Things are beginning to look up, however; at the end of 1 th all that the Chinese Imperial Government Loan bad been able to do, the profits had amounted to less than a hundred and twenty thousand. Yet, by the beginning of 1876 profits had risen to $336,713 and the Directors felt justified in recommending a three per cent. dividend. Contingent Account, however, absorbed $145,000, though by this time it can hardly have been distinguishable from Reserve Account, which six months later receives once more & contribution of $100,000, contingent account disappearing altogether.
Two features are worth noting in this half yearly report of June 30, 1876. First, that the dividend is paid in sterling, £1 per share, in order to place all shareholders on the same footing. Secondly, that the name "T. Jackson"' first appears at the foot of the balance sheet as Acting Chief Manager, a position which was confirmed at the close of 1876 when the Directors could report to the shareholders the satisfactory profit of $502,802, including the previous half year's balance of 838,000 undivided profits.
From that time the affairs of the Bank have never looked back. There was a year or two in which the profits did not quite rise to the last figure quoted above, but these were quickly succeeded by records of extraordinary and increasing growth. For ten long years "T. J." stood by his post and when at the beginning of 1886 he applied for twelve months' Home leave, Wayfoong paid a dividend of £2 per share and a bonus of ten shillings; the net profits amounted to $996,- 800, reserve fund stood at $4,500,000 and reserve for equalization of
Text read from the printed page and cleaned; old type leaves the occasional error.