From: mpcgram-owner@papermoneyworld.net on behalf of MPCgram [mpcgram@yahoo.com] Sent: Friday, October 27, 2006 12:12 PM To: mpcgram@papermoneyworld.net Subject: MPCGram 1513 ------------------------ / MPC Gram News Letter / ----------------------- =========================================== MPC GRAM =========================================== Vol 7, no 1513 Friday October 27, 2006 Wedding Notes Issued Souvenir notes will be issued for David Seelye's wedding tomorrow and a sheet of the notes is being sold on ebay to raise money for the scholarship fund. Below is the text from the auction. It includes the appropriate information. The ebay item number is 110049095167 but remember, the auction will not be posted until the moment of the wedding. Fester, dealer, collector David Seelye was married at 1730 hours on Saturday Oct 28th. A set of four commemorative notes was prepared for the event and distributed to people in attendance. Two uniface uncut sheets were also prepared. One sheet will be autographed by everyone (hopefully) at the wedding and given to David and Judy as a wedding gift from the MPC community. The other sheet is being sold here. It is a one day ONLY auction that starts at precisely the moment that the ceremony begins--1730. Now to make things better, 100% of the realized price will be donated to the scholarship fund by the same MPC community so bid early and bid often. Finally, 100 notes were prepared making 25 sheets (serial numbers ranging from 1-39 (the discrepancy being because of spoilage (no replacements reported))). IF any notes are not issued, they will be sold in a similar scholarship auction next week (probably starting at 1730 on the one-week anniversary). This link might get you directly to the sheet: http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=110049095167#ebayphotohosting Japanese Occupation of the Philippines by Chick Parsons wit the aid of Jim Downey Charles “Chick” Parsons is one of the forgotten heroes of World War II in the Pacific. At the outbreak of the war, Parsons wore many hats. He was an American businessman, the owner of the Luzon Stevedoring Company. He served as the Consul for the country of Panama in the Philippines . He was also a lieutenant in the United States Naval Reserve. Claiming diplomatic privilege as Panamanian Consul to the Philippines, Parsons avoided internment for himself and his family by the Japanese when foreign nationals were rounded up in January 1942. With the assistance of the Swedish Consul, Parsons and his family were repatriated from the Philippines in June 1942. They traveled first to Shanghai, then to Mozambique and left Mozambique on board the Swedish vessel MS Gripsholm in late July 1942. Because of his knowledge of and contacts in the Philippines , Parsons was assigned to MacArthur’s staff in Australia. He established an intelligence network in the Philippines and coordinated the submarine supply operations that brought supplies to the Philippine guerrillas. His activities in the Philippines earned Parsons the Navy Cross and personal accolades from MacArthur who referred to Parsons as the bravest man he had ever known. Parsons authored at least two reports relating to his time in the Philippines. The first was aboard the Gripsholm and described conditions in the Philippines up to the time of his departure. The other report was written in 1943 after he spent four months in the Philippines visiting the guerrilla forces. Both reports contain significant information relating to money and banking matters. The following information is taken from the report written aboard the Gripsholm. The bracketed portions of the selections are either my editorial comments or those of Parsons son, Peter Parsons, who made the report available. “During the month of December, the banks in Manila were instructed to send their cash funds and bullion to the Insular Treasurer, or on the Philippine National Bank’s clearing house, with a view to removing from Manila (to Corregidor, it was later learned) all surplus funds and thus preventing these funds falling into enemy hands. [Parsons himself was involved, through Luzon Stevedoring Co. and its tugs and barges, in the removal of the government’s silver coins and dumping them in deep water near Corregidor. PP] When the Japanese forces entered Manila and found that the banks were without funds, they were at loss as to what steps to take to reopen the banks and reestablish normal conditions in the local business community. Although most of the funds of the banks were removed from Manila, it is understood that for some reason or other there remained some fifteen million pesos in the Insular Treasury