The eighth annual shareholders' meeting of the Shanghai Commercial & Savings Bank was held in the Chinese Bankers' Association building on Hongkong Road last Sunday afternoon. Over 75 per cent. of those holding shares were present and great enthusiasm was shown by the shareholders over the good progress of the bank. The usual business of the meeting was transacted and the auditor's report passed. The report given by Mr. K. P. Chen, general manager, on the sound condition of the bank was well received.
This bank started with a capital of $100,000 is 1915 and has steadily increased to $1,000,0C0 last. year. Up to the latter period, a deposit of over $6,000,000 had been recorded with a possibility of increasing to a larger sum by the first half of next year.
Mr. Chuan Teh-tse, chairman of the Board of Directors, reported the favourable purchase of the big building on the corner of Jinkee and Szechuen Roads and that the bank will occupy its new quarters in the near future.
A dividend of 10} per cent. for the past year was declared.
The bank's working account is as follows Balance carried forward from last year's account $31,553.18 Profit for 1919 228,744.50
Total $260,297.68 After deducting Reserve $86,000.00 Dividend including bonus 75,862.61 Bonus to Directors, ete. 4,400.00 Bonus to Si 46,500.00 Expenditures in training schoo! 2,000.00
$214,762.61 a balance of $45,635.07 is carried over to next year's account.
Text read from the printed page and cleaned; old type leaves the occasional error.