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“Many a Long Day”: HSBC and Its Note Issue in Republican China, 1912–1935

Published online by Cambridge University Press:  18 February 2015

Niv Horesh
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Abstract

This article utilizes the local banknote circulation volumes of HSBC, the largest foreign bank in China, as a gauge with which to explore political stability and state-building during the Republican era (1912–1935). It will challenge the prevailing view that British banks faced little resistance in China through the 1920s–1930s, and expose new archival evidence on the perception of, and mobilization against, foreign banks.

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Articles
Information
Enterprise & Society , Volume 9 , Issue 1 , March 2008 , pp. 6 - 43
Copyright
Copyright © The Author(s) 2008. Published by Cambridge University Press on behalf of the Business History Conference. All rights reserved.

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References

Bibliography of work cited

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Collis, M. Wayfoong: The Hongkong and Shanghai Banking Corporation. London, 1965.Google Scholar
Cox, H. The Global Cigarette: Origins and Evolution of British American Tobacco, 1880–1945. New York, 2000.Google Scholar
Cribb, J. Money in the Bank: An Illustrated Introduction to the Money Collection of the Hongkong and Shanghai Banking Corporation. London, 1987.Google Scholar
Dayer, R. Finance and Empire: Sir Charles Addis, 1861–1945. Basingstoke, 1988.Google Scholar
Ding, Richu. Shanghai jindai jingji shi [The Modern Economic History of Shanghai, 2 Vols]. Shanghai, 1994.Google Scholar
Du, Xuncheng. Zhongguo Jinrong Tongshi: Beiyang Zhengfu Shiqi [A Comprehensive History of Finance in China, Vol. 3: the Beiyang Government Era]. Beijing, 1993.Google Scholar
Feuerwerker, A. China–s Early Industrialization: Sheng Hsuan-huai (1844–1916) and the Mandarin Enterprise. Cambridge, MA, 1958.Google Scholar
Fewsmith, J. Party, State, and Local Elites in Republican China: Merchant Organizations and Politics in Shanghai, 1890–1930. Honolulu, 1985.Google Scholar
Friedman, M., and Schwartz, A..A Monetary History of the United States, 1867–1960. Princeton, 1963.Google Scholar
Fung, E. The Diplomacy of Imperial Retreat: Britain’s South China Policy, 1924–1931. Hong Kong, 1991.Google Scholar
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Hanna, H., Conant, C., and Jenks, J.. Report on the Introduction of the Gold-Exchange Standard into China, the Philippine Islands, Panama, and Other Silver-Using Countries. Washington, D.C., 1904.Google Scholar
Helleiner, E. The Making of National Money: Territorial Currencies in Historical Perspective. Ithaca, 2003.Google Scholar
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Pugach, N. Same Bed, Different Dreams: a Historyofthe Chinese American Bank of Commerce, 1919–1937. Hong Kong, 1997.Google Scholar
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Remer, C.F. A Study of Chinese Boycotts: With Special Reference to Their Economic Effectiveness. Baltimore, 1933.Google Scholar
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Sheehan, B. Trust in Troubled Times: Money, Banks and State-Society Relations in Republican Tianjin. Cambridge, MA, 2003.Google Scholar
