The Formal Opening of the New Venture The formal opening of the Mahi facturevs Bank of China, Ltd, took place on November 15 in. the bank premises in Hankow Roadj) there being several. thousand foreigners and Chinese in attendance {o offer their congratulations to Dr, LIH. Kung, Minister of Industry, Commerce & Labour, who is chairman of the Bosrd of Directors: Mr. 'S. C. Chu, the general manager: Me. §.-T. Tong, the assistant general manager: Mr. Tne Van, manager the Shanghai branch: and Mr.
Leo, sub-menager of the local office, As its name suggedta, the purpose of the bank is to help Chinese manufacturers and industries, and it has capital of $20,000,000, quarter {of which has Been paid sp and two-hinds put up by" the National Government, the remainder bein subscribed by merchants and officials throughout the country.
Mr. 'T. V. Soong, Minister of Binance, representing the Central Byeeutive Committee of the Kuomintang, delivered a short address, in the-course of which he spoke of the present military and_ political ificutties encountered. by" the National Government, In spite of the Kyominchun revolt in the northwest and the Soviet Russian invasion in the north, said Mr, Soong, the Dank had been successfully opened and its opening marked a new. era ce-operation between the officials the National Government and the Captains of industry and commenc Ghroughout the country.
The Government's Interest"
After paying a tribute to the poysonnel of the. directorate, man-fAgement and board of audit of the Manufacturers Bank, Gen. Chang Chun, on behalf of the Admainistratfive Yuan, said that all these were men of high standing and sterling character, men well known in the Dusiness world and in financial circles. Gen. Chang echoed what Mr. Soong had said about the political situation and said that the opening of the now bank was me @ieative of the determination and practical interest of the Central Government in seeing that industry and. commerce were developed to the fullest possible extent in spite of obstacles, Speaking on behalf of the Nation. al Government, spoke of the organization of the bank and that the Manufacturers Bank organization very unique Ristory of banking. in China, {was a. semi-official or governmen' supervised bank but the staff was not confined to government appoint tees. Controf was vested in the merchants. 'The staff so far appoincwere real experts in the financial and. business. world, men' of ripe experience and thorough knowledge {in their respective lines. After pointing out a list of names of the directors, managers and auditor Dr. Kung said that these were al men of business and banking experience, It showed that the National!
Government had adopted anew, Policy towards assisting industry: and commerce in China to develop. As the previous speakers had point-fed out, said Dr. Kung, the present time wus a most crucial one, Internally and externally, the Nation-Al Government engaged. in military activities and even the President of the Republic, Goa. luang Kai-shek, was at the war} front in Honan personally directing operations, However, to show that! hho was keenly interested in the Manufacturers Bank from the very) beginning, he had appointed Dr. Kung xopresont him at the present function, Gon. Chiang had, at the start, subscribed shares to the extent of $10,000 and later, when! ho found that subscriptions were not coming in with the expected er thusiasm, he had subscribed another $10,000.
Text read from the printed page and cleaned; old type leaves the occasional error.