Taiwan Ginko

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The Taiwan Ginkō ( Japanese 臺灣 銀行 , today: 台湾 銀行 , Eng. Bank of Taiwan ) was the semi-state central bank for the Japanese island since 1895 , there with banknote privilege . In Japan and mainland China, it also acted as an ordinary commercial bank with bills of exchange, deposits and stock exchange transactions.

founding

Law No. 38 of March 30, 1897, regulated the establishment of the Taiwan Ginkō KK. From the initial five million silver yen capital (paid in: ¼, 1902: ½) the government subscribed to one million. The president and his deputy were appointed by the Japanese government from among those shareholders who held at least one hundred shares. The nominal value of the shares was ¥ 100. The imperial household was one of the major shareholders right from the start , whose ownership as of September 30, 1945 was determined to be 15,000. The statutes were initially designed for twenty years. Operations, headquartered in Taihoku , officially began on September 26, 1897, with actual business not taking place until March 1899.

The government waived its dividend for the first five years, with the money instead going to a reserve fund. A first doubling of the capital took place in April 1910, a second was completed in 1915. By 1920 it had reached 30 million. This capital was later doubled again.

Business operations

Headquarters in Taihoku (1940)

The bank's tasks included making an orderly financial system possible on the island, standardizing the currency, stabilizing the interest rate and thus enabling capitalist exploitation of the newly acquired area. To this end, particularly large infrastructure measures were significantly co-financed. In July 1899, the government made two million 1-yen coins available for five years without interest in order to ensure orderly currency relations. As the house bank of the civil administration of Taiwan, it was their lender. The bank thus had a similar function for Taiwan as the Chōsen Ginkō for the Japanese-administered Korea . For mortgages you acted as an agent of the semi-state Nippon Kangyō Ginkō, founded for this purpose in 1896 . In particular, sales from the discounted bills of exchange rose rapidly: from 1.2 million in 1899 to over 28 million in 1903. 9% of dividends are paid out that year.

The conversion of the yen to the gold standard for Taiwan did not take place as in Japan in 1897, but only on July 1, 1904 and was completed in 1907.

Deposits in mainland China soared after the 1911 coup; ('000 dollars ): 1906: 449, 1908: 1273, 1911: 3043, 1913: 6376.

The capital at the end of fiscal 1915 was twenty million yen (17½ million paid). The reserve fund contained ¥ 4.1 million. There were banknotes for 17.6 million in circulation. Government loans exceeded 6 million. The company had total assets of 174 million and a profit of 861,000 yen. In the boom caused by the war, the company was able to expand considerably. On June 30, 1917, the reserve fund was over five million, the banknotes in circulation were 26.85 million and the balance sheet total had risen to 306 million. The profit for the first half of 1917 was 1.1 million yen.

Branches

Branches are set up in Tokyo and other Japanese trading cities. Outside of mainland China, there were branches in New York, London (58 Old Broad St.), Java : Samarang, Batavia and Surabaya, Hong Kong, Bangkok, Bombay, and Singapore. It was represented by correspondents in Russia, the USA and the Philippines. The Shanghai branch was on Bund 16 .

In Taiwan passed in 1920: Ako, Giran, Kagi, Karenko, Keelung, Makung, Pinan, Shin-chiku, Taichu, Tainan, Takow, Tamsui, Tōen, Nantō.

Collapse in 1927 and reorganization

On September 1, 1926, Soyeda Juichi , who had been bank president from 1899–1901, was appointed as the bank's additional external auditor. The bank took over a substantial part of the government bonds held by Suzuki shōten in Kobe in January . This at a time when the emergency notes issued for crisis management after the 1923 earthquake were to be replaced. When during the parliamentary debate on March 14, 1927 regarding the security of 207 million yen of the same, the finance minister Naoharu Kataoka , remarked the Tōkyō Watanabe Bank was bankrupt, a bank panic broke out in the next few days, but it quickly subsided. The next crisis followed in April, this time causing the Taiwan Ginko to collapse. On the 18th the payments had to be stopped. In the crisis that followed, the government imposed two bank holidays on the 22nd and a three-week moratorium on payments. Despite emergency measures taken, such as generously provided loans, the so-called Shōwa financial crisis followed , after which only 465 of the more than 1,800 commercial banks remained.