ShengGang da bagong ziliao [Materials on the Great Strike in Guangdong Province and Hong Kong], Compiled by the Guangdong Institute of Philosophy and Social Sciences. Guangzhou, 1980.Google Scholar
Sheridan, J. Chinese Warlord: The Career ofFeng Yu-hsiang. Stanford, 1966.Google Scholar
Slater, A. China and Silver. New York, 1934.Google Scholar
Tamagna, F. Banking and Finance in China. New York, 1942.Google Scholar
The Foreign Trade of China 1925: Reports and Abstracts of Statistics. Shanghai, 1926.Google Scholar
Tyson, G. 100 Years ofBanking in Asia and Africa. London, 1963.Google Scholar
Van de Ven, H. War and Nationalism in China, 1925–1945. London, 2003.Google Scholar
Vissering, G. On Chinese Currency: Preliminary Remarks on the Monetary and Banking Reform in China, 2 Vols. Amsterdam, 1914.Google Scholar
Wagel, S.R. Chinese Currencyand Banking. Shanghai, 1915.Google Scholar
Waldron, A. From Warto Nationalism: China’s TurningPoint, 1924–1925. Cambridge, 1995.Google Scholar
Wasserstrom, J. Student Protests in Twentieth-Century China: The View from Shanghai. Stanford, 1991.Google Scholar
Wei, Wen Pin. The CurrencyProblem in China. New York, 1914.Google Scholar
Wright, T. Coal Mining in China’s Economy and Society, 1895–1937. Cambridge, UK, 1984.Google Scholar
Wusa, yundong shiliao, [Historical Records of the May Thirtieth Movement], Compiled by the Shanghai Academy of Social Sciences. Shanghai, 1981.Google Scholar
Wusi yundong zai Shanghai shiliao xuanji, [Select Historical Records of the May Fourth Movement in Shanghai]. Shanghai, 1961.Google Scholar
Xu, Jiqing. Shanghai jinrong shi [A History of Shanghai Finance]. 1932. Reprint, Taipei, 1970.Google Scholar
Yang, Yinpu. Shanghai jinrong zuzhi gaiyao [Overview of Shanghai’s Financial Structure]. 1930. Reprint, Taipei, 1972.Google Scholar
Young, A. China–s Nation-Building Effort, 1927–1937: The Financial and Economic Record. Stanford, 1971.Google Scholar
Zhongguo jindai zhibi shi [The History of Banknotes in Modern China], Compiled by the Monetary Society of Jiangsu. Beijing, 2001.Google Scholar
Zhonghua minguo huobi shi ziliao [Materials on the Monetary History of Republican China, 2 Vols.], Compiled by the People’s Bank of China. Shanghai, 1989.Google Scholar
Bergere, M.C. “The Consequences of the Post First World War Depression for the China Treaty-Port Economy, 1921–3.” In The Economies of Africa and Asia in the Inter-war Depression, ed. Brown, I.. London, 1989, pp. 221–52.Google Scholar
Brandt, L., and Sargent, T.. “Interpreting New Evidence about China and US Silver Purchases.” Journal of Monetary Economics 23 (1989): 31–51.Google Scholar
Feuerwerker, A. “Economic Trends, 1912–49.” In The Cambridge History of China, Vol. 12, eds. Fairbank, John and Twitchett, Denis. Cambridge, UK, 1983, pp. 128–307.Google Scholar
Fitzgerald, J. “Increased Disunity: The Politics and Finance ofGuangdong Separatism, 1926–1936.” Modern Asian Studies 24 (1990): 745–75.Google Scholar
Friedman, M. “Franklin D. Roosevelt, Silver, and China.” Journal of Political Economy 100 (1992): 62–83.Google Scholar
Helleiner, E. “One Nation, One Money: Territorial Currencies and the Nation-State.” Arena Working Papers (1997): 17.Google Scholar
Helleiner, E. “National Currencies and National Identities.” The American Behavioral Scientist 41 (1998): 1409–36.Google Scholar
