CO537-(1262-1649) — Page 328

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Hongkong Bank Accounts

Times

12 JUL 1946

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Some clarification of the complicated posi- tion as regards assets in formerly enemy- occupied territories is to be found in the accounts of the Hongkong and Shanghai Banking Corporation made up to the end of last year. But the full extent of the loss in- curred by the corporation "as a result of the war in the Far East still cannot be ascertained. In these circumstances the directors are again transferring the profit for the year (£217,853) to contingencies reserve instead of paying a divi- dend. This policy is likely to be maintained until there is a decision on the part of the Governments concerned on what is to happen to those advances and mortgages which were repaid in depreciated Japanese-controlled cur- rency during the occupation. It is so far satis- factory, however, that some portion of the £26.946,346 figuring in the previous balance- sheel as assets in enemy-occupied territories and other assets unrealizable owing to war has been recovered intact, as witness the substantial increase in holdings of cash and money at call. Even allowing for these changes, however, the deposit resources of the bank have in- creased during the year, and in the ordinary course of business advances have risen from £7,433,378 to £8,562,093. This movement, of course, almost entirely reflects the trading ex- perience in territories at no time occupied by the enemy. In Hong-kong, Malaya, &c., staff had barely returned by the date on which the accounts were struck. Trade in those areas is now rapidly picking up, and with the re-esta- hlishment of the corporation's head office in Hong-kong on June 20 last more normal. conditions are being restored.

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Ref.:

CO 537/1374

THE NATIONAL ARCHIVES

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