HSBC and Its China Note Issue in the Late-Republican Era, 1925–1937
HSBC and Its China Note Issue in the Late-Republican Era, 1925–1937
This chapter describes the Hong Kong and Shanghai Banking Cooperation (HSBC) and its China note issue in the late Republican era, 1925–1937. The May Thirtieth Incident broke out in Shanghai in 1925, when a labor dispute in a Japanese textile factory situated in a British-policed concession area rapidly escalated into bloody demonstrations and a year-long nationalist boycott against British goods, sweeping across other treaty ports and Hong Kong. HSBC capped its entire outport issue in anticipation of further anti-foreign agitation during the Nanjing decade. The Chinese petitions were even wider off the mark as regards HSBC, whose circulation volume on the Mainland declined sometime after 1927, and whose managers had by then become insecure about their future prospects on the Mainland and reluctant to engage in massive silver trafficking for fears of antagonizing the Chinese and British authorities.
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