Horesh, N. “The Hongkong Bank and its Early note issue in Shanghai, 1865–1911.” Late Imperial China 27 (2006): 109–40.Google Scholar
Horesh, N. “Between Legal and Illegal Tender: the Chartered Bank’s note Circulation in and Around China, 1864–1939.” Modern China (forthcoming 2008).Google Scholar
King, F.H.H. “Defending the Chinese Currency: The Role of the Hongkong and Shanghai Banking Corporation, 1938–1941.” In Eastern Banking: Essays in the History of the Hongkong and Shanghai Banking Corporation, ed. idem. London, 1983, pp. 279–320.Google Scholar
King, F.H.H. “The Extraordinary Survival of Hong Kong’s Private note Issue: from Profit Making to Public Service.” In Money in Hong Kong: Historical Perspective and Contemporary Analysis, eds, idem. and Jao, Y.C.. Hong Kong, 1990, pp. 1–50.Google Scholar
King, F.H.H. “Extra-Regional Banks and Investment in China.”. In International Banking, 1870–1914, eds, Cameron, Rondo and Bovykin, V.I.. New York, 1991, pp. 371–405.Google Scholar
Ku, Hung-ting. “Urban Mass Movement in Action: the Shakee Incident and the Canton-Hongkong Strike.” In Proceedings ofthe Conference on the Early History of the Republic of China, 1912–1927. Taipei, 1983, pp. 849–72.Google Scholar
Lai, C., and Gau, J.. “The Chinese Silver Standard Economy and the 1929 Great Depression.” Australian Economic History Review 43 (2003): 155–68.Google Scholar
Lin, A. “Building and Funding a Warlord Regime: The Experience of Chen Jitang in Guangdong.” Modern China 28 (2002): 177–212.Google Scholar
Lloyd, G.D. “Foreword.” In The Chinese Puzzle, ed. Ransome, A.. London, 1927, pp. 9–11.Google Scholar
Meissner, D. “The Business of Survival: Competition and Cooperation in the Shanghai Flour Milling Industry.” Enterprise and Society 6 (2005): 364–94.Google Scholar
Orchard, D. “China’s Use of the Boycott as a Political Weapon.” The Annals ofthe American AcademyofPolitical and Social Science 152 (1930): 252–61.Google Scholar
Rajan, G.R., and Zingales, L.. “The Great Reversals: the Politics of Financial Development in the Twentieth Century.” Journal of Financial Economics 69 (2003): 5–50.Google Scholar
Rawski, T. “Milton Friedman, Silver, and China.” Journal of Political Economy 101 (1993): 755–8.Google Scholar
Schuler, K. “The World History of Free Banking: an Overview.” In The Experience ofFree Banking, ed. Dowd, K.. London, 1992, pp. 7–47.Google Scholar
Selgin, G. “Free Banking in Foochow.” In The Experience ofFree Banking, ed. Dowd, K.. London, 1992, pp. 103–22.Google Scholar
Sheehan, B. “The History of Chinese Money and Banking: A Mini Explosion.” Chinese Business History 14 (2004): 1–2, 10.Google Scholar
Sheehan, B. “Myth and Reality in Chinese Financial Cliques in 1936.” Enterprise and Society 6 (2005): 452–49.Google Scholar
Van der Ven, H. “Public Finance and the Rise of Warlordism.” Modern Asian Studies 30 (1996): 831–5.Google Scholar
Yasutomi, Ayumu. Honkon Shanhai ginkō no shikin kōzō, 1913–1941 nen [The Capital Structure of the Hongkong and Shanghai Banking Corporation, 1912–1941]. Ajia keizai 44.10 (2003): 27–53.Google Scholar
The Bankers Magazine Google Scholar
Dongfang zazhi 9 (1912), 15 (1918) [Chinese language magazine].Google Scholar
Financial Times Google Scholar
Gongshang banyuekan [Chinese language magazine]Google Scholar
North China Herald Google Scholar
Rexue Ribao [Chinese language daily].Google Scholar
South China Morning Post Google Scholar
