We subjoin the Report drawn up by the Dir-actors of the Hongkong Bank for submission to the meeting of shareholders eld ut Hong-Kong on the 3rd instant.
"The Directors hare now to submit to you a General Statement of the affaire of the Coporntion nud Balance Sheet for the half-year ending fon 3Ist December Inst.
The net profits for that period, including $116,791,51 brought forward from Inst Account after paying ull "charges, deducting interest and due, and making fall prov debts, amount to $373.125,27, of wh taking out Rebate on Bills not yet duc, muneration to Directors, there rem: propriation $356,280.12.
From this eum the Directors recommend the tion of a Dividend of $7.50 por share on the Pxid-up shares, ami-of $3 per share on the New shares, being, equivalent to Six per centum for the half-year; this will absorb $210,000; and of the balance, the Directors prop se carrying $100,000 to' the Reserve Fa-d, and $46,280.13 to the credit of New Profit and Loss Account, If this appropriation of profits be confirmed by the Meeting, the shareholders will have received as Dividend for the year 1809, the sum of $390,000 (twelve per centum on the Paid-up Capital) and the Reserve Fund on the lst De-comber. 1862,4will be raised to $800,000, inde. pendent of the sum of $46,280.12 undivided Profits to be carried forward.
Although these results ure not equal to those realized in the two previous years, the Directors think they must be considered satisfactory, if the Proprietors bear in mind the difficulties which the Corporation, in common with all other Banking Institutions in the Enst, have had to contend with, in consequence of the cheapness of money at home and the unexpected and unremunerative turn taken by Exchanges at various times during the period under review.
The other sources of revenue of the Bavk remained unaffected, but have ierente, so that with better Ked revival of Coumercial uctivily, was ap:
acts in Exchanges for the present your,
parent both in China und in Jupan, the Direetors feel confident that the general profits of the Corporution will resume their former pro portions.
The various Branches of the Bank and the Agencies of recent organizations are working satisfactorily and n new Agency iv being or= ized ut Hiogo.
The third Call of $25 per share on the new shares in the Cupital of the Corporation will fall due on the Ist July next. In view of the probable developement of business which may be crested in Jupan by the introduction of railways rud also to facilitate the working of one or two Agencies of the: Corporution con templated to be established in the course of a your or two, the Directors believe thut it will be consistent with the true interest of the Bank to advance the date of payment of the two Inst Calls (each of $25 per shure) on the new shures, mud to muke the tame fall duo on Ist July 1871 und 1st July 1872, respectively, instend of the dates previously fixed, my Let Junuery 1872 and Ast Jnnuary 1873 5 i be given of the uitininte re the Board, death of Mr. J. P. Dunent mann having resigned on leaving the Colony, the vacancies have been lied by the nomina: flow of Merra. He B. Lemann and Pyke. Mr. H, B. Lemwan has been Choivman for the your 1870 and Mr. J. By According to the ed of Settlement, three rs. W. H, Forbes, A. Joost, and SD. Sueno, retire feo the Direction, but are el offer themselves accordingly.
Assers axp Ltaniuirixs o HosoKoNa AND Siaxauat Baxaixo Conronarioy, Sist Dec., 1862, assets, Cash and Bullion on Haud Government Securities.
Bills discounted, Loaue aid Credit'
84
Exchange Remittances Bank Premises Dead Stock ansvise 18 0,18
Text read from the printed page and cleaned; old type leaves the occasional error.