'The 80th half-yearly' meeting of share-older sh was held'at the City Hall, Hongkong, ea the 19th ult., Mr. M. W. Slade, chairman of the bank, presiding. There was a large attendance of directors and shareholders. We take the following report from the "Hongkong Daily Press"
'The Chief Manager read the notice convening the meeting and the Chairman read the report, after which ho said—Goutlemen—I¢ gives your directors great pleasure (o come before you with another good result of six months' working of the Bank. I fool sure that the report whicl I have just read will be considered satisfactory, and I trust the distribution' of profits which we recommend will also receive your approval. From the statement of accounts which has been in your hands for some time, you will have soon that, in add tion' to placing $5 lacs to the silver reserve, raising that fund to $8,500,000, and carrying forward some $2 aes: in excess of last half-year, we propose, on this occasion, to pay dividend of £1.15s. por share, being an increase of 5s, on the dividend which you have regularly roceived for the past six and a-half years, At first sight 5s. per share doos not seem a largo increase, but it amounts to £40,000 a year, and in percentage you will find that at prosont exchange it represents fully 4 por cent, por annum on the capital, which I think you will admit is a very substantial addition to our dividend, Your directors fully recognise, as I am sure you must all do, the inadvisability of raising the dividend unless there' are reasonable grounds for feeling confident of being able to maintain it. The proposal lias, therefore, not been made without due consideration and only after careful observation of the steadily increasing oaming power exhibited by the various branches of the Bank, not only in the Far East, but also in other parts of the world where we are established. But though we feel justified in thinking that the time has come for shareholders to receive a higher dividend, we are also alive to the necessity of ensuring that the Bank shall be prepared to take advant-ago of the increased opportunities certain to accompany the great impetus to ontorpriso in China which is expected to follow the close of the war, and we therefore, fully realise the prudence of continuing to add to our reserves. This is the surest way of maintaining the strong position in which the Bank at prosont stands, and your directors have no intention of departing from the general line of policy in the respect which has bon pursued with so much success in the past, and of which we are to-day reaping the benefit, Turning now to the balance sheet and comparing it with that of 30th December last, you will notice that the total figures are considerably higher. This isto a large extent accounted for by the increase of some two and a-half millions sterling in the gold current accounts, due chiefly to the temporary deposit of proceeds of loans recently floated.: There is no appreciable change in gold fixed deposits; silver current accounts show an increase of $5,300,000 and silver deposits are also a little higher.
Bills payable have increased by
Qifferenco in our note circulation, but compared with a year ago it has gone up about $11 lacs. On the other side of the account, coin lodged with the Government against the excess note issue remai unchanged at $8,500,000, but coin and bullion in hand, and' in transit, amount to $49,336,683.16 against $43,204,418.57. Our holdings of Indian Government Rupee Paper and Consols, Colonial and other securities have both been slightly increased; Bills discounted, Loans and Credits stand at $104,214,416.69 against $85,601,304.98 in December, and Bills
dollars more than last half-year. Receivable are wearly twelve million ar Eastern commerce has pursued @ com, tively even course throughout the past half-year considering the importance of the political events which have marked the period. The effect of the war upon trade has not changed in any striking manner since we last met. Things seem to have adjusted themselves fairly comfortably to the temporary conditions. We have certainly witnessed a marked depression of trade and contraction of native credit in the South of China; this, however, been mainly due to local causes which we may hope before long to see disappear; but, viewed as a whole, the foreign trade of China continues to expand while that of Japan has shown remarkable progress, notwithstanding the continuance of hostilities. In the happy event of peace resulting from the conference now being hold in America, there is good reason for anticipating a general revival of trade throughout the Far East, and we may look forward with confidence to the There being no questions, the Chairman proposed the adoption of the report and accounts.
Mr. Orango—I fool sure the report and accounts placed before us cannot fail to be satisfactory to the shareholders. The increase in dividend will be wol-comed, especially in view of the remarks of the Chairman that this would not have been made without the prospect of it being continued. We all trast that the clos of the long war is near, bringing about a more secure feeling in trade and business generally. I have much pleasure in seconding the proposition for the adoption of the report and accounts.
he proposition was agreed to unanimously.
The appointment of the Hon. Mr, C. W. Dickson and of pfessrs, G. H. Medhurst and F. Salinger as directors was confirmed on the motion of Mr, Saunders, seconded by Mr. Barton.
Mr. G. Murray Bain moved that Messrs. W. B. Potts and A. G, Wood be re-elected auditors.
Mr. Jupp seconded the motion which was carried.
The Chairman—That is all the business, gentlemen; dividend warrants will be ready on Monday.
Mr. Cruickshank proposed a very hearty vote of thanks to the Board of Directors, Chief Manager, other Managers and staff, and congratulated them on the satisfactory work during the past six months. Gratifying as the results wore, ho said, they must not overlook the fact that they owed the very substantial rise in the value of the shares to the sble management, care, and interest shown by. those who bore the heat and burden of the day during the past six months, (Applause.)
The Chairman's acknowledgment of the vote concluded the moot
Text read from the printed page and cleaned; old type leaves the occasional error.