1958 Ming Tak Bank | Gwulo: Old Hong Kong

1958 Ming Tak Bank

1958 Ming Tak Bank
Authors: 

I think the Kowloon Branch was located on Nathan Road. The Ming Tak Bank bacame insolvent in 1965 after a bank run. 

Date picture taken (may be approximate): 
Wednesday, January 1, 1958

Comments

That's the address of the Kowloon Branch given in this 1962 book, which would be on the east side of Nathan Road between Granville & Cameron Roads.

We see that section of the road in this 1960s photo, and as confirmation the China Beauty Parlour Co is visible at the right:

1960s Nathan Road.jpg
1960s Nathan Road.jpg, by Moddsey

Good work on the address. Thanks.

Greetings.  Several banks of this size were within walking distance from our home.  Some hired security guards with shot-gun outside the door just like in this photo.  For her birthday, grandma received a US money order from her daughter and without personal identifiations the bank accepted it - the one on Tong Mi Road next to the Ho Sai Gai Theatre.  She had very little education in reading and writing, and walked slowly with a limp due to her bound-feet; so we obviously posed no risk.  As robbery was in their mind, they decided the safest place was this boy's pocket.  Regards, Peter

Greetings.  The above reference to the Ming Tak Bank got me interested, so I found on internet this paper entitled "The Origin of Anti-Competitive Bank Regulation in Hong Kong: Was Hong Kong 'over-banked in the 1960s?" by Catherine R. Schenk of University of Glasgow.  It has a short discussion about this bank, and the Liu Chong Hing Bank crisis in 1961 which was big news at that time.  Regards, Peter

At the time, there was a proliferation of Chinese banks without "checks and balances" so to speak. As I understand, Chinese depositors who could not speak English were wary of the note-issuing British banks and thus placed their savings in Chinese run banks. The Ming Tak was the first to become insolvent and subsequently went bankrupt.