To the Editor of the Local Post what they should do with th for which they pay. If it true that there should be no taxation without representation, we als" agree that there should not perform the work in fact it could not have branches at all the outports except at heavy loss to ti Ratepayers of Shanghai, the burden falling on Shanghai alone. Shanghai residents limy not Know the actual procedure which has been followed for some years past; if Tain weong, Tam open to correction; and Lexclude the winter service to the wort in which by the way believe expenses, firstly to the Local Post, or, secondly to the agents; those out to the Local Post are, on arrival at destination, sent at once to ti Customs' Post and thence at once dist buted by letter carrier; those sent to tite steauter agents are left at the outport steamer agencies until called for. For its work in this connection the Customs' Post receives nothing. For letters to Shanghai, who choose to gu to the Customs' may do ey, as there from restraint in the 3 do nut, ayud direct to the steamer agents; both classes of letters go to the Local Post, with little profit vitiier to the Customs' Post or to the Shanghai Municrpality.
The Customs has acted as Local Post at all the ports except at Shanghai for sume (at least seven) yous past, and have not even heard the mutter of that storm of complaint with which "F" now threatens ask "F" to cripple himself at wholly new ta. experivuced stod? With the sane with the present
chinery as at present at this end, and the same machinery as at present at the other end, I do ilot see what 8" has to fear, unless it be that.he may have to pay the cost of forwarding his own
clouds. I'can imagine t apponre to bs mind; your readers may imagine i Imperial Majesty tre Emperor summons his trusty adherents the Ministers of the Young-li Yamen, and (trem sing) bids them (trembling) xccumpany him two the awful presence of Her Bait Majesty's R-presuutative and Superintendent of Trade here, i tours, they entrant H.B, M.'s of ty act as thei a matter of a humble wish to pi to that body en call the Municipal Council id the other gods appear to have some other name for seems to think, judging from his letter of the Ist instant, that the proposal now before the Mu i i requiring that body ly disestablie British Post Office. £ do think that the British Government ought to submit to this; and (pardon a pet bit of choice latin) "fas aut uefas" I do not think they will.
Hongkong, 19th August, 1886. The Chairman, Board of Directors, Hongkong and Shanghai Bank.
Six,—I had intended asking two ques-ions at the meeting on the 28th current, but other matters calling me away from Hongkong it hw igyested that you would perhaps volunteer the information your opening address.
The first question has reference to me vestments, '£100,000 3% Consols, £150,000 3% Indian Gov. Sterling Low, which are set down at §1 398,073.82.
How is this dollar equivalent arrived at? £250,000 at 3/7 exchange would give $1,395,348, at 3/63 $1,399,416, neither e:
exactly rep ig $1,398,073 82.
Why are the Bank's assure written dawut in this manner, nud why la not the £250,000 extended at the current rate of 3/04, which would give $1,643,835, und allow of the customary £2 por share being paid without i with the Reserve for eqttnlinaamount made up? How much in ther sterling, and at what rate of exchange this sterling converted into dollare?
On th point I questioned Mr, Walter and he answered me as I suppose he would any other shareholder, In effect was that the balance of the which I suppose to include the Londo sterling deposi taken over ut the rate of exchange of the day, which I trans late to that the London sterling deposits are converted into dollars each half year at the ruling rate of exchange. Mr. Walter further stated that about one are in sterling. yourly meetings of shareholders, I find that to verify the above conclusions, the Bank must have written off since the 30ch June lat year, for loss' on atoning depusite no lasa 'a sum than $2,840,053 and since the 30th June 188) "3,905,063 as the following figures show Sterling Yuk. Exchange, Deposits, 263,000 your 1880-1 you write do from 3/9} exchange to 3/8} loss £33,000 or $182,478, ug the year 1881-2 you write up £1,859,000 from 3/8 exchange to 3/93 exchange; gain £31,000 or $163,966. the year 1882-3 you write down £2,268,000 from 3/98 exchange to 9,7} exchanges loss £106,000 or $084,827.—During the year 18834 you write up £2,718, 3/74 exchange to 3/8} exchange; gai £63,000 of $939,774 During the hunt 1884-5 you write down £2,781,000 from 8/84 exchange to 3/6} exchange; loss £141,000 or $800,945. During the year 1889-6 you write down £3,168,000 from 3/6} exchange to 3/0} exchange; lose £432,800 or $2,840,063. These gains and Sterling Deposits taken the net profits as shown in the half yearly reports would made the Ba earnings 5
Text read from the printed page and cleaned; old type leaves the occasional error.