June 24, 1907.)
HONGKONG AND SHANGHAI BANKING CORPORATION.
€ OVERNMENt consent TO INCREASE OF CAPITAL.
The recent resolutions confirmed by abare- bolders of the Hongkong and Shanghai Bank ing Corporation at an extraordinary meeting for the increase of the Bank's capital from ten to fifteen million dollars, have been approved by Government, and in the current Gazette the conrent of His Excellency the Officer Adminis- tering the Government has been proclaimed. The proclamation reads as follows:—
[L. 8. FRANCIS HENEY MAY. Officer Administering the Government.
By His Excellency Francis Henry May, Companion of the Most Distinguished Örder of Saint Michael and Saint George, Off cer Administering the Government and Commander in Chief of the Colony of Hongkong and its Dependencies and Vice-Admiral of the same.
Whereas by section 2 of the Hongkong and Shanghai Banking Corporation Ordinance 1907, it was provided among other things that it should be lawful for the Company notwith standing anything contained in section 22 of the Principal Ordinance (being the Hongkong and Shanghai Banking Corporation Ordinance 1866), or in the Deed of Settlement therein men. tioned from time to time to extend or increase its capital for the time being by the creation and sale of new shares so as the same was made with the consent of a general (extraordinary) meeting of the shareholders of the Company to be special ly called for that purpose and with the consent previously obtained of the Governor and under such conditions and provisions as he might think fit, such consent being evidenced by a ontification or proclamation to that effect under the hand of the Governor and published in the Gazette, and so as the total amount of the capital of the company should not exceed the sum of twenty millions of dollars. Provided that whenever and so often as any further capital was raised then a notification or proclamation to that effect under the hand of the Governor should be published in the Gazette and the present capital of ten millions of dollars together with such further capital should thenceforth be taken to be the fixed capital of the company, but with power nevertheless further to increase such ospital from time to time as was therein provided.
And whereas it having been duly intimated to the Officer Administering the Government of Hongkong aud ita Dependencies that the desire of the bareholders of the said company was further to increase the capital of the said company to the total amount of fifteen millions of dollars by the creation and sale of new shares ubject to the provisions of the Hongkong and Shanghai Banking Corporation Ordinance 1907, and to have the previous consent of the Officer Administering the Government thereto, the said Uffleer Administering the Government the 15th day of June, 1907, in writing did signify bis consent to the proposed creation of additional capital of the said Company subject to the provisions of the said Hongkong and Shanghai Banking Corporation Ordinance
1907 to the extent of five millions of dollars.
on
And whereas it having been represented to me that pursuant to the said consent a further capital of five millions of dollars divided into shares of $125 each has been created.
Now therefore I in pursuance of section 2 of the Hongkong and Shanghai Banking Corpo- ration Ordinance 1907 do hereby proclaim that the said farther capital of five millions of dollars has been created and that the said sum of five millions of dollars together with the said sum of ten millions of dollars making in all a total of fifteen millions of dollars shall henceforth be taken to be the fixed capital of the said Company.
Given under my hand and the Public Seal of the Colony, at Victoria, Hongkong, this 20th day of June, 1907.—By Command,
• A. M. THOMSON,
Colonial Secretary. God Save the King.
*CONSENT.
[L.8.] FRANCIS Henry May,
Officer Administering the Government. To the Court of Directors of the Hongking and Shanghai Banking Corporation.
CHINA OVERLAND TRADE REFORT.
COMPANY, LTD.
419
I, Francis Henry May, Companion of the CHINA MUTUAL LIFE INSURANCE Most Distinguished Order of Saint Michael and Saint George, Officer Administering the Govern ment and Commander-in-Chief of the Colony of Hongkong and its Dependencies and Vice. Admiral of the same, do hereby signify my consent to the proposed increase of the capital of the Hongkong and hanghai Banking Corporation from ten millions of dollars to fifteen millions of dollars subject to the provi- sions of the Hongkong and Shanghai Banking Corporation Ordinance 1907.
Dated this 15th day of June, 19.7,
ARMED ROBBERS AT SHANGHAI.
For a man who loves exciting adventures, the Shanghai policeman's lot is a happy one, as the following narrative from the N.O. Daily News of June 11th shows. Three or four days ago the police received information that a rang of eighteen men had arrived in the Settlement from Nauking with the intention of looting a pawn-shop in Woochow Road, Hongkey. So good was their information that they were aware at what time the robbery was to take place, but at first there was some doubt as to the locality in which the gang bad taken up their quarters. It was not until Sunday morning that the native detectives discovered that a portion of the gang was staying at 698 Park Road. All Saturday night portions of the Settlement were patrolled by rosses of armed police, but for some reason or other the raid did not take place. At 10a.m. on unday Inspector Mackintosh, Det. Insp. Armstrong. Det. Sergt. Irown, and a party of armed Sikh and foreigu police mustered for a raid on the Park Road premises. They had already started when a native detective and a Chinese soldier arrived at the house, and the alarm was given. be robbers made a desperate resistance and fired several shots, wounding both the detective and the soldier. Attracted by the sound of the firing a detachment of Sikh police which was on its way back to the Sinze Station surrounded and entered the premises, and when Inspector Mackintosh's force arrived on the scene they had captured four men. The premises were searched and three loaded revolvers were discovered, two of which had been fired, as empty chambers testified. be native detective and the soldier were both bit; one bad two fingers shot off and the other was wounded in the fleshy part of the arm.
