BANKS
HONG KONG AND SHANGHAI BANKING CORPORATION.
Amikorized Capital
·Innsed and Pully Paid-up
Ye
Ce
$50,000,000
******** 30,000,000
#10,000,000
THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA,
Incorporated by Royal Charter, 1858.
HEAD OFFICE: LONDON.
Paid-up Capital
Reserve Fund
Reserve Liability of
prietors
Pro-
Bases Fundas-
Barling # 0,000,000
Rovers Idability of Prepilators $10,000,000
HEAD OFFICE: HONG KONG.
BOARD OF DIRECTORS—
Hon. Mr. . . 8. Mackie, Obalizan
Hoa. Mr. J. J, Paterson. Deputy Chairman.
I. A. Plummer. Esq.
AMRITSAR BANGKOK USTAVIA BOKDAY CALCUTTA CANTON DAWNPORE 02BU
KADRAH MANILA
NEDAN
NEW YORK
PENANO
BANDDON
W. H. Bell, Eng
A. Z. Docoptan, Esq.
T. II. R. Shar, Em.
G. Miskin, Yaq.
3. E. Pearce. Eaq.
J. P. Wieren, Esq.
Chial Manager.
V. M. Grayburn, Eaq,
BRANCHES --
AVOY
BANGKOK
DATAVIA
DONDAY
CALCUTTA
CANTON CHEFOO COLOMBO DAFHEN POUCHOW BAIPHONG BAMBURG HANKOW HARBIN
HONOKEW
ILOILO
ПРОП
JONORE HOVE
KOWLOON
KUALA LUMPUR
PENANG
THE
CHINA MAIL.
THE HO HOND BANK, LTD.
(Established 1917.)
HRAD OFFICE:-BINGAPORE. Hong Kong Branch: 13, Queen's Rd. €
Authorised Capital Straits $20,000,000 Ianned Capital
8,000,000
Paid-up Capital
4,000,000
Reserva Liabilities
of Shareholders Surplus
4,000,000
2,687,000
Branches. Agencies and Correspon £3,000,000 dents in the principal cities of the £4,000,000 | world.
Every description of Banking and £9,000,000 Exchange business transacted.
TAN ENG HOOL,
Agencies and Branches:
ALOA BIAB
COLOMBO
DAIREN
DELHI
HAIPHONG
HAMBUNG
HANKOW
HABBIN
HNG BONG
ILOILO
JPGH
KOOHING
PEPINO (Peking)
NAIGON
SEMARANG
GEREMBAN
SMANOHAL
SINGPONE SITIAWAN
SOURABAYA
TAIPING
TIENTSIN
TOKYO
TONGKAH (Bhuket)
Manager
BANQUE DE L'INDOCHINE.
►
HEAD OFFICE:
PARIS.
96, Boulevard Haussmann,
LONDON
LYONN
MALACCA
MANILA
MUAR (Johort}
RABACHI
MUIDEN
KLANG
TRINGTAO
RONE
YOKOHAMA
NEW YORK
KUALA KANGSAR
ZAMBOANGA
PEIPINO
KUALA LUMPUR
Foreign Exchange and
General
Cautho Fort-Bayard Haiphong Hanoi
Thanh Hoa
Hue
Hue
Nam-Dinh Prom-Penh Quinhon
Todrane Vinh
BRANCHES:
Indo-Chins. China. Other Placen. Saigon
Canton Battambang
Bangkok
Hankeou Djibouti Hongkong
Noumea Mongtze Peping Papeeta Shanghai
Pondicher Tientsin Yunnanfou Singapore
MAN FRANCISCO
BANODON
NAIOON
SHANGHAI
SINGAPORE
SUURABYA
TIESTAIN
TOXYO
TRINOTAO
NUNOKI PATANI
YOKOHAMA
Currant Aunts opened in Level Ourmney sad Pized Deposita realid for one year or shorter periode in Local Currency and Earlier Do torme which will be quoted on application. Hong Kong, Pornziker T, 1551,
HONG KONG SAVINGS BANK.
The Business of the above' Bank la conjucted by the HONG KONG AND SHANOBAI DANK INO CORPORATION. Talon may be ohtelurd on application.
