Sir Robert Ho Tung, in seconding, snid:—Mr, Chairman, Ladies and (Gontlemen,—In rising' to second the motion just proposed by Mr. Chair~ man, I should like, first of all, to say that' we heartily associate ourselves with the deserved tribute which our Chairman has just paid to our former Chief Manager, Mr. A. H. Berlow. Absolute devotion to duty was, to him, not merely an ideal, bbut'an ever' active. principle which animated his daily work. His long fand faithful record of service to the Bank, and the able manner in which, as Chict Manager, he directed its affairs in the midst of financial stringency and political upheaval have placed us all under a dolt of gratitude to him, We rejoice that he hus accepted a seat on the London Consultative Committee, and that his expert Inowledge of Eastern banking conditions will thus continue to be available to this. in-
Ocr Chairman has rightly wed that the Hon. Mr. Hynes swell known to us all, and we feel that in appointing him to the important and responsible position of Chief Manager, our Directors could not have made a. sounder choice. Endowed with a wide comprehensive outlook, and equipped with an intimate knowledge of all the banking problems and intricacies, he is the right man in the right place. It is happy augury—a good "joss that the first year of his assump! of his high office should synchro with the marked improvement. in the Colons"s affairs generally, as shown. by the increase of the Cotons"s population, by the increase tonnage of ocean vessels passing through, and above all by the injerease in value of the shares of Public companies, We join with you, it, im wishing him a Tong and suc Jeessful tenure of his high office.
Tt is unncessary for m to say auch on the accounts which have been presented, for they are, a5 we all must agree, eminently satisfactory, especially having regard to [the adverse trading circumstances to which our Chairman has alluded. We are glad that our Directors, in their allocation of the profits, {following the eonnd and conservative policy, which is traditional of our. 'Bank, for we feel that it is only by pursuing such a policy that its unrivalled and unshakable solidarity jean be maintained. Our Directors' decision to award the staff a bonus of 10 per cent, on their salaries in recognition ut their meritorious work during the last year has our hearty support.
Text read from the printed page and cleaned; old type leaves the occasional error.