Justifies Bank's Conservative Policy, But. Says, Must Not Regard Coming Year With Complacency Shanghai, Mar: 5.
T the annual general meeting of shareholders of the Hongkong Shanghai Banking Corporara mn, held at the head office of] the bank in Hongkong on February 28, Mr. A. L. Shields, chairman, who presided, gave a most comprehensive survey of the financial position in China and the Far East.
Speaking on behalf of the dil rectors he said, that they regretted that it was necessary to recommend a reduction of the final dividend by 10/- but he was sure that they would realize that the heavy'
in the value of the Shanghai dollar necessarily meant a decline in the Hongkong dollar value of their investments in Shang~ hai, but the resources of the bank have not been impaired, The loss having been met out of the bank's earnings, which is sound policy and would no doubt meet with approval, The chairman in his speech said After making full provision for alt iajown losses and contingencies and Mee wilting. down investments, the iret pronts for the year amount to 518.989.9054, to which must be added So, t00¢080 bought forward from lst "the interim dividend of £400,000 paid at 1/21) and directors" remunration. fis to. be deducted. There then remains available for ast tion' $i0i63.1106, which itis peO-hosed to" allocate as foliows:—pay tah viendo "oda amore taube ies Ueeton THEO
00.00.00 he figures of our balance sheet have been converted at thi of Vatad, per dollar,
Text read from the printed page and cleaned; old type leaves the occasional error.