ENG-1965 — Page 17

REVIEW

5

as the Eric Hotung Trust, the fund will enable secondary, under- graduate and post-graduate students to take courses in architecture, engineering, medicine, law and economics. In special cases, awards will be made for studies outside these fields. Arrangements will be made for students to combine academic studies with practical training during their vacations. For students who wish to follow a business career instead of going to university, trainee programmes are being set up with banking, insurance, trading and shipping companies both in Hong Kong and abroad. Mr Hotung said the major purpose of the fund was to encourage the development of a managerial class who will contribute to the development of the Colony's economy.

ロー

It was also announced that 15 government scholarships and approximately 40 bursaries tenable at the Chinese University of Hong Kong would be awarded during the year to students who had completed six-year courses in Chinese middle schools. The maximum value of each scholarship will be $1,000, with a main- tenance grant up to $2,000. The amount of each bursary will be up to $3,000 a year. All awards will be tenable for a first degree course approved by the Director of Education.

Almost every post-war year in Hong Kong has brought some dramatic event or incident. In 1965 the troubles which affected the Colony's banking system in February and May qualify for this role. Although 1965 was a year in which many countries saw bank failures, the events in Hong Kong were rather more spec- tacular and, at the time, potentially more serious than elsewhere. There had been rumours about the position of two banks for some time. The Ming Tak, a small unincorporated business with deposits of $12 million, had its cheques dishonoured abroad on one or two occasions. The Canton Trust and Commercial Bank Limited, with deposits of $147 million, was known to be involved with some large industrial undertakings which had recently failed and had been engaged in excessively rapid expansion in recent

years.

Just before Chinese New Year, towards the end of January, the Ming Tak Bank was unable to meet its commitments in the clearing. Next day it closed its doors and requested that the Commissioner of Banking be put in control. This was done. There are normally heavy withdrawals of notes at Chinese New Year for purposes