The principal change is in our note issue which has increased by some $72% million and is shown this year in two amounts, while on the other side Hongkong Government Certificates of Indebtedness show as a separate item of just over $170 million as cover for our excess issue.
The Hongkong Government now publish at stated periods the condition of the currency fund, from which it can be seen that well over 100 per cent. cover is held by them against the certificates of indebtedness which we hold. It'is not only a greet satisfaction to your board to know that Gur liability to the public is so well secured but also that the currency of the Colony is in such a sound eondition.
Other changes in the balance sheet Rave not been very startling; bills payable are up about $6% million, Current accounts, up $51 million. While fixed deposits are down $29 million.
On the other side cash with certificates of indebtedness is up $61 million, securities up $23 million, bills receivable up $46 million, while loans are down $26 million.
Your Directors are very glad to be ble to present to you to-day such a sound balance sheet and a welcome profit and loss account at such a time. All known and likely losses have been amply, pnpvided:4or, and. a moderate sum has been all for any possible losses. which may come to light later on.
Text read from the printed page and cleaned; old type leaves the occasional error.