The ordinary half-yearly meeting of shareholders in the above Corporation was held in the City Hall on Saturday, the 22nd February. There were presen Messrs. W. H. Forbes (Chairman), H. L. Dalrymple, W. G. Brodie, H. Hoppius, Hon. J. J. Keswick, B. Layton, Hon. A:
Mackwen, S. C. Michaelsen, J. S. Moses, L. Boesnecker. D. R. Sassoon (Directors), G. E. Noble (Chief Manager), and a large number of shareholders.
The Cuatncan eaid—Gentlemen, we will with your permission take the report as read. The half year just concluded has been a very favourable one, and in addition tu our usual 30s. dividend we are able to give a 10s. bonus, increase our Reserve Fund by two lacs of dollars, and carry forward a substantial amount. Dividend and bonus together represent a return to for the half your. Loxploined of the extra: the shareholders at the rate of 10} per cent.
ordinary meeting last month that we had obtained the consent of the Treasury to amending our Ordinance; since that time the matter has received the Governor's final sanction, and the amended Ordinance took effect from the 25th ultimo. The security for our note circulation that the Treasury stipulated for necessitated our investing further in Indian Rupee loans, and you doubtless notice the increase i our assets under heading of "Investments." With regard to Manila I regret to say we have not yet recovered the money embargood, but our legal advisers assure us that we may confidently expect to have it returned, but that there are numerous formalities to go through which cause delay. Some question has been raised ov more than one occasion as tour mode of showing our Profit and Loss accounts—merely putting net Profits instead of gross, and not showing cost of management. I have only to reitorate what I said at our last meeting, that if the shareholders express a decided wish to have the accounts presented in a different form they have only got to say so. I may mention that the percentage of our charges tu the gross profits is under 40 per cent. for the past three half years, and this figure you will find is consider: ably lower than that of other Kastern Banks. For the information of the shareholders I may state that rough valuations recently made show the Bank's property to be about two-and a half lacs of dollars in excess of the amount at which it stands in the books. (Applause.) It may not be out of place to mention that your Directors, after mature consideration, and after consulting the London Committee, ave decided that the time has come for increasing the Bank's capital to. the limit allowed by the Ordinance—viz. to $10,000,000. A circular will shortly be issued to the shareholders with reference to this increase of capital, and the whole matter will be brought before you in the usual way. We have now, gentlemen, reached an epoch in the Bank's history that I think should not be passed over without some notice. Twenty-five years ago th coming Ist of March the Bank opened its doors for business in Hongkong, and I doubt if the most sanguine of the good men who were its promoters expected it to grow to the extent it has. (Applause). We have lisd our lean as well as our fat years, but we have passed our dividend only three times, and during the quarter of a century of our existence we have paid an average dividend of 119 per cent. per annum, exclusive of afew bonuses. plause). I do not think any original shareholder can have any cause to regret his investment. Personally I am proud to so that I first joined the direction of the Ban] 22 years ago, and our chief manager, Mr. Noble, has entered on his 25th year of service. (Applause). Before moving the adoption of the report and accounts I shall be happy to answer any questions from shareholders.
There being no questions, the Cuarr-MAN moved the adoption of the report and accounts as presented.
Mr. J. H. Cox seconded, and the motion was unanimously adopted.
Hon. ©. P. Cuater proposed that the appointment fo the Board of Directors of the Hon. A. P. MacEwen, Mr. H. Hoppius, and Mr. D. R. Sassoon be confirmed.
Mr. A. McCoxacute seconded.
Carried unanimously.
Mr. J. S, Larnatk proposed the re-election of Messrs. B. Layton, L. Poesnecker and S, C. Michaelsen as Directors.
Text read from the printed page and cleaned; old type leaves the occasional error.