Word: hongkong
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Dates: during 1960-1969
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Died. Sir Arthur Morse, 75, chief manager of the Hongkong and Shanghai Banking Corp. from 1941 to 1953 and the man most responsible for putting Hong Kong back on its financial feet after World War II, who demonstrated his confidence by redeeming the illegal currency issued by Japanese occupation forces, an operation that eventually cost some $30 million but stimulated the credit and trade vital to commercial survival; of bronchial pneumonia; in London...
...visit to New Delhi comes near the end of Pusey's nine-week Asian tour. He left Cambridge Oct. 4 and has visited universities in Korea, Japan, Taiwan, Hongkong, the Philippines, and Thailand...
Hong Kong's warehouses were soon piled high with opium, and some 80 clipper ships smuggled the drug to Chinese dealers along the 4,000-mile coast of the mainland. Reckless men poured in from every land. When the potent Hongkong & Shanghai Banking Corp. was founded in 1864, it was backed by 14 different firms-British, American, German, Indian, Turkish, Danish-and its first manager was a Frenchman. A British visitor warned that "anyone compelled to come by duty to Hong Kong should have a stout heart and a lively trust in the mercy...
Master Stroke. At war's end. Hong Kong was a wreck. Its harbor facilities had been destroyed by bombings, and two-thirds of its population had fled. The colony was flooded with worthless currency called "duress notes," which the Japanese had forced the Hongkong & Shanghai Banking Corp. to issue. The British acted boldly: with the help of the local government and the Bank of England, the corporation redeemed every duress note at face value-an operation costing $30 million. "A master stroke," sighed one relieved financier. "Nothing did more to restore Hong Kong's prestige so quickly...