114
COMPANIES.
ONGKONG AND SHANGHAI BANKING CORPORATION.
The seventy-ninth ordinary half-yearly meeting of shareholders of the Hongkong and Shanghai Banking Corporation was held at the City Hall on February 18th. Mr. A. J. Raymond (Chairman) presided, and there were also present Jlon. Mr. W. J. Gresson, Hon. Mr. R. Shewan, Messrs. H. E. Tomkins, E. Goetz, H. Schubart, E. Shellim, N. · A. Siebs. H. W. Slade, and E. S. Whealler (Directors), Mr. J. M. R. Smith (Chief Man- ager), Messrs. T. Arnold, C. E. Anton, J. M. Alves, W. H. Cruickshank, J. A. Chinoy, G. B. Dodwell, A. Forbes, E. Georg, C. J. Gonsalves. Capt. F. D. Goddard, W. H. Gaskell, C. 8. Gubbay, H. C. Gotla, D. D. Gazder, S. Han cock, T. F. Hough, Ellis Kadoorie, E. S. Kadoorie, 8. H. Michael, J. R. Michael S. J. Michael, J. MacArthur, C. W. May, H. N. Mody, G. H. Medhurst, J. MacLaren, F. B. Marshall, H. M. H. Nemazee, W. G. Pirie, P. C Potts, G. H. Potta, J. C. Peter, W. H.
The CHIEF MANAGER read the notice con- vening the meeting.
THE HONGKONG WEEKLY PRESS AND
against £6,713,396,96. Sterling Reserve Fund ( investments remain unchanged. Bills dis-
and Credits Bre counted, Loans
about | $1,500,000 less while Bills receivable at $115,009, 136.44 are higher by fifteen milion dollars, but this is chiefly due to the increased funds in London already referred to, which enabled our Office there to carry a larger pro- Eastern remittances than portion of our
reflected in the reduced usual and is
as notes in amount of Bills__rediscounted the margin of the Report. The war continues to be a very disturbing element, in the Far Eastern mercantile world, dislocating ordinary trade channels and making general business difficult and unsettled. I will not venture to forecast the end, but for the sake of humanity, | the happiness and well being of the people of two great nations, as well as in the interests of trade and commerce, it is earnestly to be hoped that the conflict will soon be terminated. When peace does come, I trust sincerely that the hopes which have been so confidently expressed of the permanent opening up to the trade of the world of these regions where the scene of the war is placed, will be fully realized, and that every nation will participate on equal terms in what will undoubtedly prove to be large and important Potts, A. A. Roza, A. Rodger, N. J. Stabb, markets for us all. A return of confidence must Hon. Mr. Gershom Stewart, Messrs. F. Salin follow the restoration of peace, and with this ger, C. A. Tomes, W. H. Wickham, A. G. should orme a revival of trade, fresh develop- Wood, Ho Fook, Lo Cheung Shing, and Homents and new enterprises in China, a situation Kom Tong.
of which this Bank frem its position and resources out hereis ready and able to take full advantage. I have now to refer to a matter which I am sure you will all be sorry to hear about, and that is the retirement of Sir Ewen Cameron, our Senior Manager in London. He has been stricken with a severe illness and was very anxious that the Direc'ors should accept his resignation. I need hardly say that it was only in deference to his own wishes that we acceded to his request, and we did so with great reluctance, deep regret and sincere sympathy for himself and family. Sir Ewen Cameron's name will have a prominent place in the history of the Bank. He joined here in 1867, shortly after the Bank was started, and he has had a very large share in raising it to its present position (Aplause). His ability, tact and kindly disposition commanded success wherever he has served the Bank, Many of will
you remember him as Manager in Shanghai where, as also in the North of China, he did so much to build up our business. I can look back myself 24 years in Shanghai and at that time there was no better known or more popular Mr. (as resident in the settlement than he then was) Ewen Cameron. A man of broad views and sound judgment, he took a prominent part in negotiating the early Loans issued by the Bank for the Imperial Chinese Govern- ment, and the friendly relations which then established between that Government and the Bank, I am glad to say, exist to lay and I hope will always continue. Since he went to London he has also taken the leading part there in negotiating the various Chinese and Japanese Government loans which it has been the Bank's good fortune to be so prominently associated with.
marvel'ous energy and whole hearted devotion to the general interest of the Bank, and that of its Share
are well known holders
to you all but perhaps nowhere has he done better s rvice than in the City of London, where he made many rood and influential friends for the Bank. If any shareholder desires to ask any question I will he pleased to answer them.
