Jake Saunders - AbsoluteAstronomy.com

Sir John Anthony Holt Saunders, CBE

Order of the British Empire

The Most Excellent Order of the British Empire is an order of chivalry established on 4 June 1917 by George V of the United Kingdom. The Order comprises five classes in civil and military divisions...

, DSO

Distinguished Service Order

The Distinguished Service Order is a military decoration of the United Kingdom, and formerly of other parts of the British Commonwealth and Empire, awarded for meritorious or distinguished service by officers of the armed forces during wartime, typically in actual combat.Instituted on 6 September...

, MC

Military Cross

The Military Cross is the third-level military decoration awarded to officers and other ranks of the British Armed Forces; and formerly also to officers of other Commonwealth countries....

(widely known as "Jake") (29 July 1917 – 4 July 2002) was chairman of The Hongkong and Shanghai Banking Corporation (now HSBC

HSBC

HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...

Holdings plc), at a time of rapid and turbulent development of the Hong Kong

Hong Kong

Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...

economy. In his banking career, as chief manager (effectively chief executive) from 1962, and chairman from 1964 to 1972, Saunders was at the helm of Hong Kong's most important financial institution at a time when the Crown Colony was rapidly changing from a trading post to a regional centre of manufacturing and finance.

A fierce pace of economic growth was fuelled by an influx of industrious migrants from China and an administration dedicated to laissez-faire tax and trade policies.

From 1966, however, domestic business confidence and dealings with mainland China were severely disrupted by Mao Zedong

Mao Zedong

Mao Zedong, also transliterated as Mao Tse-tung , and commonly referred to as Chairman Mao , was a Chinese Communist revolutionary, guerrilla warfare strategist, Marxist political philosopher, and leader of the Chinese Revolution...

's Cultural Revolution

Cultural Revolution

The Great Proletarian Cultural Revolution, commonly known as the Cultural Revolution , was a socio-political movement that took place in the People's Republic of China from 1966 through 1976...

. In 1967 the devaluation of sterling – to which Hong Kong's currency was then fixed – was another blow.

Tall and confident, with perfect manners, Saunders led the bank through these events with a calming hand. In its centenary year, 1965, The Hongkong and Shanghai Banking Corporation was offered a majority stake in the Hang Seng Bank

Hang Seng Bank

Hang Seng Bank Limited is the second largest bank in Hong Kong. It is a listed company but it is majority owned by the HSBC Group via The Hongkong and Shanghai Banking Corporation. Hang Seng is also one of the constituent shares of the Hang Seng Index...

, a local retail bank which had suffered a sudden run on deposits after rumours that it was in trouble.

Saunders was out of the colony when the crisis arose, but returned to complete the negotiation. In the same period, he broadened The Hongkong and Shanghai Banking Corporation's own customer base to include a new generation of Chinese (often Shanghainese) entrepreneurs, and acquired for the bank an early equity stake in the World-Wide Shipping Group

Bergesen Worldwide

The BW Group, previously Bergesen Worldwide is an international maritime group that through its subsidiaries operates within the tanker, gas and offshore segments, with a fleet of more than 150 owned, part-owned or controlled vessels...

, the shipping empire of Sir Yue-Kong ("Y.K.") Pao

Yue-Kong Pao

Sir Yue-Kong Pao CBE, JP , often referred to as "Sir Y.K. Pao" or just "Y.K.", was the founder of Hong Kong's World-Wide Shipping Group which in the 20 years from purchasing its first second-hand ship in 1955 became by far the largest shipping company in the world with over...

, with whom Saunders formed a close friendship.

The bank also invested in the Swire family's Cathay Pacific

Cathay Pacific

Cathay Pacific is the flag carrier of Hong Kong, with its head office and main hub located at Hong Kong International Airport, although the airline's registered office is on the 33rd floor of One Pacific Place...

airline. Its branch network expanded, and it was a frontrunner in computerisation.

Early life

He was born at Uxbridge

Uxbridge

Uxbridge is a large town located in north west London, England and is the administrative headquarters of the London Borough of Hillingdon. It forms part of the ceremonial county of Greater London. It is located west-northwest of Charing Cross and is one of the major metropolitan centres...