FOR THE HONGKONG AND RHANGHA BANKING CORPORATION,
V. K. GRAYBURN,
Chlot Manager.
Hong Kong, 18th Julz, 1980,
THE BANK OF CANTON, LTD.
Established 1912.
Head Ofice-Hong Kong.
Authorised Capital (H.K, Cartonoy) ...$11,000,000 ****** 0,655,000 1,000,000
Pald-Up Capital
Tears Prad
DMANCHES
Canton, Shanghai, Kaukow, Bwslow, Dangkok. New York and Ban Precio.
LONDON BANKERS :—
The lord's Bani, Lfmalted. CORRESPONDENTS
In a principal cities of the World.
Forsign Stohango and baking basis ot
every descripido irascated.
Sale Deposit Botos (raciosa sinos) at a yearly
menial of from 35 $10.
LOOK POONG SHAN,
Chief Manager.
Banking business transacted.
Current Accounts opened and Fix-
ed Deposits received for one year or shorter periods at rates which will be quoted on application.
J. STUART,
Manager. Hong Kong, August 17, 1981.
NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.
NETHERLANDS TRADING SOCIETY)
EANREUS.
1824,
Hong Kong Bes:-11, Qua's Bond Canira),
Authorised Capital
Paid-up Capital
Beer Fund
Oulider 150,003,000-
Guilder 80,000,000- Guliders 40,011,000-
Head OpeAMSTERDAM*, Eastern Hard Dico:-DATAVIA. Daneber-Bandjarmasin. Bandoeng",
Thres of
Bombay. Calcutta Cheribos, Djember Djok jakarta". The Hagua", "Fiddab, Eobe. Makassar, Medan. Falcabazig, Taks longan, Penang, Rangoon, Rotterdaza“, Sarang, Rhangbai, Singapore, Roars bala. Soerakarta (Holo). Tagal, and Weltevreden”.
jap
bave Safe Deposit Bones to Lot.
LONDON BANKERS:--
NATIONAL PROVINCIAL BANK LTD.
Correspondents all over the world. Banking Rust- Dole of every, description transactad,
A. STOKKINE,
Hong Kong, dat Ducamber, 133,
THE
Exchange Business transacted.
Interest allowed on Curront Accountr and Fixed Deposits according to ar: rangements.
Safe Deposit Boxes to let. Travellers' cheques issued.
and
Commerce
Finance
ROMANTIC HISTORY OF CHINA'S CURRENCY
PAPER MONEY SYSTEM.
Silk and Leather Once Used.
MONDAY, JANUARY 25, 1932.
ed payment for taxes, duties, assess NATIONAL BANK
ment and the like. Should the note; become obliterate or worn out, it could be changed for a new one:j while the old one bearing dietin-1 guishable signs could still be cou verted in full value. But the amount of forgery, in addition to that of unreserved issuing, increased unrestrainedly: and within a period
SCOTLAND. Business Well Maintained.
OF
The annual general meeting of
of less than seventy years, the the National Bank of Scotland Ltd. whole amount accumulated was was held at Edinburgh, the Marquis
of Zetland presiding.
more than three billions: for which
It was impossible to provide suffi cient
in the
to be seized and burned. Towards!
The chairman, in moving the adoption of the report and accounts,
Indian and Colonial Government in-
account and
reserves, the suffering and despair due to the unconvertibility said it was a matter for congratula of the notes cannot be imagined, tion that in a period marked by un- and henceforth the financial condi. usually difficult conditions the re- tion of the Sung Dynasty wont from sults shown were reasonably satis- In the early drama of Faust, the heavy metallic coins was particular-bad to worse.
factory. Of the balance at profit Devil fabricates paper money.outly inconvenient in such a mountain-
"Soft" Money.