which were confiscated by the Japanese authorities, and I heard (not confirmed) that this money was turned over to the two Japanese banks (Yokohama Specie Bank and Taiwan Bank) in order to permit their reopening. About the middle of January the Japanese authorities permitted the reopening of (a) the Philippine Government’s Bank, the Philippine National Bank; (b) the Bank of the Philippine Islands; and (c) the Philippine Bank of Commerce (all Filipino owned and controlled). In order to make possible these re-openings, the Japanese finance administration loaned to the banks in question an estimated total of twenty-five million pesos (all in military peso currency). The banks upon reopening were ordered to maintain a carefully “frozen” status of all deposits, limiting Filipino and neutral withdrawals to 500 pesos per month per company, or family; and 200 pesos per month per family for belligerents. Larger amounts could be withdrawn upon application for license to do so, provided the reasons were considered satisfactory to the Japanese. Mr. Fukuoka, sub-manager of the Yokohama Specie Bank, was the civilian in charge of the issuing of license. The tendency in the beginning so far as local banking was concerned was withdrawal from current and savings accounts, with practically no deposits. Later, to encourage deposits the Japanese announced that there would be no freezing of funds deposited after the occupation, and as the local merchants had no confidence in the “apa” (military peso) currency being circulated by the Japanese, the few who were accumulating money started a rush to deposit funds which they had accumulated, with the idea of later withdrawing government pesos when the Americans returned. They were informed however at the banks that the deposit in “apa” were being earmarked on the books of the banks, and they would not be entitled to withdrawal later of any other kind of currency. This advice had to be handled delicately, in as much as the Japanese authorities had circulated information that it would be a military offense, subject to severe punishment, for anyone to refuse to receive the military pesos on exactly the same basis as the Government pesos. When merchants found that they were not bettering their financial condition by getting rid of the military pesos through bank deposits, they looked for other means of getting the military pesos out of their possession. In some cases they have bought goods in the hands of looters for later re-sale; have purchased jewelry, household goods, and real estate; retaining for themselves only sufficient funds for their daily needs. The “foreign” banks in Manila – National City bank of New York, Chartered bank of India, Australia and China, Hong Kong and China Banking Corporation, Dutch Bank, the China Banking Corporation, etc., -- were sealed completely, and have not reopened their doors even for collections. There does not seem any probability of these banks’ being reopened, and in view of the large amount of funds deposited by Filipinos and neutrals in these banks, the affected depositors feel as though a great injustice has been done them. They have applied to the Japanese authorities, and to the present government of the Philippines, for relief, but as yet nothing has been done. In addition to the Filipino-owned and controlled banks which have been reopened, and the “foreign” banks mentioned above as having been sealed, there are in Manila several “local” banks. These local banks, such as the Philippine Trust Company, Monte de Piedad, Peoples Bank and Trust Company, Banco Hipotecario, etc., wished to reopen and the Japanese apparently wanted them to do so, especially to take care of depositors amongst the Filipinos and neutrals. However, as in the case of the Philippine Trust Company (of which I am a director), lack of cash on hand made it impossible to restart business without being able secure funds. The Philippine Trust Company would have required at least one million pesos in its vaults before it could have opened its doors. It had in its vaults only fifty thousand pesos upon occupation of Manila. The bank is owned by the Archbishop of Manila (an Irish Free State citizen) [Michael J. O’Doherty PP], except for a shortage of funds. The Japanese finance administration at first thought of lending further amounts to the Philippine National Bank. Later, however, this plan was discussed as apparently the Japanese military authorities disapproved of any plan which called for a more widespread circulation of the military pesos. It was estimated that up to the end of May 1942, the Japanese had circulated sixty million military pesos in the Philippines, including