The first annual ordinary general _meet-ug of the Bank of China and Japan, Limited, was held yesterday, at the Cannon-street Hotel, E.C., Mr. William Keswick (the chairman of the company) presi ing.
'The Manager (Mr. F. C. Bishop) having read the notice calling the meeting 'The Chairman' said—When we last met it was to adopt resolutions to liquidate the old bank, and the effect of the course then decided upon T think you will—from the report now submitted to you, and which, if you approve, we will consider as read—regard, under the unfortunate circumstances, which occasioned it, as satisfactory. The board has steadily pursued the policy of judicious realisation of assets, and proved values of securities and investments and a higher range, of exchange, the deficiency which then existed has been materially reduced. The call of 10s. per' share now being collected will put the bank in possession of assets in hand equal to its full liabilities, and the still outstanding liability on shares represents a capital "sufficient for the carrying on port, the accounts will show, on the liability side, the authorised, the subscribed, and' the paid-up capital. These figures are given in detail. There were instalments of the latter—that is, of the paid-up eapital—overdue on the 31st of December to the extent of £9,815 6s. 2d. this sum we have since received £2,311 14s. 4d., and the balance is due by responsible people, and we do not anticipate that the collection of the amount will give The number of ordinary i Astof January from 94,208 to 95,098, and several shareholders in the old bank, holding 11,950 shares, are now arranging to hay. their shares allotted in the new bank. The item "instalments of call on new shares not yet allotted," £596 5s., arises from some parties having paid the call, but who had not applied in proper form for an allotment. The fixed deposits show a large reduction, The repayments amount to £516,128 1s. It is anticipated that about the 30th of June 16 per cent more, or an amount representing about £170,000, will be repaid. The balance then due to depositors will be about £450,000. If we turn to the assets, the gold securities, I think, require no comment. The silver securities, which represent advances in China that were formerly made, have been considerably improved since the accounts were made up. Hence the confidence with which I could speak of the assets of the bank—when this call that is now being made is collected—being sufficient to meet every liability. There is cash in the Bank of England amounting to £130,731 0s. 2d.
wt sum was in preparation for the payments that were made on the Ist of January last, but they naturally apeared in the accounts to the 3ist of december. I do not think that I can add anything further. I may state in connection with the old institution and the number of shares that have now come into the new, that the shares allotted as at the 31st of March last from the old to the new are 94,918, and there are considered good, which have not yet come in, 14,375. There are others which should pay in time that may be a little doubtful amounting to 16,923 shares; but there are bad to the extent of 22,422 shares. Unfortunately there are 46,206 shares held by Chinese. "Proceedings are being taken, and those proceedings will be vigorously carried on with a view to obtaining payment of the call from those Chinese. What success is likely to attend our efforts it would not be n: ich use my making any remarks upon. We can only trust that we may recover, and certainly no effort will be spared in order thatthe maybe 4,460 shares, and then there are 441 shares brought in. Outside foreigners hold about
on which has been paid £7 15s. a share in full. We have had to compromise, in some cases where it was hapless to obtain any return, 130shares. The figures I have given you amount to the 199,875 shares in the old bank. I may'mention that the intention is, as soon after the half-year is ended as our accounts will permit, to inform you, by means of circular addressed to each shareholder, of the position which we may bein on the 30th of June next. (Hear, hear.) Ishall be very happy to answer any ques-
Text read from the printed page and cleaned; old type leaves the occasional error.