and losa account available for dis- of malice prepense. Here the satire (ous province as Szechuen. Follow- The celebrated Kubis Khan, we tribution, £344,727, the amount pro- is perfectly applicable; since the ing the example of "Fal-chen" of are told, was once informed by his Posed to be dispensed in dividend, Capital fally paid up .Frs. 120,000,000 origin of paper money acems to have the Tang Dynasty, he consented to chief counsellor that according to $132,000, was 38 per cent. of the Reserves (31.12.1980) Fra. 118,568,45 For a civilisation so refined and far-so named for it could be converted/nomadic tribe as the Mongols oughtled a substantial reduction 'from the long been wrapped in obscurity. the issuing of "Ch'ao-tse," it was the "subtle mysticism" such a
total only. While the deposits show- reaching as that of the Roman Em-into specia three years after. Be not to adopt any metallic coins, lest high level of the previous year, this pire, the famous Corpus Juris sides being so convenient in the or-it might war her national prosperi tion of the ordinary business of the was accounted for, not by contrac Civilis covers nothing concerning dinary business transaction, it add-ty. So ever since then the soft! the issuing of paper money; nor can ed a considerable sum to the gov-money took the place of hard coins, bank--which has been well main. we find any trace from other au-ernment revenue (7), hence by Wu Teung did once renow the coin--but by the withdrawals during the tained in spite of adverse conditions thoritative documents that may in leaps and bounds it became pre-age, but was cut short by his de- Autumn of substantial amounts of a way verify that it over circulated valent everywhere. Foochow alone cease the next year.
The early in the hands of the Romans. One refused the adoption of "Chiao-tse" history of paper money of the Yuen foreign money repatriated by hold- is rather curious to learn, therefore, merely because it was the native Dynasty is unknown. The so-called ers abroad for their own needs. The that the "old China" ...hither-city of Tsai-chin, the mast power. "Chiao-chlou" (convertible notes) being £450,000 in excess of the paid- reserve fund stood at £1,550,000, to for thousands of years isolated ful prime minister of that time. A
made its first appearance and aloof in the Far East..... has "Chartered Bureau" was establish-year 1273. It was printed on sup capital. On the assets side, the Every description of Banking and tury, if not earlier, writes Wang Su reign of Hwai Tsung (1105) to the two "Chen" to one tasi). Here and at a relative by high level, not taking adopted it early in the seventh cen-ed during the fifteenth year of the with eleven different grades from immediately liquid resources stood in the China Critic.
charge of the issuing.
there along the route were eatab of Treasury bills, while the bank's into account a considerable holding With reference to the history of who perpetrated forgery would be issuing, and the worn-out ones were securities appeared at £11,178,000.
Any one
lished treasuries to deal with its investments in British Government Chinese paper money, a brief com-inflicted with the most severe ment on her coinage would be of punishment. Owing to the the decline of the reign of Zen-th vestments stood at £509,625, while service. The monetary system of restricted issuing, the value of China has ever been so involved "Chiao-tse" was at length greatly the premier Turtur intended to re-advances on current that sometimes even a palustaking depreciated. The newly issued arrange the currency system; so an loans against Stock Exchange secur economist would get puzzled. How-notes, in order to be distinguished assembly was held to discuss the Ities at $13,478,000 showed a small ever, we are not going to pursue from them, were marked by some members, Lu Sze-chun stood alone reduction. It would be seen from
affair. Among many complacent such dry-as-dust research; so for special signs and the old obliterated the present case, let us take the so-ones were then good only for the as the intractable opponent.
the figures that the extent and called "chen" (known to the foreign waste-paper basket.
resisted any alteration and argued quidity of the bank's resources community as "cash"); upon which
violently that soft money and hard Difficult. To Convey Coins.
placed it in a favourable position to basta, the old Chinese paper money At the beginning of the reign of coins should never both exist. When meet the requirements of trade and 18 converted. "Chen" is a very Kao Tsung (1127-1162),
he was asked to state his own. small copper coin, only about a was garrisoned with
opinion concerning the ronew
The report and accounts were Until the last troops, and since no waterway be adhered to his resolute objection. ture of a bank was once established penny-weight or so.