Until his death in 1929, Soyeda overlooked the reorganization measures of the collapsed institute, which continued to operate until the end of the Second World War . The bank president since 1927 S. Shimoda ( 島 田茂 ) was dismissed in early May 1934 for insider trading.

During the Japanese occupation of Hong Kong , only two banks, Yokohama Specie Bank and the Bank of Taiwan, were reopened, while the remaining banks were liquidated by the Japanese. Foreign commercial banks were also taken over in the Philippines .

Like twenty other banks, on September 30, 1945, by order of SCAP , the Japanese branches were seized and planned to be wound up. After the Kuomintang regime was established in Taiwan Province in 1946, it took over and nationalized the institute, merging with other local banks.

Banknotes

1 gold yen (1915, rev.)
10 yen, 1932 series (obv.)

From the beginning, the institute had the right to issue notes that did not need to be covered up to an amount of 5 million yen. Notes that exceeded this amount were subject to a minimum tax of 5%. In May 1902, there were 3.35 million silver yen notes in circulation in Taiwan. Denominations were denominations of ¥ 1, 5, 10 and 50. The first gold-backed bills were available for ¥ 1, 5 and 10, 50 yen notes only returned from 1924, the first ¥ 100 note was issued in 1928. 1000 yen followed in 1945.

China

Like many foreign banks in China , at a time when there was no orderly domestic financial system in China, silver-backed notes were issued for local needs. Issuing branches were: Amoy (Yen: 1905-9), Kanton (1911: "local currency" and "Yen"), Foochow ($: 1906, 1914-6), Hankou ($: 1915-8), Kiukiang ($ : 1913-4); Swatow ($: 1908, 1911-2).

literature

See also

Individual evidence

  1. ↑ See Japanese Colonial Development Policy in Taiwan, 1895-1906: A Case of Bureaucratic Entrepreneurship; Journal of Asian Studies, Vol. 22, No. 4 (Aug., 1963), pp. 433-449
  2. ↑ There were specially stamped silver yen in circulation for the island. The ratio was originally set at 1037 to 1000 gold yen. Compare: Simmersbach, Bruno; The monetary, banking and stock exchange of Japan; FinanzArchiv, 22nd year, no. 2 (1905)
  3. ↑ March 31
  4. ↑ Information rounded commercially. Japan in the Taishō Era: commemoration of the enthronement; s. l. 1917, p. 80
  5. ^ Present day impressions of Japan and Empire; Tokyo 1918, p. 114
  6. ↑ On architecture: 臺灣 銀行 東京 支店, Journal of architecture and building science 30 (350), 101, December 27, 1915
  7. ↑ Contemporary place names.
  8. ↑ See: Japanese Cabinet Crisis; Bulletin of International News, Vol. 3, No. 8/9 (May 2, 1927), pp. 8-9
  9. ↑ Trevor Johnes; The Recent Banking Crisis and Industrial Conditions in Japan; Economic Journal, Vol. 38, No. 149 (Mar., 1928), pp. 76-8
  10. ↑ JAPANESE CRISIS. . In: The West Australian (Perth, WA: 1879-1954) , National Library of Australia, July 4, 1934, p. 15. Retrieved April 16, 2013. 
  11. ↑ MacArthur Seizes Japanese Banks. . In: Goulburn Evening Post (NSW: 1940-1957) , National Library of Australia, October 1, 1945, p. 3 Edition: Daily and Evening. Retrieved April 16, 2013. 
  12. ↑ An armed attack by an estimated 100 guerrillas on the branch on February 12, 1939, during which one (? 3) security guard was killed, served the occupation authorities as a welcome opportunity to impose martial law. GUERILLAS ROB BANK £ 25.00 stoles. . In: The Argus (Melbourne, Vic .: 1848-1956) , National Library of Australia, May 12, 1939, p. 13. Retrieved April 16, 2013. 
  13. ↑ Branch burnt down during riots on June 14, 1925. RIOTING AT KIU-KIANG. . In: The Daily News (Perth, WA : 1882-1950 ) , National Library of Australia, June 15, 1925, p. 5 Edition: THIRD EDITION. Retrieved April 16, 2013.