Page:Statesman's Year-Book 1921.djvu/811

 MONET. WEIGHTS, AND MEASURES 759

The Bank of China has an authorised capital of 60,000,000 dollars and a paid up capital of 10,000,000 dollars partly subscribed by the Chinese Government, and partly by the merchant classes. In Peking there are two departments -the head offices for the whole of China and the Ptking branch ; in all, there are about 200 brandies and sub-branches. The Bank of Com- munications (established in 1905) has an authorised capital of 10,000,000 taels, about half of which is paid-up. It acts as the agent for the Ministry of Communications in the collection of railway, telegraph, and postal funds. This Bank has in all about 80 branches and sub-branches. The head office is in Peking. It was created a National Bank in October, 1915, with power to issue notes. In 1916 the Min-Kuo Industrial Bank was established with a capital of 20,000,000 dollars. In 1918 the Exchange Bank of China (with Sino-Japanese capital) was established in Peking.

Post savings banks at 11 district head offices were opened on July 1, 1919, and by December 31, 1919, the number had increased to 81. During these 6 months 154,05! dollars were deposited by 5,441 depositors, and 46,535 dollars were withdrawn.

Money, Weights, and Measures. Money.

The currency of China is on a silver basis, and consists of taels, dollars, copper cash, and bank notes. The tael is really a weight of silver (about an ounce) of a certain degree of fineness. It is divided into 10 mace ; 1 mace = 10 candareens ; and 1 candareen = 10 cash. The tael varies in d i ffere nt parts of the country, the principal taels being (1) the haikwan or customs tael (in 1919 it was equal in value to 7M. ), (2) the K'up'ing or treasury tael, and (3) the Shanghai or Tsaopi/ig tael.

The dollar (of the same weight and touch as the Mexican dollar) is the official currency unit, and is current in all the provinces, even in out-of-the- way districts. Notes for cash are also much in vogue. But there is unpa- ralleled currency confusion. It is recognised by the Chinese Government that currency reform is the most pressing need of the country.

In the treaty of September 5, 1902, China agreed with Great Britain to take the necessary steps to provide a uniform national coinage which should be legal tender for all purposes throughout the Empire, and an Imperial Decree was issued in October 1908, commanding the introduction of a uniform tael currency, of which the unit must be a silver tael coin of •98 touch weighing 1 K'up'ing or Treasury-scale tael or ounce. This decree was cancelled by a further decree of May 25, 1910, establishing the silver dollar (yuan) of "90 touch and weighing "72 Treasury-weight tael as the unit of currency. The touch and weight of the silver subsidiary coins (50c, 20c. 25c, and 10c) was also definitely specified, while provision was made for fuither subsidiary coins (5c nickel, 2c, lc, £«., and -^c copper) of touch and weight to be laid down later. The minting of these silver coins has begun, but very few are as yet in circulation. By the law of May, 1910, the several mints have been brought under the Central Government, and are no longer practically private ventures of provincial governors. A new central mint is being put up at Shanghai. All coins are now minted at the Mint In Tientsin and at branoh mints in Hankow, Chengtn, Nanking, Shanghai, and Mukden. The K'up'ing tael weighs 575-642039 grains, somewhat less than the Haikwan tael, which weighs 581*47 grains. A decree for uniform weights and measures was issued Oct. 9, 1907, whereby the K'up'ing or Treasury scale was made the standard weight.