, the son of a banker, and educated at Bromsgrove School

Bromsgrove School

Bromsgrove School, founded in 1553, is a co-educational independent school in the Worcestershire town of Bromsgrove, England. The school has a long history and many notable former pupils.-History:...

. He joined The Hongkong and Shanghai Banking Corporation in London in 1937 on the introduction of the
Duke of Devonshire

Victor Cavendish, 9th Duke of Devonshire

Victor Christian William Cavendish, 9th Duke of Devonshire , known as Victor Cavendish until 1908, was a British politician who served as Governor General of Canada, the 11th since Canadian Confederation....

, to whom his maiden aunt Elsie was private secretary.

As training for his first tour of duty in the Far East, he was posted to the bank's Lyon

Lyon

Lyon , is a city in east-central France in the Rhône-Alpes region, situated between Paris and Marseille. Lyon is located at from Paris, from Marseille, from Geneva, from Turin, and from Barcelona. The residents of the city are called Lyonnais....

s branch in France

France

The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...

, where the principal business was financing the silk trade with Indo-China. He became a lifelong Francophile, acquiring a particular enthusiasm for champagne and oysters.

World War II

During the Second World War he fought in North Africa, Sicily and Italy, was wounded and Mentioned in Dispatches

Mentioned in Dispatches

A soldier Mentioned in Despatches is one whose name appears in an official report written by a superior officer and sent to the high command, in which is described the soldier's gallant or meritorious action in the face of the enemy.In a number of countries, a soldier's name must be mentioned in...

and won an MC

Military Cross

The Military Cross is the third-level military decoration awarded to officers and other ranks of the British Armed Forces; and formerly also to officers of other Commonwealth countries....

and a DSO

Distinguished Service Order

in Italy in the battles of Monte Spaduro and the Argenta Gap

Battle of the Argenta Gap

The Battle of the Argenta Gap was an engagement which formed part of the Allied spring 1945 offensive during the Italian Campaign of the Second World War...

.

When war broke out in 1939, he resigned from The Hongkong and Shanghai Banking Corporation and took the train back to England to enlist in the Army as a private soldier. He was selected for officer training at the Royal Military Academy Sandhurst

Royal Military Academy Sandhurst

The Royal Military Academy Sandhurst , commonly known simply as Sandhurst, is a British Army officer initial training centre located in Sandhurst, Berkshire, England...

where he was awarded the Belt of Honour for the best cadet in his intake.

He was commissioned into the 1st Battalion

Battalion

A battalion is a military unit of around 300–1,200 soldiers usually consisting of between two and seven companies and typically commanded by either a Lieutenant Colonel or a Colonel...

, East Surrey Regiment

East Surrey Regiment

The East Surrey Regiment was a regiment in the British Army formed in 1881 from the amalgamation of the 31st Regiment of Foot and the 70th Regiment of Foot...

and fought with the battalion, part of British First Army

British First Army

The First Army was a field army of the British Army that existed during the First and Second World Wars. Despite being a British command, the First Army also included Indian and Portuguese forces during the First World War and American and French during the Second World War.-First World War:The...

's 78th Infantry Division in Tunisia

Tunisia Campaign

The Tunisia Campaign was a series of battles that took place in Tunisia during the North African Campaign of the Second World War, between Axis and Allied forces. The Allies consisted of British Imperial Forces, including Polish and Greek contingents, with American and French corps...

, North Africa, first as a platoon

Platoon

A platoon is a military unit typically composed of two to four sections or squads and containing 16 to 50 soldiers. Platoons are organized into a company, which typically consists of three, four or five platoons. A platoon is typically the smallest military unit led by a commissioned officer—the...

commander and later as intelligence officer. The division had a very active role in the campaign and after hostilities in North Africa ceased in May 1943, it became part of Eighth Army

Eighth Army (United Kingdom)

The Eighth Army was one of the best-known formations of the British Army during World War II, fighting in the North African and Italian campaigns....

and took part in the Allied invasion of Sicily

Allied invasion of Sicily

The Allied invasion of Sicily, codenamed Operation Husky, was a major World War II campaign, in which the Allies took Sicily from the Axis . It was a large scale amphibious and airborne operation, followed by six weeks of land combat. It launched the Italian Campaign.Husky began on the night of...

