Having regard to the great fall in silver, and in
the Chinese Exchange during the past year, the Hongkong Bank has done wonderfully well in merely having to make a slight reduction in its bonus. The actual dividend is undisturbed, but the bonus was reduced to £1 per share. This represents about £100,000, but appropriations have been increased by the transfer of about £40,000 to silver reserve, while there is the same handsome allocation of 750,000 dollars to premises, and the carry-forward is maintained at the same level as in the previous year. The directors have also announced that a transfer was made during the year of 5,000,000 dollars from the silver reserve fund to. the Sterling reserve fund at the rate of 2s. to the Hongkong dollar, making the Sterling reserve fund £6,500,000 and reducing the silver reserve fund to 9,000,000 dollars. The silver reserve fund will, of course, be increased by the allocation of 500,000 dollars from the profits of the past year.
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