CORPORATION, The ordinary yearly meeting of the shareholders in this Corporation was held at the City Hall on the 15th Feb., for the purpose of receiving the report of the court of Directors, together with a statement of accounts to lst December, 1880. There were present:—The Honvurable W. Keswick (Chairman), who presided, Hon. P. Ryrie, Messrs. A Andre, E. R. Belilios, H. L. Dalrymple, H. de C. Forbes, Hoppins, F. D. Sassoon, T. Jackson, A. P. McEwen, F. de Bovis, E. Deacon, Tucker, Aszar, Goors, A Newton, Mardfeldt, J. Kyle, A. McConschio, T. Glover, E. Heart, H. Smith, H. H. Nelson, Anton, Vernon-Vernon, W. "Legge, G. Holmes, H. Crawford, R. H. Sleeman, A. Coxon, W. Morgan, Grobien, Poesnecker, Mody, ©. P. Chater, J. Fleming, and Chow Ming Kee.
The Chief Manager (Mr. Jackson) having read the advertisement convening the meetin The Chairman read the report (which has already appeared in our columns) and then said:—Gentlemen,—The report I have just read, and the statement of accounts attached. fore you so fully the satisfac-of the affairs of the bank that very little for me to say beyond the pleasure the Directors fee)
ering you with such a record of prosperity. The improvement in the earnings we hoped for when last we met has been realised, and on this occasion we ask you to place $200,000 to the Reserve Fund, and 1 the payment of an increased dividend, In the assets of the Corporation you will observe that good securities stand at $2,600,328.92., and I should mention that only $135,180.17, against in last statement
the high price to which Indian stocks advanced induced the Bank to realise at a profit of about £10,000. It is desirable that the Bank should have in London a fair amount of its reserve in English Government stocks, and the Directors have decided to invest gradually about £250,000. In recognition of the attention, and of the zeal and ability of the employes of the Bank, the Directors have much pleasure in voting thei a bonus of 10 per cent. on their salaries. I have only to say in conclusion, gentlemen, that everything connected with the Bank is in a sound state, and that I congratulate you on it prosperity. I beg now tom adoption of the report. I shall be happy to answer any question put by any of the shareholders before the motion for the adoption of the report is put to the meeting.
Mr. McConachie seconded the motion, which was unanimously carried.
Mr. Dalrymple proposed, and Mr. McEwen seconded, there-election of the two members if the Court of Directors, Messrs Hoppius pro joed of settlement, retired ho, in conformity with the
from the Direction but were eligible for re-election. The motion was carried unanimously.
Mr. Andre proposed, and Mr. Anton seconded, the re-appointment of Hon. P. Ryrie and Mr. A. P. McEwen as auditors for the year 1881.—Carried.
Mr. A. P. McEwen said he did not think the shareholders should allow this occasion to pass without passing a vote of thanks to the Directors and a special vote of thanks tothe Chief Manager and the staff generally, not only for the success that had been achieved in the work of the Bank during the past year, but for the high position this Bank now ocetpied owing to the careful supervision of itsaffairsexercised by the Directors and also to the competent management of the head of the staff. In the presence of the Chief Manager it was difficult to say all that one would like to say of him in his official capacity, but this he would say, and he believed they would all agree with him, that it was to his indefatigable zeal, his ceaseless attention to the affairs of the Bank, and his great tact and power of management that the success of the Bank was due. He used the word tact, because a man might be an extremely clever man, but if he wanted tact in his dealings with the public then he brought little success to himself or those whom he represented (Applause). Their Chief Manager came here when the position of the Bank and the position he took up were rather unenviable positions. The reserve fund of the Bank had dwindled down considerably and many of the securities held had depreciated larvely. In five short years $1,700,000 had been added to the Reserve, At the present moment the securities held by the Bank were of the most undoubted value. Some five years ago the Bank paid three per cent., and for one half-year nothing at all. "They had heard a very different dividend declared to-day. The deposits had also increased by nearly 100 per cent.; in 1875 the amount of the deposits was $13,000,000, and now they had some $26,000,000. This showed the confidence, and he believed the well-deserved confidence of the public in the Bank, With regard to the bonus proposed by the Directors of 10 per cent, on their salaries to be paid to the members of the stall, he believed the would all agree that it was well deserved, If the proposal had not emanated from the Directors themselves it was the intention of some of the shareholders to bring the matter forward here to-day for their favourable consideration, He had only to add—and he believed all present would agree with him—that from the shareholders were due to the staff at the head ofice a special recognition of the invariable courtesy received by those who had business to transact at the Bank. He especially mentioned the names of Mr. Smith and Mr. Woodford. (Applause.)
The Chairman said:—On behalf of the Board and myself, 1 thank you, gentlemen, very much for the way you have responde to the flattering remarks that have been made by Mr. McEwen. It is to the Board a matter of great pleasure and of extreme faction that the affairs of the Bank are ich a flourishing state; and Mr. McEwen has been quite correct in stating that the prosperity which we are now enjoying is largely due to the staff and to the exceedingly able Chief Manager (Applause) Gentlemen, I thank you on Behalf of the Board.
The Chief Manager, who on rising was received with great applause, said—Gentlemen, I am remarkably gratified by this vote of thanks. It has been my very great good fortune to be surrounded by earnest, capable men, and to our united efforts the success we have attained is due; and many of them—I may say this publicly—deserve much credit, if not more, than Ido for the result, The present position of. the Bank is a source of pride and pleasure to every one otus, and I hope to be able to meet you here for many years, and to submit, year after year, as satisfactory a report as that which the Chairman has now read to you (Applause).
It was stated that the dividend would be ready to-morrow.
There was no other business,—Duily Press.
Text read from the printed page and cleaned; old type leaves the occasional error.