朱博泉
Percy Chu
(1898 - 2001)
Connie FanConnie Fan
April MaApril Ma
December 2006December 2006
The Early Years
The Early Years
• 朱博泉 (Zhu Bo-Quan) was
born in Hangzhou on October
2, 1898
• At the age of 10, at his
father’s urging, he...
The Early Years
• Percy graduated in 1919
with a degree in
Business Administration
from Shanghai College
(now the Universi...
To America and Back
• In 1919 Percy went to the US for two years, studying Economics and
Business Administration at Columb...
Banking
Contributions to Banking in
Shanghai and China
• Established the first Chinese Foreign Exchange
operation
• Established Ch...
• Percy’s posts included:
• Sub-manager (and later manager) of the head
office in Shanghai of Zhejiang Industrial Bank, Lt...
“Development of the Clearing System of
the Chinese Modern and Native Banks in
Shanghai”
By Percy Chu, Manager of the Joint...
“Development of the Clearing System of
the Chinese Modern and Native Banks in
Shanghai”
“In my article in Chinese on ‘The ...
19331933
19361936
Dedication to Education
• Established first night college for
professional workers in China
• As President of the Associat...
Other Community Involvement
Percy was the president, director, or
manager of over 108 different clubs,
including:
• Direct...
Political Troubles
The Pro-Japanese
Wang Government• During World War II, Percy was jailed for a month by
China’s Pro-Japanese Wang Jingwei G...
The Nationalist Government
• After the end of World War II, Percy
was kidnapped and tried by Chiang
Kai-shek’s Guomindang,...
The Communist Government
• After the establishment of the PRC, Percy was invited in 1953 to
become the Financial Manager o...
Former
Residences
Residences
1843 Huaihai Zhong Lu
• The house was built by a
German in 1920, then
sold to a German doctor.
• Percy Chu purchased the
h...
1843 Huaihai Zhong Lu
• The property was
confiscated by the
Guomindang to provide a
house for Soong Ching-
Ling (the widow...
Fanyuan, 1220 Huashan Lu• Fanyuan (“Standard Garden”)
consists of 12 garden villas in
British, French, and Spanish styles
...
浙江 行兴业银浙江 行兴业银
北京 路东北京 路东 230230 号号
Fanyuan, 1220 Huashan Lu
(A Side Note on the Zhejiang Industrial Bank)
• With the impe...
Fanyuan, 1220 Huashan Lu
• Percy’s property in
Fanyuan was confiscated
by the Guomindang to be
used as a headquarters
for ...
Other Residences
• Percy owned two other properties:
• Chengtouxiang in Shanghai, and
• a villa near Lingyin Temple in Zhu...
Shanghai Leisure Activities
Sports
• Percy played many sports, including soccer,
basketball, tennis, and billiard.
• In university, Percy was once the...
Theatres
Percy was the chairman of five different
movie theatres: Daguangming (Grand),
Meiqi (Majestic), Guotai, Dashangha...
Food
• Percy loved Western food.
• According to his eldest daughter Jane, Percy’s
favorite foods were beef, beef soup, cof...
Dining in Shanghai
• Percy’s favourite
restaurant in Shanghai
was 沙利文 (Sullivan)
• He also often took his
children out to ...
The Rotary Club
Dedication to the
Rotary Club of Shanghai
• Percy joined the Rotary
Club of Shanghai in 1926,
at the age of 28. He later
s...
RC Taipei Honours Percy
• On Nov. 13, 1993, Taipei
Rotarians came to
Shanghai to visit Percy
Chu, and invited him to
join ...
• Percy’s Visit to Taipei
made headlines in
Taiwan.
• Rotary and China
had re-discovered
Percy Chu.
Centenary Celebrations
• In the Spring of 1997, RC
Taipei flew Percy to Beijing to
fellowship with Beijing
Rotarians, and ...
Philosophy
On People
• Percy believed strongly in helping others, being kind, and
being gentle
• He also stressed the importance of b...
On Family
• Percy loved his family dearly.
He married Chiang Tong-chi
in 1931, and later refused to
go abroad in order tha...
On Money
• Percy knew that money was not everything.
• Percy was a man of high integrity. Despite having
held such a power...
On Longevity
• Percy lived a long life of 102 years that
spanned across three centuries. In
1995, at the age of 98, he rec...
Last photo of PP Percy Chu, in his home in February, 2001Last photo of PP Percy Chu, in his home in February, 2001
with Ro...
Do your best regardless of
the circumstances.
Even if your job is cleaning
washrooms, make sure it is the
cleanest one, su...
With special thanks to Jane ChuWith special thanks to Jane Chu
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Percy Chu, Past President Rotary Club of Shanghai, 1934-35

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A history of Percy Chu, Past President Rotary Club of Shanghai, 1934-35.

