§ Mr. GWYNNEasked the President of the Board of Trade whether the Hong Kong and Shanghai Banking Corporation has been appointed official liquidator of 451W the Deutsch-Asiatische Bank's business in the Crown Colony of Hong Kong; if so, what steps are being taken; and what period has been fixed, if any, for winding-up the business and excluding the Deutsch-Asiatische Bank from all future operations in the Colony?
§ Mr. BONAR LAWThe Hong Kong and Shanghai Banking Corporation has been appointed official liquidator of the Deutsch-Asiatische Bank's business in Hong Kong. Arrangements were made for the sale of the bank building in the Colony some time in August, but I have no information as to whether or not the male has taken place, nor as to the period fixed for the winding-up of the business, but I will make inquiry on the subject.
§ Mr. GWYNNEasked the President of the Board of Trade whether the Hong Kong and Shanghai Banking Corporation is licensed to do business in London with or on behalf of the Deutsch-Asiatische Bank of Berlin; and, if so, for what purposes and period and for whose benefit?
§ Mr. McKENNAMy right hon. Friend has asked me to answer this question. A licence was granted in May, 1916, to the Hong Kong and Shanghai Banking Corporation in London to receive from the Deutsch-Asiatische Bank in Berlin remittances to provide for payment in this country of the coupons of bonds of certain Chinese Government Loans. No other business has been licensed. The purpose for which the licence was granted was to provide for the payment in this-country of the interest on the bonds. The period for which the licence was granted was until further notice. The persons for whose benefit the licence was granted were the Chinese Government, inasmuch as they were enabled to fulfil their obligations, and the holders of bonds in this country, inasmuch as they were able to receive the money due to them.