Word: bank
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Dates: during 1960-1969
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When Communist rioters swirled through the streets of Hong Kong in 1967, the business community trembled on the edge of chaos. The local stock market dropped to a modern low; bank deposits plunged; tourism dried up. Nearly 1,000 businessmen made inquiries about shifting to Taiwan or Singapore. But peace returned-and so did prosperity. No businesses actually moved out. Despite the monumental inconveniences caused by what is now euphemistically called "the disturbances," 1967 turned out to be Hong Kong's best export year until then, and 1968 was even better in every respect. Last week, as it celebrated...
Tunnel to the Island. With an economy more heavily dependent on exports than any other in the world, Hong Kong increased sales to foreign customers in 1968 by 26%, to $1.4 billion. Bank deposits climbed 20%. The stock market reached an alltime high. Tourism soared as 618,000 visitors spent $160 million and 200,000 U.S. servicemen on R & R left behind another $60 million...
...there are 20. Their total assets are still quite low - less than 1% of the $24 billion of the Bank of Amer ica, the nation's largest - and their performance has been less than sparkling...
Outside Advice. There are also some promising newcomers. Three that have done well are Seattle's Liberty Bank, Kansas City's Swope Parkway National Bank and Boston's Unity Bank and Trust Co. All were started only last year, riding the wave of black consciousness. All got support from white bankers or businessmen...
Since Unity Bank was set up last June in the Negro Roxbury district of Boston, it has made about 600 loans without loss and brought in almost 6,000 depositors with more than $7,000,000 in accounts. About two-thirds of its clients are black, but the bank also gets business from some white-owned firms, including the Gillette Co. and New England Mutual Life Insurance Co. President Donald Sneed Jr., 35, a former real estate broker, reported a profit of $47,520 for the first six months of the bank's operations...