94
HONGKONG AND SHANGHAI
BANKING CORPORATION.
The following is the seventy-fourth report of the court of directors to the ordinary half- yearly general meeting of shareholders to be held at the City Hall, Hongkong, on Saturday. the 16th August, at noon.
To the Proprietors of the Hongkong and Shanghai Banking Corporation.
to
Gentlemen, The Directors have now submit to you a general statement of the affairs of the Bank, and balance sheet for the half-year ending 3 th June, 19‹ 2.
The ret profits for that period, including $1,438,248.07, balance brought forward from last account, after paying all charges, deducting interest paid and due, and making provision for bad and doubtful accounts, amount to $3,557,618.92.
The directors recommend the transfer of $500,000 from the Profit and Loss Account to credit of the Silver Reserve Fund, which fund will then stand at $4,750,000.
They also recommend writing off Bank Pre- mises Account the sum of $200,000.
THE HONGKONG WEEKLY PRESS AND
Sterling reserve fund investments, viz.:---- £250,000 24 per cent. Con-
sols lodged with the Bank of England as a special I ondon reserve, at 90 £225,000..
£207,500 21 per cent. Con- sola, £255,000 21 per cent. national war loan at 90 £470,250.. £357.000 other sterling
Fecurities standing in
$1,900,000.00
4.702,500.00
the books at £339,750 3,397,500.00
Bills discounted, loans and credits Bills receivable Bank premises
GENERAL PROFIT AND LOSS
Dr.
10th June, 1902.
To amounts written off :-
Remuneration to directors To dividend account :-
£1.10 per share, on 2,000 shares
£120,000 at 4/6 ..
$
C.
10,000,000.00 89,503,155.27 99,322,108 47
$271,360,329.15
ACCOUNT.
To dividend adjustment account:-
Difference in exchange between 40, the rate at which the dividend is de- clared, and 1 8, the current rate of the day
To transfer to silver reserve fund To transfer to bank premises account
After making these transfers and deducting remuneration to Directors there remains for appropriation $2,842,618.92, out of which the Directors recommend the payment of a dividend To balance forward to next half-year
of one pound and ten shillings sterling per share, which at 4/6 will absorb $533,333.33.
The difference in exchange between 4/6, the rate at which the dividend is declared, and 1,8, the rate of the day, amounts to $871,544 71.
The balance $1,437,740.88 to be carried to new profit and loss account.
DIRECTORS.
The Honourable J. J. Bell Irving and Mr. R. L. Richardson having resigned their seats on leaving the Colony, the Honourable C. W. Dickson and Mr. G. H. Medhurst have been invited to fill the vacancies: these appoint- ments require confirmation at this meeting.
Mr. A. Haupt has been elected deputy. chairman in place of the Honourable J. J. Bell Irving.
AUDITORS.
The accounts have been audited by the Honourable C. S Sharp and Mr. W. Hutton Potts.
Cr.
By balance of undivided pro-
S fits, 31st December, 1901 1,438.248.07 By amount of net profits for
Q.
the six months ending 30th June, 1902, after making provision for bad and doubtful debts, deducting all expenses
and interest paid and due 2,119,370.85
$
C.
[August 2, 1902. mislaid. In reply to questions which werd formally objected to by Mr. Grist, witness stated that these rules were supposed to apply to French subjects only and that the rule affect ing the engagement of engineers and officers was that when shipped in a French port they must be returned to the port of engegement fbey night not be discharged at a foreign port except by consent; foreigners might be di- charged, but not Frenchmen. In further evidence, witness deposed that they were bound to take Frenchmen when they were obtainable at the Fort of departure. The plaintiff was discharged at Hongkong. Notice of discharge was given 880,358.58 to him at Haiphong. He was discharged on 7th April and got notice of discharge on the 2nd. There was по reason why foreigners did not sign the articles; it was the law. The reason he discharged the plaintiff was that he had another French engineer to 15,000.00 take bis placo. He was compelled to take the mall. The plaintiff had been about a year on board. During his employment on board there 533,333.33 was a case of a man named Kandt who was discharged by the chief engineer under similar circumstances. The chief engineer was sup- posed to know the rules relating to 24 hours' 871,544,71 | notice. He believed so, as the chief engineer 500,000.00 exercised, that power in Kandt's case. There 200,000.00
au entry in the articles against the 1,437,740.88
n me of foreigners to the following effect- $3,557,619.92 Etrangers non-inscrits. The chief engineer was a foraiguer. He was not on the articles either. He was on the same footing as the others. It was also customary for engineers and officers on these ships to give 24 hours' notice only of their intent to leare; therefore this notice was reciprocal. That had happened several times since he had been in command of the ship, The wages were paid at the end of the month on the ship's arrival at Hongkong.
C.
3,557,618.92
$3,557,618.92
STERLING RESERVE FUND.
To balance... By balance 31st December, 1901 (in-
vested in sterling securities)
SILVER RESERVE FUND.
To balance. :
$ C.
$4,75,000.00
C.