ing of coinage, he pertinaciously
unanimously agreed to. decades, the Chinese continued to tween Leechow and the capital was "I cannot but leave three words in the "Eastern Market" to transact utilize it as the very principal cols. available, it was of utmost difficulty now," retorted he, "the first is no, its issuing. But the natives of Whence, then, came the invention to send the heavy coins to such a the second is no, and the third is Southern Chins still look down of paper money? And what was its remote citadel by means of land also no." In spite of his strong upon the value of paper money motive? Tradition concerning its conveyance. To meet the urgent origin runs as early as in the time of demand of military expenditure, opposition, the renewal of coinage where a "Pau-chiao" with a face Kwang-ti (2692 B.C.) when Palin, another form of paper money lowing year the new
was at length adopted, and the fol-value of 1,000 "Chen" sometimes the well-known talented minister, known
as "Quel-ias (citadel cur-more appeared in
coins discovered that painted silk could rency) was accordingly adopted. Nevertheless, its
once was worth only 150 coins. Hence the market. the Government Laid much stress be utilized as a medium of ex-The State sanctioned its conver could only extend for a few years, silver as circulating medium: The ephemeral life on prohibiting the use of gold and It is also said that during tibility into specie or, if preferred as it was ere long cut off by the only perpetrator. change SETTLEMENTS the reign of Wuti (140-87 B.C.) of commodities of equal value from downfall of Yuen Dynasty.
Han Dynasty, leather was once re-the government monopoly. But 4 cannot help viewing it with mis- the prohibition, used silver as a JAComercial and Travellers' Letters of the development of the Chinese verted for full value, and merely be Kingdom was really marred by the fortunately obtained special pardon garded as soft money. In the study an actual fact it could not be con giving that the prosperous Mongol decoration in his father's funeral, One Kiangshuo who, being ignorant of of Credits, Travellers Cheques, Bills monetary system, all these serve came a heavy burden to the people, unwise adoption of metallic coins. for the sake of his filial piety. of Exchange and Cable Transfers bought and sold. Current accounts
well to illustrate that the early in- In view of the former failures, it and Savings Bank accounts opened and Fixed Deposits in local and fer- is not without its background. But that the Emperor of the Sun Dynas money during the good old times, one of the Government monopolies)
ned vention of paper money in China was not until thirty years later;
"Precious" Notes,
was further prescribed that the Accustomed to the use of paper purchasing of salt (which was also taken at rates that it would be going a little too far ty determined. to adopt "Wei-tee" the people at the beginning of the must be paid in terms of "Pau- eign currencies may be ascertained on application to to presume this to be Its very or-storing currency the Bank.
Vast Ming Dynasty felt it to be incon- chiao" whereas the interruption of
A. HONNAUD,
Manager.
6, Queen's Road Central, French Bank Building. Hong Kong, 1st November, 1981.
THE NATIONAL CITY BANK OF NEW YORK.
HEAD OFFICE: 55, Wall Street, NEW YORK.
Capital, Surplus and
Undivided Profits..U.S.$226,037,892
Branches in:~
ARGENTINE
BELGIUM
BRAZIL
Merager.
CHILE
CHINA
COLOMBIA CUBA DOMINICAN REPUBLIC
ITALY
AMERICAN EXPRESS COMPANY. INDIA
.U.S.$6,000,000 U.9.$1,672,454 U.S.$1,008,200
INC.
THE BANK OF CHINA.
行銀國中
Head Office:65, Broadway, New York.
Roorganised October 26, 1928, under
Capital
special charter of The National Gov. ernment as an
Surplus
Reserves
INTERNATIONAL EXCHANGE
BANK,
BRANCHES:-
Subscribed Capital
.$25,000,000.00
Amsterdam
Pald-Up Capital
$24,710,200.00
Auswip
Отпов Glasgow
Albeas
HATAN
Reserve Funds
.$ 5,820,503.82
Berlia
HEAD OFFICE: SHANGHAL
Bombay
Bremen
HONG KONG BRANCH:
Brussa's Busoon Atre
Hemburg HAVI intoriaton Janualam 1.Ido Londays
Litarpool
Calro
Lucerne J.ugano
Nico Kapler Piraeus Paris Penang Paking Palermo Notterdorn Roma Stamboul Shangbai
and Nice.
Southunploa
6t
Tiantain
Vlacha
Venice
Yokotas Zurich
4 Queen's Road Central.
Owing to our numerous branches in China and large connections in the important commercial centres of the world, we are able to extend to cur clients special facilities for domestic and foreign banking and exchanges.
Caloutta Смолов
Luxor Colorbo
Maria Constantinople Most Carlo
Munich Nostreus
Copanbagaa Edinburgh Floreson Getara Branches of American Express Com-
مباز
We also handle the lane of Bends pany in Principal cities of United and other Public Funds of the Chin-States of America and Canada. ese Government both at home and
abroad.
