The ordinary half-yearly meeting of this instant. The Hon. A. MeConachie (Vice-Bank was held at Hongkong on the 16th
Chairman) presided. There were also present, the Hon. J. J, Bell-Irving, Messrs. M. D. Ezekiel, R. M. Gray, St. C. Michaelsen,
jackson er), and a large num-A. Bike, HE. Sharan (Direcor), 7
Mr. Jackson read the notice calling the meeting.
The Chairman said—Gentlemen, before proceeding with the business of the mecting, I would like to express the very sincere sympathies of, Iam sure, all here present, with our esteemed Chairman in the grave sorrow which has just fallen upon him, and which prevents his presence here to-day.
The report of the Directors was then read by the Chairman, after which, The Chairman said—Gentlemen, your Directors are again pleased to be able to lay before you a very satisfactory statement of the Bank's affairs to the 31st of December.
Jalmost entirely devoid of losses. he half-year, Xam glad to sayy has boon profits represent a good percentage upon the Bank's capital—affording a dividend of £15. per share, $250,000 to the credit of the reserve fund, snd over three lacs of dollars being carried forward. The Directors would be very well satisfied if such results are repeated in the future. You are aware that we have keen competition at some of our branches, and exchange profits are much smaller than they formerly were, Still, so long as we retain the goodwill of our friends in the Eastern trade, no matter what competition we may be subject to, I have not the slightest doubt we will continue to give our shareholders handsome returns on their investment, and I would in hope that they will see the value of their property steadily increase. The Directors aim at uniformity of dividend, and our present one of £1 5s. ab exchange of 2/14 represents a distribution of 18.73 per cent. on the par value of the shares, In view of the competition above alluded to, it is, and I hope it will continue to be, the policy: of the Bank to add to the reserve fund rom half-year to half-pear, as profits admit of such a course being pursued, Gold and silver deposits combined show anincreaseupon last half-year's totals of $23,521,633.60. This increase is mainly owing toa large amount temporarily held in current account London. Otherwise, deposits would only show a very small increase upon what they were on the 10th of June last. The reduced rates we now pay for money will effect a considerable saving in future half-years. Like a good many other Banks, we have recently had more money at our disposal than we could profitable employ. The value of our sterling and rupee securities held in London continues to increase. A re-valuation at about: present prices would yield a very large age upon what they stand in our books, We feel very comfortable in thus having what may be called a second reserve fund to fall back upon in ease of need. Our liquid assets represent a very large amount, bills receivable alone being over 84 millions of dollars. The year 1895 was a good one for the Eastern trade generally, and we Jock forward hopefully to 1896 being equally favourable. Nonilonea, Defore closing these remarks, I am happy to inform you that the Directors have secured the good services of Mr. Thomas Jackson as Chief Manager for a further period of threeyears—(applause),—which doubtless will give great satisfaction to the shareholders. Before Shell be glad to answer any questions which ing the adoption of the report, shareholders may wish to ask. (Ay plause.)
Mo questions were asked and tle Olisir. man moved the adoption of the report and accounts,
Text read from the printed page and cleaned; old type leaves the occasional error.