Hong Kong: Another Kind of Crisis

Hong Kong's British garrison was put on the alert last week, and police leaves were canceled. Governor Sir David Trench appealed for calm over radio and TV. The stock market dipped. The crown colony was having something of a crisis, but it had nothing to do with the escalating warfare in South Viet Nam. It was caused instead by a run on a handful of Hong Kong's Chinese-owned banks.

The Chinese, who comprise 98% of Hong Kong's population, have traditionally distrusted banks, preferring to keep their savings in the form of jewels in a safe or gold under a mattress...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!