Yanyong, 1 (1913) [Chinese language magazine].Google Scholar
Yinhang zhoubao, 11 (1927) [Chinese banking magazine].Google Scholar
Bonin, H. “Les banquiers franÇais en Chine (1860–1950): Shanghai et Hong Kong, relais d’un imperialisme bancaire ou plates-formes d’outre-mers multiformes?” Unpublished Paper, 2002.Google Scholar
Paauw, D., Chinese Public Finance During the Nanking Government Period, PhD. Dissertation, Harvard University, 1950.Google Scholar
Hongkong and Shanghai Banking Corporation Group Archives, London.Google Scholar
United Kingdom National Archives, Kew.Google Scholar
Borg, D. American Policy and the Chinese Revolution. New York, 1947.Google Scholar
Carroll, J. Edge of Empires: Chinese Elites and British Colonials in Hong Kong. Cambridge, MA, 2005.Google Scholar
Chan, Kai Yiu. Business Expansion and Structural Change in Pre-War China. Hong Kong, 2006.Google Scholar
Chen, Shao-teh. Etude sur le marche monetaire de Changhai. 1932. Reprint, New York, 1982.Google Scholar
Cheng, Linsun. Banking in Modern China: Entrepreneurs, Professional Managers and the Development of Chinese Banks, 1897–1937. New York, 2003.Google Scholar
Coble, P. The Shanghai Capitalists and the Nationalist Government, 1927–1937. Cambridge, MA, 1980.Google Scholar
Cochran, S. Big Business in China: Sino-Foreign Rivalry in the Cigarette Industry, 1890–1930. Cambridge, MA, 1980.Google Scholar
Cohen, B. Geography of Money. Ithaca, 1988.Google Scholar
Collis, M. Wayfoong: The Hongkong and Shanghai Banking Corporation. London, 1965.Google Scholar
Cox, H. The Global Cigarette: Origins and Evolution of British American Tobacco, 1880–1945. New York, 2000.Google Scholar
Cribb, J. Money in the Bank: An Illustrated Introduction to the Money Collection of the Hongkong and Shanghai Banking Corporation. London, 1987.Google Scholar
Dayer, R. Finance and Empire: Sir Charles Addis, 1861–1945. Basingstoke, 1988.Google Scholar
Ding, Richu. Shanghai jindai jingji shi [The Modern Economic History of Shanghai, 2 Vols]. Shanghai, 1994.Google Scholar
Du, Xuncheng. Zhongguo Jinrong Tongshi: Beiyang Zhengfu Shiqi [A Comprehensive History of Finance in China, Vol. 3: the Beiyang Government Era]. Beijing, 1993.Google Scholar
Feuerwerker, A. China–s Early Industrialization: Sheng Hsuan-huai (1844–1916) and the Mandarin Enterprise. Cambridge, MA, 1958.Google Scholar
Fewsmith, J. Party, State, and Local Elites in Republican China: Merchant Organizations and Politics in Shanghai, 1890–1930. Honolulu, 1985.Google Scholar
Friedman, M., and Schwartz, A..A Monetary History of the United States, 1867–1960. Princeton, 1963.Google Scholar
Fung, E. The Diplomacy of Imperial Retreat: Britain’s South China Policy, 1924–1931. Hong Kong, 1991.Google Scholar
Gillin, D. Warlord: Yen Hsi-shan in Shansi Province, 1911–1949. Princeton, 1967.Google Scholar
Goldstone, J. Revolution and Rebellion in the Early Modern World. Berkeley, 1991.Google Scholar
Hanna, H., Conant, C., and Jenks, J.. Report on the Introduction of the Gold-Exchange Standard into China, the Philippine Islands, Panama, and Other Silver-Using Countries. Washington, D.C., 1904.Google Scholar
Helleiner, E. The Making of National Money: Territorial Currencies in Historical Perspective. Ithaca, 2003.Google Scholar
Hong, Jiaguan. Jindai Shanghai jinrong shichang, [Financial Markets in Modern Shanghai]. Shanghai, 1989.Google Scholar
