Deposit Slip & I.O.U.

Stephen Tai
May, 01, 1998

	1. I.O.U. with inscription: The borrower Tong Bao Bank, duly solicited by a broker, now has borrowed from the Lord Yen Shao(the lender), Wen Yin (Fine Silver) in remittance banksô scale, for six thousand two hundred and seventy taels. The parties hereby agree that a monthly interest rate of 0.7% will be imposed on the loan and payable by the borrower each month, and one year hereof, shall be calculated on a eleven-month basis, whenever there is an additional month in accordance with Lunar year calendar, the interest for such month will be payable likewise. In the event that the lender wishes to withdraw such loan, the borrower will immediately repay, upon a prior notice for one month. This I.O.U. is hereto set forth as proof. Broker (Witness): Bao Hong Firm Executed by: Duang Zhi Zhai The 3^rd day, the 5^th month, the 28^th year of Kuang Hsu (1902) Tong Bao Bank (Stamp)
	2. Deposit Slip with inscription: Upon such Slip, we hereby receive from Tong Ching Fong Bank, fine silver of three thousand taels, in remittance bank's scale. It is expressly understood, the monthly interest rate of 1% will be imposed, and the deposit may be withdrawn at the time when both deem convenient. Hereto. Executed by: Duang Zhi Zhai The 15^th day, the 6^th month, the 29^th year of Kuang Hsu (1903) Tong Bao Bank (Stamp)
	3. Saddle sycee issued by Duang Tong Bao Bank (The lender of [1] and the depository of [2]). Weight: 200 g. Its inscriptions are: Duang Tong Bao Bank, Remittance Bankôs Fine Silver Checked by Official Public Assayer Chen Yuen Chang and Ser Ching Shen

The near-modern banking business was born in China very late, not until the mid 18^th century. When local banks were on their learning curve to start promoting their depositing business, sometimes, they encountered difficulty in explaining to people about the differences between depositing money into a bank and lending their money to it.
People just wondered why, in the case of a loan held by between two civilians, will call upon a witness or broker in soliciting their deal, who sometimes also acts as guarantor, should the lender fail in repaying his debt, and, in the case of a deposition to a bank, such a witness or broker will not be required.
Chinese in the past were more familiar with the concept of loan, and the mechanism that may be required. For some conservative people, it made no sense to them the banks where they put in money, do not follow the rules of loan they used to comply. Therefore, some of the deposit slips were used I.O.U.'s instead (1), so as to persuade those stubborn customers.

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