THE HONGKONG TELEGRAPH. SATURDAY, JANUARY
1938.
UNIQUE CHINESE SCHEME OF FINANCE A Revelation for
LOAN ASSOCIATIONS REPLACE USURY
OF THE WEST
By T. Paul Gregory Special to the "Telograph"
THE question of finance is at times the most momentous and perplexing of all the problems which beset man-
kind.
The entire human race, at least those divisions which boast of an advanced state of culture, are bound by a crass, materialistic outlook which manifests itself in terms of shillings and pence.
Circumstances may, of course, modify this condition of, economic subservience; for in those nations which are blessed with a stable form of government the plight of the national exchequer may at any time be remedied by recourse to a loan from the domestic bankers or by floating an issue of hands to be absorbed by the sturdy and independent bourgeoisie of the land.
Smaller and weaker states are, of course, in a much more perilous position, as the seeking of financial aid may result in jeopardising their countries' independence, and, too, may even go so far as to place them in the unenviable position of economic vassulage; for international bankers are by no means altruistic philanthropists.
Individuals are much like "B" "C" "D‚" "F" "P," "G," "H," nations, and for some, like the """" "K" and "L," and the assa- ciation which they have decided to larger and wealthier states, the form will last for one your only, its question of finance is a moot none of the participants can have "A bring one, as their own personal stand-money lent to them twice.
the promoter is referred to in the ing may be such that they can vernacular as the woo-t'an or "head borrow money without much of the association," whilst the sub- dinculty, or, too, they may scribers are termed 1400i-isat ar These possess sufficient collateral that "sons of the association."
latter as soon as they have
the
partici-
funds are immediately available. Inter he benefit of the wood,
The average person, however, like when they have received their con-
of the
smaller And more kumplated joan in {turn become penurious countries, may find the known as the pool or "mothers of Froblem a somewhat embarrassing, the association.”
Some
HOW A LOAN ASSOCIATION WORKS
$102
SU
Jun.
Feb,
Mur. Apr..
May Junc
July
Aug. Sept.
Oct.
Nov.
Dec.
Actual Amt. Paid In By Each
A
$10
$10 $10
$10 $100
$10
SI
$10
SIU $10
310
$10
$10 $10
$110
$10
$10
$10
$10
$10
$10
$10
$10
$10
$110
C
$10
SO $101
$10 $10
$10
$10
SJ0
$10
$10
$10 $10
$109
$10
30
$10 $10
$10
- $10
$10
SIO
$10 $10
$100
$10
$11
$303
$10
$10
310
$10
sta
$10
$10
$107
$10
$101
$10 $10
$10
$10
$10
$10
$100
G
$10
$0
$0
$0
50 དྷྭ10s,
$10
$10 $10
$10
$10
$105
I
$14
$1
$0
$9
SU
$106
$10
$10 $10
$10
$104
[
$10
30
$0
$0
$3
$9 $107
$10
$10
$10
$103
J
$10
$0
$9
$9
59
Sy
$108
$10 $10
$102
K
SEE
$0
30
$1
$0
SQ
SO
$0
$100
SIO
$101
L
$10
SD
$0
.
$9
SO
SD
$9 3120
$100
SO
6 3 8 2
སྐྱ ༄ སྐྱུ སྐྱུ ༄ ྤ ྤ ུ་ྒུ་
3 3 3 3 3 3 3
$0
50
$0
$0.
GS
FULL STORY OF THE BLUFF
THAT WON TOGOLAND
SPHE full account of how the Germans were bluffed into surrendering their West African colony of Togoland during the war by a British officer and his orderly is given in a letter to the London "Daily Telegraph and Morning Post" from Capt. Alex. Norris, formerly Provincial Commis- sioner, Gold Coast Colony.
