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The reply he received from the Registrar-General stated that "no sound men of business in Hong Kong were connected with the scheme." Ending his despatch, the Governor commented that the "principal promoter [of the company] was Li Yutang, whose name was enough to damn... the Chinese Firms were likely to subscribe only because they dare not refuse.”
The Governor's comment might have some truth. Li Yutang in years to come would be named the "Insurance King" (保險大王) of South China. In an interview with Mr. Li's grandson, I was told how Li Yutang multiplied his wealth in these years. Mr. Li said "my grandfather converted to Christianity.” I doubt that the asset of Li Yutang in insurance business was his religion or his entrepreneurship. His greatest asset, I suspect was his political influence, or other's belief that he was politically influential.
To support this speculation I cite the following event. As the attempts to establish a joint-stock company failed, the Siyi men attempted to organize all the regional chambers of commerce in the colony into a “Overseas Chinese Society for the Promotion of Patriotic Subscriptions". The Governor observed that:
the circulation [of Canton currency, which had fallen to 30% of its face value] is maintained here (in Hong Kong), in spite of its general unpopularity ... not only by official pressure from Canton but also by means of intimidation practiced by so-called patriotic associations & by the influential persons who are financially interested.
These "influential persons who [were] financially interested" - a reference to the Siyi men, were in actuality the directors of the Bank of Canton, Li Yutang. The Governor recorded that:
In addition to the authorized issue of $16m...... Li Yuk-tang made an issue of $5m for his own benefit. He left Hong Kong a poor man but has, since his return, invested largely in the Colony and is now reported to be a rich man.
Against this background, the Governor of Hong Kong also observed a significant development among the non-Siyi Hong Kong Chinese.
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The reply he received from the Registrar-General stated that "no sound men of business in Hong Kong were connected with the scheme." Ending his despatch, the Governor commented that the "principal promoter [of the company] was Li Yutang, whose name was enough to damn... the Chinese Firms were likely to subscribe only because they dare not refuse.”
The Governor's comment might have some truth. Li Yutang in years to come would be named the "Insurance King" (AXE) of South China. In an interview with Mr. Li's grandson, I was told how Li Yutang multiplied his wealth in these years. Mr. Li said "my grandfather converted to Christianity.” I doubt that the asset of Li Yutang in insurance business was his religion of his entrepreneurship. His greatest asset, I suspect was his political influence, or other's belief that he was politically influential
To support this speculation I cite the following event. As the attempts to establish a joint-stock company failed, the Siyi men attempted to organize all the regional chambers of commerce in the colony into a “Overseas Chinese Society for the Promotion of Patriotic Subscriptions". The Governor observed that.
the circulation [of Canton currency, which had fallen to 30% of its face value is maintamed here ( in Hong Kong ), in spite of its general unpopularity ... not only by official pressure from Canton but also by means of intimidation practiced by so-called patriotic associations & by the influential persons who are financially interested.
These "influential persons who [were] financially interested" A reference to the Siyi men, were in actuality the directors of the Bank of Canton, Li Yutang The Governor recorded that:
In addition to the authorized issue of $ 1 6m....... Li Yuk-tang made an issue of $ 5m for his own benefit he left Hong Kong a poor man but has, since his return, invested largely in the Colony and is now reported to be a rich man
Against this background, the Governor of Hong Kong also observed a significant development among the non-Siyi Hong Kong Chinese.
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