The follow he report of the Directors to the eighth ordinary animal general meeting of sharehIders to be held at the offices "of the Bank, Victoria Buildings, Hongkong, on Saturday, 11th March, at noon To the shareholders,—The National Bank of China, Limited, Gentlemen,—The Directors have now the pleasure to submit to you the acenunts and balance sheet for the year ending 3ist December, 1898, The gross profits, including $4, Drought forward from last $197,799.15, which, after deducting all charges amounting to $136,425.29, leaves the net profit of $61,373.88.
Instead of paying a dividend, the Directors, as stated last year, propote, to place. this amount to credit of Capital Reserve Fund, which will then stand at $170,870.50, leaving only $4,689.50 to be added to this account to bring it up to the proposed amount of $175,560.
Mr. Lauts and Mr. Kwan Hoi-chuen retire in rotation from the Head Office Board, and Mr. Buttery from the London Committee, and being eligible for re-election offer them: selves accordingly.
The Accounts at' the Head Office have been audited by Messrs. J. H. Cox and W. Hutton Potts, and in London by Messrs, Deloitte, Dever, Griffiths and Ca., Chartered Aceountants.—Your obedient sei Hongkong, 9th February, 1899, Bazance Sutor, 3st Decenger, 1898. Liabilities, Capital, 750 fully paid founders?
shares of £1 each (at par of cent easily said "Sua asi icy, pital, partly paid, £322,634 (at Pipar Of 3 ses " 2)157,493.82 Capital reserve fund 109,496.64 Notes in circulation 464,705.00
Fixed deposits and' current accounts Loans payable Bills for collection and branch balances s shor Drafts, acceptances and endorsements (bills rediscounted) Balance of profit and loss account 580,898.12 290,000.00
688,404.49
718,721.17 61,373.86
Text read from the printed page and cleaned; old type leaves the occasional error.