CO129-557-9 British protection of companies in China 26-3-1936 - 27-2-1937 — Page 35

Enclosure 2 in Shanghai despatch to Peking Number 402 of December 17th

1936.

35

NORTH-CHINA DAILY NEWS, WEDNESDAY, DECEMBER 16, 1936

BRANCH OF CANTON

BANK RE-OPENS

Mr. T. V. Soong Officiates at: Local Ceremony

INSTITUTION NOW IN

SOUND POSITION

The Shanghai branch of the Bank of Canton was re-opened yesterday morning by Mr. T. V. Soong, chair- man of the institution. Gen. Wu Te- chen, the Mayor, Mr. Teng Mei-jen, and Mr. Hou Pao-shu were among the directors present. A few hours after the resumption of business, deposits amounting to several million dollars were placed with the bank.

A large group of bankers and leading residents thronged the offices to offer congratulations. Among those seen were: Mr. K. P. Chen, Mr. Hsu Kan, Mr. Jian Chen, Mr. K. H. Ling, Mr. Churtong Yih, Mr. Chow Tso-min, Mr. Chang Pei-shun, Mr. Tsuyee Pei, Mr. Feng Keng-kuang, Mr. Chang Ting-fu, Mr. T. M. Hsi, Mr. S. K. Shen, Mr. Yih Kung-cho Dr. Li Shih-tseng, and Mr. Chu Shun- sun.

Speaking at the opening ceremory, Mr. Soong said: "The Bank of Can- ton was the first commercial bank established in South China, and with its overseas branches held for many years a premier position among Chi- hese banks abroad. With the world economic depression and the general deterioration of banking liquidity that followed, the Bank's management proved inadequate to the occasion and had to suspend business. So wide- spread, however, were its ramifica- tions, and so extensive was the good- will acquired by the Bank, that its creditors rapidly agreed to an equit- able reorganization that has once more placed the Bank in a solvent and liquid position, and new capital has been readily forthcoming.

"The Cantonese everywhere are particularly anxious to see the bank restored to its former position because it is natural that as pioneers in all activities of modern China they should. be supported by sound financial in- stitutions of their own. Financial in- terests in Shanghai are likewise keen to see the restoration made possible because with the prospects of rapid economic development in Kwangtung, they should like to have sound Can- tonese banks as partners in taking advantage of the new business op- portunities.

"The Hongkong and Canton offices of the bank were opened on the 23rd and 25th of last month, with every evidence of popular support, and the Shanghai and Hankow branches are opening to-day. In the near future, the overseas branches will likewise be opened. Here in Shanghai, in conducting a general banking busi- ness, particular attention will be paid to co-ordinate Cantonese enterprises with the interests of the business community at large."