BANKS OF CHINA.
"It is patent that in affording what are known as facilities for trade in the lending of money to sustain business undertakings, to float industrial concerns into self-supporting and productive enterprise, six of the seven our Banks are by the orders of their home offices prohibited from such business as it is of a kind that needs great local knowledge and experience and constant local supervision and control.
"The only Bank which may be said to engage in this description of business and to the smallest extent is probably the Hongkong and Shanghai Banking Corporation, which by its local constitution, management, and direction is enabled to gauge the soundness and the worth of the risk of the business brought to it.
The question, however, before us is not whether a certain bank shall reap large profits or suffer a diminution of them, but whether industrial undertakings shall be fostered as far as practicable, whether commercial enterprise of that sustentation yclept Capital.
"Because we believe that the new Bank of China will likely operate in these directions and find its field in a very rich, almost unbroken, and very fertile one, and be the means of inducing our older local bank to follow in its wake, we welcome the news of its formation.
And further,
In the intense competition which, in banking not less than in other lines of business, now obtains throughout the world, and which is one of the marked features of the age, it seems to us somewhat surprising that in the extreme desire for and appreciation of undoubted security, the capitalist firms overlook the fact in granting loans, to advance industrial undertakings, to open up sources of human activity and occupation, to encourage commercial enterprise, and promote schemes for the employment of men's brains, men's hands, and of money, they help to enlarge trade, extend the stream of the world's wants by supplying which the poor man can grow rich, the rich wealthier, and the capitalist's capital reproduce itself.
We hope that a large portion of the Bank of China's business will be in the nature of a Credit Mobilier, and we see no reason why, with its direction and management local, and the experience, supervision, and control it may command, it should not carry on one description of business with equal safety and even more profit than the other.
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BANKS OF CHINA.
" It is a patent that in affording what are known s facilitiesfor trade in the lending of money to sustair business undertaking, to float industrial concerns int > s.lf-supporting and productive enterprise six of the seven
our Banks are by the orders of their home offices prohi Lited for such business is of a king that needs great local knowledge and experience and constant local supervision and control.
"The only Bank which may be said to engage in this des- cription of business and to the smallest extent is probably the Hongkong ans Shanghai Banking Corporation, which by its local constitution management and direction is enabled to gauge the soundness and the other wise of tis consti- tuency and the worth of the risk of the business broughtto
it.
Tak question however, fore us is not whether a certain bank of shall reap large profits or suffer a diminution of them, but whether industril undertakings shall be fos twed as far af practicable, whether commercial ubmest-ef encerprise of that sustentation yclept Capital.
" Because we believe that the new Bank of China will likely operate in these directions and find its field in a very rich, almost unbroken and very fertile one. and be the means of inducing our older loca) bank to follow in the wake we welcome the news of its formation.
And further
In the intense competition which, in banking not loss the in other lines of business, now obtains throughout the world, and which is one of the marked features of the age it seems to us somewhat surprising that in the extreme desire for and appreciation of undoubted security the capitalist firms overlook the fact in granting loans, to advance industrial undertakings to open up sources of human activity and occupation to encourage commercial enterprise und promote schemes for the employment fo men's bruins men's hands, and of money they help to enlarge trade extend the stream of the workd's wants by the supplying which the poor man can grow rich, the rich wealthier and the capitalist's capital reporduce itselft.
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We hope that a large protion of the Bank of China's business will be in the nature of a Credit Mobilier, and we wee no reason why, with its direction and management local and the experience, supervision, and control it may command, it should not carry on one description of business with equal safety andeven more profit than the other.
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