conrorartos.
GeyrLEMeN,—The Directors have now to submit to you a General Statement of the affairs of the Bank, and Balance Sheet for the half-year ending 3ist December, 1896.
'The net profits for that period, including $300,134.98, balance brought forward from last account, after paying all charges, deducting interest paid and due, and' making provision for bad and doubtful accounts, amount to $1,761,136.75,.
The Directors recommend the transfer of $500,000 from the Profit and Loss Account credit of Reserve Fund, which Fund will then stand at $6,500,000.
After making this Transfer and deducting Remuneration to Directors there remains for appropriation $1,246,136.75, out of which the Directors recommend a Dividend of One Pound. and Five Shillings per share, which will absorb $444,444.44.
The difference in Exchange between 4/6, the rate at which the Dividend is declared, and 2/13, the rate of the day, amounts to $501,368.36.
The Balance $300,323.95 to be carried to New Profit and Loss Account.
Directors.—Mr. St. C. Michaelsen has been elected Chairman for the year 1897, and the Hon. J. J. Bell-Irving Deputy Chairman, Mr. J. Kramer having resigned on leavin, Colony, Mr. C. Beurmann has been elected:
stead. Mr. R. L. Richardson has been invited to join the Board; these two appointments require confirmation at this Meeting.
Irving retire in rotation and bein; for re-election offer thensselves accordingly.
Auditors.—The accounts have been audited by Mr. F. Henderson and Mr. C. $, Sharp.
Mr. F. Henderson and Mr. ©. S, Sharp both offer themselves for re-election, latter has been acting in the place of Mr, 8. G. Bird who is absent from the Colony.
A. McCosacune, Chairman, Hongkong, 28th January, 1897.
Text read from the printed page and cleaned; old type leaves the occasional error.