, notably in the heavy fighting at Centuripe at the start of August 1943. In September the division was shipped to Taranto

Taranto

Taranto is a coastal city in Apulia, Southern Italy. It is the capital of the Province of Taranto and is an important commercial port as well as the main Italian naval base....

in Southern Italy

Italy

Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...

and joined the campaign

Italian Campaign (World War II)

The Italian Campaign of World War II was the name of Allied operations in and around Italy, from 1943 to the end of the war in Europe. Joint Allied Forces Headquarters AFHQ was operationally responsible for all Allied land forces in the Mediterranean theatre, and it planned and commanded the...

up the Adriatic coast of Italy. Across Eighth Army's line of advance lay the Biferno, Trigno and Sangro rivers which marked a series of German prepared defensive lines: the Volturno Line

Volturno Line

The Volturno Line was a German defensive position in Italy during the World War II.The line ran from Termoli in the east, along the Biferno River through the Apennine Mountains to the Volturno River in the west....

, the Barbara Line

Barbara Line

During World War II, the Barbara Line was a series of German military fortifications in Italy, some south of the Gustav Line, and a similar distance north of the Volturno Line. Near the eastern coast, it ran along the line of the Trigno river. The line mostly consisted of fortified hilltop...

and the Winter Line

Bernhardt Line

The Bernhardt Line was a German defensive line in Italy during World War II. Having reached the Bernhardt Line at the start of December 1943, it took until mid-January 1944 for U.S. 5th Army to fight their way to the next line of defenses, the Gustav Line. The line was defended by XIV Panzer Corps...

(variously referred to as the Gustav Line or Bernhardt Line). The division fought a notable action at the Battle of Termoli

Volturno Line

on the Volturno Line and was one of Montgomery's lead divisions for the attacks on the two subsequent lines. Following these actions the division was rested at the army's leave centre in Campobasso. After a week the Surreys were placed in a quieter section of the front high in the Apennine Mountains guarding the army's left wing during the Moro River Campaign in December. The land was very bleak and wild; although there was little combat during the period (mainly skirmishes between opposing patrols) life was very uncomfortable because of the freezing temperatures, deep snow and remoteness from town comforts.

In February 1944 (by which time Saunders was the Battalion Adjutant

Adjutant

Adjutant is a military rank or appointment. In some armies, including most English-speaking ones, it is an officer who assists a more senior officer, while in other armies, especially Francophone ones, it is an NCO , normally corresponding roughly to a Staff Sergeant or Warrant Officer.An Adjutant...

) 78 Division moved across the Apennine mountains

Apennine mountains

The Apennines or Apennine Mountains or Greek oros but just as often used alone as a noun. The ancient Greeks and Romans typically but not always used "mountain" in the singular to mean one or a range; thus, "the Apennine mountain" refers to the entire chain and is translated "the Apennine...

to the Cassino

Battle of Monte Cassino

The Battle of Monte Cassino was a costly series of four battles during World War II, fought by the Allies against Germans and Italians with the intention of breaking through the Winter Line and seizing Rome.In the beginning of 1944, the western half of the Winter Line was being anchored by Germans...

sector to become part of the New Zealand Corps under U.S. Fifth Army. The Fifth Army had already made two unsuccessful attempts to break the Winter Line at Cassino and it was planned for 78th Division to exploit the planned breakthrough by the 2nd New Zealand and 4th Indian Infantry Divisions during third battle. The attempt failed and the East Surrey's role was restricted to patrolling its sector of front on the Rapido river. At the end of March the East Surreys were moved into the mountains behind Cassino to relieve the badly mauled Indians. The location was once again cold and bleak and overlooked by German positions, making movement in daylight impossible. The ground was hard and rocky so that only shallow trenches could be dug with loose stone surrounds providing scant protection. After a month the battalion was relieved by Polish units for a short rest period followed by intense training for the fourth battle. After the Allied breakthrough the Division

