arly meeting of olders of the Honzkong and Sh Banking Corporation was held at the City Hall on the afternoon of 24th ult, There were present—Hon. F. D. Sassoon airman), and many directors and sharon holders.
The Cuareaay, having read the report, @ accounts which accompany the report just read fully explain the position of the Bank's affairs, and I think you will agree with me that the result of the past half year's working has been most satisfactory. (Applause). We have not escaped losses, but every bad and doubtful account has been fully provided for, and the policy of the Bank in this respect, so clearly explained to you by the previous Chairman last February, has been Tigidly adhered to. (Appla With regard to the profits, it is very gratifying that, in addition to the usual dividend of £2 per share, we are able, with your approval, to place $100,000 to the Reserve Fund, and $100,000 to the Equalization of Dividend Reserve, thus bringing these funds up to $4,500,000 and $500,000 respectively. My predecessor in the chair at the last yearly meeting referred in detail to the various loans negotiated with the Chinese Imperial Government; since then we have floated on the London spectively. Both thes were eagerly taken up in London with very satisfactory rosults to the Bank—(Appiause)—and we do not hold a single bond meither. I would like to add for your information that the profits on these, as well as on the silver loans, will be spread over their currency, and will be a considerable addition to our profit and loss statements during the next ton years, (Applauee). With regard to the three silver loans of 1884, the bank now $800,000 of the "A" loan, none of the "8," and $1,200,000 of the 0" loan, 3 dis: ne premium, As to our deposits, gentle. men, you will be glad to learn that. they are steadily increasing. On the 30th of June, 1884, we had $46,057,073.14 on deposit, on the Sist of December last $51,927,906.69, and at the clos of the past half-year $53,457,227.67, or a total increased of $7,400,153.83 ducing the last twelve months. (Applause). Ie-is gratlfying to see such public confidence in our bank, and we are pleased to aay the money is being advantageously employed. (Applause). I may mention that our new bank building is progressing oatisfactorily; we have already written $100,000 off this account, and therefore do not it necessary to make any further provision this time, "Gentlemen, I have only to add, in conclusion, that the business of the current half-year has opened well, and 1 hope that when we mest in February next we shall again be able to present you with an equally favourable statement, (Applause).
port and accounts, 1 shall be glad to answer Before proposing the adoption. of any questions or give any information, No questions being asked, the Caakacan moved that the report be adopted and the accounts passed.
Mr. Davis seconded.
Garried unanimously.
Phe Cuarnsrax—Gentlemen, that is all the business before the meeting, and I thank you for your attendance, the divi-dond warrante may be Mr. Prrtax—Boforo th ing opal rates, 1 would like to put a question to the directors—I think I am in order in doi ud that is, whether they to make any alteration existing regulations or articles of ion, by which an open rollator of may be kept, so that sharon may seo who are the bond fide shareholders of the Hongkong and Sh hai Banking Corporation. tion because ai compelled to keep such an open register, and I think that sooner or later it will have to be done here. If that law is not in force in this colony it will be to the interest of the shareholders it should be, Therefore. I wish to know if the directora would be osed to support tion naked by Mr. Pitm him that under the Ordinance we compelled to give the nomes and addresses of the shareholders, nor do we think it desirable to do so. "At the same time we are always willing to moot the wishes of the shareholders in every respect.
Mr. Mopy proposed a vote of thanks to the Chairman and Dicoctora for the anti factory report they had presented, Carried by acclaim The Citaratax—On behalf of the dir tors and myself, I beg to thank you,—Daily Press.
Text read from the printed page and cleaned; old type leaves the occasional error.