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 "Telegraph"
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 bonds. 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, muy even go so far as to place them in the unenviable position of economic vassalage; for international bankers are by no means altruistic philanthropists.
Individuals are much like ":" "D" "E" "," "G,” “H‚”
***** "K" and "L," and the asso-: nations, and for some, like the clation which they have decided to larger and wealthier states, the form will last for one year only, us question of finance is a moot one of the participants can have one, as their own personal stand-money lent to them twice. "A" being ing may be such that they can the promoter is referred to in the vernacular as the woot-l'au or "head borrow money without much of the association," whilst the sub- dunculty; or, too, they may scribers are termed the wooi-tsai or! of the association." These possess sufficient collateral that "sons funds are immediately available. in the benefits of the wool, Le.
soon as they have partici The average person, however, like when they have received their con- some al the smaller and more templated Loun In turn became penurious countries, may and the known as the woul-na or "mothers of Problem * somewhat embarrassing one, and occasionally, too, of insure association." mountable difficulty; for unless he is
Jatter
HOW A LOAN ASSOCIATION WORKS
$0
Jan.
Feb, Mar. Apr. May June
Judy
Aug. Sept.
Oct, Nov.
Dec.
Actual* Amt: Pald In:
lly Each.
A
$110
$10
$10
$10
$10
$100
$10
510 $10
$10 $10
$10 $10
$10 $10
$10
$10 $10 $10
$10
$10
$10
$110
$10
$10
$110
$10
SD
$101
$10
$10 $10 $10
$10 $10
$10
$10 $10
$100.
D
$10.
$#
ទេវរ
$102
$10
$10
$10
$10 $10
$10
$10
$10
$108
E
$10
$0
$103
$10
$10 $10
$10 $10
$10 $10
$107.
F
$10
Ꭶ0 .
5104
$10
$10
$10 $10
$10
$10
$100
C
$10
$U
$0
$h
$103
$10
$10
$10
$10
$10
$105
JI
$10
SU
$9
30
$100
$10
$10 $10
$10
$104
I
$10
SO
$0
$1
$0
$107
$10 $10
$10
$103
J
$10
50
$0
$0 $0
$108 $10
$10
$102
K
$10
$U
SD
$0
$0
SD
SD
SO $105 $10
$101
I.
$10
$0
$1 $01 $0
$0
So $110
$100
$0
2 3 2 3 3 2 6 8
1 2 3 3 3 3 3 3
SO
$0
$0
$0
$0
$9
50
3 3 3 3 3
2 4 2 6
FULL STORY OF THE BLUFF
THE
THAT WON TOGOLAND
"HE 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
To continue, each member's share declaration of war in 1914
is has been fixed it say-50 monthly, found Capt. Bryant, R.F.A.., steadily employed at a salary of rea so at the beginning of the firs; month. sonable proportions, or else possesses the eleven subscribers, "B," "C","acting Commanding Officer real estate or other property which "pop" "C" """ "" "" "K" of the Gold Coast Regiment he can mortgage. securing a loan are very slender in and "L" cach pay this sum to
wi-cau "A" who therefore receives-West
hls chances of
The
dead. Of course, as a dernier ressort $110-a sum of ready money which Force
can hasten pawn-shop and endeavour
he
to
instalments.
African Frontier
the commanding
the ubiquitous, he may use in any way he pleases
to toax "Uncle to relieve his financial did which is paid back by monthly officer and the second in command being on leave. tress by advancing a loan upon a In the second month, ch't-plu or; watch or other item of personal attenders are sent in by the ther One company of the regi eleven people, as to the amount of ment, under Capt. "Algy" The Chinese, however, beint an in-interest they are prepared to offer
Barker, of the Middlesex tensely practical people, have long for the use of the association's capi- age energetically tackled the problem tal. Let us presume that the sum Regiment, was at Acera. of individual finance. Indeed, eir-rive
tachment,
the
cvery
given by "B" is the highest; for he
ADVANCE TO FRONTIER cumstances have made it incumbent proposes to pay one dollar interest
being declared,” "On WILE funds. that the matter be effectively dealt for the use of
Then with and means taken to altain a during this month,
"Capt. member writes Capt. Norris, solution; for China as a nation is a pays "B." "A" Ure
"A" the topi-l'au pays. Barker, acting under orders peasant land par
the *[," "J," "3" |
an from Capt. Bryant, advanced to large industries and few capitalists. "V nine piece; for "the Togoland frontier, halting
une!
