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THE DEUTSCH ASIATISCHE BANK 33982
REC Men || JUL '8
REPORT
On the outbreak of war between Great Britain and Germany the Deutsch Asiatische Bank was permitted to carry on business under the supervision of the Hongkong and Shanghai Banking Corporation for the purpose of liquidating its affairs and completing any contracts entered into before the commencement of the war. This arrangement censed on the 30th October, 1914, when the Hongkong and Shanghai Banking Corpora- tion were appointed liquidators. The Hongkong and Shanghai Banking Corporation continued as liquidators until 5th March, 1917, when the Hon. Mr. A. M. Thomson, Colo- nial Treasurer, was appointed liquidator and the appointment of the Hongkong and Shanghai Banking Corporation was revoked. On April 20th, 1917, Mr. Thomson's appointment was revoked on his leaving the Colony and Mr. E. D. C. Wolle was appointed liquidator. He continued as liquidator during the remainder of the liquidation except for the period from the 25th July to the 24th September, 1917, when during his tempo- rary absence the the Hon. Mr, C, Mel. Messer was appointed liquidator.
The Deutsch Asiatische Bank was established in Hongkong in the year 1900 and carried on the usual Exchange bank business. The liquidators first appointed remark that although the Deutsch Asiatische Bank employed a large German staff and occupied imposing premises the investigations of the liquidators proved that the share of this Bank in the ordinary trade or business of Hongkong was surprisingly small.
Appended is a list (Statement A) of persons with the amounts of deposits on current account and deposit at the outbreak of war. The list also includes the deposits of certain other Brauches of the Bank only one of which, viz., $312,359.20 made by the Singapore Branch has been repaid. This amount was paid to the liquidator of the Singapore Branch on 17th September, 1917. At the same time the balance due by the Singapore Branch to Hongkong, riz., S125,624.60 (Straits currency) was repaid to the Hongkong Office of the Bank. The balance of R 490,426,9,10 due to the Hongkong Brauch by the Calcutta Branch of the Deutsch Asiatische Bank was repaid on 20th March, 1917.
2. About the middle of 1916 it was decided by the Secretary of State for the Colonies that a portion of the surplus assets of the Hongkong Branch of the Deutsch Asiatische Bank should be utilized to liquidate its indebtedness to the Direction der Disconto Gesellschaft, London, and accordingly the sum of £19,000. 98. 6d. was remitted for that purpose in August, 1916. A further sum of £1,458. 15s. Od. was remitted in March, 1917. There is still a small balance to be adjusted on account of Interest and Sundries.
3. The Bank premises which were newly opened just before the outbreak of war were sold by auction on the 13th day of August, 1917. The amount realized was $335,000 being $35,000 above upset price.
4. The Securities held by the Hongkong and Shanghai Banking Corporation on behalf of the liquidator of the Deutsch Asiatische Bank have been examined by the liquidator, the Auditor, and the Crown Solicitor, and were found to be in order.
A list of these securities is attached. (Statement B.)
5. $18,000 was invested in War Loan stock the securities for which are held by the Crown Agents.
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6. There is still a sum of $75,070.28 owing to the Deutsch Asiatische Bank Hong- kong by Messrs. Reuter Brockelmann & Co., Hongkong, which is secured by a mortgag,
on the Shameen Property of Reuter Brockelmann & Co.
7. The statement of accounts shows a balance of $669,494.51 standing to the credit
of the local office of the Deutsch Asiatische Bank.
Escabek
Liquidator.
HONGKONG, 3rd February, 1918.
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