The following is the seventieth report of the' Court of Directors to the ordinary half-yearly General Meeting of Sharcholders ty be held at the City Hall, Hongkong, on Saturday, the 18th of August, 1900, at noon To the Proprietors of the Hongkong and Shanghai Banking Corporation.
Gentlemen,—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 30th June, 1900.
The net profits for that period, including $960,843.56, balance brought forward from after paying all charges, de-rest paid and due, and making bad and doubtful accounts, In accordance with the intimation given at the Last ordinary half-yearly general meeting, the Reserve Fund of $11,500,000 has been divided into a Sterling Reserve Fund of $10,000,009 and a Silver Reserve Fond of 81,500,000. The Directors now recommend the transfer of $500,000 from the Profit and Loss Account to credit of the Silver Reserve Fund, which will then stand at £2,000,00/ After making this Transfer and deducting Remuneration to Directors there remains for appropriation $2,923,826,01, out of which the Directors recommend' the payment of a Dividend of One Pouad and Ten Shillings Sterling Share, which at 4.6 will absorb $533,333.33.
The difference in Exchange between 4,6, the rate at which the Dividend is declared, and 1,112, the rate of the day, amounts to $672,949.39.
The Balance $1,717,543.29 to be curried New Profit and'Loss Account.
fors.—Mr. A. MeConachie having seat on leaving the Colony, Mr. H. W. Slade has been invited to fill the vacancy; the appointment requires confirmation at. this Meeting.
aAuditors—The accounts have been audited by Mr. F. Henderson and Mr. C. S. Sharp.
N. A. Srevs, Chairman, Hongkong, 31st July, 1900:
Text read from the printed page and cleaned; old type leaves the occasional error.