June 10, 1907.]
another extraordinary meeting next year for that purpose. The necessary resolutions will now be put before you one by one and an opportunity given yon to enquire into or discuss any points which may in your view call for explanation.
The CHAIRMAN proposed-That the Directors of the Hongkong and Shanghai Banking Cor. poration be and they are hereby requested and authorised by and on behalf of the shareholders of the Company to take the steps necessary for the introduction of an Ordinance into the Legislative Council of the Colony of Hongkong and for the enactment of the same by the Governor of Hongkong with the advice and consent of the Legislative Council thereof to effect the amendments necessary to the Ordi- Dance under which the Company is incorporated
CHİNA OVERLAND TRADE REPORT.
rate of 8 per centum per annum be charged on The CHAIRMAN proposed that interest at the
with each such instalment. each instalment not punctually paid, and be paid
Mr. WICKHAM seconded. Carried, The CHAIRMAN proposed that all moneys received from premian on the said new shares be added to the Reserve Fund.
Mr. MAITLAND seconded. Carried.
The CHAIRMAN-Gentlemen, that concludes for your attendance. I have the pleasure to the business before the meeting, and I thank you | inform you that according to our deed of settlement a further meeting will not be required to confirm the resolutions we have passed to-day.
LIMITED.
Funds will stand as follows Capital (at 1s. 8d. te the $)... 1906 calls at (2 11 to the 8)... Capital reserve fund (at 1n.
8d. to the $) Reserve Fund (at 28. 34d.
to the $)
385
£202,265 $2,427,180.00
39,169
868,619.53
152,820.00
12,735
33,906 300,000.00
£288,075 $3,248,649.53
DISTURBANCES ALL OVER CHINA.
much discontent in Shaoshing prefecture at the A Hangohow dispatch reports that there is additional taxes that have been levied by the officials of the Boat-tax Bureau there. A large mob attacked the Bureau outside the city of Yiyao, almost destroying the place. A guard-
on fire, as the crew- – only about a dozen men all told-were too weak in numbers successfully to resist the turbulent mob, who also badly wound. they had already done, the mob next turned ed some of the men. Not satisfied, with what
and carrying on business so as to allow of the THE NATIONAL BANK OF CHINA, boat, moored near by, was also attacked and set capital of the Company being from time to time increased from ten millions of dollars, the present authorised capital of the Company, to twenty millions of dollars and also for extending the period of the operation of inch Ordinance for a further period of 21 years from and including the 14th day of August, 1908, and for continuing all the provisions of section 3 of the Hongkong and Shanghai Banking Corporation Ordinance 1899 for a further period of 21 years from and including the 14th day of August, 1908.
Hon. Mr. HEWETT seconded. Carried. The CHAIRMAN proposed --That from the date of such new Ordinance coming into opera tion and becoming effective the Capital of the Hongkong and Shanghai Banking Corporation be increased from $10,000,00 ) to $15,000,000 by the creation of 40.000 New Shares of $125 each to be issued at the price of £30 on the terms after mentioned. Shareholders on the Eastern registers to pay for their allotments at the rate of exchange for the Company's demand Bills on London on the day the instalments are due.
Mr. J. BAETON seconded. Carried. The CHAIRMAN proposed-That the said new shares be in the first instance, in such manner as the Directors shall prescribe for that purpose offered to shareholders in the proportion of one new share for every two shares of which on the 31st day of May, 1907, shareholders shall respectively be the registered holders, and that any new shares not accepted by the shareholders within the time limited by the Directors for that purpose, be disposed of and allotted by the Directors in such manner and at such price as in their discretion they shall think best in the interests of the Company,
Mr. MITCHELL seconded. Carried.
The CHAIRMAN proposed that the payment of the sum of £30 per share for each of the said new shares be made as follows, viz:--
1st instalment of £15 on the 1st day of July, 1907.
2cd and final instalment of £15 on the Ist day of October, 1907
Mr. TRENCHARD DAVIS seconded. Carried. The CHAIRMAN proposed that the Directors issue to shareholders, holding shares not a mul- tiple of two, a fractional certificate in respect of each share in excess of or below the multiple and allot one new share to every person who shall produce two fractional certificates on or before the 1st day of July, 1907, and pay the instalment in respect thereof.
Mr. HUMPHREYS seconded. Carried. The CHAIRMAN proposed that after payment of the first instalment, and pending payment of the remaining instalment, sorip certificates in such form as the Directors may determine be issued in respect of such new shares entitling the holders on payment of the remaining instal- ment, and subject to such other terms as to approval, date for lodging scrip certificates and otherwise as the Directors may prescribe, to be registered as the owners of the shares res- pectively by such scrip certificates.
Mr. MASTER seconded, Carried.
The CHAIRMAN proposed that interest at the rate of 5 per cent. per annum be allowed out of the profits of the company on instalments paid in advance of the dates when the same become due, and that registered holders of scrip cer- tificates for new shares be entitled in respect of such new shares to participate in future dividends on an equality with the old shares, in proportion to the instalments paid up, and from due dates for payment of same.
