1930-10-04 — Page 3

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THE HONGKONG TELEGRAPH. SATURDAY, OCTOBER 4, 1930.

BANKING SYSTEMS

AND BANKERS.

|

́INTERESTING TALK BY MR.

-M. A. COOPER,

"Some Functions of the Com-] mercial Bank" was the subject of an address given by Mr. M. A. Cooper, B. Com, at the Hongkong University on Thursday evening,) in the course of which he said that in countries such as the Unit- ed States and Canada, where bank- ing was carried on under special legislation, it was easy to define a commercial bank from the legal aspect, however involved the de- finition might be.

In English law there was no useful definition of commercial banking, Under English law any person, or body of persons, may be a banker, except moneylenders, who were forbidden by the Money- lenders' Act of 1911. A banker must be characterised by certain elements if only for two reasons? first, that the public must be pro- tected against fraudulent use of the terms and second, that though the law may not define the banker, legislation may be in forge, such as the Bills of Ex- change Act of 1882, which appli- ed only to bankers. The only de finition of a bank in English law was contained in the Finance Act of 1915

Common Features,

All the world's principd bank- ing systems. including those of Great Britain. France, Germany and the United States, contained common features. The centre of the system was the central bank. which in all enses exercised power | over the country's currency by reason of its more or less complete monopoly of the note issue,

Another type of institution was what was known as the commer- cial bank, or bank of deposit. The commercial bank had its pri mary function, the collection of as much of the floating résources of

the community as possible, and

the turning over of the greater part of those resources to industry and trade for shorter or longer periods.

A second important function of the bank, especially in England and in those parts of the world where, English banking methods had been copied, was to facilitate payments and economic currency by enabling their customers to utilise the cheque and the clear- ing system.

After outlining the borrowing and lending business of the Eliza- bethean and Jacobean goldsmiths of London, which the lecturer said might also serve as an outline of the borrowing and lending 'busi- ness of the modern commercial banker. Mr. Cooper went on to speak of the difficulties of appre- i clating the problems of commer- cial banking..

The banker njust he prepared to safeguard the deposits he receiv ed, or the result would be the in- evitable collapse of his business.

Savings Banks.

FAREWELL TO DR. AND MRS. OSMAN.

UNIVERSITY PHOTOGRAPHIC

· CLUB TEA PARTY..

The Hongkong University Amateur Photographic Club gave a farewell tea party to Dr. and Mrs. M. B. Osman at the Union Assembly; Room at 5.15 p.m., yesterday. A photograph of the group was taken by Mr. Peter Dragon.

As

Subsequently, Mr. Cooper, dealt

The Chairman, Mr. K. W. Khoo with the criticism levelled at Eng-in the course of his speech said.. lish commercial banking, and he "Dr. Osman is one of the founders contenied that there was one of the Club. He was Chairman in direction in which the banking 1928 and President in 1929, and situation in Great Britain and his re-election President in other countries might be impro- 1930 was a very popular one. ed. Where the great bulk of the understand that Dr. Osman is go- population was not in touch withing to form a photographic club in the large commercial banking in-Kedah. I wish him every success stitutions; then the savings bank in his new venture. The club is system should be encouraged to very much honoured by the pre-1 the full: by the Government if sence of Mrs. Osman. She will be necessary, and through the Post going to a land full of quaint cus- Office system. Where it had al- tome and very much unlike the ready been developed. the me-sweet scented isle of Hongkong. thods of payment might be im-On behalf of the Club I wish them proved and greater economy in the health, happiness and success dur- use of currency might be secured ing their stay in Malaya.” by the extension of the cheque Mr. Peter Dragon being called system to the accounts of these upon to speak, said that he had organisations.

known Dr. Oem as a very keen and energetic photographer, and). that he remembered him once going

After touching on the system of German commercial banking, and

typhoon.

a comparison of statistics showing out to take pictures even during a that there was no great difference between English and German Dr. M. B.-Osman replied, thank- banks as to the proportion of totaling the club for thus honouring resources in fixed investments,him and his wife. He hoped that Mr. Cooper said he did not favour the members would co-operate with monopolies any more than most of each other and carry on the work of them, but of all the proposed par- the club: it was always good to tial remedies for the present in start something new when interest dustrial ills of certain countries in the Club was waning. He con- tinued that the camera lens secs of the world, drastic redistribu- tion of wealth, economic unions, more than the average man's eyes and that it was therefore good to and rationalisation of industry develop a third eye. He would (which appealed to him as the miss a lot of the outings which he most practical proposition), and

always, enjoyed much to the sux. the development of large-scale picion of his wife. (Laughter.) businesses, acientifically managed and turning out standardised pro- The Hon. Secretary Mr. Lee ducts, was best.

Pitt-slew then presented a bouquet to Mrs. Osman,

The banker's attitude to the business outlook ought”, to i

be wider than that of his custom-ed from 's rationalised industria! era, because he was in touch with and

commercial system. And them all. In a time of industrial banks, especially if they were depression he may owe a duty to themselves rationalised, could borrowers of pointing the way, hasten the same in industry and and perhaps of forcing the way. trade. to less unhappy conditions..

13

Rationalisation.

Rationalisation had its dangers, and they could best be summed

He was of the opinion that just up. in one word, "monopoly." It great advantages could be rested with mankind to decide that secured from a rationalised combat those dangers in securing the he was intelligent enough to com- mercial banking system, so very advantages which were offered. great advantages could be secur-

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