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It was in 1864, while six banking institutions were already apparently flourishing here, that the Hongkong and Shanghai Bank had its inception - a bold step, but as events have proved, thoroughly justified. In July of that year Messrs. Dent and Company (afterwards affected by economic disaster) issued the prospectus of the newly-formed Bank, which had a capital of $5,000,000 in 20,000 shares of $250 each. The merchants forming the Provisional Committee were Messrs. F. Chomley, A.F. Heard, Thomas Sutherland, G.F. Maclean, D. Lapraik, W. Nissen, H.B. Lemann, W. Schmidt, A. Sassoon, R. Brand, F. Framjee, W. Adamson, G.J. Helland and R. Dhunjeeshaw.
The Bank was opened on January 1, 1865, with Mr. V. Kresser as the first Manager.
In a little over a year the institution had already obtained such a firm footing that it was decided in February, 1866, to form it into a corporation by charter. When Dent and Co. failed in 1867, the mercantile depression affected the Bank, which had also to bear some losses connected with that firm's suspension of business, yet its position was so sound that the period was weathered without much difficulty, and the locally-formed bank emerged established more strongly than ever in the public's confidence.
Further periods of acute depression were encountered in 1874 and 1875, but the Bank came through well, despite gloomy prognostications, and by 1876 prosperity was again the general order of things. The corporation had paid excellent dividends through a number of years, and by the Eighties was recognised as one of the most flourishing and substantial institutions of its kind. It might be mentioned, as an instance of the Bank's standing, that the Imperial Government of China in 1874 contracted a loan with the Bank of £600,000 at eight per cent for which it pledged as security the revenue of the Chinese Maritime Customs.
The branches of the Bank which have been opened in various important centres all over the East, with agencies in various parts of the world, have been further developments in the building up of the Colony's premier "home-grown" financial institution. Its present authorised capital is $50,000,000.
There is much of interest in the different locations of the Bank until it came to occupy the premises now being vacated. The first home of the institution was No.1, Queen's Road, known as Wardley House (hence Wardley Street). This was situated in part of the site now occupied. The place was originally rented, but was purchased early in 1866 for the sum of $60,000. Wardley House was demolished in 1882 to make way for the construction of the present building.
From 1882 until 1888, the Bank was accommodated in the offices previously occupied by the P. and O. Company, situated west of the present Central Market, on the corner of Jubilee Street and Des Voeux Road.
Reference to the purchase of additional land for the erection of a new building was made at the half-yearly meeting of the Bank in August 1882, when it was stated that the corporation had lately acquired property adjoining their premises, and it was in contemplation to erect a suitable building on the site. It was undoubtedly one of the most imposing city premises of the time, and for many years afterwards, but in view of the Bank's growth, and modern ideas, a new home for the headquarters of this famous institution has become necessary.