NOTES AND QUERIES
121
(v) Loans were often outstanding for a long time, e.g., two separate cases appear in the papers where loans were not concluded until thirty-eight months had passed. Where such delays occurred, fields were taken during the course of the loan as additional security for it, or on settlement in lieu of repayment in cash.
(vi) Money loans were also made under different initial arrangements, i.e., on the security of a deed of mortgage of land to the Tong. This alternative procedure was presumably adopted in cases where repayment in cash was doubtful. Where it occurred, a debtor lost the use of his fields, which were placed at the complete disposal of his creditor. On the other hand, he paid no interest for his loan.
(vii) Sometimes a time limit was placed on repayment of the loan. This was done in one case relating to a man from an adjoining village. His fields were to become the property of the Tong if repayment was not made within a period of two years.
A Tong such as this would only come into being and flourish where a member of the clan was literate, i.e., could keep written accounts, and possessed business acumen. This particular Tong appears not to have survived the death of its architect. It was not known of by the present Chi elder (b. 1900), nor did it appear in the schedules of ownership completed by the Hong Kong Government after the land settlement which followed the lease of the New Territories to Great Britain in 1898.
Other Points
1. The papers give no indication of the objects for which villagers sought to raise money by joining a money association or getting a loan on repayment of interest. But where land was given as security by way of mortgage, or where land was sold, reasons were usually given in the deed of transfer, and some of these were specific, e.g., debts incurred by a younger brother; the need to pay government taxes; money to pay for a father's funeral; capital for business, etc.
NOTES AND QUERIES
121
(v) Loans were often outstanding for a long time, eg, two separate cases appear in the papers where loans were not concluded until thirty-eight months had passed. Where such delays occurred fields were taken during the course of the loan as additional security for it, or on settlement in lieu of repayment in cash.
(vi) Money loans were also made under different initial arrangements, Le. on the security of a deed of mortgage of land to the Tong. This alternative procedure was presumably adopted in cases where repayment in cash was doubtful. Where it occurred a debtor lost the use of his fields which were placed at the complete disposal of his creditor. On the other hand he paid no interest for his loan.
(vii) Sometimes a time limit was placed on repayment of the loan. This was done in one case relating to a man from an adjoining village. His fields were to become the property of the Tong if repayment was not made within a period of two years.
A Tong such as this would only come into being and flourish where a member of the clan was literate, i.e. could keep written accounts, and possessed business acumen. This particular Tong appears not to have survived the death of its architect. It was not known of by the present Chi elder (b.1900), nor did it appear in the schedules of ownership completed by the Hong Kong Government after the land settlement which followed the lease of the New Territories to Great Britain in 1889.
Other Points
1. The papers give no indication of the objects for which villagers sought to raise money by joining a money associa- tion or getting a loan on repayment of interest. But where land was given as security by way of mortgage, or where land was sold, reasons were usually given in the deed of transfer and some of these were specific, e.g. debts incurred by a younger brother; the need to pay government taxes; money to pay for a father's funeral; capital for business,
etc.
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