The ordinary half yearly meeting of the shareholders in the Hongkong and Shang hai Banking Corporation was held at the City Hall on the 13th instant, at noon. Mr. A. McConachie presided and there were also present Hon, J. J. Bell Irving, Messrs. C. Beurmann, M. D. Ezekiel, R.-M. Gray, R. H. Richardson, D. Sassoon, N. A. Siebs (Directors), T. Jackson (Chief Manager), and a large number of shareholders.
The Chief Manager read the notice call-tug the meeting.
he Chairman read the annual report, after which he said—Gentlemen, the Directors are glad to meet you again with a very favourable report for the Inst half-ear. We propose to pay what has now come the usual dividend of £1 5s. per share, and place five lacs of dollars to the reserve fund. At the last meeting I advised you we had sold £188,000 of our holdings of Consols, the profit on which, say £25,682 16s. 3d., is included in the accounts now submitted Our holdings of Consols remain at £500,000 standing at #95. Our other investments both in sterling and able rates... Tara glad to say that we have rupees stand in our books at very favour-
a large portion of the profit upon the loans we recently participated. in still unappropriated; same will go to enrich future profit and loss accounts, and will help us to maintain a steady dividend of £1. 6s. per share in bad times as well as in g—that is the goal we are aiming at, and we are confident of realising it. (Applause.) Margins and profits of every kind are not what they formerly were in Eastern banking. We' cannot see that the future will bring us any relief in this respect. It is therefore sound policy to husband our resources, and in building up our reserve as we are' doing we are accomplishing two desirable ends, firstly improving (if that be possible) the' credit of the Bank, and secondly rendering itali the easier in future half-years to place before you satisfactory oporto. (Applause,) Tu iny speech a the last meeting I alluded to the large amount of sterling that was then deposited with us in London in current account belonging to the Chinese Government. Our London current accounts then aggregated £6,315,097. Aconsiderableamount of said fundshassince been withdrawn, reducing sterling current accounts to £3,886,564 on the3ist December. 'A corresponding reduction has taken place in our cash balance, say $25,765,782 on
on the 30th June, 1896. Our fixed deposits in gold are less by £144,000 than they were six months ago, being £2,626,307 against £2,770,788. Bills receivable on the Bist December aggregated $80,217,513 as against $71,727,698 the previous half-year. The dearness of money in Europe during the 63 half-year brought a good deal of business to the Eastern banks, and our funds were fully and profitably employed during most of the time. So much for the past. As for the future we look forward hopefully, and although there are more banks in the field than there formerly were, there is no doubt that the volume of the Eastern trade is steadily increasing, and the tendency is to go on in the same direction. (Applause) The deplorable famine in India and outbreak of plague there are interfering very much with business in that great dependency; let us hope that the efforts now so freely and so generously being made will be crowned with success, and that the dark clouds will soon pass by. (Applause.) In conclusion we hope that the year entered upon will be equal to any of its predecessors, and while we are fortunate enough to have our management conducted with the zeal and ability which so signally characterise our Chief Manager and staff we may look forward with every confidence to the future. (Applause). Before moving the adoption of the report and passing of the accounts, I shall be glad to answer any questions shareholders may wish to put.
No questions having been asked, the Chairman proposed the adoption of the report and passing of the accounts.
fr. E. S. Whesller—Mr. Chairman and gentlemen, Ihave great pleasure in seconding the proposal. You have expressed the pleasure it gives the Directors to meet us with such a report, it is even more pleasant for us as shareholders to receive so good an account and to agree to your proposal as to the division of the profit, and this especially so as you tell us that the account does not include a large portion of the profit on the loans recently issued by the Bank, which will augment future profits, and thus ist in the maintenance of 's steady dividend. St is especially satisfactory to hear of your confidence of attaining a position which will enable the dividend to be maintained alike in bad years and in good nothing will do more to maintain the Bank mits prem: proud position, and nothing is more likely to result in the gradual and permanent enlargement of the dividend. You have referred to the increased competition in the Bank's business; that is a complaint we are all suffering from, but we may look forward to increased trade compensating for the increased competition. At any rate, I think we may have every confidence that the Hongkong Bank with its numerous and influential supporters, its growin Fesouroes, and ita able manigenieat—both here and at the numerous branches—will in the future as in the past not only hold its own, but enjoy the lion's share of the trade of the Far East and long continue to be the leading bank. (Applause.) With these remarks, gentlemen, f beg to second the adoption of the report and statement of seccountsfor the past haléyear. (Applause)
ried.
Mr. Ray proposed the re-election of Mr. N. A. Siebs and Hon. J. J. Bell-Irving on the Board of Directors, and the confirmation of the appointment of Mr. C. Beurmann, in room of Mr. J. Kramer, who resigned on leaving the colony, and of Mr.
Text read from the printed page and cleaned; old type leaves the occasional error.