Memorandum re China Trade & Industrial Service, Inc.

DECLASSIFIED L State Dept. Guideline, June 12, 1979 E.O. 12065, Sec. 3-402 By NATIONAL NLT- NARS, Date 7-16-80 ARCHIVES RECORDS SERVICE" Subject: China Trade & Industrial Service, Inc. GOVERNED 42 Broadway New York 4, N. Y. D&B Report China Trade & Industrial Service, Inc., was incorporated under dated New York laws on August 23, 1945, with an authorized capital of 7/17/50 $20,000, which was subsequently increased to $150,000. The firm 1/26/51 operates as importers (60%) and exporters (40%) of general merchan- dise; imports including cotton waste, silk, wool, and bristles, and exports consisting of general machinery and industrial chemicals. The firm also acts as commission sales agents in the Far East for U. S. manufacturers and as purchasing agents in the U. S. for various Chinese companies. Domestic sales are made to dealers and manufac- turers located chiefly in the New York area. Exports are made to Formosa and Hong Kong. The officers and directors of China Trade & Industrial Service, Inc., are described as follows: Chin TSANG, President, born 1906 in China, and married. Received his education in China and taught at a college there. He subsequently joined the Shanghai Commercial & Savings Bank where he headed the loan and credit department for a number of years. Mr. Tsang came to the United States in the latter part of 1937, and was engaged in the import export line in New York City until 1940, when he became employed by the Universal Trading Corporation, which firm was incorporated under New York laws during the same year. That concern operated as purchasing agent for the Chinese National Government for the purpose of develop- ing trade between the United States and China. He severed his employ with Universal Trading Corporation in 1945 to form the China Trade & Industrial Service, Inc. Chin Tsang and I. C. Sung, Vice President of the subject concern, are reported to own over 50% of the outstanding capital stock of China Trade & Industrial Service, Inc. Mr. Tsang is stated to be active in all phases of the management of the subject firm, He is the author of a book, in his native tongue, on the farm economy in China and, in 1944, published a study of China's post-war needs and trade opportunities entitled "China's Post War Market" I. C. SUNG, Vice President and Secretary, born 1907 in China, and married. Mr. Sung was engaged in the export-import business in China before coming to the United States in 1939, at which time he became associated with the Criterion Trading Corporation, New York. That firm was organized under New York laws March 31, 1939, as a semi-official agency of the Chinese Government to purchase materials in the U. S. for shipment to China. Mr. Sung was also employed by the Universal Trading Corporation and reportedly was at one time an official of the Chinese Government. He has been an officer of China Trade & Industrial Service, Inc., since its inception, and is stated to be active in all phases of its management. TIAL