SHJU J. CHEN,
Manager.
Hong Kong, 6th March, 1981,
THE YOKOHAMA SPECIE BANK, LIMITED,
Established 1880.
Capital (fully paid-up) Yen 100,000,000 Beserve Fund
Yen 110,200,000
Head Office:-YOKOHAMA Branches and Agencies at:
Alexandria
· Batavia
Berlin
Bombay
Calcutta
Canton
Changchun
Dairen (Dalny)
Nagasaki Nagoya Newchwang
New York
Oraka
Paria 1 Peiping
Rangoon
Fogtien (Mukden) Rio de Janeiro
Hamburg Bankow Harbin
Honolula Ka-Yuan
Hong
Kong
Karachi
Kabe
London
Los Angeles Manila
San Franciaco Seattle
Semarang Shanghai Shimono ki Singapore Boorsbays
Bydney Tientain Tokyo Tsingtan
Interest allowed on Currect
Deposits received for fixed periodi rates to be obtained on application
H. MORI,
LONDON
MEXICO
PANAMA
PERU
PHILIPPINE
ISLANDS
PORTO RICO STRAITS
URUGUAY VENEZUELA
F. MED. COURTNEY,
Hong Kong, June 16, 1981.
Manager.
anme
instead.
Leechow numerous
He
industry.
A peasant of
It
"We are also able to offer our Cus-gin; not only because it is most un-amount of coins were ostentatious venient to adopt metallic coins. So its circulation would be considered tomers the services of the Branches likely that paper money should have ly stored in the "Open Treasury" there was a high demand for paper as one of the most severe crimes. of the International Banking Cor- appeared prior to metallic coins, with a view to win the credit of money. poration in San Francisco and Spain but also because, even granted that the people. and also of The National City Bank
Late in the so-called year But eventually all these efforts bors of New York (France), S.A., in Paris such was the case, these early notes Chekiang, it was gradually carried (1968-1898) the so-called "Pau- In Tsung (1436-1449), these "Pre- Firat circulated in during the reign of Ming Ta Chuno fruft, and up to the reign of of silk or of leather might have on throughout the whole kingdom. chiao" (Precious notea) first came eleua notea" were hardly worth a been precisely the primitive form Besides serving as the circulating to be lasued in six different grades "cash.". of currency when metals had not medium in the ordinary business (from 100 "chen" to 1,000 "chen""), yet been fully recognized as the best transaction, it became the authoris A. "Chartered Bureau" in the an- money in the Ming Dynasty attain- However, the issuing of paper medium. If we want to trace its
ed great progresa.
Never before did the government pay so much attention sa to the printing and the choosing of paper material. The failure of "Wel-tse" in the Sung Dynasty was due to the inferiority of paper material which rendered. forgery easy. The Mongol rulers prescribed no proper regulation in regard to the form and size of "Chiao-chion" and left much to be desired.
THE BANK OF TAIWAN, LTD. very origin
(TAIWAN GINKO.)
HEAD OFFICE:-Talpeh, Formosa.
Incorporated by Special Imperial
Charter, 1899.
Canal Dark in Formos.
from
reliable sources, its probable birthday should be dated In the midst of Tang Dynasty..
A Theory Only Partly True. Some writers maintain that paper money must be first adopted in im-
Bank Notes Used Averags amount. 45,000,000 pecunious state: still others laugh
BRANCHES AND AGENCIES. All classes of Commercial Banking FORKORAD
JAPAN:-Toyku, Yokohama, Kobe, Ocala. Transactions undertaken.
Karl Karaka, Xesturg. Mekong, Nanto, Shinchiku, Talthy, Thin Takao, Tamaul, Town, Heita, Taita.
Personal handled.
Investment
accounta
The Company offers to intending Travallers the use of its "Travaliers. Cheques" and Letters of Credit and, in addition, the world-wide services of its thoroughly equipped Travel Department.
E. W. DUGGAN,
Manager.
at such whole-hearted dissertation. To solve this problem is not an easy taak, and I do not here intend OHINA-Blac Hankaw, Amoy, Foochow China, this theory is only partly to solve either. In the case of 8rstow, Canton OTHERS: Kong, Singapore, Soersbaya, true.
