Hongkong, Sept. 16.
The National Commiercial anc Savings Bank failed to open its doors this morning, and a notice was posted outside stating: "By order of the Board of Directors, this bank has suspended business pending reorgan-
So far it has not been possible to make contact with the management fof the bank, but other leading Chinese and foreign bankers say they fare not surprised at this morning's development, og it was generally agnized that the National Commerela! and Savings Bank had been m 8 very shaky condition for some time past, learned on good authority that all exchange contracts with other banks have been fully offset, so that the principal sufferers will be deposit. ors and shareholders.
The directors of the bank made every effort over the week-end to stem the crash, A meeting of the Aivectors was hurriedly convened and each of them was asked to put up {$50,000 but they all politely declined.
Phe bank possessed a very fine downtown building which has already been mortgaged to the extent of four Inkhs and it is stated that the management endeavoured to raise a further mortgage of one lakh. last week but failed.
Tt is generally accepted that the phrase "closed pending reorganization" indicates complete liquidation.
Due to Bank of Canton Closure Interviewed by pressmen, one of the directors declared that closure of the bank's doors to-day was due to the heavy run experienced last weir after the failure of the Bank of Canton to open its doors and, furthermore, the National Commercial and Savings Bank did not receive the ex pected assistance from other banks the Colon; To-day was the second period of the 20-per cent. ton-day payments and it-was believed that the bank would not be able to meet further demands fon the part of depositors.
'It was revealed that' the Board of Directors of the bank sat throughout the night last night in an endea. your to find a solution, but none was forthcoming and it was'finally decided to suspend payments, Tt Is understood that one halt of the bank's capital, comprising HK$000,000, was withdrawn last week and the other half, consisting mainly fof frozen assets, could not be converted Into cash. It was also stated that the outstanding debts amount to over HIK$4,000,000, Pathetic scenes were witnessed outside the bank this morning when crowd of Chinese depositors, held back by a force of police, gathered outside the locked doors of the prem-
Some of the women in the crowd were erying, while other bewildered dopositors—fishermen, farmers, and servants—unwilling to believe that their savings had been sacrificed, stopped passers-by and requested them to read and re-read the notices Reuter.
Tientsin Branch Closes Tientsin, Sept. 16. The Tientsin branch of the National and Commercial and Savings Bank was, closed, to-day pending "re
Text read from the printed page and cleaned; old type leaves the occasional error.