The ordinary yearly general meeting of the shareholders in the Hongkong and Shanghai Banking Corporation was held at the City Hall on the 14th instant. There were present—Messrs. H. Hoppius (Chai an), B. R, Belilios, F. D. Sassoon, W. 'A, Lind, Hon, P. Rytie, 0. May, C.
Forbes, W. Reiners, H. L. Dalrymple,
Chater, J. Robinson, R. Deacon, J. T. Chater, E. E. Sassoon, L. Mendel, A. Newton, F. Grobien, W. K. Hughes, D. McCulloch, H. Just, H. L. Denys, S. Cope, ©. 't. Barton, G. H. Barnett, Smith, J. F. Mardfelat, H.N. Mody, D. Tucker, Mehta, D. Muncherjee, J. T. Glover, P. Rhodes, A. C. Levysohn, J. A. Blogg, &c., and T. Jackson, Chief Manager.
The Cuter Maxacer having read the notice convening the meeting, The Cuarnqan read the report and said—Gentlemen,—It is with great. pleasure that I come before you to-day with such a favourable report as the one that you have now in your hands. Not only have the profits during the last six months been satisfactory, bet the bank has made maier Tial progress in every branch of its business—(applause)—and I think I may safely say that at no period of its existence has it stood higher in credit and public estimation than it does at the present time. (Applause.) The results of the past two years make the directors hopeful for the future, and it is no small satisfaction to them to know that those friends who have stood by the bank in less propitious times are now reaping their reward in the enhanced value of their property. (Applause.) The prosperity of the fans mainly due to the large business given to it by the shareholders, a fact we all fully apciate, and I hope that such happy relations between the bank and its shareholders will in future be considerably extended to their mutual benefit. The directors are very much pleased to see the reserve fund once more standing at a million of dollars. (Applause.) The experience of the past lias taught us the value of having a solid reserve to lean upon in bad times, and Iam sure that the shareholders will concur in the wisdom of the course pursued, namely, building up the reserve fore increasing the dividend. At our last meeting you were informed that the yank had negotiated a loan to the Chinese Government. This loan has been issued to the public with very satisfactory results. You are aware that the bank had a considerable interest in the Sugar Refinery at East, Point, and I am glad to inform you that the same as been disposed of to a new company for the amount at which the concern stoa' in our books, (Applause.) In conclusion, Ishall be glad to answer any questions you may wish to put to me.
REPORT, The directors have now to submit to you general statement of the affairs of the bank, and balance sheet for the half-year i December last.
net profits for that period, including 45 brought forward from last account, ing all charges, deducting interest paid and due, making provisos LI bad and doubtful debts, an; change between the rate at which is declared, snd the current rate of the d amount to $533,088.44, of which, after taking out rebate on bills not yet due, and remuneration to directors, there remains for appropria tion $539,012.50.
From this sum, the directors recommend the payment of a of one pound sterling per share, which will absorb $177,777.78.
The directors recommend placing $350,000 to credit of reserve fund, which will then stand at $1,000,000, and carrying forward the balance, $11,234.73, to credit of new profit and loss account. development of increase of its business, as is shown by paring the principal items of the balance sheet the "accounts published six months ago.
'A special Agent of the beak has been appointed at Singapore.
Mr. A. Melver having decided to remain absent from the Colony until the end of the resent year, the directors have invited Mr. A. Lind to join the board in directors have to regret the Edward Tobin, Mr. H. L. Dalrymple been appointed to the vacant seat, These appointments require confir shareholders.
Mr. F. D, Sassoon has been appointed Chairman for the year 1878, and Mr. Win. tthe direction, but are eligible for re-election, and offer themselves accordingly.
The accounts have been audited by the Hon. Phineas Ryrie and Mr, H. B, Gibb, and the directors have pleasure in' recommending the election of these gentlemen as auditors for the year 1878.
No questions being put, the Crarmaan said he had much pleasure in proposing that the report be adopted and the accounts passed.
Mr. Mopy said Ko had much pleasure in seconding the Chairman's motion, Carried unanimously.
On the motion of Mir. Fores, seconded by Mr. Mrnnet, the appointment of Mr, A. Lind to the Board, in place of Mr. A. Melver, absent; and of Mr. H. Dalrymple, in place of the late Mr, E. Tobin, was confirmed.
On the motion of Mr. F. D, Sassoon, seconded by Mr. Just, Messrs, E, Belilios and W. Reiners, the retiring directors, were re-elected.
On the motion of Mr. Bextt10s, seconded, by Mr. Dracox, the Hon. P. Ryrie and Mr. H. B. Gibb were elected auditors for 1878.
The Crarmaax—That is all the business before us, gentlemen, and I thank you for your attendance. The dividend warrants are ready and will be payable to-morrow.
Mr. May—Gentlemen,—Before we part this afternoon, I think there is a little debt we ought to pay to the gentlemen who have oorporstion during the past six months, so ably presided over the interests of this
If Englishmen pride themselves upon the privilege of ubiing, the present attendance would show how little there is to grumble at in our present position—would show that there is nothing to grumble at. One need not elevate his voice particularly high to address the select few who are here, However, gentlemen, I think it would have been somewhat more becoming, if instead of indulging in absence because there was nothing to grumble at, they haa given their presence here to-day to show a little of that thankfulness which is certainly due to the management of the bank. However, select and few as we are, I think we shall be sufficient to indicate very clearly that those to whom credit is due receive credit, even from those who are absent; and those who are present I am sure fully agree with me that we cannot say a word too much in praise of these gentlemen. Therefore, I would simply desire to propose a yote of thanks to the directors for their able management in bringing about so very successful a result during their past six months' management—(appl: which it is clear the capital of the bank has been increased in extent more than ten per cent., an almost unprecedented occurrence even with the most fortunate of companies, I think also that in addition to thanking the gentlemen who have acted as directors, a word of praise is due to the manager and officers ofthe, bank (applause) and. I most heartily offer the simple tribute of my words in proposing that the utmost. praise be given to them for their exertions.
emotion was carried by acclamation, The Cxarnaax—Gontlemen,, we are very much obliged to you and Mr. May, for the compliment paid us, and I can only say the Board fully endorse the praise bestowed upon our chief manager, Mr. Jackson, and the officers.
my colleagues and myself, I' beg to than!
Mr. Jacisox Gentlemen, on behalf of you most heartily for the honour you have done us.
Themeetingthen separated.—Daily Press,
Text read from the printed page and cleaned; old type leaves the occasional error.