The ordinary half-yearly meeting of the Hongkong and Shanghai Banking Corporation was held on the 2/th ult at the City Hall. Mr, H. Huppius occupied the ch and there were also present Mr. ©. J. Holliday, Hon, J J, Bell Irving, Messrs, C. Jantzen, J. Kramer, Lapraik, (directors), F. de Bovis (Chief onager), Hon, E. R. Belil Messrs. B. Layton, G. de Champeaux, 'T, Wright, E. S. Whealler, A. B, Johnson, J. Mnegrezor, W. H. Ruy, G: Murray Bain, R. G. Shewan, Hart Buck, C. A.
mes, H. H. Joseph, V. A. 0. Hawkins, H. E.R. Auuter, C. Guinness, G. Stewart, Henderson, G, B. Dodwell, A. Hancock, J. Gonsalves, W. 8. Bamsey, K. A' Chinoy, J. D. Humphreys, H. Humphreys, J. McCallum, B. Georg, G. G. C. Master, S. G, Bird, H. N. Mody, J. S. Ezekiel, J. B. Cuughtrie, and others, The Chairman said—Gentlomen, before proceeding with the business of the meetin, I have, with extreme regret, to refer the sad news which arrived hereby wir: this morning of the death of my predecessor in the chair Mr. T. E. Davies, and I have no doubt that you will join the directors in deeply deploring the loss of their much wed colleague. (The report which ready been published, was then read.) Gentleman, I trust that the report whi Chave just read will be considered satis factory by the shareholders, When we met six months ago, it was mentioned by the Chairman that we had sold our rupee paper and re-invested in sterling securities to the extent of £630,000. Yun will notice that we make these Sgures appear in the present balance sheet; th fore the total amount of gold securities has now reached the handsome sum of £380,000. We have stated on the opposite side the amount of cur silver deposits the Must, and of our sterling deposits, which formerly appeared in a lump sum, and in this connection I think it is import ant that I should reiterate th made by the late Chairman, plus of sterling deposits over sterling aecurities is used in London forthe payment of telegraphic transfers, bullion, outward remittances, ete., pending the arrival of bills afloat. I wish particularly to call your attention to the large decrease i of dollars in our loan way in which we have antici ago in our deposits by reducing to an equal extent the size of our advances has enabled us to continue our exchange business on as large and profitable scale us ever without feeling any pinch. (Applause.) It may be observed that our pr account has risen $70,000, which is wainly due to the building Of our offices at Singxpore and Tientsin. We have stopped making any fresh purchases of house property and will rest content in -having our own offices in the priveipal centres of trade. It is the practice of the bank to place the rents of all branches to the credit of this bank Premises xccvunt, and the property represented by these eleven and " half lakhs of dollars thus stands very cheap in our books. Our Marine Insurance fund, which used to be $250,000, is down to $214,000, to the loss of the Boklura; this account is adjusting itself by the fresh promis earned, and there is also th treme probability of a satisfactory sah on the treasure ex Bokura, In conclusion, I wish to state that the position of the Bank has never been sounder than at present. (Applause.) All branches and agencies, including head office, are carefully and regularly inspected, and the nature of the business we transact is the best and most legitimate banking which can be found anywhere—("pplause)—and consists mainly of. buying homeward and outward bills against goods, while our advances un merchandise in the East ate only temporary pending clearances.. Before moving the adoption of the report and accounts, gentlemen, I shalt be happy to answer any questions which may be addressed to the chair, to the best ut my ability. (Applause.)
There being no questions, the Chairman proposed the adoption of the report and the passing of the account Mr. J.D. Humphreys—I have much pleasure in seconding. I think that all the shareholders will agree with me that we could not have expected a better report than that which is put before us, and especially it is most gratifying to: know that the Bank is in such a sound and healthy position. I feel sure the shareholders join with me in passing a vote of thanks to rectors and the chief manager for the and care with which they have piloted the bank through the troublous times we have just gone through. (Applause), The motion was then put avd carried uuianimously.
Me. Macgregor proposed, and Mr. Fullerton Henderson seconded, that Messrs, D, R. Sassoon and C. J. Holliday be re-elected directors, and that the appointment: of Messrs. J. S. Lapraik and G, Slade as directors be confirmed.
The re-election of Messrs. Henderson, Wood, and Bird as auditors was proposed by. Hon, E. R. Belilios, seconded by Mr, G. Stewart, and carried nem. con, The Chairman—That is ull the business, gentlemen, Ithank you for your attend: ance. The dividend warrants will be ready on application at the office to-morrow,
ress.
concluded the meeting.—Daily
Text read from the printed page and cleaned; old type leaves the occasional error.