+
was
Cross-examined-The articles on which plain- tiff's name appeared were in Haiphong. He entered plaintiff's name on these and the Consul visaed it. These articles were at the ....10,000,000.00
cffice of the Commissaire de la Marine; they were in the archi es. He gave the rules 10,000,000.60
attached to the articles to Mr. A. R. Marly. $ C, The articles were not complete without the 4,750,00,00 rules. When he gave the rules to Mr. Marty this claim bad already been made. Mr. Marty had told him that the papers had disappeared from off his table. The rules were printed and were obtainable. Only Frenchmen were bound by the ship's articles. These rules were sup- posed to apply to Frenchmen only. The rules did not say so. The steamer was not subsidised by the French Government, because of the foreigners on board. He could only say that the owner would not get the subsidy as long as he had a foreign crew. The subsidy might be allowed as long as the captain and the first engineer were French. That law had not yet passed. The rules provided for four months' notice on both sides. These rules were attached to the articles when the plaintiff's name was entered.
R. SHEWAN,
Chairman.
By balance 31st December, 19 1.. By transfer from profit and loss account
Hongkong, 29th July, 1962.
:
The accounts are as follows:
ABSTRACT OF ASSETS AND LIABILITIES,
LIABILITIES.
30th June, 1902.
Paid-up capital
Sterling reserve fund
Silver reserve fund
$
منا
.10,000,000.00
Marine insurance account Notes in circulation :--
Authorised issue against securities deposited with the Crown agents for the colonies Additional issue autho
rised by Hongkong Ordinance No. 19 of 1900, against coin lodged with the Hongkong Government......
Current accounts
Silver...
Gold, £2,024,490—.
Fixed deposits :-
Silver:..
Gold, £3,898,216—.
4,623,665.00
.84,831,825,00 .23,670,810.87
..46,377,376.76 .45,625,608.54
$ C. 10,000,000.00 10,000,000.00 4,250,000.00 250,000.00
S 4,250.100.00 500,000.00
$4,750,000.00
SUPREME COURT.
Tuesday, 29th July.
IN SUMMARY JURISDICTION,
BEFORE HIS HONOUR A. G. WISE (PUISNE JUDGE).
HANSEN V. MARTY.
In this case H. C. Hansen, lately third engineer on the s.s. Hongkong, sued A.R. Marty for $511, being wages and board alleged to be due to plaintiff in lieu of notice. Mr. E. J. Grist, of Messrs. Wilkinson & Grist, solicitors, 14,623,665.00 | appeared for the plaintiff, and Mr. P. W. Goldring, of Messrs. Deacon & Hastings, solicitors, for the defendant.
-108,502,635.87
Bills payable (including drafts on Lon. don bankers and short sight draw. ings on London office against bills receivable and bullion shipments)... Profit and loss account Liability on bills of exchange re-dis- counted, £5,999,003 12s. 5d. of which up to this date £1,378, ¡69 have run off.
ASSETS.
92,002,985.30
28,173,424.06 3,557,618.92
$271,360,329.15
$ 44,575,002.64
Cash Coin lodged with the Hongkong Goveru- ment against note circulation in excess of $10,000,000
C.
Bullion in hand and in transit Indian Government rupee paper Consols, colonial and other scourities...
5,500,000.00 10,129,880 61 2,326,557.59 10,123,265.99
His Lordship, addressing Mr. Grist, remarked that he was practically suing on the French articles and rules; had he got them?
Mr. Grist said he had not. He thought they had quite sufficient to gr upon in the captain's statement that the rules ¡rovided that four months' notice should be given or taken. There was also the statement of the captain to the effect that the rules did not state that they applied to French subjects only.
In his evidence, which had been given on a H. C. Hansen, the plaintiff, being called, previous date before the Registrar, Captain deposed that he was a native of Denmark, J. T. Pannier of the Hongkong, had stated that and that he had been engaged as third he had been master for two and a half years. engineer of the H ngkong on Christmas Day, His first engineer engaged the plaintiff and 19CO. The chief engineer engaged him and brought him on board the steamer. Witness took him on beard. His pay was to be $90 could not remember when he joined the steamer, a month, with $35 for board. When he went The chief engineer gave witness plaintiff's on board he did not see the ship's articles, nor The thief engineer name and he reported the matter at the French did he see them at all. Consulate according to custom. The plaintiff, explained to him the terms of the engagement, who was 4 Dane, did not sign the articles, said that his name was put in the articles, because foreigueis never did so They only explained what was contained in the articles required their names on the articles in care of and that there was four months' notice on need. The French Consul entered the name on eitler side. He joined the ship on that under- the articles. The plaintiff never signed any standing. He lett on 7th April and was aid paper to witness's knowledge, nor did witness
up till 1st April. He was told at Haiphong give him any. He was unable to say
that his services would not be required after whether Mr. Marty or the chief engineer reaching Hongkong. The reason given was had done 50. There were certain rules that they were going to carry a French tLird attached to the articles; he had not them engineer. He now claimed $511 of salary ind by him at that time; they had beenboard money for four months and seven days.
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