Mr. DE CHAMPEAUX seconded. Carried.
The report of the Directors to the sixteenth ordinary general meeting of shareholders, to be held at the head office of the bank, Victoria Building, Hongkong, on Saturday, June 23th reads:-
To the shareholders of the National Bank of China, Limited.
the
(-entlemen, The Directors have now pleasure to submit to you the accounts and balance sheet for the year ending 31st December, 1906.
The brought forward from last year, are $333,059.72, gross profits, including $74,049.91 which, after deducting all charges, leave a net profit of $221,293,9 which the Directors pro- pose to deal with as follows :—
Place to reserve fund $150,000 and carry for ward balance of $71,293. 9 to next account.
Mr. Horace Mocatta retires in rotation from the London Committee and Mr. J. Scott Harston from the Hongkong Board but, being eligible, offer themselves for re-election.
The accounts at heat office have been audited by Mr. A. R. Lowe and Mr. R. Paterson, Char- tered accountants (of the firm of Messrs. Lowe and Bingham).
Messrs. Deloitte, Plender, Griffiths & Co., chartered accountants, audited the London ac-
counts.
J. SCOTT HABSTON, Chairman.
Hongkong, 15th April, 1907.
BALANCE SHEET 31st December, 1906. LIABILITIES.
Authorised Capital:-
99,925 Ordinary Shares of
£7 each ....
£699,475
Issued capital (at 1s. 84 to the $) :-
40,453 ordinary shares of £7 each £5 paid up £202,265
1906 call of £1 on 40,453
shares calls paid, £39,169 2,11 to the $
Capital reserve fund Reserve fund
$2,427,180.00
Fixed deposits, current accounts and loan Notes in circulation
Bills for collection and branch balances....... Drafts, acceptances and Endorsements
(bills rediscounted) Balance of profit and loss account..
primary school, the furniture of which was almost destroyed. Fortunately, the scholars authorities heard that there was a possibility of had been removed in time, for as soon as the the schools being attacked the students were at once set free for the day.
attention to the new district high school and
THE RIOTS NEAR PAKHOI.
WHY THE MISSIONS WERE ATTACKED,
30th sad
A Daily Press telegram dated Pakhoi, May
-
Pakhoi, May and the Kieler China Mission (German) suffer. Both the English Church Missionary Society
roofs of the ed by the riots at Limehow. Only the walls and everything else has been spoiled, and one mission buildings remain : Chinese School destroyed by fire.
High taxes and dear rice caused the outbreak, and the people attributed the responsibility to the Schools, Churches, and foreigners.
A Daily Press telegram, dated Pakboi, May 31st, said :-
The insurgents in the neighbourhood of Limehow are increasing in numbers, and the city is in danger of falling into their hands at any moment.
The extent of the definitely known here.
damage done is not
ANGLO-JAPANESE STEEL WORKS.
A Daily Press telegram, dated Tokyo, June 1st, said:-
Admiral Yamanouchi, the commander of the naval depot at Kure, has granted an interview to the Press with regard to the Anglo-Japanese Steel Foundry now being established.
368.6 19.53 $2,705,820.53
He said he was the intermediary between the Japanese and English capitalists promoting the 152,820.00 formation with a capital of ten millions. This 150,000.00 would probably be raised to forty millions when 145,440,00
the foundry was in working order. It was the 903,853.70
condition of the Government finances which led 49,178.80
to the undertaking as a private company. 22,947.66 England would supply the engineers and the 221,293.09 machinery, and the output would be used principally for the Imperial Army and Navy. $4,441,362.78 This enterprise would greatly benefit Japan. Money at call and short notice
$ 175,800 78
He (Admiral Yamanouchi) was about to leave 810,000.00 for England to consult with Messrs. Armstrong Government securities (£31,312 at 2 31)... Bills for collection receivable and branch
and Vickers relative to final arrangements, Bills receivable, loans and advances
Cash on hand at banks
balances
ASSETS.
454.003.07 2,723,776.19
277,782.81
$4,441,362.76
PROFIT AND LOSS ACCOUNT. Year Ending 31st December, 1906. Charges. Directors' fees, salaries, etc.. $111,796.63 Amount to be tranferred to
JAPANESE SAICEE RESERVES.
A Daily Press telegram dated Tokyo, June 5th. said:
A deputation from Shimpoto interviewed the Minister of Finance regarding the Japanese Saicee Reserves abroad. In the course of bis reply Mr. Sakatani said the terms offered by American capitalists for the South Manchurian 71,293.09 221,293.09 | debentures were unfavourable and that negotia- tions were now proceeding with British capita- $333,099.72
lists.
reserve fund .........$ 150,000.00 Balance to be carried forward
to next account......
Balance brought forward from last year $ 74,099.94 Groes Earnings for year ending 31st
December 1996
258,989.78
$333,089.72
On 1st January, 1907, the Capital and Reserve
The expedition against the aborigines in the East of Formosa is being prosecuted with no- abated vigour. A stubborn resistance is being met with and there are frequent casualties on the Japanese side.
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