Isaacs, H. The Tragedyofthe Chinese Revolution. Stanford, 1961.Google Scholar
Ji, Zhaojin. A HistoryofModern Shanghai Banking: the Rise and Decline ofChina’s Finance Capitalism. Armonk, NY, 2003.Google Scholar
Jones, G. British Multinational Banking, 1830–1990. Oxford, 1993.Google Scholar
Kapp, R. Szechwan and the Chinese Republic: Provincial Militarism and Central Power, 1911–1938. New Haven, 1973.Google Scholar
King, F.H.H. The History of the Hongkong and Shanghai Banking Corporation. New York, 1987.Google Scholar
Lai, Xinxia. Beiyang Junfa Shi [The History of Beiyang Warlords]. Tianjin, 2002.Google Scholar
Li, Jianmin. Wusa can’an hou de fanYing yundong [The Anti-British Movement Following the May Thirtieth Incident]. Taipei, 1986.Google Scholar
Li, Hong. Xianggang da shi ji [A Chronicle of Hong Kong History from 214 BCE to 1987]. Beijing, 1988.Google Scholar
Mackenzie, C. Realms ofSilver: One Hundred Years ofBanking in the East. London, 1954.Google Scholar
Mao, Chih-Li [Mao Zhili]. Zhang Jia’ao yu Zhongguo yinhang de jingying yufazhan [‘Chang Kia-ngau and the Management and Development of the Bank of China, 1912–1935’]. Taipei, 1996.Google Scholar
Orbell, J., and Turton, A.. British Banking: A Guide to Historical Records. Aldershot, 2001.Google Scholar
Pan, Liangui. Shanghai huobi shi [The History of Shanghai’s Currency]. Shanghai, 2004.Google Scholar
Peng, Xinwei. Zhongguo huobi shi [The History of Chinese Currency]. Shanghai, 1958.Google Scholar
Pick, A. Standard Catalog of World Paper Money, 6th ed., 2 Vols. Iola, WI, 1990.Google Scholar
Pinnick, A.W. China and Silver: An Investigation of the Monetary Principles Governing China’s Trade and Prosperity. Shanghai, 1930.Google Scholar
Pugach, N. Same Bed, Different Dreams: a Historyofthe Chinese American Bank of Commerce, 1919–1937. Hong Kong, 1997.Google Scholar
Pye, L. Warlord Politics: Conflict and Coalition in the Modernization of Republican China. New York, 1971.Google Scholar
Quested, R.K.I. The Russo-Chinese Bank: a Multinational Financial Base ofTsarism in China. Birmingham, 1977.Google Scholar
Rajan, G.R., and Zingales, L.. Saving Capitalism from the Capitalists: Unleashing the Power of Financial Powers to Create Wealth and Spread Opportunity. New York, 2003.Google Scholar
Remer, C.F. A Study of Chinese Boycotts: With Special Reference to Their Economic Effectiveness. Baltimore, 1933.Google Scholar
Rigby, R. The May 30 Movement: Events and Themes. Canberra, 1980.Google Scholar
Sanminzhuyi qianzike [The Three Principles of the People: a Reader], Compiled by the Xiaozhuang Society for Popular School Education. Nanjing, 1928.Google Scholar
Sheehan, B. Trust in Troubled Times: Money, Banks and State-Society Relations in Republican Tianjin. Cambridge, MA, 2003.Google Scholar
ShengGang da bagong ziliao [Materials on the Great Strike in Guangdong Province and Hong Kong], Compiled by the Guangdong Institute of Philosophy and Social Sciences. Guangzhou, 1980.Google Scholar
Sheridan, J. Chinese Warlord: The Career ofFeng Yu-hsiang. Stanford, 1966.Google Scholar
Slater, A. China and Silver. New York, 1934.Google Scholar
Tamagna, F. Banking and Finance in China. New York, 1942.Google Scholar
The Foreign Trade of China 1925: Reports and Abstracts of Statistics. Shanghai, 1926.Google Scholar
Tyson, G. 100 Years ofBanking in Asia and Africa. London, 1963.Google Scholar
