The Chartered Bank and Its Note Issue
The Chartered Bank and Its Note Issue
This chapter describes the history and banknote circulation patterns of the chartered banks. The Chartered Bank of India, Australia, and China (CBIAC) was established in the City of London in 1853 through the provision of a Royal Charter similar to the one given in 1851 to the first British overseas bank in Asia: the Oriental Bank Corporation. Its story and balancesheet figures are used as the basis for a comparative discussion of the role that British and other foreign banknotes played in the Chinese economy before World War II. The CBIAC's operations in Southeast Asia had to accommodate competition by an increasingly vigorous Chinese banking sector. Overseas Chinese firms began to complement foreign banking hegemony in the region from the 1920s, with family-owned modern enterprises such as the Ho Hong, Chinese Commercial Bank, Overseas Chinese Bank, and Sze Hai Tong setting the tone.
Keywords: China, India, Australia, CBIAC, banknote, banking enterprises
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