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Percy Chu, Past President Rotary Club of Shanghai, 1934-35

  1. 1. 朱博泉 Percy Chu (1898 - 2001) Connie FanConnie Fan April MaApril Ma December 2006December 2006
  2. 2. The Early Years
  3. 3. The Early Years • 朱博泉 (Zhu Bo-Quan) was born in Hangzhou on October 2, 1898 • At the age of 10, at his father’s urging, he cut off his queue (a sign of loyalty to the Qing Dynasty) and began to study at a foreign boys’ school in Shanghai. • He also chose for himself the English name “Percy” • Incidentally, “Percy” is the middle name of Paul Harris (1868-1947; the founder of Rotary International)
  4. 4. The Early Years • Percy graduated in 1919 with a degree in Business Administration from Shanghai College (now the University of Shanghai). • Percy would later become President of this University from 1942- 1945.
  5. 5. To America and Back • In 1919 Percy went to the US for two years, studying Economics and Business Administration at Columbia University and New York University • He then returned to Shanghai to become one of the most powerful bankers in China Columbia University in the Early 20th CenturyColumbia University in the Early 20th Century
  6. 6. Banking
  7. 7. Contributions to Banking in Shanghai and China • Established the first Chinese Foreign Exchange operation • Established China’s first Federal Reserve Board (March 1932) • Established China’s first Clearing House (January 1933) • Became the Protector and Chief of Shanghai’s banking industry during the Japanese occupation
  8. 8. • Percy’s posts included: • Sub-manager (and later manager) of the head office in Shanghai of Zhejiang Industrial Bank, Ltd., where he set up the first Foreign Exchange Department in a Chinese-owned Shanghai Bank, 1921 • Liquidator of Russo-Asiatic Bank, Shanghai, 1926- 1929 • Chief Auditor (and later General Manager) of the Central Bank of China by invitation from the Guomindang, 1928-1932 • General Manager of the Joint Reserve Board of the Shanghai Bankers’ Association, 1932-1936 Contributions to Banking in Shanghai and China
  9. 9. “Development of the Clearing System of the Chinese Modern and Native Banks in Shanghai” By Percy Chu, Manager of the Joint Reserve Board of the Shanghai Bankers Association Published in “The Central Bank of China Bulletin”, Spring 1940, Vol. VI No. 1, pp. 13-26 • “…Although credit system has not been well developed in China and the circulation of cheques and drafts is very much restricted, yet in normal times no less than 70 to 80% of the large-scale business in Shanghai are transacted with these credit instruments as the means of payment. … In the city where there is a large number of banks, the amount of cheques and drafts circulate daily among them is bound to total to tens of million dollars. Provided each cheque draft is to be paid with cash, the process of paying and receiving will be so laborious as to nullify completely the good facilities which the use of cheques is intended to provide. The system of clearing, therefore, is of great importance. •“The primary function of a clearing house is to enable the banks to meet together and present their claims on each other as represented by the cheques and drafts issued by them which they offset and receive or pay favorable or unfavorable balances after the offsetting. … The system of clearing cheques and drafts through a common institution has apparently the merits of safety, economy and speed.”
  10. 10. “Development of the Clearing System of the Chinese Modern and Native Banks in Shanghai” “In my article in Chinese on ‘The Past, the Present, and the Future of the Clearing System in Shanghai’ published in April, 1933, issue of ‘The Bankers Weekly’, I concluded with an expression of hope in the following words: ‘If the native banks could improve their age-old system of clearing through the exchange of ‘clearing certificates’, the appearance of a modern clearing system for the native banks would be greatly accelerated. … With the formation of a clearing centre for the foreign banks, a triangular system of inter-clearing for the three banking groups in Shanghai, namely the Chinese modern banks, the Chinese native banks and the foreign banks could be established and be assured of success.’ “It is a pleasure that the hope I cherished was in a large part fulfilled in the past six years. … However, it is not the present success with which we are so very much concerned but rather the future prospect of improvement which is of interest to us. As the creation of one central clearing system for all the banks in Shanghai remains to be the objective of our endeavor, continued efforts will be made in this direction to ensure its early consummation. On the other hand, as we make a survey of the clearing system in force in the various advanced countries in the world, we at once feel that there is yet much that we have to learn from them.”