Beratung, Batarla, Bombay, London, New York, Dairen
LONDON BANKEES:
Barclays Bank, Ltd., Lloyds Bank. Ltd., Midland Dank, Ltd., Westminster Bank, Lid.
Comorial Cantees through the world.
The Beak bas Correspondants in all the planipal
E. KAGURA,
Maonger.
HONG KONG DRANCH;
8. Den Vaux Road Central, Hong Kong, December 4, 1905.
THE BANK OF EAST ASIA, LTD.
Established 1918.
HEAD OFFICE:
10, Des Voeux Road, Central. HONG KONG
Capital and Surplus
over H.$ 8,000,000.00, Total Resources .......
over 1.180,000,000.00 Every description of Banking and Exchange business transacted.
Current and Fixed Deposit Accounts in local and for sign currencica opened for ollente.
Bavings Account and Bale Deposit Boxes, Branches and Agsinios (mi) nyer the world.
KAN TONG PO,
Towards the close of the reign of Tur Reung (780-804), Tang Dynasty, there was a great deal of metals. New law was 8C- cordingly made to prohibit its er- portation and all the articles made by copper or bronze were also strictly forbidden, so the merchants had to and some new way other than using coins. By sanction of the Sovereign, they might deposit their money in the "Native Bureau" and draw it elsewhere by present ing the receipt. Such receipt was in reality a replica of modern paper money, though it was then known as "Feichen" (fying money)."This rather poetical name reminds us of one of the old Chinese fables how the ppor Hwang-ching all of a sud den became a millionaire by plek- ing up innumerable pieces of money which once came flying into his house: perhaps the name was đé- rived from this Nevertheless, the government of
Dynasty
ald not follow his Jucky,
mo
about the issuin cable cu
conveying of
A Freight Car on Wings
The
Territories and beyond, there lie untold resources which some day will make Canada, one of the rich- sat countries in the world. Ju, 82 is his contribution towards the man-sized job of unrolling the map of Canada and of giving to the Canadian people the most efficient air travel the least delay possible.
system It has a single cargo space of
with
Built to carry load of 5,850 600 cubic feet, occupying the top bs for a distance of 800 part of the fuselage which can miles with a crew of two and be loaded fram an autotruck having a normal flying range of backed up to a large alde hatch, 982 miles In 9 hours flying having internal measurements, time, the Ju-82, recently brought 70.00 by 49,64 inches, located in the from Germany aboard the Can rearmost bay and provided with: edlan Pucifié freighter Beaver-substantially built platform for a brae to the order of Canadian mawimum load of 1,453 lbs.. An- Airways Limited, will revolu, other large Batch on the roof can tionize air traffic in Northern be loaded from a crate in the Canada..
same way as freight la lowered This flying box car will trans: Into ocean-goju venual For port large pieces of mining further convenience there is a and up door opposite the side baten on of the fuselago, a Afremost bay and
piles, to
Canadian Airwis belleves that north of steal, In the heart of, the North.
ht up the athe
belp | side door
Ineral Fandi
The issuing of "Pau chiao" marked a new epoch in the history of Chinese paper money. The paper was made from the pulp of mulberry, hence known as "mul berry paper." It was thick and durable, being green in colour. The size of the note regulated to be about 10" x 6" with large and clear printing. Such kind of paper may seem to-day unsuitable for paper money, but at the time of the fourteenth century, the mulberry paper" was the best quality avail- able in China. -
Should the issuing of paper money in China carry on continu- ously up to the present day, Chinese common conception towards bank- notes might be different from what we now have had. But the Ch'ing Dynasty exempted the adoption of papar money: and so for hundreds of years, the metallic coins alone Berved as the circulating medium in Chine. It was not until of late years that the Chinese banks, In- Buenced by the foreign banknotes began to issue paper money Now – many, Chinese are apt to consider it as one of the necessary evilɛ in- fluenced from the West and it is all very well for them to forget that our forefathers had been inveterate sigur dan het with its adoption earlier them."{te · landed on smaller
fabrication by the Devilyar the Western legend goes.
In the second
In