To be presented to the shareholders at. the first annual general meeting, to be held on Thursday the 12th day of February, 1891, at the Cannon Street Hovel, Lon: don,'E.C., at 3 o'clock p.m. to the shareholders ths fret annual reports The Directors have pleasure in present
with accounts duly audited.
The accounts are made up for only ten months in the East, viz, to Slst October, 1890, but for London they embrace the period from the formation of the company on 6th December, 1889, to lst December, 1890, As stated at the Statutory Meeting, the preliminary expenses incurred in the forma: tion of the company were paid out of the sopite, and the balance, amounting to premium received on the issue of the share £45,000, has been carried to Reserve.
'The net fit, after deducting all expenses at Head Office, 'Branches and Agencies, including the remuneration of Directors and the Members of Committees, Agenta' Com: mission, and after allowing also for payment of Interest on Fixed Deposits and Income Tax on profits, amounts to £87,009 5s. 2d.
'The Directors propose to declare a dividend of 16 per cent, on the Ordinary Shares, and of £8 per Share on Founders' Shares, and to place £55,000 to Reserve, thus increasing it £0 £100,000, leaving a balance of £2,111 15s. 2d. to be carried to new account, In view of the large extension of the Company's business, the Directors consider it advisable to propose a further issue of 100,000 Ordinary Shares of £10 each, on which they propote to call up 258. per share, and to give the existing holders of Ordinary Shares the option of taking up the new shares at such premium as may be resolved upon.
It is considered by the Directors desirable to change the name of the Company into "The Bank of China, Japan and the Straits, Limited," a8 a more appropriate designation, although the business of the Company will continue on the lines which have hit been followed.
Resolutions to this effect will be submitted tothe Extraordinary Meeting convened la the attached notice.
The period during which the Company has been working is regarded by the og indicating very satisfactorily the important character of the field of its operations, and they are of opinion the prospects before the Company are most promising.
The Auditors, Mesars. Turquand, Youngs, Weise, Bishop & Clarke, retire, and offer themselves for re-election.
By order of the Board, Cuas, A. Canrnens, Secretary. '2th January, 1891, ion prohibited without permission.
Text read from the printed page and cleaned; old type leaves the occasional error.