As a result of financial dimteultic two small Chinese banks, neither of Which had issued notes, together wih six Chinese stores, suspended business on Tuesday, June 4, the eve of the Dragon" Boat Festival. which jg one ofthe three big Chinese settlement days in the year, The two Chinese banks are the Ningpo Industrial Bank, 201 Nanking Road, of which Mr. Wu Chih-hou is the head, and the Kiangnan Bank, 821 Honan Road. The six stores, all promoted by Mr. Wu, are the Shanghat Native Goods Company, corner of Nanking and Chili roads; Teh Tal, Pa Chen, and Pao Tai ready-made cloth Stores in Kiukiang and Shansi roads; the Tien Foh silk store in. Hankow Road; and the Hung Chang Chen silk store in Small East Gate. While the Kiangnan Bank will be liquidated, an attempt Is being made to re-organize the Ningpo Industrial Bank. The Shanghai Native Goods Company and the other. stores, it Is said, will 10
Established last June with a capital of $500,000, the Ningpo Industria! Bank opened branches. In Soochow. Quingan, Hangchow, Tsingpo. Ningpo, and Shenkamen. It had also thios branches in Shanghai, at. 1154-5, Broadway; 864-8 Avenue Joffre: nia Tamatao, Nantao, Tt was reporter that the bank had advanced. large sums of money to the six stores, A Tun started following the failure of the Institution to advance money to two depositors who kept fixed ae counts with it, resulting in its closure that day. among the native banks in need of fivaneial aid. Any body found to be spreading malicious rumours affecting the "market would be severely dealt with by the authorities The special committee organized by the Ministry of Finance to administer loans to local native banks began their work on Thursday, when $25,000,000 Currency Bonds were being distributed to those institutions in need of Government aid. The committee met in the office of the Native Banks' Joint Reserve Board in Ningpo Road where the securities for the bonds were examined, Dr. H. H. Kung, Minister of Finance, has appointed the following to the board of trustees:
Messrs. J. K. Choy, Commissioner Jot Finance of the Shanghai City JGovernment; Wu Hsin-yo, Commissioner of the Bureau of Social Affairs:
Yueh-sung, chairman of the Shanghai Civie Association; Mr. Wang Shao-lai, chairman of the City Gov= ernment Council;, Mr. K.P. Chen, of the Chinese Banks As-Mr. Wang Yen-soong, anker; Zing Zung-ching, chairman Jot the Native Banks Association:
aye Pel, manager of the Shanghai Branch of the Bank of China; Mr, si /Te-mou, general manager of the Banking Department of the Central Bank; Mr. Chang Bei-shun, manager of the Foreign Department of the Bank of Communications: and Mr. 'Yue Tso-ting, chairman of the Chinese Chamber of' Commerce.
Text read from the printed page and cleaned; old type leaves the occasional error.