User:Donald Trung/Rishengchang Bank (日升昌票莊)

This page serves as "the editing history" of the English Wikipedia article "Rishengchang" and is preserved for attribution.

•  Published. --Donald Trung (talk) 13:53, 1 December 2019 (UTC) .

Original draft

[[File:Pingyao Rishengchang Jiuzhi 2013.08.25 06-53-19.jpg|thumb|Front of the Rishengchang Bank in Pingyao, Shanxi]] The '''Rishengchang Piaohao''' ({{zh|s=日升昌票号|t=日升昌票號|p=Rì shēng chāng piào hào}}), was the first draft bank in China. It's located in [[Pingyao]], [[Shanxi]] province, China. "Rishengchang" literally translates to "Sunrise Prosperity", and "Piaohao" means draft banks, predecessors of modern banks in China. It was estimated to be founded during the [[Qing Dynasty]] in 1823. In the nineteenth century, at its peak, it controlled almost half of the Chinese economy and its branches were widespread throughout major cities in China, and also in some foreign countries, including Russia, Mongolia, and Japan. The draft bank is now a museum and in 2006 was included on the [[List of Major National Historical and Cultural Sites in Shanxi|List of Major National Historical and Cultural Sites]] (6-484). == Rishengchang & Piaohao == [[File:日昇昌匯通天下匾額.JPG|thumb|Royal inscribed board, saying "Financial exchange all over the world", in Rishengchang, Pingyao]] [[File:Pingyao Rishengchang Jiuzhi 2013.08.25 19-05-06.jpg|thumb|One courtyard in Rishengchang]] [[File:Pingyao Rishengchang Jiuzhi 2013.08.25 19-07-22.jpg|thumb|A modern museum of draft banks inside the rooms of Rishengchang]] Rishengchang, the first draft bank or ''[[piaohao]]'' (票號), originated from Xiyuecheng Dye Company [[Pingyao]] in central [[Shanxi]].<ref>Huang Jianhui, ''Shanxi piaohao shi'' (Taiyuan: Shanxi jingji chubanshe, 1992), pp. 36-39.</ref> Rishengchang was estimated to be founded during the [[Qing Dynasty]] in 1823. However, the exact founding year remains controversial, some scholars argue it was found in 1797 or 1824.<ref name="The Shanxi Banks">{{cite web |url=http://www.nber.org/papers/w15884 |title=The Shanxi Banks}}</ref> To deal with the transfer of large amounts of cash from one branch to another, the company introduced drafts, cashable in the company's many branches around China. Although this new method was originally designed for business transactions within the Xiyuecheng Company, it became so popular that in 1823 the owner gave up the dye business altogether and reorganized the company as a special remittance firm, Rishengchang Piaohao. In the next thirty years, eleven ''piaohao'' were established in Shanxi province, including [[Pingyao]] and neighboring counties of [[Qi County, Shanxi|Qi County]], [[Taigu County|Taigu]], and [[Yuci District|Yuci]]. By the end of the nineteenth century, thirty-two ''piaohao'' with 475 branches were in business covering most of China, and the central Shanxi region became the ''[[de facto]]'' financial centres of Qing China. The Chinese banking institutions of ''draft bank'' or ''piaohao'' were also known as Shanxi banks because they were owned primarily by [[Shanxi merchants]].<ref>Shanxi Provincial Academy of Social Sciences, ed., ''Shanxi piaohao shiliao'' (山西票号史料) (Taiyuan: Shanxi jingji chubanshe, 1992), pp. 36-39.</ref> All ''piaohao'' were organised as [[sole proprietorship|single proprietaries]] or [[partnership]]s, where the owners carried [[unlimited liability]]. They concentrated on interprovincial remittances, and later on conducting government services. From the time of the [[Taiping Rebellion]], when transportation routes between the capital and the provinces were cut off, ''piaohao'' began involvement with the delivery of government tax revenue. ''Piaohao'' grew by taking on a role in advancing funds and arranging foreign loans for provincial governments, issuing notes, and running regional treasuries.<ref>R. O. Hall, ''Chapters and Documents on Chinese National Banking'' (Shanghai: Shangwu yinshuguan, 1917), p. 3.</ref> Lei Lutai, the first general manager of the Rishengchang, died at his desk in the year 1849.<ref name="AcademiaPiaohaoMorckYang">{{cite web|url= https://www.academia.edu/11901191/The_Shanxi_Banks|title= The Shanxi Banks.|date=12 April 2010|accessdate=31 October 2019|author= Randall Morck ([[University of Alberta]] - Department of Finance and Statistical Analysis; National Bureau of Economic Research (NBER); European Corporate Governence Institute; Asian Bureau of Finance and Economic Research) & Fan Yang ([[University of Saskatchewan]])|publisher= [[Academia.edu]]|language=en}}</ref> Though his son was an employee at the bank, Lei had named another employee, [[Cheng Qingpan]], to be his successor.<ref name="AcademiaPiaohaoMorckYang"/> Cheng Qingpan and two subsequent general managers loaned prudently, and the Rishengchang prospered greatly under their management.<ref name="AcademiaPiaohaoMorckYang"/> In 1880, the capital shareholders of the bank, at the request of Li, had created a wholly new class of non‐voting capital shares, which were named ''fugu'' ("attached shares"), for managers.<ref name="AcademiaPiaohaoMorckYang"/> These shares would let the managers of the bank reinvest their dividends back into the Rishengchang without gaining votes in the decision making process.<ref name="AcademiaPiaohaoMorckYang"/> Following the death of Li Zhenshi in 1891 his nephew and adopted son, [[Li Wudian]], interested all of Zhenshi's capital shares. Under the ownership of Li Wudian, the Rishengchang would continue to be lead by very competent generaal managers.