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THE CHINA MAIL, MAY 13, 1941.
RA.F. "PLANE
BANK HEAVILY FINED: EXCHANGE CRASHES ON
TRANSACTION
THE BANK OF CANTON, Limited, was fined $5,000 by Mr. H. G. Sheldon, K.C., at the Central Magistracy this morning, on a summons under the Defence Regulation covering dealings with the enemy.
It was alleged that the bank was involved in a transfer of $35,000 in United States currency, to the Italian Bank of China.
The Hon. Mr. M. K. Lo pleaded. Directly the
proper officer of guilty on behalf of the Bank, while the Crown wrote to the Hong Mr. T J. Gould, Crown Counsel, Kong office asking if a remit- was for the prosecution.
tanice had been
made to the Mr Gould sakt that certain Haban Bank, the Hong Kong documents were scized, cables and office made the fullest disclosure, telegrams between the Hong
and has given the fullest Informa- Kong Oftier, the Shanghai on to the authorities Branch and the Guarantee Trust Company of New York, about the transactie.
The prosecution asked for severe penally
#
MT To addressing the Court,
• ફ્
Here come to the farts of this case I would like to deal gen erally with the Bank's position an relation to the war
The Bank is a Chinese bank, and its actions have always been guded by the conviction that the interests of China and Great Bri tam are bound up, and that the cause of both countries is identi cal
Wor
Ever since the European started, the Bunk has fulfilled its duties in financing business. Hong Kong irrespective of way period of tension or depression through which the Colony has passed It has consistently sup- ported generously all war efforts and charities. I muy mention that only quite recently this Bank and its Chief Manager, and Assistant Chief Managers, contributed liber- ally towards the purchase mobile canteens to Great Britain for which the thanks of the Secre- tary of State for the Colunies were receivert
through H E. the Acting Governor. In regard to the fast issue of Hong Kong Govern- nent bunds it was one of the few
ป
This action is all the more to be deplored because, as early as January 11, 1939. 1. eight months before the war broke out, the Hong Kong office had in- structed the Shanghai office not | to deal with the Ita an Bank, and i
1939. Tract
reported that W ud have no MOR with them.
1
11
HOUSES
A British aircraft, believed to have been piloted by a Czech and stated to have been flying apparently up- side down, crashed on to some houses in Saint Clements Road, Bournemouth.
The occupant of the houses was injur- ed and taken to hospital.
The plane, which appeared to be in the middle of a roll, be- came wedged on the houses.
sashad offer on January 16. JOCKEY
they dealings
Difficult Position
Had the Assistant Manager realised the position and con- sulted the Chief Manager, as he should have done, this case would not have arisen,
CLUB'S GIFTS
It is announced that the Before I conclude, may I say
Stewards of The Hong Kong word ILS to the extra-Jockey Club have voted the fol in dinarily difficult position
lowing charitable donations iti which the Bank finds itself vis-
the current year:-
u-vis its branch [21 Shanghai. Although the Bank, being incor- porated in Hong Kong and with its Head Ofce In Hong Kong is. for the purpose of Hong Kong legislation, deemed to be a Bri- tish subject, yet its branch is not und has never been regarded as a British subject by the British Authorities In Shanghai for any purpose whatsoever.
It was on this ground that the British Authorities refused to
intercede un behalf of the Bank when the Hankow branch was taken possession of by the Japan-
British
banks in Hong Kong which res ese For the same reason, whilst ponded to the issue, and took up all other British banks and in- bonds to the value of half a ml- stitutions are kept fully informed lion dollars. Its pro-Allied feel. [of the requirements of ings and support are well known, laws by the British Embassy, no
understand that Government
such assistance was ever given to fully accepts this position.
the Shanghai Oflee. Coming now to the facts,
The Facts
I have told Your Worship that it was an exchange for another.
