The ordinary half yearly mesting of the shareholders in the Hongkong and Shanghai Banking Corporation was held at half-past eleven this forenoon (28th Feb.) in the St, Androw's Hall, City Hall, when the thirty-ninth report of the Board of Directorg wae prevented. Those present were The Chief Manager opened the proceedings by reading the notice calling the meeting.
The Chairman read the report (which we lave already published), and then said; Gentlemen,—considering the dulness that has prevailed both in the China trade and the trade of the East generally, the fact that this Bank is able to maintain a dividend of £2 per share for the equal to 18 per cent. per annum on capital, without encroaching on the fund specially set apart to equalize dividends, and after fully providing, out of the profits earned, for all losses that have occurred, will, we trust, be regarded by shareholders as satisfactory, and by the public generally asa convincing proof of the commanding position and earning power this Bank attained to. (Applause) The peat f year has not been without its rever and the losses we have had to provide for have been heavier than usual, Our chief source of Loss has been in connection with re of our Java agents, Messrs, Dyce & Ca., whose estate yielded far less than we were originally led to love it would when referring to the sion of this firm at our last caused principally by the heavy fal took place in the value of sugar between the time of shipment and realization, Since then several heavy f.ilures, coupled with severe losses, have taken' place in the Java trade, but we are pleased to be able to state that the Bank has not suffered by any of them, Trade in the Philippi has also been a cause of trouble, but our Manila cessfully coped with the many difficulties that have presented themselves, and the Bank's position there is upon a sound basis. (Applause.) I would mention, whilst on the subject of losses, that it is the policy of the present Board to face them us they arise; there is no carrying over of known bad debts or bolstering up of insolvent firma, and at this moment, ae far as we oan see, we have a fair field before us and no for anxiety regarding present (Applause) Singapore rapidly developing itself, and forms now an important addition to general results, and our new agency at Penang has commenced well; #0 that it will be soon that although as a matter of cours bulk of the earning power of the Bank remains in China, the Into increase of capital has enabled the Bank to extend its resouro its Southern Branches, which promi in time to become most important. auxil aries to the China busine: Tu glancing at the report you will observe that the figures show a considerable expansion in the tthe Bank's business, and one very satisfactory that the deposits hav of dollars in the year, ig now at the respectable figure of close upon $52,000,000, or the equivalent of nearly ten million pounds sterling, which is more than double what they stood at four years ago, 'A proof of confidence this, gentlemen, which any Eastern Bank has good reason to be proud of. (Appluuse.) And now with reference to recent loans. Those mentioned at our last half yearly mooting were duly offered to the public, but met with comparatively poor response, and it will be as well therefore that we should explain to you clearly exactly the position the Bank stands in with reference thereto, We negotiated in all three loans, two of Tls. 1,000,000 each, equal to $2,789,400.28, called Joans A and B: and one for 1,143,400, equal to $1,594,700 14-100, called loan C. Of these, loans A and B were offered to the public. The A loan will be finally paid off in 1887, being repayable by instalments within three years, and the first instalment, amounting to $418,410, is due on the 15th of next mouth. "The allotment of this loan amounted to $61,500 and the balance the hands of the Bank, The be finally brid in 1890, being re-payable by instalments within three years, commencing on 30th June, 1888, and of this loan we have disposed of bonds representing $722,000, and the Bank
Text read from the printed page and cleaned; old type leaves the occasional error.