Yamashita’s Gold: Reality or Myth? – Peter Chan

When I was young, one of the most exciting times was to listen to “adventure-type stories” from my grandfather. By the time we came on a hot topic, I was 15 years of age and he was in his early days of retirement. The hot topic was “Yamashita’s Gold”. Yamashita was the Japanese general who spearheaded the capture of Malaya and “Fortress Singapore” during World War Two.

“Yamashita’s Gold” has always been on most people’s mind because it was purported to be some hidden treasures, gold bullion to be exact. It was said that “Yamashita’s Gold” came from the wealth seized from Southeast Asia countries conquered by the Japanese. There are many versions as to where the treasure could have been hidden but this is my grandfather’s version.

Photo 1: The “Straits Times” coverage of the Japanese Surrender. Children joined in singing “Happy Days Are Here Again” to welcome the British back. Listen to it here.

During the Japanese Occupation (1942 – 1945) all gold bullion, Straits Dollar and Netherland Indies currencies were requisitioned by the Yokohama Specie Bank. This included confiscated and “gift” monies in Southeast Asia – Malaya, Singapore, British North Borneo, Sarawak and the Dutch East Indies. The Japanese only allowed the circulation of their currency. Money belonging to the Japanese Military Administration in Southeast Asia was kept at the Yokohama Specie Bank whilst the printing of banana money was by Nanpon Kaihatsu Kinko (a subsidiary of the central bank of Japan).

Photo 2: During WW2 Yokohama Specie Bank was located at HK Bank Chamber, Collyer Quay( indicated by the green arrow). Prior to the war the Japanese bank was at the corner of Market Street and Bonham Street in a shophouse (indicated by blue arrow). Chartered Bank is indicated by the yellow arrow (c 1946).

At this Japanese bank it was a practice to physically check everything in the vault on a weekly basis. My grandfather did this task together with one other Chinese employee. Thus every Friday night, he would come home very late. Everything inside the vault was taken out, counted, recorded and put back again. But after August 15, 1945 something was very unusual.

The process was to be speedily accelerated. My three teenaged uncles were roped in to assist my grandfather. Individually they found it hard to lift a bar of gold. My two uncles (now in their late 70s) confirmed what my grandfather had told me. They remarked they had never seen so many Kum Chuen stacked on planks up to the ceiling.

“The British convoy reached Singapore on 5th September, 1945, and troops were landing and entering the town by noon. Shortly after 2pm, the Japanese flag at Town Hall was replaced by the Union Jack. Due to no stamps available after the war, the Post Office began operation on the 17th and letters were accepted and sent free of charge for two days” – written notes from my grandfather

An escort party of armed British sailors from the HMS Attacker secured the Collyer Quay premises. In the presence of two Japanese managers, Simidzu-san and Matsudaira-san, my grandfather handed over the vault keys to the senior British military officers. Two or three days later, the British military announced that the Japanese banana money was no longer legal tender in Singapore. In November 1945, the two Japanese managers were repatriated.

Photo 3: The burden of sharing of the $50 million among overseas Chinese institutions. A letter from the All Malaya Overseas Chinese Association and the Overseas Chinese Association (C 2604, according to Nippon calendar).

On December 8, 1945, being the “last person”, my grandfather handed over the bank’s account books to the chartered accounting firm of Evatt & Co. Shortly afterwards the bank closed its doors for the last time and all assets came under the control of the British Military Administration (B.M.A.). After the bank closed, he went to work for other firms as an accountant.

The Japanese bank officially reopened again in 1957 but this time as the Bank of Tokyo. Its office was at Phillip Street. My grandfather rejoined the bank in late 1956 and rose to the rank as chief of the inward remittance department before he retired.

Photo 4: A new Japanese bank in Singapore. This time it is the Bank of Tokyo instead of its pre-war name of the Yokohama Specie Bank. Grandfather is seated in the front row, second from the right (c 1960).

As to whereabouts of the “Yamashita Gold”, my grandfather didn’t think it existed because all financial assets in the Japanese-occupied territories were transferred to Syonan (Singapore) as ordered by the Japanese Military Administration. He doubted any Japanese military individual would be that bold to secretly hoard as the punishment was beheading.

Still there are many theories about missing WW2 treasures but before one makes a conclusion, let’s see what else we know.

Photo 5: The other missing gold bullion in postwar Germany (c 1945).

Some said the buried Japanese WW2 treasure was at MacRitchie Reservoir. The late President Marcos of the Philippines claimed he had access to Yamashita’s Gold in Rizal Province when he was asked to account for his personal wealth in a Swiss secret account.

How about this one which took place in postwar Germany? The largest “robbery” ever in Germany took place in June 1945. 728 gold bars (weighing over 9 tons) belonging to the Reichsbank and Abwehr reserves - allocated for the continuation of German resistance in the Bavarian Alps - mysteriously disappeared soon after the district was occupied by American military forces. The bullion was then under the charge of the American 10th Armoured Division.

What’s your final answer? Do you want to call a friend?