. Lewis. J. H. Cox, E. S. Joseph, Captain Tillett, G. de Champeaux, Dr. Hartigan, G. Murray Bain, A. Sharp, Shan Kun Sai, F. Henderson, R. C. Wilcox, Ho Fook, G. H. Medhurst, J. J. Leiria. C. H. Thompson, C. W. Dickson, Chan Sin Kai, C. S. Sharp, D. Gillies, F. D. God- dard, F. Hohnke, C. Palmer, F. Maitland, J. F. Noble, W. Lysaught, G. Stewart, W. H. Wickham, P. de O. Morris, G. H. Ardron, etc.
Mr. BEVIS read the notice convening the meeting.
CHINA OVERLAND TRADE REPORT.
151
pro-
and Current Accounts in Silver an increase of preciation of our shares on the London market, $2,921,454 over those of last half-year. Cash in where recent events might very easily have in- hand is $225,000 more than last half-year, while duced a panic, were it not for the public con- 'Bullion in hand and in Transit" is less by fidence in our strong position, which strength $3,290,000. Our Note Issue is $1,289,000 less is mainly owing to our steadily increasing large than it was on 31st December. Our excess issue reserve fund-we receive our usual dividend, permitted under Ordinance No. 17 of 1899 and carry forward a sum of a million and three- amounts to $1,353,400, against which, and as quarter dollars, which even the most timid in- a margin for the further issue of notes, we have vestor must deem sufficient to meet all even- deposited with the Government hard coin tualities. I think our shareholders, especially to the extent of $6,070,000. Instead of re- the London ones, will be pleased to learn that newing from year to year the Ordinance from whatever cause arising, our holding of under which we have the privilege of issuing Chinese Imperial Bonds is not large, though notes in excess of our paid-up capital against a most of us here believe their present deprecia- deposit of coin, the Hongkong Government has tion is only temporary. (Applause.) What recently extended the period of its operation up the future may bring forth in China to and including 13th August, 1908, which is no one can accurately gauge, but, gentle- very satisfactory. The process of withdrawing men, we may feel confident that our in- our notes in the Straits in favour of the Go- terests here will receive the attention and vernment circulation is still very slow. Bills support which their magnitude demands. A payable show an increase over last half-year's definite, resolute policy, enforced with oour- figures of 810,513,000, and on the other side age and precision, will do more to safeguard of the balance sheet there is an increase of our present position and forward our future 814,887,000 under the heading of bills dis- prospects, than any number of commercial mis- counted, loans and credits. showing that the sions or reams of fluently-worded reports or Bank's money is fully employed. Bills receiv despatches. (Applause.) Let us hope that able are only $724.000 less than last half-year. the "drifting age," like the "Glacial Period," Bank premises stand at $219,858. The Peking has passed, and that out of the present en- The CHAIRMAN read the report of the Direc- premises were totally destroyed by fire in tanglements, with their horrors and un. tors.
March last, they were fully insured and the certainties,
may arise 8 time of The CHAIRMAN said G atleman, the Direc-policies paid, the course of events will decide as mise, prosperity and peace. The British tors have the pleasure to prossut to you an to rebuilding them. The premisas at Rangoon Government have now defined their posi- other good report of the working of the Bank are now almost completed and a new and tion. We Britishers ask for no privileges, for the past half-year, and to recommend a commodious Bank is also now being erected at for not one iota of advantage for ourselves, dividend of £1 10s. a share, place $500,000 to the Hiogo. The building at Tientsin has suffered which we are not willing to share with our neigh- Silver Reserve Fund and carry forward considerably from shell fire during the opera- bours under similar conditions, but we have our $1,717,543.29 to a new Profit and Loss Ac- tions which have lately taken place there; the rights and will assert them unswayed by the count. The past half year has been a favour repairs required will probably be considerable. slim cajoleries of pretended friends, undeterred able one for Exchange Banks in the Far East; We are still without full particulars of the by the veiled mutteringa of would-be enemies. they were not inclined to underestimate the extent of the damage. When addressing you Not aggression, but justice and fair play all probable dearness of money in the future, with last half-year the Chairman drew especial at round is our watchward, but we are determined the result that an ordinary and reasonable pro- tention to the great and growing dimensions that the markets England has made shall not fit on exchange operations has been possible. of trade with the Northern Ports of China and be closed against her, nor that others shall reap As regards the future, money will probably the promises which such held out for the future. the benefits of those enterprises which her maintain its value for some time, and it At the moment this trade may be said to be at money and brains created, so long as her sons seems reasonable to suppose that no real ease a complete standstill. The troubles which were-Irish, Scotch and Colonial have strong can be experienced in the money market at brewing in the Spring suddenly and most right arms and are able and willing to fill the home until the present wars are over and unexpectedly assumed most serious dimen- ranks of her "Handymen" and "Tommies" who gold is again supplied from South Africa. sions, and the spectacle which is now ex- 80 well know how to do their duty. I notice As intimated by your Chairman in his speech hibited at Peking is such as the world the Bank has made a large investment with good at the last meeting, in the present accounts the has never before witnessed. Your Directors profit in the Bombay Improvement Trust. Reserve Fund has been divided into a Sterling do not wish to anticipate losses, and if order May we be permitted to hope that in the not dis- Reserve Fund of $10,000,000, which at the could shortly be