Division (military)

A division is a large military unit or formation usually consisting of between 10,000 and 20,000 soldiers. In most armies, a division is composed of several regiments or brigades, and in turn several divisions typically make up a corps...

took part in the advance up the Liri valley continuing to fight northwards from Rome

Rome

Rome is the capital of Italy and the country's largest and most populated city and comune, with over 2.7 million residents in . The city is located in the central-western portion of the Italian Peninsula, on the Tiber River within the Lazio region of Italy.Rome's history spans two and a half...

towards Arezzo

Arezzo

Arezzo is a city and comune in Central Italy, capital of the province of the same name, located in Tuscany. Arezzo is about 80 km southeast of Florence, at an elevation of 296 m above sea level. In 2011 the population was about 100,000....

. After heavy fighting at the Trasimene Line

Trasimene Line

The Trasimene Line was a German defensive line during the Italian Campaign of World War II. It was also sometimes known as the Albert Line...

, another German defensive line, the Division was taken out of the line in July 1944 for rest in Egypt

Egypt

Egypt , officially the Arab Republic of Egypt, Arabic: , is a country mainly in North Africa, with the Sinai Peninsula forming a land bridge in Southwest Asia. Egypt is thus a transcontinental country, and a major power in Africa, the Mediterranean Basin, the Middle East and the Muslim world...

.

Early in October 1944, the battalion, in which Saunders was now commanding a company

Company (military unit)

A company is a military unit, typically consisting of 80–225 soldiers and usually commanded by a Captain, Major or Commandant. Most companies are formed of three to five platoons although the exact number may vary by country, unit type, and structure...

, returned with 78th Division to Italy and traveled by transport on a circuitous route from Taranto that took them through Assisi

Assisi

- Churches :* The Basilica of San Francesco d'Assisi is a World Heritage Site. The Franciscan monastery, il Sacro Convento, and the lower and upper church of St Francis were begun immediately after his canonization in 1228, and completed in 1253...

, Perugia

Perugia

Perugia is the capital city of the region of Umbria in central Italy, near the River Tiber, and the capital of the province of Perugia. The city is located about north of Rome. It covers a high hilltop and part of the valleys around the area....

and Arezzo to San Apollinare in the Tuscan

Tuscany

Tuscany is a region in Italy. It has an area of about 23,000 square kilometres and a population of about 3.75 million inhabitants. The regional capital is Florence ....

Apennine mountains north of Florence

Florence

Florence is the capital city of the Italian region of Tuscany and of the province of Florence. It is the most populous city in Tuscany, with approximately 370,000 inhabitants, expanding to over 1.5 million in the metropolitan area....

.

It was a grim, mountainous area with narrow, winding tracks, pitted with shell holes which turned to slippery mud in the heavy rain. The task of 78 Division was, as part of British XIII Corps

XIII Corps (United Kingdom)

XIII Corps was a British infantry corps during World War I and World War II.-World War I:XIII Corps was formed in France on 15 November 1915 under Lieutenant-General Walter Congreve to be part of Fourth Army. It was first seriously engaged during the Battle of the Somme in 1916. On the First day on...

(which at this time formed the right wing of Mark Clark

Mark Clark

Mark Clark or Clarke may refer to:*Mark A. Clark , Arizona state legislator*Mark Wayne Clark , United States World War II general*Mark Clark , Major League Baseball player...

's U.S. Fifth Army), to join in the offensive to break through the mountains to the Lombardy plain

Lombardy

Lombardy is one of the 20 regions of Italy. The capital is Milan. One-sixth of Italy's population lives in Lombardy and about one fifth of Italy's GDP is produced in this region, making it the most populous and richest region in the country and one of the richest in the whole of Europe...

. The battalion's role was to capture two objectives, Monte La Pieve and Monte Spaduro, which blocked the advance.

On the night of 15 October, the 1st Surrey's attack on Monte Pieve was only partly successful, but an attack in brigade strength two days later ended in anti-climax when the enemy was found to have gone.

