- Title: HONGKONG: DEPOSITORS WITHDRAWAL MONEY FROM CHINESE-OWNED BANKS
- Date: 10th February 1965
- Summary: 1. LS (TILT DOWN) CHINESE OWNED BANK 4 1/2 ft 2. LS QUEUES OUTSIDE BANK 6 1/2 ft 3. LS MORE QUEUES FORMING OUTSIDE (TWO SHOTS) 10 1/2 ft 4. MS MOTHER IN QUEUE FEEDING CHILD (TWO SHOTS) 14 ft 5. MS QUEUES ALONG BANK'S CORRIDOR 16 ft 6. LS (PAN) ANOTHER BANK -- LONG QUEUE OUTSIDE 19 ft 7. MS QUEUE OUTSIDE BANK 21 ft 8. MS POLICEMAN WITH LOUDHAILER REQUESTING ONLOOKERS TO DISPERSE 23 ft 9. MCU ANOTHER MOTHER WITH BABY AT THE BACK AMONG QUEUE 28 ft 10. MS PEOPLE RUSHING TO QUEUE 31 1/2 ft 11. LS MORE PEOPLE RUN TO QUEUE (PAN) CROWD LINING UP 39 ft 12. MS BANK OFFICIALS ALLOWING PEOPLE INTO BANK 43 ft 13. MLS CROWD AT BANK ENTRANCE 45 ft 14. MS CROWD AT BANK COUNTERS WAITING TO WITHDRAW MONEY 48 ft 15. MS DEPOSITORS WITH BUNDLE OF MONEY IN HAND WALK OUT OF BANK AFTER WITHDRAWING 50 ft 16. CU MAN CARRYING BUNDLE OF MONEY OUT OF BANK 52 ft 17. MS TRACK PEOPLE QUEUING OUTSIDE BANK 55 ft 18. LS (PAN) CROWD OUTSIDE BANK 61 ft Initials CAR/VS/MK/CA/RBI Script is copyright Reuters Limited. All rights reserved
- Embargoed: 25th February 1965 12:00
- Keywords:
- Location: HONGKONG
- Country: Hong Kong
- Reuters ID: LVAEI7KS96MA9EHR3PLS6XGESXEB
- Story Text: DESPITE THE HONGKONG GOVERNMENT'S ASSURANCE THAT IT WAS IMPORTING STERLING BANKNOTES BY AIR TO OVERCOME A SHORTAGE OF DOLLAR. BILLS, QUEUES OF DEPOSITORS CONTINUED TO FORM OUTSIDE CHINESE-OWNED BANKS -- TO WITHDRAW THEIR MONEY.
MOST OF THE PEOPLE IN THE QUEUES WERE HOUSEWIVES AND HAWKERS. MANY OF THE WOMEN, WITH BABIES ON THEIR BACKS, WAITED IN THE HOT SUN. POLICE HAD TO USE LOUDSPEAKERS TO KEEP THE QUEUES IN LINE.
THE RUSH FOR WITHDRAWALS BEGAN LATE LAST MONTH WHEN AMERICAN DOLLARS CHEQUES ISSUED BY A CHINESE BANK IN HONGKONG WERE NOT HONOURED IN THE UNITED STATES. THE BANK CLOSED DOWN AND A RECEIVING ORDER WAS MADE AGAINST IT.
WITHIN THE PAST FORTNIGHT, TWO BANKS HAVE SUSPENDED OPERATIONS FOLLOWING THE RUSH ON WITHDRAWALS.
MEANWHILE, HONGKONG'S "BIG TWO" WESTERN BANKS HAVE GIVEN THEIR SUPPORT TO LEADING CHINESE BANKS WHICH ARE CURRENTLY EXPERIENCING ONE OF THEIR WORST RUNS IN THE COLONY'S BANKING HISTORY. THE TWO BANKS ARE THE HONGKONG AND SHANGHAI BANKING CORPORATION AND THE CHARTERED BANK.
THE HONGKONG GOVERNMENT HAD APPLIES EMERGENCY BANK CONTROL REGULATIONS AND LIMITED THE AMOUNT THAT COULD BE WITHDRAWN FROM A BANK IN NOTES TO 100 HONGKONG DOLLARS (ABOUT SEVEN POUNDS STERLING) FOR EACH ACCOUNT EACH DAY. ALSO IN A MOVE TO CURB FURTHER WITHDRAWALS, THE HONGKONG EXCHANGE BANKS' ASSOCIATION HAS WARNED TIME DEPOSITORS AGAINST EXPECTING PAYMENTS BEFORE MATURITY.
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