Report of Directors to be Submitted at Meeting The Board of Directors of the Hongkong and Shanghai Banking Corporation in their 122nd report to the Ordinary Yearly General Meeting of Shareholders to be held at the offices of the corporation, 1 Queen's Road Central, Hongkong, on Saturday, February 26 at 1130 am., submit a general statement of the affairs of the Bank and Balance Sheet for the year ending December 31, 1937.
The net profits for the year, together with $3,340,789.84, balance brought forward from last account, after paying all charges, deducting interest paid and due, and making provision for bad and doubtful accounts and contingencies, amount to $18.773,006.68.
The Directors recommend writing off Bank Premises Account the sum of $1,000,000.
After deducting $1,000,000, the Interim Dividend of £2.10.0 per share, paid on August 9. last, 400,000 1/2%d.=$6,564,102.56, and remuneration to Directors, there remains for appropriation $11,127,542.35, out of which the Directors recommend the payment of a Final Dividend of £3 per Share, viz, £480,000 which, at 1/2%d., the rate of the day, will absorb $7.744,537.82.
The Balance $338300453 to be carried to New Profit and Loss Account.
The Sterling equivalents of the Assets and Liabilities are shown at 1/2%d., the rate ruling on the last day of the year.
Mr. T. E. Pearce has been elected Chairman for the year 1938, and The Hon, Mr, J,'J. Paterson has been elected Deputy Chairman.
Tur Hon. Mr. M. T. Jónwsox, Mr.
G. Misxry and Mr. A. L. SHIELDS retire in rotation, but being eligible for re-election, offer themselves accordingly.
Tue Accounts have been audited by Mr. Jons Fteminc, CA. and Mr.
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