  11. 11. 19331933
  12. 12. 19361936
  13. 13. Dedication to Education • Established first night college for professional workers in China • As President of the Association of Institutions in the Municipality of Shanghai, Percy changed the name of Shanghai University (also known as St. John’s University, 188 Jessfield Road) from English to Chinese to protect the American-funded institution during the Japanese occupation • He was appointed President of the University from 1942 to 1945 Main entrance of St. John’s UniversityMain entrance of St. John’s University
  14. 14. Other Community Involvement Percy was the president, director, or manager of over 108 different clubs, including: • Director of School of Commerce, University of Shanghai • President of Chinese Bankers’ Institute • Chairman of Shanghai Central Committee, China International Famine Relief Commission • President, Rotary Club of Shanghai (his favourite of the 108 clubs)
  15. 15. Political Troubles
  16. 16. The Pro-Japanese Wang Government• During World War II, Percy was jailed for a month by China’s Pro-Japanese Wang Jingwei Government for refusing to cooperate with their request to set up a new financial institution, after the Central Bank, the Bank of China, and the Bank of Communication had been uprooted by the Guomindang. • When the Japanese Army arrived in China, Japanese members of the Rotary of Shanghai set up a meeting with the Wang Government. They again asked Percy to help maintain business activity in Shanghai; this time he agreed. • Percy was told to form and serve on a General Committee of Chinese Commercial Banks and Chinese Native Banks
  17. 17. The Nationalist Government • After the end of World War II, Percy was kidnapped and tried by Chiang Kai-shek’s Guomindang, and imprisoned at Tian Lai Bridge for two years for being an “economic traitor” by having collaborated with Japanese administration. • (Percy was labelled an “economic traitor” despite the fact that the Vice- President of the Guomindang had written to him praising his work.) • All of Percy’s property, finances, and investments were confiscated by the Nationalist Government. He recalled that they even took his children’s clothes. The Tian Lai Bridge PrisonThe Tian Lai Bridge Prison
  18. 18. The Communist Government • After the establishment of the PRC, Percy was invited in 1953 to become the Financial Manager of the Wing On Group, the second- largest cotton-producer in China at the time. • Three years later, Percy was appointed Vice-Chairman of the Business Committee of the government’s general office of nationalised industries. • In 1959, however, CCP Red Guards accused Percy of being “rightist” and a “counter-revolutionary” for having cooperated with the Nationalist Government. • Percy was sentenced to 22 years of manual labour. He was forced to work in a cotton mill carrying bobbins to and from machines, sweeping the courtyard, and clean the washrooms. • While he was working, high-level party cadres would visit with notepad in hand to discuss complex trading and financial issues.
  19. 19. Former Residences Residences
  20. 20. 1843 Huaihai Zhong Lu • The house was built by a German in 1920, then sold to a German doctor. • Percy Chu purchased the house in 1929.
  21. 21. 1843 Huaihai Zhong Lu • The property was confiscated by the Guomindang to provide a house for Soong Ching- Ling (the widow of Dr. Sun Yat-sen), who lived there from 1948 to 1963. • The property is now open to the public as the “former residence of Soong Ching-Ling”.
  22. 22. Fanyuan, 1220 Huashan Lu• Fanyuan (“Standard Garden”) consists of 12 garden villas in British, French, and Spanish styles that housed a total of 600 residents. • The estate was built during the 1910’s by a group of entrepreneurs, the owners of the Zhejiang Industrial Bank. To celebrate their success in boycotting the financial policies of the warlords at the end of the Qing Dynasty, they decided to build their homes together. • One of the biggest stockholders of the Zhejiang Industrial Bank was Jiang Yi-Zhi, Percy’s future father- in-law.
  23. 23. 浙江 行兴业银浙江 行兴业银 北京 路东北京 路东 230230 号号 Fanyuan, 1220 Huashan Lu (A Side Note on the Zhejiang Industrial Bank) • With the impending collapse of the Qing Dynasty after the Xinhai Revolution in October 1911, the public feared that their bank notes would lose value, and rushed to convert all their bank notes into silver dollars. • Zhejiang Industrial Bank was one of the only banks to survive the winter of 1911, and was one of the biggest private banks in Republican China. • 1911 was only the fourth year of the Zhejiang Industrial Bank. Jiang Yi-Zhi demonstrated great capability and wisdom during the crisis. • In other words, Percy’s father-in-law also played a crucial role in the history of banking in China. 1935 Name and Address of1935 Name and Address of Zhejiang Industrial BankZhejiang Industrial Bank
  24. 24. Fanyuan, 1220 Huashan Lu • Percy’s property in Fanyuan was confiscated by the Guomindang to be used as a headquarters for the staff of the nearby military hospital. • The property is now a dormitory for the workers of the “No. 85 Hospital of the Chinese PLA”. The Fanyuan estate today.The Fanyuan estate today.
  25. 25. Other Residences • Percy owned two other properties: • Chengtouxiang in Shanghai, and • a villa near Lingyin Temple in Zhuzang, Hangzhou
  26. 26. Shanghai Leisure Activities
  27. 27. Sports • Percy played many sports, including soccer, basketball, tennis, and billiard. • In university, Percy was once the champion of a billiard competition. • He also served as a captain on one of his sports teams.
