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The beneficial effects of restricted -j cnedits in China sine© the.war started 1 in\l9l4, which have-forced the Chinese merchants to-do'business pretty much on a cash basis, were particularly not-., iceable in the unusually small number of failures siivce last Chinese New Year's Day. Prior to the war and from time immemorial this annual settlement day has entailed efforts of every sort on the part of the Chinese to raise money for liquidating their debts accumulated during the year. Frequently they have had to sell'much of their stock in a great loss, even personal property as well, in order'to raise sufficient; funds to "saye ■ their face," as it is called. An annual street fair for the sate of all sorts of property, personal and otherwise, has been an oldfashioned custom in Canton and Shanghai for generations, while at the same, time- both foreign and .domestic banks - have placed large sums on accomodation. In the last'three years however, loans have' been small, property, sales have been light in comparison, and the street fair has become the occasion for sales to Chinese instead of sales by Chinese to foreign-j-ers. '. ■ ■ ' ! Though the Chinese merchant's volume of business has in some instances been somewhat curtailed, as a result of his having had to operate on much shorter credits than he has been accus- > totned'to, his net- profits at the end of ! the year, through not having been forced ,to sacrifice merchandise at a loss, have been materially increased. It is said also that the Chinese business men have come to see the advantages of the new system, and that in all probability they, will never go back to the old. .

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Bibliographic details

OLD CHINESE CUSTOMS., Ashburton Guardian, Volume XXXIX, Issue 9601, 5 May 1919

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OLD CHINESE CUSTOMS. Ashburton Guardian, Volume XXXIX, Issue 9601, 5 May 1919