the Calcutta City Banking Corporation, with a paid-up capital of Rs. 50 lakhs. In 1864 a branch office was opened in Bombay. As the bankers of the celebrated Port Canning and Soonderbuns Reclamation Companies the corporation came prominently before the public in 1864. For a couple of days its office in Calcutta was thronged with applicants for shares, the deposits for which were payable at the bank.
In 1865 the Agra and Mastermanas Bank stopped payment, and a dozen or so mushroom banks, both in Calcutta and Bombay, followed suit, leaving a residuum of good business,
formed for that purpose from accumulated profits. The paid-up capital, which then stood at A500,000, has since been raised to A800,000 by the allotment to shareholders of bonus shares from accumulated profits. At the same time liberal contributions have been made to the reserve fund. a According to the last balance-sheet the subscribed capital amounts to A1,600,000 ; the paid-up capital to A800,000 ; the reserve fund to A700,000 ; the deposits to A10,856,745 ; and the loans, bills of exchange, and c., to A9,323,277. The bank today has branches, numbering twenty-one in all, at Calcutta, Bombay, Madras, Karachi,
1901. The offices in Phayre Street, Rangoon, are the property of the bank, and were built fourteen years ago.
HONGKONG AND SHANGHAI BANK.
It was in 1892 that the Hongkong and Shanghai Banking Corporation extended its operations to Rangoon. Nine years later, the imposing premises now occupied by the local branch at the corner of Merchant Street and Barr Street were built on a site which had previously been purchased for the purpose. The present manager, Mr. W. Reid, had charge of the bankas interests in Ceylon
HONGKONG AND SHANGHAI BANK CORPORATIONaS PREMISES IN MERCHANT STREET, RANGOON.
which the Calcutta City Banking Corporation was not slow to secure. Shortly afterwards the name was changed to that of the National Bank of India, Ltd. In 1866 an office was opened in London, and a year or two later it became the head office, the balance-sheets being issued in sterling.
In 1893 it was decided to transfer the capital of the bank from India, where it was liable to be affected by the fluctuations of the gold value of the rupee, to London. This step was accordingly taken, and the depreciation was met from a reserve fund which had been
Chittagong, Amritsar, Cawnpore, Delhi, Lahore, Tuticorin, Rangoon, Mandalay, Colombo, Kandy, Nuwara Eliya, Aden, Steamer Point (Aden), Zanzibar, Mombasa, Nairobi, and Entebbe.
The branch in Rangoon was opened in 1885 by Mr. John Spence, and that in Mandalay two years later by Mr. A. Robertson, now inspector of the bank. Mr. Spence was succeeded by Mr. W. Touch, who, in turn, was followed by Mr. Charles Nicoll, and the late Mr. R. R. Ross. The appointment of the present manager, Mr. J. Y. Munro, dates from
from 1906 until April, 1908, after which he was transferred to Rangoon.
The foundation of the bank dates from 1864. Since that time the paid-up capital has been increased from $2,500,000 to $15,000,000. The sterling reserve fund amounts to A1,500,000, and is invested mainly in Consols, which stand in the books at 82, while the silver reserve is $14,500,000. The reserve liability of the proprietors is $15,000,000. For the year 1908 a dividend of A4 per share was declared on the ordinary shares, and a bonus of 5s. per share was distributed.The foundation of the bank dates from 1864. Since that time the paid-up capital has been increased from $2,500,000 to $15,000,000. The sterling reserve fund amounts to A 1,500,000, and is invested mainly in Consols, which stand in the books at 82, while the silver reserve is $14,500,000. The reserve liability of the proprietors is $15,000,000. For the year 1908 a dividend of A 4 per share was declared on the ordinary shares, and a bonus of 5s. per share was distributed.