excellence, with no
but
"G"
Dily
Furthermore, the majority of the "L") inhabitants are found in the smatii dollar of interest is deducted from on the coastal road about seven rurn-communities where the perth subscriptions therefore miles-from-Lome._capital_of capita wealth is exceedingly small, receives the sum of $100, which he Togoland. There he
got hold and may in cases of emergency be must like "A" back by muntlily entirely insufficient for the purpose instalments during the year.
of two bicycles and, with his intended; hence, it is not surprising | We may assume that in the third orderly flying a 'flag of truce.' that the people have endeavours to month of the association's life, "C"pushed along the sandy road to devise methods for the raising of issues the highest tender, which for Lome and the German Govern-
the same amount as that of ""ment House.
monicy amongst themselves.
may
DISTINCTIVELY CHINESE
more.
ase of illustration may be taken at
"A" and "B," It must be noted are "On arrival he 'sprung his bluff,' not permitted to participate in the sending in a message to the acting bidding, as they have alrendy received Governor. I think Herr Baron von their loans, but they must pay the Durring. full subscription of $10 each, whilst "I well remember
Barker's e-
the others "D" "E." "F," "G," "f" count of the incident, given me some
The
The schemes adopted for this pur pose are various, but the one inest truly original and at the same in distinctively Chinese is that of the wool or "loan association."
be formed of any number of "J," "K" and "L" pay only nine months afterwards. "I just told persons-twelve, fourteen, sixteen 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 Occasionally, too, as in Jong-
procedure is corried
in the hall while they discussed the but in kong, the number of participants or 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,
"As a result of this bluff the Ger- the number of individuals taking part are not permitted to tender again: after my hat ride
consequently, at the
at the end of the year,
Lome may be as few as six, although, it only one remains, and he pays no mas
agreed to surrender may be said, associations so small are interest, an account of his having to without resistance if given time to comparatively rare. The usual loan wait so long for the
of the evacuate all their troops and able- association comprises twelve indivi dunts; hence, for the sake of us | sun, the loan Association has com-; up the railway to the wireless sta- money. When he Las secured this bodied German nationals and retire trullon, this type will be discussed in pleted its purpose and is forthwith tion. PLANS CHANGED
this article.
the us
use
Bissolved. Popular custom however,
Let us assume that a certain in-dietates that the loan assoclution's dividual-whom we may designate sucersaful
who
of
from the out-stations and was rendy
STARRING AT
GLOUCESTER
DON AND DOLLY, inimitable artists who are entertaining at the Cloucester Hotel,
RADIO PROGRAMMES
In order to make the workings
the
eleurer.
musi to Togoland. On hearing of 'Cello and Piano Recital Capt. Barker's bluff, however,
change his plans and was able
From the Studio.
Be
H.K.T.
immediate object of which is to sup-shows the total aggregate so that onegiment. The first action was foughting Service from the Union Church.
rolex of
NORODY LOSES
before
Press;
by
'Dance
In the Twilight(Romance) Sym- }
"In the meantime Capt. Bryant accomplishment its had called in all available troops as "A" and who, of course, must be avowed mission should be cum- a person of trust and integrity-de-memorated by a feast of the time to march across country from Ku-
Orchestra with Xylophone Solo by sires to raise a specified sum of money of its dissolution.
Franz Kruger. Buy $110. Instead of borrowing
1.30 Reuter & Rugby loan associations Chinese this sum from a professional usurer
Weather and Announcements. at exorbitant interest, he approaches a table is given above. The figures take his regiment by rail to Sckond!
BAND CONCERT -
140 Gongs from Schubert's "Win- his friends or clunsmen
en-in bold type represent the sums paid and thence to Lome by steamer, a
saving of five or six days.
terreino by Gerhard Husch (Bari- deavours to find eleven persons
the subscribers, the other out to
"The Germans were pursued up amounts pall in
10.30-11.30 am. Belay of Morntone). may be induced to join with him figures denote
Das Wirtshaus; Mut: Die Neben- an association, in forming a loan
the by them, whilst the flast column the railway by the Gold Coust Re-
accompany ment 11.30-12.15 pm. Relay of Morn-sonnen..Piano the British Expeditionary ng Service from the Ilop Yat Hanns Udo Muller. ply him with the desired amount, I may have a fair idea as to the usual Force had landed in France. It is Church (Chinese).
1.60 Beethoven - 'Moonlighi' but with the compensatory allow interest rates involved.
therefore elaimed that the first Army
12.15 Rachmaninoff-Concerto No. Sonata. ance that within the period of a year.
ensunities of the war were men off and other Compositions..
