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NOTES AND QUERIES
notably among which were beans, teas, wines, fertilisers etc., while the ones in Wing Lok Street concentrated so much on the sole item of rice that the street was nicknamed "Rice Street". These firms acted as a medium for trade between countries in Southeast Asia and Mainland China, operating on a commission basis, and in Chinese they were often referred to as the "98" firms implying that a 2% commission was charged both ways. Thus from Singapore came canes and firewood, from Java, sugar and from Siam, rice. In addition, they were also recognised as banking institutes through which overseas Chinese remitted money home before the modern banking system was fully developed.
The majority of these pioneer merchants were from Chiu-chow, and within their small circle they possessed all the virtues of being sympathetic, honest, trustworthy and generous, eager to help each other in case of need. The stress was on a person's status and it was not at all surprising that business deals were sealed by the lips only and any consequences that followed would be fully honoured by both parties without further ado. Written contracts were unheard of and highly unnecessary. With wealth came the desire for honour, and it was quite common that most of the better-off merchants held official sinecures which were bought from the Chinese Government. This entitled them to don colourful official robes during ceremonies and important festivals. It was a spectacular sight to see these celebrities moving around, impressively attired during the Chinese New Year when European executives from leading shipping and insurance companies called to present their greetings. These were usually carried out amidst highly decorated surroundings, coupled with theatrical performances and lavish receptions which lasted for weeks. Class distinctions were obvious, and only the privileged few had the right of access to particular installations ranging from private clubs to public tea houses. An employee who was caught by his employer sneaking into one of these would be dismissed almost instantly.