The report of the directors of the Chartered Bank of India, Australia & China for the year ended December 31 last has now been received in Shanghai. Referring to the balance sheet and profit-and loss account the report says:—These show a net profit, after providing for all bad and doubtful debts, of £849,601 9s. 11d. inclusive of £172,830 6s. 10d. brought forward from the previous year. The interim dividend at the rate of 14 per cent. per annum paid in September last absorbed £140,000. The amount now available is, therefore, £709,601 9s. 11d. and the directors propose fo pay a final dividend at the rate of 14 per cent. per annum, together with a bonus of 6/3 per share, making 20} per cent. per annum for the whole year, free of income tax; to add £100,000 to the reserve fund which will then stand at £3,600,000 to add £35,000 to the officers' superannuation fund; to write off premises account £100,000, and to carry forward the balance of £209,601 9s. 11d.
Interest. on instalments of new capital (£1,000,000) and premium (£500,000) from dates of payment to December 31, 1920, at the rate of 6 per cents per annum free of income tax has been paid.
The new shares will rank equally for dividend with the old shares as from January 1, 1921.
It is proposed that the Rt. Hon. Sir John Newell Jordan, G.c.1.8 K.c.B., K.0.M.G., already a provisional member of the board, be formally elected a_ Director.
Sir Duncan Carmichael, Sir Harry Goschen, K.B.e., and the Rt. Hon. Lord George Hamilton, G.c.s.1., the Directors who now retire by rotation, present themselves for re-election.
The auditors, Mr. David Charles Wilson, Foca. and Mr. Henry Croughton Knight Stileman, F.c.a., again tender their services.
"Phe dividend and bonus will be payable on and after Friday, April
Text read from the printed page and cleaned; old type leaves the occasional error.