A Model Bank in Manila.
New Zealand Tablet, Rōrahi XXIX, Putanga 25, 20 Pipiri 1901, Page 29
Mō tēnei niupepa
A Model Bank in Manila.
The Rev. J M'Quade, of San Francisco gives an American contemporary an interesting account of the 'Archbishop's Bank,' founded at Manila, the capital of *he Philippine Islands. He says : — ' One of the best known institutions in Manila is what is popularly called the Archbishop's Bank. The good man does not own any of it, but is its presiding and guiding spirit. It is not exactly a bank, but a great big pawnshop, and a mighty good one. It was designed to help the poor and all those who might find themselves temporarily in financial embarrassment. The Church founded the institution, and oontrols it even to this day. It is a place where one may borrow on anything of value, whether furniture, jewellery, or wearing apparel. It is intended by its founders to offset usury. There are no small pawnbrokers in the Philippines. There is no field for them, because at this bank money may be borrowed at the yearly rate of one per cent, interest. He is given as much for it as as he could possibly receive on sale. At the end of six months or a year he may redeem or rebuy his article at the same price paying simply for the use of the money in the meantime at the extraordinary low rate of interest above quoted.
