submit to you a general statement of the affairs of the Bank, and balance sheet for the Ti. year ending Bist December, 1800.
"The net profits for that period, including $148,302.94 balance brought forward from last account, after paying all charges, deducting interest paid and due, and 1g provision for bad and doubtful accounts, amount to 81,715 743.89, of which, after taking out. remuneration to directors, there remains for $1,705,743.39.
is sum the directors recommend the payment of a dividend of one pound and ten shillings per share on the old shares, and leven shillings and three pence per share on the new shares, which at 4s. 6d. will absorb '$450,000, and a bonus of one pound and ten shillings' per share on the old shares, and eleven shillings and three r shake on the new shares, which will absorb $450,000.
The difference in exchange between 4s. 6d., the rate at which the dividend and bonus are declared, and 3s. 5d., rate of the day, amounts to $285,305 85.
They recommend transferring $300,000 to the credit of reserve fund, which, with instalments of num on new shares, $1,706,596.31, will then stand at$6,806,596.31.
They also recommend writing off Bank premises account the sum of $100,000.
The balance, $120,377.54, to- be carried to new profit and loss account 'Directors.—Mr. J. S. Moses has been appointed Chairman for the year 1891, and Mr. St. C. Michaelsen, deputy Chairman. The honourable A.¥. MacEwen having resigned on leaving' the colony, the directors invited Mr. C. J. Holliday to join the board; his appointment requires confirmation at this meeting.
Kir. W. H. Forbes, Mr. H. L. Dalrymple and Mr. J, 8. Moses retire in rotation, and being eligible for re-election offer themselves accordingly.
Mr. F. de Bovis was appointed acting chief manager on Ist January, 1891. Mr. T. Jackson returned to the London Office by the mail of Sth February, 1891.
Auditors.—The accounts have been audited by the Hon. Phineas Ryrie and Mr. Fullartort Henderson.
H. L. Danaysne; Chairman, Hongkong, 6th February, 1891.
Apstaact oF Assers axp Lrasmitiss;
Text read from the printed page and cleaned; old type leaves the occasional error.