The following is the chairman's speech at the recent meeting of the bank Gexttemes,—I have now the pleasure to submit to you the Report and Balance Sheet to 31st December 1900 (which with your permission we will take as read), The profits and position of the Bank continue to improve. Charges Account again shows " reduction, but has now reached a limit below which we can scarcely expect it to go if we are to combine etliciency with economy.
The Dividend this year is $1.50 against $1.36 Inst year and we are sure the shareholders will approve of the Policy vf udding svhstantially to the Reserve Fund each year, While we have no reason to complain of the results of the year asa whole it is as well to remind you that we went through a very trying and unprofitable summer owing to the attacks on the Legations at Peking and the consequent disorganization of trade and credit which ensued.
Trade still remains dull owing to the continued uncertainty of affairs in the North but when matters are amicably settled we hope to see a considerable revival in business of every description.
You will notice from the totals which we gave you at the foot of the Profit and Loss Account that our Qupital and Reserve Funds now reach a total of $2,420,000.
I have further to intimate that your 00 Directors have invited Mr. C. Owens toa seat on the Board and you will be asked to confirm the appointment.
Before moving that the Report and Accounts be adopted I shall be happy to answer any questions that shareholders may desire to ask.
Hongkong, 9th March, 1901,
Text read from the printed page and cleaned; old type leaves the occasional error.