<ref name="AcademiaPiaohaoMorckYang"/> Unlike Li Zhenshi, Li Wudian hoped to influence the lending policies of the Rishengchang.<ref name="AcademiaPiaohaoMorckYang"/> During the grand assessment day of 1910 (Xuantong 2), Li Wudian had created another class of shares known as the ''konggu'' (literally translated as "empty shares") and awarded himself 1.7 of these.<ref name="AcademiaPiaohaoMorckYang"/> The new ''konggu'' had full voting rights during grand assessment days and unlike the capital shares did not require any investments in silver.<ref name="AcademiaPiaohaoMorckYang"/> By creating these new voting shares, Li Wudian had made himself the absolute leader of the Rishengchang and could outvote all the other shareholders.<ref name="AcademiaPiaohaoMorckYang"/> Using his newly created ''konggu'', Li Wudian was able to vote himself into the position of vice-president of the Rishengchang and gave himself 1 expertise share, this move gave him a position equal to that of general manager and during the expertise shareholder meetings he had equal voting rights.<ref name="AcademiaPiaohaoMorckYang"/> Li Wudian was both the top insider as well as the controlling shareholder of the Rishengchang. None of the other managers of the Rishengchang had the courage to go against and criticise Li Wudian's lending-related decisions, as he could fire anyone, furthermore he controlled their expertise share allotment as well as the retirement benefits that they would receive.<ref name="AcademiaPiaohaoMorckYang"/> When the general manager of the Rishengchang dared oppose the decisions that Li had made, contradictory orders would only add to a general confusion that plagued the bank under his reign.<ref name="AcademiaPiaohaoMorckYang"/> In the years 1911 and 1912 the performance of the Rishengchang would greatly deteriorate causing the bank to operate at a net loss. The diminishing returns caused the brothers of Li Wudian to exchang their capital shares in silver.<ref name="AcademiaPiaohaoMorckYang"/> This made the management desperate and Li Wudian had to find new sources to borrow capital from.<ref name="AcademiaPiaohaoMorckYang"/> In the year 1914, the branch manager of the [[Beijing]] branch office of the Rishengchang was unable to make good om his guarantee of a debt of the failed [[Heshengyuan Bank]], as a response he fled back to the province of Shanxi.<ref name="AcademiaPiaohaoMorckYang"/> Later a warrant was issued for the arrest of the capital shareholders of the Rishengchang as they were held responsible for the act as the capital shareholders still carried [[unlimited liability]] for the actions of the bank.<ref name="AcademiaPiaohaoMorckYang"/> In the year 1915, under the new Chinese Republican civil code, the creditors that were owed the money would become the new common shareholders of the Rishengchang and they subsequently withdrew the charges that were held against the Li brothers.<ref name="AcademiaPiaohaoMorckYang"/> The new owners of the bank granted the Li brothers an annual salary of 1000 silver dollars.<ref name="AcademiaPiaohaoMorckYang"/> The reorganised Rishengchang, which only had a single equity class, would continue to operate until the year 1932, when the bank was forced to permanently close its doors at the height of the global economic [[Great Depression]].<ref name="AcademiaPiaohaoMorckYang"/> == Rishengchang Code Rule == [[File:100 Taels - Rishengchang, Beijing Branch (北京日昇昌) issue 銀兩票 (宣統三年 - 1911年).jpg|thumb|right|A [[Paper money of the Qing dynasty|Qing dynasty banknote]] of 100 [[tael]]s of silver issued by the [[Beijing]] branch of the Rishengchang Piaohao in the year Xuantong 3 (1911).]] In 1824, Rishengchang set up a branch in [[Taiyuan]]. The main business was cheques or drafts which were called "tickets" in Chinese. At that time, Taiyuan was the base camp of Shanxi businessmen's distribution and maintenance of goods. In order to work efficiently, Rishengchang introduced the world's most advanced printing technology at that time --- the "watermark" method. So Rishengchang used this method to produce and print the "tickets". Additionally, each "ticket" was stamped with a seal in the key parts. Of course, the amounts and recipients of the "tickets" were strictly controlled. When the Shanxi traders went to other province and the frontier border transaction station, they always brought the drafts which were written by the professional official in Taiyuan Rishengchang using the [[ink brush]]. The handwriting must be simultaneously bulletined and sent to other 51 branches of Rishengchang. Specifically, the drafts were executed with codes --- using Chinese writing to replace numbers and regularly changing the password method to prevent disclosure of confidential information. == References == {{Reflist}} == External links == * [http://www.travelchinaguide.com/attraction/shanxi/pingyao/rishengchang.htm Travel China Guide profile] * [http://www.chinatoday.com.cn/English/e2004/e200407/p58.htm China Today profile of Pingyao] {{Banks of the Qing dynasty}} [[:Category:Defunct banks of China]] [[:Category:Banks established in 1823]] [[:Category:Jinzhong]] [[:Category:Major National Historical and Cultural Sites in Shanxi]] .

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