Capt. Norris's account amplifies the story of the capture of the colo- ny-reported in the Hongkong "Telegraph" recently-as told at Berkham- sted by Major-Gen. Sir Reginald Hoskins and Viscount Davidson,
Capt. Norris says that the
une, and occasionally, too, of insur- To continue, each member's share declaration of war in 1914 mnuntable diMcully: for unless he is
15 has been fixed at say-$10 monthly found Capt. Bryant, R.F.A., steadily employed at a salary of rea- 199 at the beginning of the first month, sonable proportions, or se possesses the eleven subxribers, "B," "acting Commanding Officer real estate ar other property which "." "F" "G." "H." "1" "K" of the Gold Coast Regiment
las chunCUN of and "L" each pay this sum
African Frontier.] -West securing a loan are very slender ins wool-Fan "A" who therefore receives i deed. Of course, as a dernier ressort $118—a sum of ready money which Force -- the commanding he can hasten 10 the ubiquitous he may use in any way he pleases ·
coax "Uncle to relieve his financial dised which is paid back by monthly officer and the second in on leave. command being
he
Can
mortgate,
pawn-shop and endeavour to
instalments.
to the
watch or other item of personal at- fenders are sent in by the other tachment.
funds.
Then
"On
war
being declared,"
tress dry advancing a loan upon in the second month, ch'et-pin or One company of the regi eleven people, as to the amount of ment, under Capt. "Algy" The Chinese, however, being an insinterest they are prepared to offer Barker, of the Middlesex tensely practical peuple, have long for the use of the association's capi- ago energetically tackled the problem tal. Let us presume that the sum Regiment, was at Acera. of individual finance. Indeed, cir- given by "B" is the highest; for he ADVANCE TO FRONTIER cumstances have made it incumbent proposes to pay one dollar interesti that the matter be effectively dealtfor the use of with and means taken to attain during this mouth. every member writes Capt. Norris, "Opt. solution; for China as nation is a mys "B.” the out-run pays: Barker, acting under orders peasant land par excellence, with nu $10, but the
others
"D" from Capt. Bryant, advanced to large industries and few capitalists.","G" Furthermore, the majority of the L only nine apiece; for "'s the Togoland frontier, halting inhabitants are found in the smaili dole of interest is deducted from on the coastal road about seven
"B" therefore miles from Lome, capital of their subscriptions. rurxceedingly "mall...receivez.the sum of $100,-which-he.. and may in cases of emeritency be must like "A" pay back by monthly Togoland. There-he-got-hold entirely insufficient for the purpose instaliments during the year.
of two bicycles and, with his
capita
where the
the
"A" the
#42 and..
intended; hence, it is not surprisingg We may assume that in the third orderly dying a 'flag of truce,' that the people have endeavoured to month of the association's life, "C" | pushed along the sandy road toị devise methods for the raising of issues the highest tender, which for Lome and the German Govern- money amongst themselves.
Ce of illustration may be taken at the same amount as that of "ment House.
DISTINCTIVELY CHINESE
"A" and "B," it must be noted are "On arrival he 'sprung his bluff," The schemes adopted for this puro permitted to participate in the sending in a message to the acting puse are various, but the one inost
ding, as they have already received Governor, I think Herr Baron von truly original and at the same time; eir loans, but they must pay the Durring.
"I well remember Barker's ac- distinctively Chinese is that of the all subscription of $10 each, whilst toni or loan association.” This the others "D." "E," "F," "G." "," count of the incident, given me some may be formed of any number of
"K" and Duy only nine months afterwards. "I just told persons--twrive, fourteen, sixteen, ag
as before. and
"C" receives the sum them to get out or get under," Bar- eighteen, nineteen, twenty, or even of one-hundred and one dollars. ker said. I was asked to sit down more. Occasionally, too, as in long- The procedure is carried out in in the hall while they discussed the kong, the number of participants of the same manner each month. Those matter, and not one of them had the subscribers may be as high as thirty- who have received the money once decency to offer me a glass of beer nine. Moreover, in certain cases are not permitted to tender again: after my hot ride!" the number of individuals tnicing part consequently, at the end of the years
"As a result of this bluff the Ger
Lome
agreed to surrender may be as few as six, although, only one remains, and he pays no mans may be sall, associations se small are interest, on account of his having to evacuate all their troops and able to without resistance if given time to comparatively rare. The usual loan wait so long for the use of the bodied German nationals and retire association comprises twelve indivi- duals; hence, for the sake of ilus-ency. When he has secured this! up the railway to the wireless sta- sum, the loan association has com- tration, this type will be discussed in pleted its purpose and
and is forthwith! tion.
