JACKSON, SIR T.
582 5
A man who through his continuous energy, perseverance, untiring industry and conspicuous tact nursed the Hongkong and Shanghai Banking Corporation from childhood to healthy manhood, was Sir Thomas Jackson, who retired from the post of Chief Manager in 1902.
To-day, the Hongkong and Shanghai Banking Corporation takes its place as the premier business house in the Far East with branches throughout the world. The old building, facing Statue Square, has been demolished and the construction work on the new building, which when completed will be one of the most imposing edifices in the Colony, is progressing rapidly.
Next month will see the laying of the foundation stone by His Excellency the Governor, Sir William Peel.
Sir Thomas Jackson served in the Bank from 1866 to 1902, when he retired. An imposing stature of the former Chief Manager stands in Des Voeux Road, Central, facing the bank site, where the new building is being erected. He was knighted in 1899 and created a Baronet in 1902. On his retirement from the East, Sir Thomas was appointed Chairman of the London Committee of the bank, which post he held until his death which occurred on December 21, 1915.
Sir Thomas Jackson arrived in Hongkong in the autumn of 1864 to join the Agra and Masterman's Bank. One year after his arrival the Hongkong & Shanghai Banking Corporation was formed and in the following year, 1866, he joined the new bank. He became successively Accountant at Shanghai, and Manager at Hankow and Yokohama before returning to the Head Office as Sub-Manager in 1879.
Two re-appointments to Yokohama and a short leave in 1874, with an Acting managership of the London office, occupied the time before Sir Thomas became confirmed in the post of Chief Manager in 1876. Under the auspices of Sir Thomas Jackson, the Savings Bank was commenced in May, 1884.
"Few men have won greater popularity in Hongkong; none have been better entitled to it," were words used by Mr. (now Sir Robert) Ho Tung in toasting Sir Thomas Jackson at a farewell banquet held in the City Hall on May 10, 1902.
In the course of his speech, in which he alluded to the progress of the Hongkong and Shanghai Banking Corporation, Mr. Ho Tung said: "No one who is even superficially acquainted with the history of Hongkong can ignore the fact that you took over this very responsible office at a period of the greatest doubt and uncertainty attending the commercial affairs of the young Colony.
Although blame was sought to be saddled on the executive on account of the legislative measures which it enacted for the depressing state of affairs, it cannot be denied that far more potent factors throughout the East were contributing to bring commercial disaster upon Hongkong. The vicissitudes of banking, like all other trades, became apparent in the reports and balance sheets issued by our local bank at this time. The carping criticisms which its detractors levelled at it were unmeasured and unrestrained. Yours, however, was not the spirit to be daunted by adversity, but rather to the contrary. At a trying time you entered upon your duties with zeal, and brought to bear upon them the ability and determination not only to maintain the position and reputation of your charge, but to eclipse its success of the past."
Replying to the toast, Sir Thomas Jackson, as reported in the Hongkong Telegraph of May 12, 1902, said that in the early sixties there was a good deal of speculation and company-promoting going on in Bombay, and he thought he was right in saying that a prospectus was actually issued for a proposed Bank of China. The subsequent serious crisis in Bombay, culminating in the failure of the Back Bay Reclamation Scheme, put an end to all new ventures. A number of influential men in Hongkong about the same time formed the idea of starting a local bank, prompted, no doubt, by the Bombay prospectus. After much delay a prospectus appeared of the Hongkong and Shanghai Banking Co., Ltd. They foresaw the advantages to the Colony of having a strong local bank. They had many and excellent reasons for its formation. The prime movers were Mr. Thomas Sutherland, director of the P. & O., and Mr. E. H. Pollard, K.C.