CORPORATION, The following is the forty-fourth Report of the Court of Directors to the ordin: hale yeanly general meeting of shareholders to be held at the City Hall, Hongkong, on Saturday, the 27th inst., at noon i—
To the Proprietors of the Hohgkong att Shanghai Banking Corporation, Gestuewes,—The directors have now to submit to you a general statement of the affairs of the Bank, and balance sheet for the half-year ending 30th June last. forward, amount to $586,649.55, after Paying The net profits, including balance carried charges and making provision for bad doubtful debts (except those referred to below) of which after deducting remuneration to directors there remains for appropriation From this sum the directors recommend Boyment of a dividend of one pound and ten shillings per share, which will absorb $400,000.
The difference of exchange between 4/6, tI rate at which the dividend is declared,' and 3/2, the current rate of the day, amounts to $168,421.05, The balance $8,228.50 to be brought forward to credit of new profit and loss account, It is with great regret that the directors have to recommend the withdrawal of $600,000 from the reserve fund to meet losses ut the Manila Agency. Of this sum $450,000 is required to meet loss by sterling exchange. The Philippine currency has until quite recently been regarded as resting on a gold Yasis, and the Bank's funds employed in the island have been provided by drawings on London. The Spanish Government, however, in the early part of the year made the Carolus dollar (which had previously circulated alike in Spain and the Philippines) uncurrent_ Spain, and the result was a sudden heavy fall in the sterling value of the Philippine dollar, against which the Bank, had no opportunity of safeguarding itself. The remainder of the provision is required to meet further losses at the same Agency. The Bank has had to contend against many difficulties in Manila, but the directors confidently hope that with the visions now made the Agency will in the future hold its own, and return good profits on the capital employed.
Auditors:—The accounts have been audited Fullarton Henderson, the Honourable Phineas Ryrie and Mr.
M. Gran Hongkong, 12th August, 1887, After considerable discussion it was thought advisable that the Minutes should be circulated rather than be exhibited at the Consulate, whereupon Mr. Novion pro-pore and Mr. Gregson seconded the following amendinent—That the Minutes of Meetings of Council be circulated, and that the correspondence be placed at the disposition of any qualitied elec-for by the Secretary.
This amendment was carried unanimously.
Mr. Grecso proposed—me Ix, me: $—After sre Concestion': exch Lot elders" aad after word uch "rough plans of same to be supplied bj
insert "Plans with."
After discussion Mr. Gregson agreed to withdraw this in consideration of the Municipal Council ing to have a proper plan made of Concession by an expert, a qualified Surveyor from Shanghai; the expense of which would probably not exceed Tls. 200. The Council agreeing to this, the amendment was withdrawn.
Mr. Gnecsox proposed and Mr. Msnca-'Runt seconded—
Mr, Beax considered there was nonecessity for a jetty as a stone one already Mr. Durr and Mr. Grecsox expressed an opposite opinion to Mr. Bean.
The motion was put to the meeting and carried, yotes being as follows:—Messrs. Duff, Novion, Mencarini, Paynter, Iifland and ' Gregson representing 19 votes for, and Messrs. Bean, Starkey, David, Jerdein and George representing 17 against.
Mr. Gnecsos proposed and Mr. Durr That stone pillars be erected on the whole length of the Bunding for boats to make fast Tt was pointed out that the erection of such pillars would endanger the Bund fac-laily at the eastern end, Mr. Duff said the trees were made use of by boats to moor to.
Mr. Grecsos said that if the Council would agree to erect three or four poste b; way of trial he would withdraw the motion.
Council consenting to Mr. Gregson's proposition, the motion was withdrawn.
Ansreicr or Asstrs axp Liauiuiries, S0rmJONE, 1887, £100,000, 3 per cent, Cousdts, £150,0%, 8 por cent, Indian Government Sterling Loa.
The abura lodged with the Dank of nglaud ial London Rex
Text read from the printed page and cleaned; old type leaves the occasional error.