funds loaned to the new government to cover its budget, loans to the Philippine National Bank, Bank of the Philippines, and Philippine Bank of Commerce to permit these banks to reopen, plus expenditures by the Japanese forces; and in addition to the some fifteen millions of Philippine government notes found in the Insular Treasury and probably turned over to the Japanese banks. There is apparently no bank clearance in Manila, and checks drawn on one bank are not accepted by another bank for deposit. An interesting situation existing in the Philippines is a “black market” business in U. S. dollars, which are bought at a discount against the military peso, sometimes the discount being as high as thirty percent against par (that is, P1.40 being paid for $1.00 [The pre-war rate was P2.00 to $1.00. JD]) but the discount is usually ten percent. This is due to it being a Japanese military offense to have American currency in one’s possession. A period of time was first given within which to dispose of American currency. There is also a limited business being done in checks drawn on current account of closed banks, discounts running from around ten percent on checks of banks that have a chance of reopening soon, up to fifty percent on checks draw on the American, British, and Dutch banks. There is much a shortage of funds in the Philippines in general, however, that this type of “business” is necessarily limited. Loans, discounted paper, and other forms of banking are not permitted of the banks open for business, except in the case of Japanese banks, which have been permitted to lend funds to Japanese nationals. The banks open for business are limited to deposits and withdrawals in current and savings accounts, and the receipt of payment on accounts outstanding for collection. Silver currency has disappeared almost entirely from the market, having been displaced by the paper military currency. [See note above. PP] The denominations of the paper currency were one centavo, five centavos, ten centavos, twenty centavos, fifty centavos, one peso, two pesos, five pesos, ten, and twenty pesos. [If Parsons is referring to the Japanese Military Peso, the mention of a two peso and twenty peso note is obviously incorrect as no such notes were issued by the Japanese. JD] It is not believed that larger denominations than twenty-peso bills have been issued. The quality of the paper on which the military currency has been printed or lithographed is very poor, and money becomes useless very soon (especially in the centavo denominations). Up to the time of my departure from the Islands, no provisions had been made for exchanging damaged or worn-out currency.” ***************************************************** Championship Question Corner Question 167, difficulty 2: What was the higest and lowest denomination Japanese invasion pesoes? Yesterday's Apparantly no question in 1512, [sorry. I guess I was too busy throwing barbs at Kathy Myers. Sorry for that too.--Ed.] Question: Kathy Myers wrote: All I have to say is how quickly the old brain forgets. Gee, that was all of 10 days ago that I read about your book shopping expedition, and I did find that bit of info of interest, too - though obviously not enough to remember reading it there! Sorry about that. Guess I'll have to start taking notes on the gram!? ========================================== Editorial ========================================== Has anyone yet seen the movie Flags of Our Fathers? I read the book and liked it. I have seen some advertisements during the world series that really got my attention. The very first action scene in the advertisement is a poker game with money visible on the table! Probably we will not be able to completely study the money until the DVD version is released, nonetheless, we would like a review of the movie for the Gram with speial attention of course to numismatic connections. ========================================= Mail Call (send mail to MPCGram@yahoo.com) =========================================== Dear Esteeemed Editor, I was going to only write about our good friend Larry and wish him and his son with the St. Louis Cardinals good luck in the World Series, but, luckily, something military appeared in my email and I am be able to wish them luck and not break the stringent rules of the Gram. At http://www.Lockdales.com/AuctionCatalogue.htm there are lots in this auction which will be of interest to many Gramsters.  The one financial instrument lot is at 924 and it is identified as "military token paper."  