Hong Kong Benevolent
Society Little Sisters of the Poor War
Nursing
Menzorial
Home
Diocesan Schools & Or
phanages
Alice Memorial & Affiliat-
ed Hospitals Sailors Home and Missions
to Seamen
The Salvation Army Hong Kong Society for the Prevention of Cruelty to Animals
for
$ 5,000 3,500
5.000
3,500
5,000
2.000
2,500
1.500
Tung Wah Hospital Society of St. Vincent de
Paul Hong Kong Society for the Protection of Children Poppy Day Fund
2,500
2,500
4,000
3.000
Sailors and Soldiers Home
2.000
Children's Playgrounds
Association
1,500
2,000
1,000
1.004
1,000
Building
1,000
1,000
500
The Boys' and Girls' Clubs
Association
1,250
500
1,000
500
1,000
250
$55,500
In this case, Chinese National St. John Ambulance As- dollars were given in exchange sociation and Brigade The Bank was re-organised in for American dollars. I have St Louis Industrial School 1936. Most of its officers have told Your Worship that these Society of St. Vincent de come from}
Paul-Blind Home the North. As
American dollars actually belong your worship may know, concerns like
to the Shanghai Office. I under Cheer-O Clup
International | Cheer-0 Club this Bank always regard the assets stand that in the
Fund of its branches as being absolute-Settlement, the buying and selling ly separate and distinct from one
of foreign exchange as well
The Boy Scouts Associa- another, and from the Head Office,
other cominodities are free and
tion Hong Kong Branch without any restriction of
Canossian Convent On account of the political situa-
any tion, the Shanghai Office in 1938,
kind.
as
transferred all its liquid assets to Disclosure Of Principals Hong Kong Anti-Tuber-
Hong Kong, with the request that the Hong Kong office should send
Such transactions are usually them to America and hold them done through exchange brokers, on behalf of the Shanghai branch, in which neither the seller nor When the telegram was receiv- the buyer is known one to the ed asking the Bank to charge the other until the contract is actual- Shanghal branch with G$35,000 ly tendered by the broker. Had and pay to the Guarantee Trust of the Shanghai Office repudiated New York, for account of the Ita- its bargain on uscertaining that lian Bank for China in Shanghai, the buyer was the Italian Bank, this was received and attended to the branch could have been sueu by the department concerned us a in the Chinese Courts and its matter of routine,
offices might be subject to actual
culosis Association Social Service Centre of
the Churches
Hong Kong Refugee and
Social Welfare Council Po Leung Kuk Taipo Rural Home & Or-
phanage
Total
FIRST TO WIN HONOUR
The Assistant Manager had violence. And the same transac- some iden that the Hong Kong
tion could have been and would office should have no dealings have been carried through by with the Italian Bank. But he another bank. thought that as the assets were May I make one last point. those of the Shanghai office, and Suppose the Shanghai office as the Hong Kong office had to had cabled to Hong Kong merely buy out according to Shanghai instructing the Hong Kong office directions he wired back that the to cuble the Guarantee Trust to Bank could only wire to pay the place the amount at the disposal Guarantee Trust but could not of the Shanghai office, nothing mention for
Miss Rosabel Hsu, who passed whose account. As would have happened. the result of censorship require-reasons already explained,
For the Trinity College of Music "the (London) examinations held re- ments owing to the War, all tele- British Authorities in Shanghal cently in Hong Kong and won the grams have to be in plain lan- did not seek to restrict the deal-Fellowship (FT.C.L), is the third guage and be censored.
Openly 'Sent
J
ings of the Shafigal office "for "daughter of the late Mr. George the simple reason that it is not Hsu, noted Chinese jurist, who regarded as a British subject. I passed away here last autumn. do, therefore, submit that in this Miss Hsu is the first Chinese All the telegrams in this case sense what the Hong Kong office to gain this honour. were openly sent and your Wor-has done is a mere technical ship will appreciate that this fact offence. But in spite
Miss Hsu has accepted an in- of this vitation from musical circles in is strong evidence that the Bank totally unsatisfactory position Shanghal to give a performance. did not appreciate the legal posi- and merely out of its desife to Prior to her départure, she plans tion, and had no mala fides. promote the Allied cause, the to hold a concert in Hong Kong. After these cables, the Hong Hong Kong office has already Miss Hsu is also planning to go Kong office then learnt that the given very strict Instructions to to the United States for further payment was made as part of an the Shanghai office as well as musical studies. exchango transaction. If the other branches to have no further Shanghai office had not carried dealings of this kind. out this transaction. numerous On behalf of the Bank, I tender. other. banks in Shanghai could its sincere regrets, and "In view have done so. But the Hong Kong of the Bank's record, und Its House, Duddell Street, has report- Miss L. Dudley, of No. 72, Dina office has now given the strict attitude-and-convictions, I d3ked the theft of money and jewel- est Instructions that there should Your Worship to bear these facts lery, to the value of $405, between be no such transactions in the in mind in considering what Sunday night and Monday morn- future.
penalty to impose.
ing.