Van de Ven, H. War and Nationalism in China, 1925–1945. London, 2003.Google Scholar
Vissering, G. On Chinese Currency: Preliminary Remarks on the Monetary and Banking Reform in China, 2 Vols. Amsterdam, 1914.Google Scholar
Wagel, S.R. Chinese Currencyand Banking. Shanghai, 1915.Google Scholar
Waldron, A. From Warto Nationalism: China’s TurningPoint, 1924–1925. Cambridge, 1995.Google Scholar
Wasserstrom, J. Student Protests in Twentieth-Century China: The View from Shanghai. Stanford, 1991.Google Scholar
Wei, Wen Pin. The CurrencyProblem in China. New York, 1914.Google Scholar
Wright, T. Coal Mining in China’s Economy and Society, 1895–1937. Cambridge, UK, 1984.Google Scholar
Wusa, yundong shiliao, [Historical Records of the May Thirtieth Movement], Compiled by the Shanghai Academy of Social Sciences. Shanghai, 1981.Google Scholar
Wusi yundong zai Shanghai shiliao xuanji, [Select Historical Records of the May Fourth Movement in Shanghai]. Shanghai, 1961.Google Scholar
Xu, Jiqing. Shanghai jinrong shi [A History of Shanghai Finance]. 1932. Reprint, Taipei, 1970.Google Scholar
Yang, Yinpu. Shanghai jinrong zuzhi gaiyao [Overview of Shanghai’s Financial Structure]. 1930. Reprint, Taipei, 1972.Google Scholar
Young, A. China–s Nation-Building Effort, 1927–1937: The Financial and Economic Record. Stanford, 1971.Google Scholar
Zhongguo jindai zhibi shi [The History of Banknotes in Modern China], Compiled by the Monetary Society of Jiangsu. Beijing, 2001.Google Scholar
Zhonghua minguo huobi shi ziliao [Materials on the Monetary History of Republican China, 2 Vols.], Compiled by the People’s Bank of China. Shanghai, 1989.Google Scholar
Bergere, M.C. “The Consequences of the Post First World War Depression for the China Treaty-Port Economy, 1921–3.” In The Economies of Africa and Asia in the Inter-war Depression, ed. Brown, I.. London, 1989, pp. 221–52.Google Scholar
Brandt, L., and Sargent, T.. “Interpreting New Evidence about China and US Silver Purchases.” Journal of Monetary Economics 23 (1989): 31–51.Google Scholar
Feuerwerker, A. “Economic Trends, 1912–49.” In The Cambridge History of China, Vol. 12, eds. Fairbank, John and Twitchett, Denis. Cambridge, UK, 1983, pp. 128–307.Google Scholar
Fitzgerald, J. “Increased Disunity: The Politics and Finance ofGuangdong Separatism, 1926–1936.” Modern Asian Studies 24 (1990): 745–75.Google Scholar
Friedman, M. “Franklin D. Roosevelt, Silver, and China.” Journal of Political Economy 100 (1992): 62–83.Google Scholar
Helleiner, E. “One Nation, One Money: Territorial Currencies and the Nation-State.” Arena Working Papers (1997): 17.Google Scholar
Helleiner, E. “National Currencies and National Identities.” The American Behavioral Scientist 41 (1998): 1409–36.Google Scholar
Horesh, N. “The Hongkong Bank and its Early note issue in Shanghai, 1865–1911.” Late Imperial China 27 (2006): 109–40.Google Scholar
Horesh, N. “Between Legal and Illegal Tender: the Chartered Bank’s note Circulation in and Around China, 1864–1939.” Modern China (forthcoming 2008).Google Scholar
King, F.H.H. “Defending the Chinese Currency: The Role of the Hongkong and Shanghai Banking Corporation, 1938–1941.” In Eastern Banking: Essays in the History of the Hongkong and Shanghai Banking Corporation, ed. idem. London, 1983, pp. 279–320.Google Scholar