Plano solo by Egon Peiri. a similar sum will be tarnished to
It will be observed that "A" the the Gold Const Regiment, and that Concerto No. 3 in D Minor, Op. 2.03 Light Orchestral Music. each of the participants, and upon promoter of the scheme neither gains the first Army officer to be killed 30. Valdimir Horowitz (Plune) and Haffner Serenade-londo (Mozart) exceptionally favourable
nor loses by the whole transaction was a subaltern seconded from his The London Symphony, Orchestra ..Edith Lorand & Her Viennese Or interest.
except that he gets the sum of $110 home regiment to the Gold Coast cond. by Albert Contes; Christ is chestra; Springtime Suite (Erle It may 1in Interesting to mention for use without the payment of in-Regiment.
Risen...Peler Dawson (Bask-Bari Contes); Fresh Morning (Pastorale); that the promoter of the contem-terest, "I" who gets the use of the "Lt.-Col. Bryant-he had been tone); Prelude in G Minor, Op. 23, Noonday Song plated wool, as he calls upon those capitol next pays one hundred and given the local runk—fought his No. 5.. Valdimir Horowitz (Piano). of his, nequaintances whom he thinks en 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, pre-dred, but then he luas the use of the where he caused information to be weather Report..
poser: From Foreign Lands Sulte sents to those who are willing to join money early, and pays it off by In-conveyed to the Germans about the 1.03 Marek Weber & His Orches- (Muszkowskl):
Italian, German, State with him, a red envelope containing statements," "L" who benefis last by strength of a French force which tra and Aliza Korius (Soprano). Spanist, Hungarian..Berlin a small, sum of money wilch is res the proposal pays only $100(in was advancing
*Manon-Fantasia (Massenet, arr. Opera Orchestra, cond. by Clemens This as a form of teng-ngan or advance) for one hundred -und ten. garded
was another bluff. The Tavan)..Orchestra; The Maldens of Schmalstich. "bargain money," After the receipt the extra ten dollars being the in-Gumans, having more faith in the Cadiz (Dellbes); Serenade (Mosz- 2.30 Close down. of this, no one may withdraw his terest paid to him by the participants treatment they would receive from kowsky). Milian Korjus: Viklerin
0,0-7,0 Chinese Programmne, consent, unless the promoter falls to in the scheme.
the British than from the French, And Her Hussar Selection (Abra- 10 Choral and Organ Musia,
Choral Preludo (In Thee Is Joy') obtain the required number of sub- However, it must not be assured blew up the wireless station and ham), Orchestra; Fantasia on scribers, in which ease the whole that in actual enses, the disposal of surrendered,
(Bach). Marcel Dupre (Played on Of the money would be in the orderly scheme naturally fails through.
"The occupation of Togoland and
Organ of Alexandra. Palace, London); course, participants in an association sequence as the above. Indeed, the a far-reaching result. The Togoland
The Heavens Are. Telling (The of this kind are all responsible men interest rates would vary from month wireless station acted as a relay stamus to be interned, After few Creation-Hayda)...The Choir of and women: for the success of the to month, and the funds subscribed tion between Europe and the Ger- months it was decided to transfer Temple Church London; Choral- enterprise depends upon mutual by the members may fluctuate con- man station at Windhoek, in South- them to England, and they were Viens, Esprit Saint, Dleu Createur trust.
siderably In short. whlist the
West Africa, Instructions were sent embarked, under: guard In the Ap (Bnch): Andante (from Sonata No. Mendelssohn)....Edouard Com- YEAR, DY, YEAR,
Chinese loan association, if properly from Windhoek to German warships pam.
"Of the Canary Islands the Ap-mette (Organ); How Lovely Is Thy We may suppose that in the prosent conducted is an admirable institu- in the South Atlantic. case, our promoter "A" has been suc- tion, nuy unforeseen circumstance ba "By the capture of Togoland these pam was captured by the German Dwelling Place (Requiem Brahms) cessful in finding eleven trustworthy the lapse in probity of any of the warships were isolated and blinded raider Moewe in one short hour, The Choir of Temple Church, Lon
don: Fantasid in F Minor (Mozart) thel The Germán prisoners were the roles were changed and members of his community who are participants, is likely to complicate
These matters considerably so that even its transferred to the Gold Coast, and Germans mounted guard "over the G. D. Cunningham (Organ); Hear|-:' desirous of taking part.
(Continued on Page 118 most of them were, ant up to Ku- | British." : eleven persons may be designated: utility and duration is imperilled.
the
Song Long, Long Ago' (Dittrich)..
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士披來威士忌
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for Again
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TRADING CO.
Bank of Canton
Building.
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