Chinese Merchants' Bank, Ld., Formally Opened Another bank was on Wednesday added to the already large number in Shanghai, when the Chinese Merchants' Bank, Ld., a Chinese institution registered under the laws of Hongkong, was opened at No. 10 Ningpo Road, at.the corner of Kiangse Road.
A steady flow of visitors attended throughout the day to offer their congratulations, and were received by Dr. S. In Szto, manager, Mr.
Y. Choye, acting manager of the foreign exchange department, Mr. T. Tang, accountant, and Mr. Y. T. Kwok, cashier.
The new bank, which is the branch of an institution with head offices in Hongkong and branches in New York, Saigon and Canton, has an authorized capital of $5,000,000, $1,500,000 of which has already been paid up. Most of the promoters are prominent Chinese rice merchants and mill owners at Saigon. The bank will specialize in foreign exchange, savings and current accounts.
At 3.30 o'clock yesterday afternoon, more than 2,000 accounts were opened and four lakhs of specie were received.
Text read from the printed page and cleaned; old type leaves the occasional error.