Monte Spaduro, a massive, razor-backed ridge running from south to north for almost two miles (3 km), remained in German hands and on the night of 23 October the battalion took part in a brigade attack on the feature.

The approach march to the brigade assembly area took the 1st Surreys along three and a half miles of winding mountain tracks with steep, muddy gradients. After a heavy artillery barrage, "A" Company, commanded by Major Saunders and "D" Company led the assault on Monte Spaduro with "C" Company bringing up the rear.

By one o'clock in the morning, after heavy fighting, the battalion had achieved the objective, but persistent sniping and machine-gun fire from the cover of deep gullies pinned down "A" Company and prevented "C" Company from moving up to its correct position. The following afternoon, Saunders tried to flush out the Germans with two-inch mortars but this failed.

The use of heavier weapons was considered but dismissed; the enemy was too close. When two men in the 1st Surreys attempted to move their position, one was sniped in the head and killed, the other took a bullet in the arm.

Saunders grabbed a rifle and bayonet and, taking two men with him, worked his way round to the gully. Reaching a point above where the enemy appeared to be, he charged down the gully towards them, yelling as he did so. Four German soldiers with two Spandau light machine-guns surrendered. Saunders was awarded an immediate MC.

The Battalion then spent a miserable winter holding these mountainous unsheltered positions in bitterly cold and wet conditions.

In the spring of 1945, 78th Division had returned to the 8th Army on the Adriatic front to join V Corps. One of the army's objective was to break through the German defences on the rivers Senio and Santerno and then drive through the Argenta Gap

Battle of the Argenta Gap

The Battle of the Argenta Gap was an engagement which formed part of the Allied spring 1945 offensive during the Italian Campaign of the Second World War...

, a strip of land between Lake Comacchio and flooded land south of the river Reno, to form a pincer with U.S. Fifth Army attacking through the central Apennines to surround and destroy the German armies south of the River Po

Po River

The Po |Ligurian]]: Bodincus or Bodencus) is a river that flows either or – considering the length of the Maira, a right bank tributary – eastward across northern Italy, from a spring seeping from a stony hillside at Pian del Re, a flat place at the head of the Val Po under the northwest face...

.

On 14 April, the 1st Surreys and the 2nd Battalion, the Lancashire Fusiliers

Lancashire Fusiliers

The Lancashire Fusiliers was a British infantry regiment that was amalgamated with other Fusilier regiments in 1968 to form the Royal Regiment of Fusiliers.- Formation and early history:...

, as part of 78 Division's 11th British Infantry Brigade, moved up to a concentration area in readiness for an assault on the Argenta Gap. The Lancashire Fusiliers had suffered heavy casualties and Saunders was transferred from the 1st Surreys and appointed second-in-command.

The 11th Brigade crossed the river Reno and negotiated extensive minefields until it reached the outskirts of Argenta. On the approach to Fossa Marina, a canal running north-eastwards from Argenta across the entire width of the Gap, it ran into strong opposition.

It was essential to press on to the Fossa Marina before the enemy could establish a firm defence there, and it was decided that a full-scale assault would be necessary.

On the evening of 16 April the 1st Surreys moved forward after dark and secured a base from which the Lancashire Fusiliers could cross the Fossa Marina and establish a limited bridgehead beyond it. At midnight, after a bitter struggle, a foothold had been secured across the canal when the commanding officer of the Lancashire Fusiliers was wounded and the attack became stabilised on the line of the canal.

At this critical moment, Major Saunders took command of the battalion and, under his leadership, all the objectives were reached and held against determined counter-attacks the following morning. He was awarded an immediate DSO.

Hostilities ceased in early May and Saunders finished the war with the Surreys and 78th Division in Austria. He was demobilised from the Army in 1946 having been mentioned in despatches in July 1945.