The capture of these men provided a clue to the whereabouts of the rest of the gang, and the police spent the greater part of Sunday in searching for them throughout the Settlement. In the evening they succeeded in arresting four more men in Sinza Road, who were identified by those already in costody as part of the band. No fire-arms were found on the persons of these men, but they had in their possession a peculiar pattern of bag which is said to have been served out by the chief of the band. The men all came from Nanking, and it is alleged that their leader is wanted on a charge of murdering two officials who endeavoured to effect bis arrest in Anhui province in February. The eight prisoners were brought up at the Mixed Court yesterday morning before Mr. I ao and Mr. Barton, and after the evidence against them had been taken six of them were sent into the City while the other two were detained to enable the police to make further inquiries. The charges against them read: Being members of a gang of well known armed robbers and meeting in the Rettlement for the purpose of raiding and looting the Yung Tai pawn-shop in Woochow Road on the 8th instant; also with shooting at, with intent to kill, and wounding a native soldier who attempted to arrest them.
The Court marked on the charge-sheet: "The Court highly commends the conduct of the police officers concerned."
The men are supposed to have arrived in Shanghai in the middle of last week, and it is believed that they first took up their quarters in Tongshan Road. Besides the members of the gang the tenant of the houses in Park Road in which they were arrested was charged with harbouring them, but the Court let him off with a caution. The police succeeded in arresting another-the ninth-prisoner yester- day, so that half of the gang are now believed to be in custody:
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The Directors' report presented at the ninth annual meeting of the China Mutual Life Insurance Company, Limited, held at Shanghai, on the 30th May, was as follows:-
Your Directors have pleasure in submitting for your consideration their report for the Ninth Year ending March 31st, 1907.
It is with great satisfaction that your Dirso- tors are again able to show a very gratifying progress in all respects, in spite of adverse trade and other unfavourable conditions in China and elsewhere during the past year.
Now business:-The new applications received for the year amounted to Dollars 10,923, 587.56 being an increase over the preceding year of Dollars 725,371.22. Policies were issued for
Dollars 9,937,636.88. Applications amounting to Dollars 985,950.67 were postponed or declined.
The total insurance in force as at 31st March, 1907, amounted to Dollars 31,655,517.49 being an increase for the year of Dollars 6,448,409.52 or over 25 per cent.
Income:-The total Income for the year amounted to Dollars 2,339,341.16, a gain over the previous year of Dollars 364,271.16 or over 18 per cent.
Interest: -The income from interest amounted to Dollars 274,163.86 a gain of Dollars 143,692.54, or over 110 per cent.
Assets :-The total assets now amount to
Dollars 4,989,042.00 being an increase over last year of Dollars 1,372,440.02, or over 37 per cent.
Reserve :-The total reserve set aside to meet mataring policies now amounts to Dollars 4,296,721.53, being an increase of Dollars 1,217,750.29 or over 39 per cent. Notwith- standing the fact that a basis of valuation giving higher reserve was adopted last year the Directors deemed it expedient to still strengthen the security 10 policyholders by permanently adopting a valuation on the basis of the latest tables prepared by the English Institute of Actuaries and technically known as the "Om. 5" Table. This table gives a higher valuation of policies in force than any previously used by the Company, though its use necessarily reduces the net surplus that would otherwise have shown a much greater increase. Surplus:-The surplus of assets over and above all liabilities including paid up capital now amounts to Dollars 526,575.79. The total security to policy holders inclusive of subsoribed capital, now amounts to Dollars 5,08,228,82, being an increase of Dollars 1,300,434.42, or over 30 per cent. as set forth in detail in the financial statement, which is certified correct by your Company's Auditor, Mr. A. R. Leske. Mr. Leake has also examined all the Company's
securities.
Your Directors beg to announce that since the date of the last annual meeting Mr. John Ford has left Shanghai altogether and has therefore been compelled to resign as chairman to the Board of Directore, and also his seat on the Board. Mr. R. Macgregor has been appointed a Director and Chairman in his stead. Mr. G. Stepharius has also joined the Board of Directors. These appointments are subject to your approval which you will be asked to give at this meeting.
A notable addition to the staff has been
made in the appointment of Mr. 8. B. Neill, Fellow of the Institute of Actuaries, Eng, as Assistant Actuary.
In accordance with the deed of settlement
Mr. Lee Yung Su retires from the Directorate, but being eligible offers himself for re-election,
J. A. WATTIE,
R. MACGREGOR. Managing Director.
Chairman. ARTHUR J. HUGHES,
Secretary and Actuary. G. E. GOODE, M.R.C.J., HERMANN BALEAN,
8. B.NEILL, F.L.A.
Assistant Actuary. Medical Dire tors
M.D, B.8., FINANCIAL STATEMENT as at 31st March, 1907. EXCEIPTS. Premium income
Interest
Income from other sources....................
DISBURSEMENTS.
Death claims.... Matared endowments and profits – 400 100 Surrendered policies
ANG LAGOS 100 190 100 100 100 120
2,019,999.99
274,163.86
5,287.87
$4,339,941.16 $ 0. 433,577.60 2,29156. 78,940.34
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