Exchanging keys

From the 17 September 1935 copy of the Pinang Gazette and Straits Chronicle, an old defunct newspaper from Penang, comes this story about that old Penang millionaire, Yeap Chor Ee. I believe this story could have been timed to coincide with the date of Ban Hin Lee Bank's incorporation as a limited company. Same year, same month, same day. Previously, it was a private community bank operating as a sole-proprietorship with all the personal risks shouldered solely by the owner. To me, the section on his banking business made the most interesting reading. The rest of Yeap Chor Ee's history is more or less widely known but that little snippet of him exchanging safe keys with his son, Lean Seng, in Kuala Lumpur, well, that was quiet something new to learn! Happy reading....

ROMANTIC CAREER OF MR YEAP CHOR EE

The announcement that Messrs Ban Hin Lee and Co, the well-known bankers of Beach Street, Penang, intend converting the business into a limited liability company marks another milestone in the romantic career of its sole proprietor at the present time, Mr Yeap Chor ee, now easily Penang's wealthiest citizen. Truly Mr Yeap Chor Ee's rise from poverty to affluence is one of the romances of Penang, one of the romances of the Chinese in Malaya. There have been other figures almost as romantic as him, Foo Choo Choon, the Tin King, for instance, but whereas Foo Choo Choon ended his days in comparative penury, nothing like that sort is likely to occur to Mr Yeap Chor Ee who has laid the foundations of his prosperity on solid structures. Today he is the recognised Sugar King; the biggest landed proprietor of Penang, deals largely in tin and has a banking business as safe as the Rock of Gibraltar.

OF HUMBLE BIRTH

Mr Yeap Chor Ee is a man of humble birth. A native of Fukien, he came to Malaya about 50 years ago, when Malaya was still jungle and entirely undeveloped. About 32 years ago he settled in Penang and owned a small barber's shop. That barber's shop gave way to other small businesses. Some time between 1890 and 1900 he started to deal in the brown sugar trade and from that time he has never looked back. The main industry in Province wellesley was then sugar planting, no fewer than four mills being in operation. From 1900 to 1910 Mr Yeap Chor Ee confined his attention to white sugar. Then came the rubber boom, and sugar plantations were turned into rubber estates. One dollar shares in the sugar plantations became ten dollar shares in rubber estates. That meant the end of the sugar industry in Province Wellesley. Later Mr Yeap Chor Ee turned his energies to tapioca and other trades, extending the scope of his activities and increasing his wealth.

THE BANKING BUSINESS

We are not quite certain when Mr Yeap Chor Ee started his banking business, known as Ban Hin Lee; but it is now well-known throughout Malaya. Mr Yeap Chor Ee has always controlled the Penang business which is regarded as the head office, while the Singapore business has been in charge of a son. Several years ago Mr Yeap Chor Ee, in the course of a case in the Police Court, revealed how carefully he conducts his business. Mr Yeap Chor Ee occasionally used to visit the Singapore Branch. When he did that he notified his son at Singapore. The son had to leave Singapore by the night mail just as the father left Penang. They met at Kuala Lumpur for the purpose of exchanging the keys of the safes. Mr Yeap Chor Ee took the Singapore keys with him, while his son had to continue to Penang with the Penang keys. The same process was repeated when Mr Yeap Chor Ee was on his way back to Penang. That was, of course, several years ago, before Mr Yeap Chor Ee's other sons began to help him in the firm. Now, they all work at his banking firm.

THE TOUCH OF MIDAS

In recent years Mr Yeap Chor Ee's wealth has accumulated with such strides that he has become known as the Chinese with the touch of Midas - everything he touches turns to gold. A couple of years ago, before the Tin Control Scheme came into operation, Mr Yeap had bought a great deal of tin, which he stored up until better prices set in. Tin went up and he made an enormous of profit. About a year ago he bought Homestead, Northam Road, the most palatial residence in Penang, on which Mr Lim Chin Guan, then in his hey-day, spent a fortune. Mr Yeap Chor Ee obtained it "for a song." Today he is easily the richest man in Penang, and his fortune is expanding with a vengeance. He donated $10,000 to the Penang Jubilee Fund.

Mr Yeap Chor Ee is one of the most careful and frugal men, and that is the main reason why he has amassed such a great fortune; unlike Foo Choo Choon, who spent his money with a lavish hand. In spite of his colossal wealth Mr Yeap Chor Ee still remains the humble individual who prefers a ricksha to a car, a plain white tunic suit to palm beach. One other fact about this remarkable man is that he does not know a word of English and transacts most of his business through interpreters.