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Bank Limited', partly to remove the impression, prevalent at the time, that it was an Indian, and not a British, bank. In the same year, a share exchange took place with the Hong Kong and Shanghai Banking Corporation for the entire share capital of Mercantile.
In 1967 in Hong Kong, the 'Disturbances' (spill overs of the Great Proletarian Cultural Revolution in the People's Republic) resulted in a flight of capital which reduced deposits in banks fortunately only temporarily. The following year, as a number of members served on both the London Committee of the Hong Kong Bank and Mercantile's counterpart, it was decided to disband the London Committee of 'Mercantile'. Finally, the full amalgamation of the Hong Kong Bank and Mercantile took place in 1982-3.
Insurance
In the early days of trading in Canton insurance posed something of a problem for the small European community. Members formed a local underwriting syndicate (on the Calcutta pattern) to provide facilities for marine insurance. The Canton Insurance Office was established in 1804 (other records say 1805), and for the first 30 years of its existence it was managed alternately by Jardine's and Dent and Company, changing every three years. A great deal of trust appears to have existed between the Chinese hong merchants and the European traders, and a document shows that Chinqua, a Chinese businessman, promised to make good any loss suffered by a merchant in France, to whom he was shipping tea, without having to prove loss by the return of goods.
The Union Insurance Society of Canton was established in Canton in 1835, by a number of far-sighted British Merchants under the guidance of Dent and Company. After Dent's went into liquidation, in 1864, Union Insurance became a separate entity. It had already moved its headquarters to Hong Kong in 1842, which is still its home even though it has offices and representatives in many cities in the Far East and agencies throughout the world.
In 1861, Hong Kong had 73 merchant houses and 18 of these acted as agents for insurance companies. Jardine's has retained its early interest in insurance, and, in 1868, when the Hong Kong Insurance Company was formed, it became the agent. This, a century