King, F.H.H. “The Extraordinary Survival of Hong Kong’s Private note Issue: from Profit Making to Public Service.” In Money in Hong Kong: Historical Perspective and Contemporary Analysis, eds, idem. and Jao, Y.C.. Hong Kong, 1990, pp. 1–50.Google Scholar
King, F.H.H. “Extra-Regional Banks and Investment in China.”. In International Banking, 1870–1914, eds, Cameron, Rondo and Bovykin, V.I.. New York, 1991, pp. 371–405.Google Scholar
Ku, Hung-ting. “Urban Mass Movement in Action: the Shakee Incident and the Canton-Hongkong Strike.” In Proceedings ofthe Conference on the Early History of the Republic of China, 1912–1927. Taipei, 1983, pp. 849–72.Google Scholar
Lai, C., and Gau, J.. “The Chinese Silver Standard Economy and the 1929 Great Depression.” Australian Economic History Review 43 (2003): 155–68.Google Scholar
Lin, A. “Building and Funding a Warlord Regime: The Experience of Chen Jitang in Guangdong.” Modern China 28 (2002): 177–212.Google Scholar
Lloyd, G.D. “Foreword.” In The Chinese Puzzle, ed. Ransome, A.. London, 1927, pp. 9–11.Google Scholar
Meissner, D. “The Business of Survival: Competition and Cooperation in the Shanghai Flour Milling Industry.” Enterprise and Society 6 (2005): 364–94.Google Scholar
Orchard, D. “China’s Use of the Boycott as a Political Weapon.” The Annals ofthe American AcademyofPolitical and Social Science 152 (1930): 252–61.Google Scholar
Rajan, G.R., and Zingales, L.. “The Great Reversals: the Politics of Financial Development in the Twentieth Century.” Journal of Financial Economics 69 (2003): 5–50.Google Scholar
Rawski, T. “Milton Friedman, Silver, and China.” Journal of Political Economy 101 (1993): 755–8.Google Scholar
Schuler, K. “The World History of Free Banking: an Overview.” In The Experience ofFree Banking, ed. Dowd, K.. London, 1992, pp. 7–47.Google Scholar
Selgin, G. “Free Banking in Foochow.” In The Experience ofFree Banking, ed. Dowd, K.. London, 1992, pp. 103–22.Google Scholar
Sheehan, B. “The History of Chinese Money and Banking: A Mini Explosion.” Chinese Business History 14 (2004): 1–2, 10.Google Scholar
Sheehan, B. “Myth and Reality in Chinese Financial Cliques in 1936.” Enterprise and Society 6 (2005): 452–49.Google Scholar
Van der Ven, H. “Public Finance and the Rise of Warlordism.” Modern Asian Studies 30 (1996): 831–5.Google Scholar
Yasutomi, Ayumu. Honkon Shanhai ginkō no shikin kōzō, 1913–1941 nen [The Capital Structure of the Hongkong and Shanghai Banking Corporation, 1912–1941]. Ajia keizai 44.10 (2003): 27–53.Google Scholar
The Bankers Magazine Google Scholar
Dongfang zazhi 9 (1912), 15 (1918) [Chinese language magazine].Google Scholar
Financial Times Google Scholar
Gongshang banyuekan [Chinese language magazine]Google Scholar
North China Herald Google Scholar
Rexue Ribao [Chinese language daily].Google Scholar
South China Morning Post Google Scholar
Yanyong, 1 (1913) [Chinese language magazine].Google Scholar
Yinhang zhoubao, 11 (1927) [Chinese banking magazine].Google Scholar
Bonin, H. “Les banquiers franÇais en Chine (1860–1950): Shanghai et Hong Kong, relais d’un imperialisme bancaire ou plates-formes d’outre-mers multiformes?” Unpublished Paper, 2002.Google Scholar
Paauw, D., Chinese Public Finance During the Nanking Government Period, PhD. Dissertation, Harvard University, 1950.Google Scholar
Hongkong and Shanghai Banking Corporation Group Archives, London.Google Scholar
United Kingdom National Archives, Kew.Google Scholar