THE HONGKONG
TELEGRAPH.
SATURDAY, JANUARY 5, 1935.
SUSPENSION OF A SAVINGS BANK
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On Sale at
KING'S DISPENSARY.
CHINA EMPORIUM, LTD.
GRAND DISPENSARY, WING ON CO., LTD.
Sole Agents:--
W. K. DORLEY & CO.
HIT BY DEPRESSION OF PROPERTY PRICE
One of the Colony's woll-known Chinese savings banks, the Ka Wab Savings Bank Limited, with an au thorized capital of $2,000,000 and branches in Kowloon, Canton and Shanghai, suspended paymont to its depositors yesterday afternoon, fol- lowing a similar, step taken by its two brancher in Canton earlier the same day.
Although the Ka Wah Bavings Bank was doyoted mostly to savings accounts, it also engaged in all other banking business, including telegraph. remittance to all leading ports in China and North China cítion. also provided banking credit to local Arins against security or house pro perty,
It
Explaining a suspension of busi ness both in Hongkong and Canton, a Director of the Bank told a repre- mentative of tho Press Inst night that the Bank's difficulties were mainly due to the unprecedented de- pression and the drop house pro- perty prices in Hongkong in recent months. The property depression tied up a considerable amount of the Bank's money invented. The Inform- ant, himself a prominent merchant in flongkong, added that Directors of the Ka Wah Savings Bank held an emergency meeting Inte yesterday afternoon to discuss the serious aituation. The meeting resolved to suspend payment poading a meeting with its creditors" and shareholders at a hear date, which woukl be fixed shortly.
Anseln Exceed Liabilities
The Bank Director pointed out that he felt confident that the Hank's ankets exceeded its liabilities, Whe- ther there is any possibility of re- viving the Bank's business depends upon the resolutions and proposals submitted to the future meeting of the creditors And shareholders, amongst whom are Home of the Colony's wealdest Chinese bankers and merchants.
Was
The Kn Wah Savings Bank has been in business In Hongkong for a number of year with its first offee established in Queen's Rond Central | near the Cenʼral Market, but it re- moved to its more spacious office in No. 206 to 210 in Don Voeux Road Central. Its Kowloon branch opened only quite recently in Nathan Road. The Kowloon branch was des voted mostly to savings accounts and Axed deposits. The same Bank hasi a branch in Tengahan, Canton and another in Tai Ping Năm Road near Shameen. Its Shanghai branch is given as No. 300 Peking Rond.
Registered in Hongkong, the Ka Wah Savings Bank is a limited con- fern with most of its shareholders local merchants,
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LATEST PARAMOUNT SOUND NEWS
ALHAMBRA
REDEMPTION CAUSES GOOD IMPRESSION IN LONDON
London. Jan. 4.
the
The Chinese redemption of Crisp loan has attracted attention to Chinesa Ioana. The Crisp loan is now quoted at 89%, which shows two and a half pains rise from Wed- nesday.
The Shanghai-Nanking inque is now 78%, up three quarters. The Hukuanh loạn after yesterday's advance, recaded 14 points. This is attributed to the fact that that the Accounts are closing to-day for the settlement of ather Ioans.
Redemption causes a more favour. able impression since it is part of the scheme laid down by the Finance Ministry in July 1929, and has since been fairly carried out.-Router.
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THE SEW PRENOM REMEDY. THERAPION NO.1 THERAPION N02 THERAPION NË:13:
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BOOKING TEL, Nos. 25313, 25332
KINGS
WANTED AT ONCE
MEN'S AND BOYS' CLOTHING,
SHOES, HATS, ETC.
will be very gratefully received by the
HONGKONG BENEVOLENT SOCIETY
at the Old Police Station, Wanchai
on
MONDAYS & THURSDAYS from 10.30 a.m. to 12.00 noon.
Send us your old clothes.
BOOKING TEL. Nos. 25313,25332
IN LONDON
The
Hongkong Telegraph.
Is on sale at SELFRIDGES
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are-
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