CO129-489 - Governor Sir Stubbs & Sir Clementi - 1925 [8-12] — Page 505

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69.

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FINANCIAL MEASURE -(b) Partial Moratorium.

499

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The Chinese Registered Banks were in a weaker position

than the European Banks for various reasons, A certain amount of over-trading had taken place among the former as a whole; and although their resources were quite large and adequate to the ultimate satisfaction of all depositors, the trouble at the start of the crisis was to find immediate liquid assets. There is reason to suppose that some at least of the registered banks would have been compelled to suspend payment in June, and the same apple to the native banks. It was necessary to gain time. To compare for a moment small things with great, the Chin- ese banks at that time were in the position of the London Joint Stock Banks on the lat August, 1914. But whereas in London the lucky accident of a Bank Holiday (extended for two days) enabled the Treasury to provide new currency, and to guard against any possible run, we in Hongkong were obliged openly to suspend payment by means of a partial moratorium until help

This, therefore, is not strictly comparable with the general moratorium declared in England on the 6th August,1914. Our moratorium lasted from the 22nd to the 29th June, and on the latter date the Chinese Registered banks re-opened for business, having mobilised their own resources, and were able to meet

all obligations.

came.

[Tratman,

70.

The moratorium was suggested to the Ghvernment by the Hon Mr. Chow Shou-son on the evening of the 21st June. On the previous day (Sunday), general moratorium had been mentioned

the non Hr. at Government House when/Mr. A.G.M.Fletcher, Mr. Chow Shou-son and I were present; but no decision was reached. The request made by Mr. Chow was for a partial moratorium applying only to Chinese banks. He tried to see me in my office at 5-30 p.m. on the 21st, but I had left for home. However when I heard of

the decision next morning