16 MARCH 1934, Page 40


That well-managed institution, the Hongkong and Shanghai Banking Corporation, shows a satisfactory position in its latest report and balance-sheet. At the same time, it should be noted that some of the advance which has occurred in the sterling figures of the balance-sheet is due to the fact that the sterling equivalents of Chinese currency are shown at a rate of exchange of is. 5 ad. as compared with ls. 3d. a year ago. In actual dollars the profits showed a moderate decline. A further sum of 1,500,000 dollars is written off Bank Premises Account, and after making this transfer and deducting the interim dividend of £3 a share, the directors now recommend a final dividend of £3 a share. The balance-sheet again shows a very large holding of Cash in sterling and, even in currency form, the total was higher than a year ago. * *