les of Association only stij riga year, but your Directors consider it advisable to submit to of accounts half-yearly to Show the progress the Bank is making.
Annexed they have the pleasure to submit to you the accounts for the period ending 30th June last, from which you will see that (including $20,572.82 brought forward from last aunt) the balance of undivided profit carried forward is $50,245.98.
The figures of the Balance Sheet speak for themselves and you will observe that every care is taken to minimise expenses.
The of your Directors is to conduct liquid exchange business, avoiding srhich, however suto and profitable they may 's-up of Capital und advances on shares,
be in themselves, ought rather to be left to Financia! Mortgage and Investment; anies titan to Exchange Banks; our sp outivarde and fiomewarde and in turning over los in financing the movements of merchandi
our Funds us often and as rapidly as cireamstances will permit.
The half-year under review has been specially marked by the crisis in Australia and by the hurried action of the Indian and Imperial Governments in legislating to maintain the value of the Rupee at a relatively fixed level.
The effects on our currencies in the Far East by the action vf India and the prospe tive action of America have al s the ci ful consideration of your board, whose object while so much confusion prevails with re rd to monetary matters all over the world, try to steer a cautious, safe and middle course.
Your directors have forfeited certain shares on which the Calls have not been paid {including those belonging to Russell & Ca) and the amount paid thereon and now for: feited is all held @ special Suspense Account to be dealt with later on as they may see fit.
The accounts at the Head Office have been audited by Messrs. J. H. Cox and Wu, Hutton Potts and in London by Messrs, Deloitte, Dever, Griffiths & Ca., Chartered Accountants.
Your obedient Servant, D.G Chairman.
Hongkong, 17th August, 1893.
Bauaxce Sneer, 30th June, 1893.
Text read from the printed page and cleaned; old type leaves the occasional error.