Ming Hwa Commercial and Savings Bank 'The Ming Hwa Commercial and Savings Bank, 380 Peking Road, corner jof Honan Road, suspended Dusiness' on Friday following closure of its branches in Tsing tientsin, and Peiping. Mr. Tung Ming-hui, Chairman of the Board of Directors and Mr. Chang Chun, General Manager, lett for Tsingtao goon as news reached here that there had been a run on three native banks there, one of which was the Ming Hwa branch. Despite their efforts, the branch bank was forced to close. The Tientsin and Peiping branches closed subsequently.
'According to a Chinese report, the capital of the bapk is. $5,000,000, of which $2,750,000 has been paid up. 'The total' amount of deposite in the savings department is. $900,000. The bank was first established in 1921 at Peiping and was removed to Shanghai later.
An emergency meeting will held on June 9 by the shareholders of the Ming Hwa Commercial and Savings Bank, 330 Peking Road.
According to a Chinese telegram from Tsingtao, more than 1,000 depositors of the branch bank there surrounded Admiral Shen Hung-lich, the Mayor, in front of the City Government building, last Friday morning. The demonstrators dispersed after an official of the Bureau fof Social Affairs had explained that the bank Had been instructed to also $600,000 to pay the depositors.
'The Ministry of Finance is understood to be paying close attention to the banking' situation. the, depression continuity for several years, we might be able to pay on 30 per cent For that cuon owe {ook this drastic' measure, Share: Holders" will some, after, depositors have been paid" They" have never Deen paid eas than' 8 per cent dividend on the monet value of toft shares, and, at, Umes, have received 5 lich aa 28 "per "sent on Bat the American Government under the Silver Purchase Act. A "resultant factor resolved itself into arithmetic—depositors' money had been invested in first-class securities, and at the moment there was no market for them. Credit' was virtually nonexistent, Had business continued through the opening months of this year on the same plane as during 1994 there would have been no necessity to close the bank, Mr. Raven added.
Text read from the printed page and cleaned; old type leaves the occasional error.