PLANS CHANGED. this article,
dissolved. Popular custom however,
"In the meantime Capt. Bryunt Let us assume that a certain indictates that the town assolation's
all available troops. Its had called in dividual-whom we may designate successful accomplishment of as "A" and who, of course, must be avowed mission
should fe
cunt from the out-stations and was rendy a person of trust and integrity-de-memointed by u feast at the time to march across country from Kit sires to raise a specified sum of money of its dissolution.
Say $110. Instead of borrowing, In order to make the workings of this sum from a professional usurer the Chinese loan assoclutions etcarer,
a
he
masi to Togoland. On hearing of Capt. Barker's bluff, however, was able to change his plane and and thence 10 Lome by steamer, a take his regiment by rall to Sekondi other saving of five or six days.
them,
whilst the final column
STARRING AT GLOUCESTER
DON AND DOLLY, inimitable artists who are entertaining at the Gloucester Hotel.
RADIO PROGRAMMES
Cello and Piano Recital Orchestra with Xylophone Solo by
From the Studio
Franz Kruger.
1.30 Reuter & Rugby Press; Weather and 'Announcements.
at exorbitant interest, he approaches a table is given above. The figures
BAND CONCERT
1.40 Songs from Schubert's "Win- his friends or clansmen and en-in bold type represent the sums paid deavours to find eleven persons who to the subscribers, the
out to
terrelse' by Gerhard Husch (Bari- H.K.T. "The Germans were pursued up may be induced to join with him figures denote the amounts paid the railway by the Gold Coast Re-
10.30-11.30 am, Relay of Morn-tone).
Das Wirtshaus; Mut; Die Neben- In forming a loan
the by association,
11.30-12.15 pan. Relay of Morn- sannen..ano accompanyment by immediate object of which is to sup-shows the total angregate so that ungiment. The first action was foughting Service from the Union Church.
before the British Expeditionary ng Service from the ply him with the desired amount, may have a fair iden as to the astial Force had Innded in France, It is
Hop Yat Hanns Udo Muller. 1,50 Cliureb (Chinese).
Beethoven - Moonlight' but with the compensatory allow interest rates Involved.
therefore claimed that the firs! Army 12.15 Rachmaninoff-Concerto No. Sonata. ance that within the period of a year,
NOBODY LOSES
casualties of the war were men of and other Compositions.
Plano solo by Egon Petri. similar sum will be furnished to
It will be observed that "A" the the Gold Const Regiment, and that i
Concerto No. 3 in D Minor, Op. 2.03 Light Orchestral Music, each of the participants, and upon romater of the scheme neither gains the first Army officer to be killed 30..Vaidimir Horowitz (Plano) and
Haffner Serenade-Rondo (Mozart) exceptionally. favourable futes nor Inses by the whole transaction was a subaltern seconded from his The London Symphony Orchestra
Edith Lorand & Her Viennese Or- interest.
Sulte (Eric It may be interesting to mention except that he gets the sum of $110 haine regiment to the Gold Coast cont. by Albert Coates; Christ is chestra; Springtime
for use without the payment of in- Regiment.