But there are other lots under Bulk, Militaria and Postcards, but many other sections have lots which could be of interest to Gramsters, so I would suggest reviewing all of them. The Master Sergeant Daniel =========================================== 2006 The London Paper Money Fair has moved to: Victory Services Club, 63 Seymour Street, off Edgware Road, Marble Arch London and the dates are: Nov 26. see: www.britishnotes.co.uk or www.londonpapermoneyfair.co.uk Nov 11, Boling house warming party and mini Fest (1600-2000). Nov 16-19, 2007 Pcda St Louis. IBNS meeting with program by Jim Downey subject "notes with military themes." It is Saturday at 1:00, mini-Fest to follow. 2007 MPCFest: March 23-25 2007 details TBA. [Reservations received: John Cheney(T, k), Harold Kroll(T), Ski, Louise and Joe Boling (k), Warner and Jane (auxilliary)(T), Ian and Bella Marshall(T), Jim Downey(T), Howard Daniel(T,M), Bill Yanchick and Miles (T), Kathy and Dan Freeland (k,T), Sparky Watson (T), Roger Urce(T), Ray and Steve Feller, Geroge Slade, Fred and Judy (auxiliary) Schwan(T). [Totals: festers 20, new Festers 0, Tiger lillies (auxilliary) 2, k=king room] Eternal Festers: Mike Cummings, Robert Kutcher, Leo May. Coordinating instructions. Please try to coordinate ground transportation from Cleveland, Detroit or Toledo Airports to reduce rental cars. If you cannot find a ride on your own contact adjutant and transportation officer Sparky Watson (mark.watson@edwards.af.mil). Neither Sparky nor the Fest accept any responsibility for ground transportation, but we will be happy to try to coordinate a ride for you. This MIGHT include ground transportation being sent from Fest Headquarters, but you cannot count on this and you might have to wait depending on other demands. Memphis 21-23 June. ANA Summer semnar Session I: June 24-29, 2007* Session II: June 30-July 6, 2007 ANA Convention, Milwaukee. ========================================== for dealer Hot Contact list, ANA MPC museum holdings and other static information please click this link: http://www.papermoneyworld.net/Gramattichments.htm ========================================= POST / BASE EXCHANGE(PX/BX/NEX) Dump your dupes! Your classified advertisement for items for sale, purchase or trade will be run here for free. Send your ads to the gram. This service is for everyone, most humble dealer or most advanced collector. The point is to make the gram more interesting. In all cases confirm your order via email first. WANTED SECTION: Collectors may submit lists of items wanted for their collections for listing here. WANTED - JAPANESE INVASION MONEY (JIM). Collector/researcher of these notes by zone, type, and block letter, or number will buy or trade.  Checklist available, Anythinfg unusual is of particular interest. Mike Payton, 6609 Craig, Merriam, KS. USA 66202, papermoneymike@yahoo.com Dealers and collectors who have these items, are then encouraged to list them for sale in the above section as a reply. Wanted listings will run for a period of 1 month. ======================================= MPCGram Staff: Publisher, editor: Fred Schwan fred@papermoneyworld.net; Subscription Manager:Doug Bell- doug@papermoneyworld.net Tuesday Columnist : JoeBoling- JoeBoling@aol.com Friday Columnist: Warner Talso: wtalso@aol.com Fest Auctioneer: Larry "Ski"Smulczenski - skitex@cox.net, Critic:Harold Kroll - HARBONS@aol.com Scholarship Coordinator: Marcus Turner- marucs@papermoneyworld.net; Webmaster and Technical Advisors:Doug Bell "Wiz" - doug@papermoneyworld.net Russ Walsh -russ.walsh@gte.net Fact Checker: Warner Talso -Calendar Coordinator: John and Nancy Wilson -The Boss: Judy Schwan MPC Gram is published by BNR Press and papermoneyworld.com as a free service to the community of military money collectors. Your suggestions, criticisms, complaints, editorial contributions, letters, and even praise are very welcome. The entire contents including linked illustrations are copyright protected by the publishers. In the case of contributors, the copyright is protected on behalf of the creators. Please send all correspondence regarding the gram to MPCgram@yahoo.com. Thank you very much for your participation. __________________________________________________ Do You Yahoo!? Tired of spam? Yahoo! Mail has the best spam protection around http://mail.yahoo.com mpc gram mail list To subscribe to a list, send a mail message to "imailsrv@papermoneyworld.net" at this address with the following in the body of the message: subscribe mpcgram your_full_name To unsubscribe from a list, send a mail message to "imailsrv@papermoneyworld.net" at this address with the following in the body of the message: unsubscribe mpcgram if you have any problems please report then to doug@papermoneyworld.net !DSPAM:45423f2c11321723515891!