  28. 28. Theatres Percy was the chairman of five different movie theatres: Daguangming (Grand), Meiqi (Majestic), Guotai, Dashanghai, and Lidu. Grand TheatreGrand Theatre Majestic TheatreMajestic Theatre
  29. 29. Food • Percy loved Western food. • According to his eldest daughter Jane, Percy’s favorite foods were beef, beef soup, coffee, and bread. He had bread every day for breakfast.
  30. 30. Dining in Shanghai • Percy’s favourite restaurant in Shanghai was 沙利文 (Sullivan) • He also often took his children out to dine at restaurants, including • 房子红 (Red House), • 国 店际饭 (Park Hotel), • 光明咖啡馆 (Guangming Café), and • 花旗夜 会总 (Citi Group Night Club) Park HotelPark Hotel
  31. 31. The Rotary Club
  32. 32. Dedication to the Rotary Club of Shanghai • Percy joined the Rotary Club of Shanghai in 1926, at the age of 28. He later served as: • Honorary Treasurer, 1927-1933 • President, 1934-1935 • Director, 1935-1936 • In 1936, Percy met Paul Harris, founder of Rotary International, on Mr. Harris’ three-day visit to Shanghai. Percy remembered Harris as “a very happy chap”. Caricature of Percy Chu, byCaricature of Percy Chu, by F.C. “Scout” MillingtonF.C. “Scout” Millington
  33. 33. RC Taipei Honours Percy • On Nov. 13, 1993, Taipei Rotarians came to Shanghai to visit Percy Chu, and invited him to join the Rotary International Convention the following year in Taiwan. • At the convention in 1994, Taipei Rotarians promised to organize a party to celebrate his 100th birthday in 1998. Percy Chu with Taipei Rotarians at the PeacePercy Chu with Taipei Rotarians at the Peace Hotel in 1993.Hotel in 1993.
  34. 34. • Percy’s Visit to Taipei made headlines in Taiwan. • Rotary and China had re-discovered Percy Chu.
  35. 35. Centenary Celebrations • In the Spring of 1997, RC Taipei flew Percy to Beijing to fellowship with Beijing Rotarians, and Deng Lin, the daughter of the late Deng Xiaoping, was also present. CCTV produced a 10-minute documentary on the life of Percy Chu. • A birthday party was held for Percy Chu in Shanghai on November 15, 1997. Another birthday party was held in October 1998, where Percy gave an eloquent “Three Centuries” speech. Percy at a Rotary ClubPercy at a Rotary Club Meeting in Shanghai, 1997.Meeting in Shanghai, 1997.
  36. 36. Philosophy
  37. 37. On People • Percy believed strongly in helping others, being kind, and being gentle • He also stressed the importance of being open-minded • In October of 1934, The Pagoda reported to the club that their president was ill and would be unable to attend meetings for several weeks. The writer also reported, “Percy is very anxious that his illness shall not detract from members’ enjoyment of the Garden Party he is so kindly providing.”
  38. 38. On Family • Percy loved his family dearly. He married Chiang Tong-chi in 1931, and later refused to go abroad in order that he could take care of her because she was ill. They were together until she passed away in 1981. • The Chus had 3 daughters: Jane, Alice, and Mary. Jane and Mary both became school teachers, and Alice became a nurse.
  39. 39. On Money • Percy knew that money was not everything. • Percy was a man of high integrity. Despite having held such a powerful position in the world of banking, he ever once engaged in corruption. • Percy once received a plaque that read: 一生清白 袖清两 风 (Yisheng qingbai, liangxiu qingfeng) • It declared that he had lived a life of honesty, and never hid anything up his sleeves.
  40. 40. On Longevity • Percy lived a long life of 102 years that spanned across three centuries. In 1995, at the age of 98, he received the title of “Healthy Senior Citizen of Shanghai” from the City Council. • In response to questions about the paths to longevity, Percy would say, “When I was eighty, I used to say ‘exercise your body and mind frequently, eliminate worries and then you won’t feel old.’ When I reached ninety, I ventured to say further, ‘Don’t get angry, don’t feel sad, be free and happy.’” • Despite all the struggles and hardships in his life, Percy was always grateful for what he had, and always realized that there were others who had to endure even greater suffering.
  41. 41. Last photo of PP Percy Chu, in his home in February, 2001Last photo of PP Percy Chu, in his home in February, 2001 with Rotarians Frank Yih and Jackson Cheng.with Rotarians Frank Yih and Jackson Cheng. Percy passed away on March 19, 2001.Percy passed away on March 19, 2001.
  42. 42. Do your best regardless of the circumstances. Even if your job is cleaning washrooms, make sure it is the cleanest one, such that everyone wants to use it. On Life
  43. 43. With special thanks to Jane ChuWith special thanks to Jane Chu

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