The thirty-ninth ordinary general mee of the Chartered Bank of Indin, Austra and Chinn was held Cannom-street Hot presiding, The Manager (Me. Thomas Forrest) having read the notice, The Chairman said—Gentlemen, I presume you will take the report xs read—(lear, hear) and will look upon the accompanying accounts as favourable, knowi do, that the part year has been, with failures and troubles in various ways, through which we could scarcely be expected to pass scatheless. It is therefore satisfactory, under the circumstances, after having made ample provision for everything, that we are able to propose the payment of the dividend of 7 per cent. for the year, and to carry forward a balance of £1: towards the present one, All our assets are standing ut the value and at the current exchange of the day, or virtually in gold, as they eral years past, the reserve fund remaining at £250,000. On previous occasions I have mentioned that, in view of the uncertainties ut India and China was necessary to observe a policy, and this course we hav following wi This contributed to bring about some reduction in the figures both sides of oar balance-sheet. vailing doubts about the policy of our Indian Government with regard to its currency, i " with the general depression in all Exstern business, and other unfortunate events, have s" tended to check the confidence of the public that we think there are grounds for satisfaction that now able to assure you this bank's is very strong, and as favourable as it well could be in such abnormal times. (Ap plause.) I need scarcely add that we shall ut fail to continue this careful policy while such uncertainties obtain. 1 may_mention that there has been a falling off in the amount of our sterling deposits in this country, which is not altogether surprising in these times, but much the greater portion of the reduction in the total of our fixed deposits and current accounts, as shown in the balance-sheet, arises from the lower rates of exchange at which the deposits held in silver at our branches have been brought into the accounts in sterling. You will see that there is an increase in bank premises account, and will be pleased to know that it arises from our having at last sucoveded in extending our Hatton-court freehold, thus getting much needed ravin for our staff. The value of the whole building is enhanced thereby, and I may tell you that all our premises abroad are also well worth what they stand at in our books. It will be observed with sat that cur contingent liability under the "Baring Guarantee" luxs been reduced by 75 per cent., nnd now stands at £25,000. Enquiries having lately been made as to whether we have branches in Australia, I_ will therefore take this opportunity of saying that, although our charter gave the necessary powers, we have never had any branches there. (Applause.). Out balance-sheet tells ite own tale, but if any explanations are wanted, I shall by glad togive what I can, Iwill propose, therefore—* That the report now presented, together with the balance-sheet and profit and loss account, be approved and _Mr. Emile Levita seconded the resolution, Mr. James Jones remarked' that at the last meeting they were told that £50,000 had been set on one side as a contingent reserve fund, and he wished to know what had become of it.
Mr. Cheesoman asked how the reserve fund was invested.
Dr. Drysdale wished to know whether the deposits were for a certain fixed period, This was a very important point in the present state of banking affairs.
'The Chairman—At the last general meeting I mentioned that we had retained £50,000 as n contingent fund, and about that' time, I daresay you may remember, there was a sudden collapse gachange, which dropped something like 2d. in' the rupee, Ltses were, as we anticipated, sustained by our customers, so that the money set aside had to be availed of for the purpose of making up our accounts now, The reserve fund is employed in our general business. Our fieldings of Government securities are always. larger than the amount. of the reserve fund, but they are liable to be ured in our business from time to time. The period of deposite is generally for one year, though there may be, one or two which extend over a longer A Proprietor—Are the fixed depas this country or abroad?
The Chairman—About half, I believe, are in this country, and about half in India and China.
The Chairman then put the resolution to the meeting, when it was carried unanimously.
The Chairman—The next resolution, then, is—"'That a dividend at the rate tax, for the half your ended Slst December 7 por annum, free of income
last, be now declared, payable on and after the 26th inst."
Sir Alfred Dent, K.C.M.G., seconded the resolution, which was also agreed to.
Sir H. S, Cunningham, K.0.LE., next proposed the re-election' of Mr. William Paterson as a director, Mr. William Christian seconded the motion, which was carried.!
The Chairman proposed the re-election of Sir H. S, Cunningham as a director, Mr. James Whittall seconded the motion, which was put and carried.
The auditors, Messrs. William Vanner and Maurice N. Girdlestone, were also Dr. Drysdale—I beg to propose a vote of thanks to the Directors. In these times we are very much obliged to the Directors, and I hope they will take lessons from what is going on in other quarters, and will be as prudent as we hope all Directors should be. If there is any one whom we have respect for it is a banker who is prudent, and who does not risk our money in a way he has no right to do, These gentlemen have hitherto served us well, and I trust they will continue to do so. (Applause.)
The motion was duly seconded, and carried by acclamation, The Chairman—On behalf of my longues and myself T beg to thank you for your vote, I would also say that we would like to include our staff in it. (Applause.)
Text read from the printed page and cleaned; old type leaves the occasional error.