China : a history of the laws, manners and customs of the people . vegathered round them, setting forth volubly the price of thearticle. Should any one in the crowd consider the price reason-able, he at once closes with the offer, as the article is immediatelywithdrawn. The clothes-dealers invariably ask the highest prices,and the bidders offer prices much lower, w^hich are often goods which are left unredeemed at pawnshops of thethird class are sold as a rule in the public markets. Thus, atCanton, there is a market in the western suburb w^here sucharticles are daily exposed for s
China : a history of the laws, manners and customs of the people . vegathered round them, setting forth volubly the price of thearticle. Should any one in the crowd consider the price reason-able, he at once closes with the offer, as the article is immediatelywithdrawn. The clothes-dealers invariably ask the highest prices,and the bidders offer prices much lower, w^hich are often goods which are left unredeemed at pawnshops of thethird class are sold as a rule in the public markets. Thus, atCanton, there is a market in the western suburb w^here sucharticles are daily exposed for sale from five oclock untilnine oclock Pawnshops are not only resorted to by personsanxious to obtain money for the connnon necessaries of life, butby those who are in want of funds to celebrate marriages orfunerals, or to meet bills nearly due. Sometimes persons in needof money resort to money-lending companies. These are of twokinds, named Lee-woee, or interest-receiving societies, and Yee-woee or non-interest-receiving companies. The societies called. XX.] MONEY-LENDING CLUBS. 85 Lee-woee were instituted by a person named Pong Koong, anofficial of great wealth, who flourished during tlie Hon say that Pong Koong was a benevolent man who actedupon the principle that it is a duty incumbent upon the richto assist the jioor. Others maintain tliat he instituted them toprovide a convenient investment for his money at a fair rate ofinterest, The \\ay in wdiich such societies are formed is asfollows. A person who is anxious to obtain a loan, either tosatisfy the demands of liis creditors, or to celebrate the nuptialsof his son, or to do honour to the funeral obsequies of his father,calls upon his relatives and friends to form such a society. Thefirst rule is, that the company shall consist of a definite numberof members; tliat each member shall contribute an equal sumto the fund ; that a meeting shall be held at the end of eachquarter; that at such meetings all
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Keywords: ., bo, bookcentury1800, bookdecade1870, bookpublisherlondonmacmillan