were
The CHAIRMAN, after reading the report, said-Gentlemen,-I think you will all join with your directora in looking on the report that I have just read as a very satisfactory one. Besides the usual dividend of £1 108. per share we propose paying a bonus of £1 per share. As we are also able to provide for the transfer of one million dollars to Silver Reserve Fund and write two lacs dollars off Bank Promises account, we feel justified in recommending the increase of the 10s. bonus, which you have been accustomed to receive since 1899, to £1 on this occasion. The higher rate of exchange on the 31st December, at which the dividend for this half year is declared, lessens the amount in dollars, compared with the corresponding period last year, to an appreciable extent; our funds in the East were well employed during the six months and we had to deal with easier money in the home markets, other favourable circum- stances also helped to swell the prefits for the period under review, and for these reasons I would recommend you not to build your hopes on a continuation of the £1 bonus, but rather to consider the present as an exception. Under these circumstances we thought it only right that the Staff should be admitted to a share in the Bank's prosperity; they have all worked well and the results shown give ample proof of this and speak eloquently as to the way in which your interests have been looked after, and in voting the members of the Staff a well deserved bonus of 15 per cent. on their salaries, your Directors felt that they were only anti- cipating and giving effect to what would be your own wishes in this respect. (Applause). I
may mention that, as customary, full provision has been made for all bad and doubtful accounts and I trust the proposed distribution of profits will receive your approval. Comparing the various items in the balance sheet with the previous report, you will observe that as usual our note circulation is higher than in June half year, and at $16,422,593 shows an in- crease of $163,349 over the corresponding period in 1903. There is a falling off in Silver Current Accounts of $5,000,000 which may Mr. SALINGER-I have much pleasure in be chiefly put down to money being in seconding the adoption of the very satisfactory strong demand towards the end of the year. report and accounts which have been laid before
Deposits have Silver Fixed
increased us. The position attained by this institution, $2,000,000. Gold Fixed Depesits and cur- through the zeal and energy of all connected rent Accounts show a total increase of close with it, is one of which we may well feel proud. sure that all the shareholders will on £2,000,000—this is largely accounted for by I am proceeds of Loans temporari'y deposited with appreciate the £l bonus, and, though the Chair- our London Office. Bills payable are lower by man has remarked that we may not always be $3,000,000.-On the other side taking the so fortunate, I am convinced that, under the amounts of Cash, Coin lodged with the Govern- present able managerent, may look ment of Hongkong against excess note issue, forward to the future with all confidence. and Bullion in hand and in transit, together, I cannot help expressing the sincere regret which must be felt by all at the retirement there is no appreciable difference in the total figures. Indian Government Rupea paper is practically the same, but Console, Colonial and other securities stand at $9,214,976.98 as
|
His
I beg to propose the adoption of the report and accounts.
we
of Sir Ewen Cameron, and more especially at the very sad reasons for it. (Applause).
-Carried.
[February 20, 1905,
Mr. Thos. ARNOLD proposed, Mr. ANTON - seconded, and was carried the re-election of: Messrs. A. J. Raymond, N. A. Siebs and H. N. Tomkins to the Court of Directors,
Mr. MEDHURST proposed, the Hon. Mr. Gershom Stewart seconded, and was carried- the re-election of Messrs. W. Hutton Potts and A. G. Wood as auditors.
The Chairman-That is all the business gentlemen. Dividend warrants will be ready by Monday morning. Thank
for your attendance.
you
Captain Goddard-Before closing I beg to move a vote of thanks to the Directors, Manager
and Staff for their zealous efforts on behalf of the Company during the past half year. think all the shareholders are quite satisfied with the dividends they have made. (Applause)
HONGKONG, CANTON AND MACAO STEAM-BOAT CO., LD.
HALF-YEARLY MEETING.
The ordinary half-yearly meeting of share- holders in the Hongkong, Canton and Macao Steam-boat Company, Limited was held at the offices of the Company, No. 18, Bank Buildings, Queen's Road Central, on February 14. The Hon. Mr. W. J. Gresson (Chairman) presided, and there were also present Hon. Mr. R. Shewan, Messrs. N. A. Siebs, E. Goetz, A. Haupt, E. R. Fuhrmann, H. Schubart, F. Salinger (Direc tors), Mr. Thomas Arnold (Secretary), and Messrs. G. T. Veitch, J. R. Michael, J. Arnold, Captain W. E. Clarke, L. Berindoague, T. 8. Forrest and W. A. C. Cruickshank,
The SECRETARY read the notice convening the meeting..
The CHAIRMAN said:-Gentlemen, with your permission, it will be convenient to take the report and accounts as read. Your directors regret that, in placing these accounts before to recommend a reduced you, they have divideud, but it must be remembered that for the two previous half-years the higher dividend was only maintained by the withdrawal of $50,000 from the Equalization of Dividend Fund and $33,000 from the Depreciation Fund, and as, at present, there seems but little prospect of any material improvement of earnings in the near future, your directors consider that it would be unwise to weaken the Company's position by drawing further on its reserves for the purpose of maintaining a dividend greatly in excess of actual earnings, a policy of which they trust that shareholders will approve. For the past three half-years the net earnings of our steamers have run pretty evenly at about $65,000, while for the six previous half- years the average was $165,000. In other half-years words, each of the past three shows a decrease of about $100,000 on the gir months' working. .The. catises of this heavy falling off of our profits were fully explained at our two previous meetings and are so well known that it is needless to enlarge on the subject now. Suffice it to say that while competition overburdens the trade with tonnage... far in excess of its requirements low rates must of necessity prevail and profitable working can- The direct West River not be looked for. Service, as you are aware, was resumed, in the early part of last year. Results have so far been somewhat disappointing, but with » new working arrangement, which has recently been entered into, better returns from this source may be expected in the current year. The assets shown in our balance sheet all stand at safe values and there does not appear to be any. thing under this heading which calls for special remark, so unless further information be desired, 1 will propose the adoption of the report and accounts as they stand.
Gentlemen. there being no questions, I beg to propose that the report and accounts as presented be passed.
Mr. J. R. MICHAEL-I have very much
pleasure in seconding.
Carried.
Mr. J. R. MICHAEL-I beg to propose the appointment of Mr. F. Salinger on the Board of Directors.
Captain W. E. CLARK¤—I beg to second, Carried.
Mr. G. T. VEITCH-I beg to propose that Mr. A. O'D. Gourdin and W. H. Potts be re-elected auditors.
No comments yet.
Private notes are available after approval.