Post-war banking career

After the war, Saunders rejoined the bank in Singapore

Singapore

Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...

and was posted to Hong Kong in the early 1950s. He became Chief Accountant in 1955 and held a series of appointments in Hong Kong and Singapore, before becoming Chief Manager (the bank's most senior executive position) in 1962. The board of directors of the bank up to this point was entirely non-executive but in 1962, exceptionally, he was elected to the board. Over the next seven years he worked to introduce a new executive board structure. He was succeeded as Chief Manager by former director of the Central Trust of China, H.J. Shen

H.J. Shen

Hsi-Jui Shen was the former head of the central bank of China, and chief manager for the banking conglomerate HSBC . Shen was also among the first students of Chinese descent at Dartmouth College and Harvard Business School.-References:*Solinger, D....

, in September 1964 when he became Chairman of the bank. In 1969 his plans to reorganise the board to include more executives came to fruition and became executive chairman of the newly reorganised board.

As head of the bank, Saunders was also an important civic figure: he was a member of the Executive Council

Executive Council of Hong Kong

The Executive Council of Hong Kong is a core policy-making organ in the executive branch of the government of Hong Kong.. The Chief Executive of Hong Kong serves as its President.The Executive Council normally meets once a week...

, was much involved in the development of Hong Kong University

The University of Hong Kong

The University of Hong Kong is the oldest tertiary institution in Hong Kong. Its motto is "Sapientia et Virtus" in Latin, meaning "wisdom and virtue", and "" in Chinese...

(for some years serving as Treasurer of the institution), and was chairman of the stewards of the Royal Hong Kong Jockey Club

Hong Kong Jockey Club

The Hong Kong Jockey Club is one of the oldest institutions in Hong Kong, founded in 1884 to promote horse racing. It was granted Royal Charter and renamed to "The Royal Hong Kong Jockey Club" in 1959...

from 1967 to 1972, where he introduced a new level of professionalism. He served as a Justice of the Peace

Justice of the Peace

A justice of the peace is a puisne judicial officer elected or appointed by means of a commission to keep the peace. Depending on the jurisdiction, they might dispense summary justice or merely deal with local administrative applications in common law jurisdictions...

in Hong Kong from 1955 and was also a longstanding trustee of the Gurkha Welfare Trust. His influence in Hong Kong and the region led to the Portuguese Government conferring on him in 1966 the Commandership of the Order of Prince Henry

Order of Prince Henry (Ordem do Infante Dom Henrique)

The Order of Prince Henry the Navigator is a Portuguese National Order of Knighthood created on June 2, 1960, to commemorate the fifth centenary of the death of the Infante Henry the Navigator , fifth son of King John I of Portugal and his queen, Philippa of Lancaster...

. He also received an honorary Degree of Doctor of Social Sciences from the The University of Hong Kong in 1969.

He was appointed CBE

Order of the British Empire

in 1970 and was knighted

Knight Bachelor

The rank of Knight Bachelor is a part of the British honours system. It is the most basic rank of a man who has been knighted by the monarch but not as a member of one of the organised Orders of Chivalry...

in 1972 when he retired from the bank. He continued to hold a number of non-executive positions in other organisations for some years afterwards including the chairmanship of Amalgamated Metal Corporation and International Commercial Bank and non-executive directorships of P & O

Peninsular and Oriental Steam Navigation Company

The Peninsular and Oriental Steam Navigation Company, which is usually known as P&O, is a British shipping and logistics company which dated from the early 19th century. Following its sale in March 2006 to Dubai Ports World for £3.9 billion, it became a subsidiary of DP World; however, the P&O...

, Rediffusion

Rediffusion

Rediffusion was a business which distributed radio and TV signals through wired relay networks. The business gave rise to a number of other companies, including Associated-Rediffusion, later known as Rediffusion London, one of the first companies to win a terrestrial ITV franchise in the UK...

and subsidiaries of Y.K Pao's World-Wide Shipping Group. He died on 4 July 2002.

Sources

Collis, Maurice (1965). Wayfoong: The Hongkong and Shanghai Banking Corporation. London: Faber and Faber

Squire, G.L.A. and Hill, P.G.E. (1992). The Surreys in Italy. Clandon, Surrey: The Queen's Royal Surrey Regiment Museum

Early life

World War II

Post-war banking career

Sources

See also