Risen...Peter Dawson (Bas-Barl-Coutes); Fresh Morning' (Pastorale); that the promoter of the contem-terest, "" who gets the use of the 1-Col. Bryant he had been tone); Prelude in G Minor, Op. 23, Noonday Song (Romance): 'Dance pinted wool, as he calls upon those caplial next pays one hundred and given the local rank--fought his No. 5. Valdimir Horowitz (Plano).' in the Twilight' (Valse), Light Sym- of his acquaintances whom he thinks ten dollars for the use of one hun- way up to the
|
wireless station. 1.0 Local Time Signal and phony Orchestra cond. by The Com- will be interested in his scheme, predred, but then he has the use of the where he caused information to be Weather Report.
pozer; From Foreign Lands Suite sents to those who are williant to join money curly, and pays it off by in-conveyed to the Germans about the 1.03 Marek Weber & His Orchen- (Moszkowski): Italian. German, with him, a red envelope cont
containing
of a French foren which tra and Miliza Kerlus (Soprano). instalments. "L" who benefits Inst by strength
State Spanish, Hungarian..Beriln a small sum of money which is re- the proposal pays only $100 On was
was advancing..
Manon-Fantasis (Mossenet, arr. Opern Orchestra cond, by Clemenz | gorded as a form of teng-ngan advance) for one hundred and ten. "This was another blut. The Tacan). Orchestra; The Maidens of Schmal.tich.
bargain money." After the recent the extra ten dollars being the in- Germans, having more faith in the Cadia (Dolibes); Serenade (Mosz 2.30 Close down.
tils, no one may withdraw lils terest paid to him by the participants, treatment they would receive from towsky). Miliza Korjus: Viktorin
410-7.0 Chinese Programme. consent, unless the promoter falls to in the scheme.
the British than from the French, And Her Hussar'-Selection (Abra- 7.0 Choral and Organ Music. obinin the required number of sub-
Choral Prelude ('in Thee Is Joy') However, it must not be assumed blow up the wireless station and ham)..Orchestra; Fantasia on the scribers, In which case the whole that in neturi cases, the disposal of surrendered,
Song Long, Long Ago (Dittrich).. (Bach). Marcel Dupre (Played on scheme
naturally falls through.
Organ of Alexandra Palace, London); The occupation of Togoland hal the money would be in the orderly course, participants in an association
sequence is the have. Indeed, theja far-reaching result. The Tegoland
The Heavens Are Telling ("The of this kind are all responsible men interest rates would vary from month wireless station acted as a relay slainnst to be interned. After a few CreationHaydn)...The Choir and women; for the success of the to month, and the funds subscribed tion between Europe and the Cer-months it was decided to transfer Temple Church, London; Choral
Viena, Esprit Saint, Dieu Crenteur' enterprise depends
to England, and they were upon mutual by the members muy fluctuate con- man station at Windhoek, In South-them trust.
siderably. In short, whilst the Weal Africa. Instructions were sent embarked, under guard in the Ap (Bach); Andante (from Sonata No.
d-Mendelssohn)....Edouard
Com- YEAR BY YEAR. Chinese loun association if properly from Windhoek to German warships pam.
"On the Canary Islands the Ap-matte (Organ); How Lovely Is Thy We may suppose that to the present conducted is an admirable institu- in the South Atlantic. case, our promoter "A" has been suc- tion, any unforeseen circumstance or "By the capture of Togoland these pam was captured by the German Dwelling Place (Requiem-Brahms) ..The Choir of Temple Church, Lon- cessful in finding eleven trustworthy the lapse in probity of any of the warahips were inointed and blinded, raider Moewe. In one short hour
of
or
"The
membern of his community who are participants, la likely to complete transferred to the Gold Coast, and Germans mounted guard over the
German prisonera were the roles were changed and the don; Fantnsin in F Minor (Mozart)
desirous of Inking part. These matters considerably so that even italnost of them were sent up to Ka British
leven persons may be designated: utility and duration is Imperilled.
..G. D. Cunningham (Organ); Hear (Continued on Page 11.)
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士披樂威士忌
That's
Asked
for Again
Sole Agents:
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TRADING CO.
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