Mar. 11.
Tue annual meeting of the Hongkong & Shanghai Bank is an event to which many besides the fortunate shareholders look with interest. The statement of accounts is a valuable index of the, progress of British trade, while the chairman's speech never fails to contain some interesting comment on the affairs of the Far'
East. As-regards the former the Bank deserves hearty congratulation on its year's working. Notwithstanding the many difficulties and perplexities under which business has had to be conducted, the disarray of foreign exchanges, the amazing fluctuation of rates, cable delays and political confusion—all calling for the greatest watchfulness and, if offering a good reward to the successful, threatening the least error with dire consequences—-the total return to share-solders amounts to £960,000 or £8 per share as against £708,000 or £5 18/- per share in 1918. The: silver reserve fund now stands at $23,000,000 the—sterling at) #£1,500,000; but it is proposed to transfer enough from the silver reserve to bring the sterling up to £2,500,000, keeping this additional amount liquid for the purpose of financing trade. With the other assets shown, and with the ruthless writing down of all securities and premises, this is a me showing, which may be commended to the notice of financial papers at Home. In this connexion an innovation in the balance sheet may be noted: all items are shown with their sterling equivalents at the current' rate. This is not only useful to shareholders but should lead to a juster impression at Home, where Hongkong dollar accounts are, perhaps, imperfectly understood, of the Bank's increasing importance, and of the success which has been won by a purely local British venture, locally controlled by men who understand local conditions.
The Chairman's survey of the recent disturbance of all exchanges and the abnormal rise in silver since the removal of Government control last May is too long to be quoted here and the general features are familiar to all business readers. Two figures only might be mentioned. -The controlled price of silver in May was 488d. per ounce: in December it had
Text read from the printed page and cleaned; old type leaves the occasional error.