founded Universal Trading Corp. in Manhattan to manage tung-oil sales, budgeting one-half of the proceeds to repay the debt. He also organized Foo Shing Trading Corp. in China to gather and ship the oil. K. P. Chen made outstanding contributions in stabilizing the monetary system and raising funds for war of resistance. After the communist revolution in mainland China, K.P. Chen followed the Kuomintang-led government to Taiwan, though his Shanghai Commercial and Savings Bank was unable to reestablish its headquarters until 1954. In 1964, the bank was allowed to resume operations. It was the only private bank from the mainland which was allowed to resume commercial operations after the retreat to Taiwan. In 1976, K.P. Chen was succeeded by Chu Ju-tang as chairman of the bank. Close Shave In December 1941, K. P. Chen together with Finance Minister and Vice Premier H.H. Kung, his wife Soong Ai-ling and her sister, Madame Sun Yat-sen were caught in Hong Kong when war erupted in Asia. Amid a torrential downpour of bombs and artillery shells, K. P. Chen, Kung, and Madame Sun, were hustled into a plane, flown over the Japanese lines and set safely down, 200 miles inland. (From the Dec. 22, 1941 issue of TIME magazine). Public Office On April 17, 1947 Generalissimo Chiang Kai-shek, President of the National Government of the Republic of China nominated K. P. Chen to membership of the then new state council. Champion of Human Capital Development K. P. Chen believed in the power of people and saw his investment in their development as an investment in the future profits of the bank. He approved an annual budget of 12,000 tael in silver and invited a former manager of the Deutsch-Asiatische Bank to lecture his staff on the theory and practice of foreign exchange market. He set up an educational fund to send senior managers to America to continue their education and practice advanced banking skills there. The bank had a global business network through its overseas representative offices managed by its senior managers. Other positions K. P. Chen, whose bank had been involved with the cotton industry since its early days, served as Chairman of the Cotton Control Commission or CCC. He was close to T. V. Soong, the Minister of Finance and Founder and Director of the National Economic Council, whose idea it was to make private entrepreneurs and capital a vital part of