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bank appeared: the Shansi banks, or draft banks, which originated in northern China from the need to protect remittances from robbery during transportation. Drafts were substituted for shipments of metal. The Shansi bankers set up branch offices throughout the country and arranged remittances for a fee. In time, they transported and stored government funds, received other deposits, and made loans. They backed promising candidates for government office and in return handled the successful candidates official finances. They were the strongest indigenous financial institutions in China until they were ruined by the revolution of 1911. In the nineteenth century, many other types of indigenous banks developed. These were called money shops and conducted a local business. They exchanged money, issued their own notes, made loans, and received deposits. The largest Chinese banks in the big cities belonged to clearing associations; these gathered together daily and set the rate charged that day for interbank credits, called chop loans. Modern banks developed late in the nineteenth century after the model of the branch offices of foreign banks, which were then well established. After 1840, it became impossible for the government to maintain the traditional policy of meeting public expenditures on a cash basis. The government then began to rely on internal loans and loans from foreign banks. After 1911, four official banks were established to handle the government s finances and to carry out some of the functions of Western central banks. These banking institutions of the nineteenth and twentieth centuries were adaptations of European institutions. The practice of lending money at interest in China has been traced back at least to 400 B.C. (624) Government regulations concerning maximum rates of interest and terms of loans were proclaimed from dynasty to dynasty but were often ignored. Loans were typically for short terms, at a high rate of interest, and for consumer expenditure; commercial sales on credit were very rare. Loans were often repayable on demand, but were usually for periods of three to six months. In case of default, the property of the debtor could be seized and sold. Compound interest was usually illegal. (625) The ultimate creditor was often the government. After A.D. 700 the government entrusted its funds to money-catching clerks, who loaned them out to the people. The interest received by the government was assigned to specific public purposes. Often the rates were very high. In 1069, however, a reform program was inaugurated; money was loaned from the funds of the government to farmers in the spring for repayment at 10 20% interest in the fall. Loans at this benevolent rate were called green sprout money. In the thirteenth century, government funds were loaned to friendly merchants at a nominal rate of 9.6% per annum, and
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these merchants sometimes reloaned the funds to the public at 100% per annum, so that in ten years the principal and compound interest amounted to 1024 times the original principal. This was known as young lamb interest. (626) The legal ceilings on interest were rarely enforced. A common method of evasion in the eighteenth century was known as seal print money, whereby the principal of a loan was repaid in daily or monthly installments while the legal interest was charged on the original principal. Alternatively, less was loaned than appeared on the face of the loan. During the late nineteenth and early twentieth centuries, the ancient Chinese credit institutions existed side by side with modern institutions organized in the European manner. The latter, however, never became dominant factors in the life of the majority of the population. No large popular investment market ever developed for either bonds or stocks. The dealings in the securities markets were confined largely to banks and a restricted group of speculators. New issues of government bonds were usually sold not to the public but to the banks. In China credit has rarely served the purposes of economic development that it has served so well in Europe and America. The regular flow of funds from savers to investors through the medium of securities or of institutions apparently never began. Chinese credit continued over the centuries to consist almost entirely of consumption loans made by individuals to individuals. In modern China, approximately 70% of the households are still rural. A survey in 1933 showed that more than half of the rural population was burdened by cash debts arising from consumption needs. The sources of this farm credit were as follows: (627)
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Half of this credit was unsecured. The purposes for this credit, mostly nonproductive, were as follows:
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