The ordinary half-yearly general meeting of shareholders was held at Hongkong, on the 19th instant. There were present:—Messrs, A. Andre, (chairman), Forbes, Hayllar, Q.0.$ Belilios, Cordes, Hoppitis, Melver, F. D. Sassoon, Greig, Burrows, H. 8. Nelson, Dr. "Adams, Anton, Bottomley, Grobein, Newton, H. Gibb, Hon. P. Ryrie, Bertrand, Middleton, C. P. Chater, Baron de Overbeck, S. Woonwalla, D, M. Mehta, Dickie, Chinoy, Green, Kingsmill, Vaucher, Landstein, Fairbairn, Karberg, Heart, O.
Cohen, W. Morgan, Laurie, Mardfeldt, Hancock,' Strack, J. E, Sassoon, M. D. Ezekiel, S.J. David J. A. de Carvalho, Rozario, Robinson, H, Smith, Mallory, Cope, de Guigne, Alabor,' Romano, Simonis, Wheeler, Mylne, Dr. O'Brien, Heaton, Deacon, J. T. Chater, &o.
The Onarmax having read the notice calling the meeting, said the report and balance sheet of the Company had been in the hands of shareholders for some days, and he thought it was scarcely nec taread them. He would do #0, however, if anyone wished it Mr. Krxosumt said ho thought the Chairman had better read the report, He always liked it to be read at the meetin, The CHarmsan, accordingly read report, a copy of which has already in our columns. He then asked if it were necessary that the balance sheet should be read also.
As no one asked that it should be read, The. Caareaaw then said—Gontlemen, I am somewhat more fortunate than my predecessor in this chair, for although the port and Statement of Accounts, now presented to you, are not altogether #0 favorable as could be wis, taking into account the unprofitable state of trade generally in connection with the East, and the numerous failures that have occurred during the past six months, the profits realised cannot be regarded otherwise than as satisfactory. For the half-year they amount to about 5 per cent. on the Bank's Capital, and if we can do as well uring the current half-year and no unforesee disasters occur in the meantime we shall, I trust, at the beginning of. 1876, turn to the satisfactory practice of declar-dividend. The result of the past six any rate proves that even during exceptionally bad times, and in the face of tnmually grave mercantile complications, the Bank has been able to do a fairly. remunerative business. Reverting to the failures that have taken place during the past half-year, I think you will agree with me when I say that the very trifling losses which the Bank has incurred through them afford convincing evidence of the prudence and forethought applied in managing your business. It is all but impossible to escape from some loss in times such as we are now witnessing, but the cautious policy which has carried the Bank uninjured during the recent crisis will, you may rest assured, continue to be followed by the Board in future, and I trust with the same fortunate results, Mr. MeLean's Report.—As promised by the Chairman at our last
Text read from the printed page and cleaned; old type leaves the occasional error.