Hongkong Chinese Firm Seeks Reorganization Shanghai, Sept. 17.
The Shanghai Branch of the Nation. al Commercial & Savings Bank, 348 Kiangse Road, closed its doors yesterday morning. Notices. were posted the local branch, stating that it had temporarily suspended business In. accordance with telegraphic instructions from the Bank's Board of Directors at Hongkong, pending its reorganization. The manager of the Tocal branch is Mr. C. Y. Wong, who took up his duties early this month succession to Mr. 8, C, Lu.
Inquiries made at the Shanghai Chinese Bankers Association revealed that the local branch of the National Commercial & Savings Bank is one of the Association's old members. Reports received by the Association showed at the beginning of this month that the assets of the local branch far exceeded its liabilities, the deposits amounting at that time to between $300,000 to $400,000 only. The Bank ig registered in Hongkong.
Questioned whether any. financial aid will be given the closed bank by the other member banks, an official of the Chinese Bankers "Association said it was most unlikely now the bank had closed and the local branch took instructions only from its head-office, The local branch had no notes In circulation in Shanghol.
Text read from the printed page and cleaned; old type leaves the occasional error.