restored none serious should be tant future our funds may be locally employed exchange of 28. per Dollar is the equivalent of incurred, but the gravity of the present situa- in a similar trust with equal profit to the Bank £1,000,000 Sterling, and a Silver Reserve tion forces itself upon them. The interests and advantage to the Colony. The Colonial Fund of $1,500,0 10. The Sterling Reserve involved are very large, and they deem it prud- Government has met the difficulty of our in- Fund is invested in Consols and other sterling ent to recommend you to carry forward to next creased note-circulation promptly and in no securities held in London, the market value of half-year the sum mentioned in the Report, niggardly spirit; perhaps they may be persuaded which, according to a telegram received from namely $1,717,543. It is to be hoped that the to give the Bank further opportunities in the London a few days ago, is £1, 95, Q. The
means which are now being adopted may direction I have indicated. We must all regret Silver Reserve Fund after the $5,000 we now speedily introduce order, and when once that is the destruction and injury to the Bank's pre- propose to add to it will stand at $2,9 0,00. Our again established the development and expansion mises in Peking and Tientsin, but it is a passing holding of Consols has been reduced by £7,500, of trade with this reat country should steadily consolation to know that the former was insured which is replaced by a similar amount of the advance, and the field opened up to business and that the latter will be paid for by those National War Loan; a small profit of £2. O made enterprise be larger and possess greater possi- whose wanton acts caused wilful injury. We over the transaction was invested and increases bilities than have ever been presented before. are proud of our brave staffs in those places, our holdings of other Sterling securities by that Your Chief Manager, Sir Thomas Jackson, who in face of danger, sickness and discomfort, amount. There is a decrease in our holding of went to Europe for a short trip last April, have manfully not only stuck to their posts, but Indian Government 34 per cent, Rupee Paper of and will probably return to the olony materially assisted their warrior-brethren in the $2,282,337; this has been replaced by the Bombay early in October. Mr. H. M. Bevis is details of a heroic defence. (Applause.) Whilst Improvement Trust 4 per cent. Loan, which is in the meanwhile acting in his place, and to the on the subject of the staff, included in Colonial and other Securities. The good management both at the Head Office and to congratulate Sir Ewen Cameron on his aggregate of these two accounts is now some Branches we are indebted for the very satis-well-deserved honour gained in a quieter $46,000 in excess of the account on the 31st of factory report your Directors are now able to sphere promoting the welfare of China and December last. I may mention that the profit place before you, while they have complete con- encouraging her peaceful development by realised by the sale of the Rupeé Paper has beenfidence in the care and judgment which will be England. Though, gentlemen, business is at a used to write down the Bombay Improvement exercised to carry the affairs of the Bank standstill in the North, the Bank has done and Trust Loan, so that the latter stands in our smoothly through the present anxious times. is doing well. Its business is increasing and Books at considerable less than its present value. We have been much concerned regarding the its profits accumulate pari passu with augment- Our holdings of Bonds in Loans issued by the welfare of our staff at Peking and Tientsin. ed development. This result is due to our wise Imperal Chinese Government amount to They have been in great danger and have under-directorate and able management. There is a £121,105. The depreciation which has lately gone many hardships, but they have cheerfully silver lining to every cloud; let us hope the occurred in these securities has been more than remained at their posts and will, we trust, soon cloud will soon pass away and the lining" amply provided for out of the profits of half-be relieved from their critical position. Before only remain. The Bank has weathered more year's working. It is from no want of moving the adoption of the Report and accounts than successfully worse storms than that we confidence in the value of above loans I shall be pleased to answer any questions which are now experiencing. The hand which then that our holdings are so small, but from any shareholder may desire to put.
held the helm is still "in being." The man who the fact that We have more. legitimate No questions being asked, the CHAIRMAN pro- freely disbursed the Bank's resources in sup- use for our funds in our general Banking busi- posed the adoption of the report and accounts. porting the unreasonably depressed markets and ness. Our Sterling Fixed Deposits on the 30th Dr. HARTIGAN said-It is a genuine pleasure enterprises of this Colony, thereby renewing June stand at £4,035,419, which is a decrease to listen to the remarks just made by the Chair- and invigorating their vital energy and re- of £259,000 from the amount on the 31st of man in proposing the adoption of the report, to storing Hongkong to its former sound finan- December; on the other hand our Current Ac- which may be applied the adjective splendid,cial position, and who later did not hesitate counts in Gold show an increase of £198,000, as used by my predecessor in speaking of the to withhold his hand when the rising tilə same being caused by some of the Chinese Rail- previous half-year's results. Whilst still largely of prosperity threatened to overflow its banks way funds we had on fixed deposit having been increasing our reserves, a policy which overy and sweep away the weaklings and the too ven- transferred to Current Account. Our Silver shareholder will approve, and the wisdom of thresome in its flood, is still st hand to ad- Fixed Deposits show an increase of $1,442,489 ' which is shown by the comparatively slight de-" vise; and in our present Chief Manager we have
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