The ordinary yearly meeting of shareholders of the above Company was held on 00} Saturday (28th Feb.) at the City There were present:—Messrs. H. L. Dal:
mple (Chairman), J. S. Moses, vies, W. H. Forbes, H. Hoppius, J. J. Keswick, Messrs. A. McConachie, S. °1G. Michelsen, L. Porsnecker, and D. R. Sassoon (Directors), F. de Bovis (Act. Chief Manager), J. P. Wade Gard'ver, D. H. Mackintosh, F. Henderson, C. J. Gonsalves, W. 8. Bamsey, Hon. P. Ryrie, Mesare. H. J. Scott, H. Z. Juat, D. McCulloch, De Westley Layton, W. S. Taylor, Benjamin, J. D. Hutchinson, S. A. Joseph, Hou. C. B. Chater, Messrs. G. Stewart, 4. H. Chinoy, J.J. Francis, Q.C., Silas "Sassoon, Erich Georg, J." H. Cox, G.. Murray Bain, W. Lil Wallace Green, E. Cope, C. S. Barff, F. T. P. Foster, F. Dod-Toeg, J. Grant, A.W. Maitland, ©. A. Tomes, H.W. Dick, B. Layton, G. S. Coxon, E. John Hughes, W. H. Gaskell, J. B. Games, Gore-Booth, E. Kelly, Hunter, The Chairman said—Geutlemen, the peat half-year has been a very profitable one, und a glance atthe figures ¢f the report we have presented must atfordour shareholders the utmost satisfaction. The evidence of the continued steady development of the Bank's business and the handsome balance for division cannot but be very gratifying to you. (Applause.) When I addressed you six months ago it was anticipated that the prospects of the half-year would prove very bright in results, and this forecast hi tonal dividend of £1 100, per share we ate been amply realised. In addition to our
to distribute a bonus of a like amount (the now shares participating pro rata in this division of profits) and to place 3 lakhs of dollars to reserve. (Applause.) I will only refer to one or two of the principal items in the report, and as of primary importance would draw your attention to the considerable increase in the sum standing under the head of deposits, Durin, the past six months these have increas extent of ten millions of dollars. (Applause.) On the other side of the account you will observe that our investnents in Indian Government Loans have been augmented by the equivalent ut some $1,800,000. The £250,000 Consuls and 3 per cent. Indian Government: sterling Joo, stand in our books at £95. As regards the reserve fund, with the sum appropriated from the half-year's profits, and the estimated amount still to come in at the end of next month from the premium on the balance of instalments of the new shares, our reserve on Slst March will stand at about $7,500,000. (Applause.) We have also thought it desirable to put aside out of our large profits the sum of $100.00 against bank premises account, and it is our intention, from time to time, when profits admit, to continue this policy. 18 Whi recommending the adoption of this principle we do not wish you to think that our assets under this heading do not-re-Fecivon the cost of our real estate, as it how resent good value; on the contrary, we
stands in the books, as below its' intrinsic value, but following the example of the leading English banks, we are of opi ion that a policy of gradual writ down is sound and prudent. (Applause. It is in contemplation to erect new banking premises at Singapore, at which port our business has of late years very largely ineressed, and we thinks you ili all allow that" our present offices there are not worthy of this institution we have acquired a suitable and very central site, and shall shortly be considering and deciding on plans for the new bank. The outlay under this head furnishes our reason for writing down as. opportunities Your directora have again, for the third time in the annals of the Bank's history, desired to specially recognise the zeal and general ability of the staff, and have voted our employes a bonus of 10 per cent. on their salaries for 1890. and Iam confident that you will warmly endorse the action of your directors. (Applause). At the same time we wish to here record our sense of the services rendered by our managers, agents, and staff, and in recugnition of which we have passed this vote, As you are most of you doubtless aware, geveral tour of inspection of the Bank's wauches has been undertaken by our San Francisco agent during the past few months and I am glad w be able to inform you that so far as this has at present been accomplished Mr. Harris has reported very favourably on the position in which he has found matters. (Applause) Our inspector is now on his way, vid the coast ports and Shanghai, to Japan, where he completes his tour of inspection and from whence he will leave to resume charge of our agency at San Francisco. When we last met I referred to Mr. Jackson's services, and you were good enough to pass vote vf thanks to him and the am sorry he is not. present here lay to receive your thanks for the magni-cent report he has been sv instrumental in producing, (Applause). The constant fluctuation in silver during the past six months on is duties at very onerous and anxious, but you the resulta before you, and I need say no more on this subject." Facts and gui testify very amply tothe services I have referred M to. ©. de Bovis took over the Ist January, and will rei return of Noble him you an able one in whom the directors have complete confidence, (Applause.) Your directors have to regret the los of an old and valued manager in the person of the late Mr. ward Morriss, who died in Yokohama last autumn, Now, gentlemen, have but one more matter to touch upon, and that is in connection with the financial troubles in London at the end of last year. The threatened collapse of probably the largest commercial house in the world Inst November caused almost a panic in banking circles. This catastrophe was, through the able management of the Bank of England, happily averted. Invi were made to the leading banks in London to participate in a guarantee to the Bank of England and in this your directors at once consented to share: We have come under a guarantee to the Bank of England tu the extent of £260,000 on account of Messre, Baring Brothers & Ca.. and I am glad to be able to inform you that we have it on good authority that the liquidation was proceeding very satisfacturily and that there is every reason to auticipate that no call on the guarantors will be made, (Applause.) I think it is but right that we should here record our appreciation of his services and our th: to the Governor of the Bank of England, who so promptly stepped into the breach, and by his timely and energetic action, with the assistance of the Government, a\ ed one of the most serious financial and mercial crises of modern times. (Applause.) Inconclusion, gentlemen, Ihave urily toadd that the business of our Bank goes on very satisfactorily. (Applause.) We are sat fied that the increase of our capital was a wise step, for we find employment fur all our funds. (Applause.) Our report is the best that has ever been issued by the Bank, Before moving the adoption of the report and accounts, I shall be pi to answer any questions that, shareholders may wish to put to the chair, - (Loud applause.)
Mr. C: 8, Taylor—Mr. Chairman, perhaps you will remember that fow years a statement was circulated to the effect shareholders on the China register
Text read from the printed page and cleaned; old type leaves the occasional error.