The ordinary half-yearly meeting of the shareholders in the above Corpyration was held at the City Hall, Hongkong on Saturday (19th ult.) Mr. H. Hoppins (Chairman of the Board) presided and there were also present Hon. J. J. Keswick, Messrs. C. J. Holliday, C. Jantzen, H. H. Joseph, J. Kramer, A. McConachie, J. 'S, Moses, and D. R, Sassoon (Directors), T. Jackson (Chief Manager), How. E.R. Belilios, Hon. C. P. Chater, H. Hunter, J. C. Peter, BR. T. Wright, A. Hancock, S. Hancock, J. "R. Avton, A. Courts,' WY. R, McCallum, 8. N. Mody, F. Henderson, W. S. Bamsey. J. B. Coughtri burn, A. G. Wood, K. A. Chinoy, A. Turner, D. D. Guzdar, E. S. Whealler, Benjamin, R. Shewan, A. H. Mancell. E. Georg, J.H. Cox, J.D. Humphreys, H. Humphreys, G. B. Dodwell, Hurt Buck, Murray Bain, H. Crawford. W. H. Ray, E. F, Alford, C. C. Guhen, J. Grant, J. Ezekiel, EH, Jones Hughes, S. L. Darby, T.
Hough, E. J. Coxon, G. de Champeaux, C. A. Tomes, B. Layton, C. G. Gonsalves, and others, The Chief Manager read the notice convening the meeting, and the Chairman rend
been published the alf-yearly report, which has already The Chairman then said—Gentlemen, it is with great pleasure we are able to con before you with the report you hav heard read. The last six witnessed a complete revolution in the financial system of India which will pro-bubly have far-reaching consequences. The immediate result was a drop in China exchange as compared with India of 20,36 per cent. jin other words the rapeelevel China and India fell from 221 rupees for $100 to 176 rupees for $100, a very serious state of affairs for all merchants engaged in the import trade from India. The difference has since narrowed down to 12.67 per cent. or Rs. 193 for $100. Iam happy to inform you that notwithstanding the dislocation of the Indian trade with China, and the heavy losses caused by the closing of the mints, the business has been so carefully "conducted by the merchants engaged therein that we have not m any loss whatever in that business dui the period under review. (Applause). The silver question, as whole, and in particular the recent action of the Indian Government relating thereto, have been go fully discussed all over the world that L need not say more than that I doubt the wisdom of the chan; made. During the twenty years from 1872 to 1802 the trade of India doubled, while that portion of it which we are the more intimately acquainted, viz., the trade with China, was increasing by leaps and bound: My opinion is that the recent policy of pr tecting the rupee, while silver generally left to luck after itself, will retard the natural development of the Indian trade and will correspondingly develop the trade of the free silver-using countries, of which the principal are China, Japan, and the Straits Settlements, where our strength lies, and where we hope to profit by the increased business that-is sure to spring up in the nearfature. (Applause). I think—and believe I am expressing the opinion of my colleagues as well—there are only two ways of satisfactorily settling the silver question. One is leaving it absolutely to find its own level according to the everlasting principles of supply and demand; the other is the free coinage of silver on a basis to be mutually agreed upon by the various countries of the world principally interested, parts of silver, to one of gold. The commence of the world cannot be carried on with gold alone, and the sooner the Western "nations realise this fact the better. Ae Sir David Barbour said inn recent speech, We have not by any means seen the last of the battle of the standards." I do not think I am weong when I predict that the commerce of the silver-using countries will increase in a far greater ratio than that of the gold-using. Silver is the currency of the East; it will remain so, notwithstanding avy attempts British Eastern dependencies upon a gold hat nny be made to place the currency in basis. Gentlemen, pardon the digression have made. I now proceed to give sume details about the report. Marine Insurance Account stands at $250,000 us against $214,607.86 in the: previous report, we having recovered the treasure belonging to the Bank that went down in the ill-fated Bokhara, Notes in circulation amount to $9,704,573.89, very nearly up to our limit' of 10 millions of dollars allowed by the Lords of the Treasury, Silver deposits have increased during the half year by $1,583,903.52, while sterling deposits have decreased during the London half year ending 30th April last £624,100 4s. 10d., and since that date up to the Intest written advices by mail of 13th July they have further decreased £594,200 14s, 5d. They then stood at £3,694,175 19s, 3d, (Applause). The recenttinancial crisis in Australia, and the failure of so many banks of deposit, have for the time being made fixed deposits unpopular as a means of investing money. We were quite prepared for this state of things, having remitted heavily to London during recent mouths, Our London Office is amply provided with funds and realisuble securities; we mean to keep them in that comfortable position, (Applause). All our exchange accounts, including the specie! reserve at the Bank of England, were adjusted at the rate of 2/6 per dollar. When the heavy drop in exchange came, towards the 30th June, the Bank asa whule was to the good in gold £330,000 including'all outstandings, s that we were ina position to view the serious collapse in silk with a certain amount of equanimity. At the same time the Bank was slightly to the good in rupees, in fact the only loss we sustained in connection with the recent decline was in having £177,000 of bar silver shut out of the mint, on which there was a loss of between 7 and 8 per cent. The same has been provided for in the account, under review. (Applause). The apparent decrease from Inst half year of $5,851,971.26 in bills receivable is partly accounted for by the withdrawal from that itew of the figures representing bullion in transit now set out: separately in the report. Gentlemen, T think we are justified in taking hopeful view of the future; although ness generally is very dull for the pre-ut, caused by the prevailing uncertainty abvutt silver, yet the legitimate trade of China, Japan, and the Straits is on a sounder footing than we have known it for years, Share gambling, gambling in property, and company promoting are happily in abeyance and are likely to remain so for many a day. The principal companies in Hongkong are all doing remarkably well; in the course of time savings will accumulate and investments will be made in the good dividend paying stocks of the Colony, Let us hope that the dark days of the Inst few years will soon he hidden away in the forgotten past. Tu, conclusion, I wish to express the great satisfaction felt by your directors, and I am certain I may add all shareholders, at seeing our old friend Mr. Thomas Jackson out here again at the head of our great institution. (Loud applause). Before proposing the adoption of the report and accounts I shall be glad to anewer any ques-which nay be addressed to the chair, best of my ability,
Text read from the printed page and cleaned; old type leaves the occasional error.