242
Chartered Bank
Until 1840 or so banking facilities in Hong Kong were provided by the large hongs, such as Jardine's, Dent's and Russell's. However, once the Colony was considered stable enough, bankers came here following the traders, and, after the establishment of the Treaty Port System, starting in 1843, a number of joint-stock banks with their headquarters in India or London opened. The Chartered Bank of India, Australia and China, one of the principal promoters of which was James Wilson MP, the founder of The Economist, and a successful businessman, was such a bank. It was established in London in 1853, and its first branches in the East were founded in Calcutta and Shanghai, both in 1858. Only six years after receiving its Royal Charter Makalee (F), as the bank is called in China (a direct translation of John MacKellar, the first manager in Shanghai), set up a branch in 1859 in Hong Kong.
Since 1862, Jah Da (†) (as 'Chartered' is usually called in Cantonese in Hong Kong) has issued its own bank notes. It is at present the oldest foreign bank and was the first licensed financial institution in the Colony. Together with the Hong Kong Bank, the Bank of East Asia, and the Overseas-Chinese Banking Corporation, the 'Textile Bank' (yet another sobriquet for 'Chartered' because of its connections with that industry) was one of four overseas banks that was allowed to keep its branch in Shanghai after the People's Republic Government came to power in 1949.
The author recalls opening his first account with the Chartered Bank in early January 1955, not in the building that was demolished in 1986 (which was completed in 1959 and at the time was the tallest building in Hong Kong) but in the one before that. There was a colonial atmosphere about the place, with paddle-type fans suspended from ceilings. Few buildings in Hong Kong were air-conditioned then. The bank did not open its first branch in the Territory until early 1962. This was in Tsuen Wan.
A time-worn adage had it, a little unkindly perhaps, that officers of Chartered were bankers aiming to be gentlemen, and that expatriates in the Hong Kong and Shanghai Bank were gentlemen trying to be bankers. In those days the Hong Kong Bank did not employ Chinese, other than in menial positions, and local staff were mainly Eurasians.
242
Chartered Bank
Until 1840 or so banking facilities in Hong Kong were provided by the large hongs, such as Jardine's, Dent's and Russell's. However, once the Colony was considered stable enough, bankers came here following the traders, and, after the establishment of the Treaty Port System, starting in 1843, a number of joint-stock banks with their headquarters in India or London opened. The Chartered Bank of India, Australia and China, one of the principal promoters of which was James Wilson MP, the founder of The Economist, and a successful businessman, was such a bank. It was established in London in 1853, and its first branches in the East were founded in Calcutta and Shanghai, both in 1858. Only six years after receiving its Royal Charter Makalee (F), as the bank is called in China (a direct translation of John MacKellar' the first manager in Shanghai), set up a branch in 1859 in Hong Kong.
Since 1862, Jah Da (†) (as 'Chartered' is usually called in Cantonese in Hong Kong) has issued its own bank notes. It is at present the oldest foreign bank and was the first licensed financial institution in the Colony. Together with the Hong Kong Bank, the Bank of East Asia, and the Overseas-Chinese Banking Corporation, the 'Textile Bank' (yet another sobriquet for 'Chartered' because of its connections with that industry) was one of four overseas banks that was allowed to keep its branch in Shanghai after the People's Republic Government came to power in 1949.
The author recalls opening his first account with the Chartered Bank in early January 1955, not in the building that was demolished in 1986 (which was completed in 1959 and at the time was the tallest building in Hong Kong) but in the one before that. There was a colonial atmosphere about the place, with paddle-type fans suspended from ceilings. Few buildings in Hong Kong were air-conditioned then. The bank did not open its first branch in the Territory until early 1962. This was in Tsuen Wan.
A time-worn adage had it, a little unkindly perhaps, that officers of Chartered were bankers aiming to be gentlemen, and that expatriates in the Hong Kong and Shanghai Bank were gentlemen tying to be bankers. In those days the Hong Kong Bank did not employ Chinese, other than in menial positions, and local staff were mainly Eurasians
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