H. H. K'ung and His Monetary Policy for Resistance against Japanese Invasion (1933-1938)

(1)

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(3)

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InAom l932,H:HPK㏑ngWasappu㏑t.dcU..mk蕊oner toEurope.Hewas secr.tlv.rderedtUlookfUrfUr由gn田dsfUrthod.v色lUpment ofanadequate n批㏑naldefensesVstem ina山隧.InItalv,MussUl血agoodtUs.Ⅱ_●●_um.sand

to sendexpeHstU殈

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h山mnaalexpertSinEnglandto山

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.conoⅡⅡ

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na(HUwardL.BoUman,1967,II:265):

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mm㏑

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ndled the hat㏑n、

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(5)

.6.

thePra㏕

er,andK㏒

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cePr田㏕

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由

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theautumn ofl944.M由

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polVenterp曲oSandth●琡蝴

mCe

δ

fbonds(ChangYu-fa,1981;pp.22-23>

InJun●

oflVⅡ

_{,H.H.Kungwent to thoU血}

tedStat●

Sasheadofthe

Ch㏑eSedelegatbntUtheUⅢ”dN田”nSMU!eta,andF㏑困mial﹉Conferenceat

BrettonWoUds,NewHamp血

6.

︳

led㏑

efpurpUseofhis jUumevwasto seek

fUr苗

gnalds. InNovemberofthesameyear, heresigned the post of F㏑

ance

M㏑

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cePreInier.InJulVhe

fetumedt°

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asGUvemoIoftheCentralBank ofa山

m.In

1945,befUre”

eCh㏑

es.CUmmun斑

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U血

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an,●ut roturned

to theU血

tedStates㏑

1966,whereho由

edihI967attheageofβ

8.Pfe蕊_●ent

UⅡ

angKhlshekpub上

出

odaata∥

on tohonUrhkdeath(‘叮

heUrderofatatbns,”

XIII:82UU-82。

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_{,liSCommon thatthepre茁}

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dent U旺angwasastrong.ffIma伍on ofK㏑ngcon1㏑but°n to thqc°

uniy.

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mn由

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ance就

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n由

eng,1969,p.3;WuH茁

ang.h並

mg,1985,p.19).Hewaseducatod

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山

ona,schoUlandWasthuswemconnectedto thedhurch.

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hereLiHung.chang

was nogou出㏑g ㏕th the Amied FoIces that had occupied Pek㏑_&1山rouΞ

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withtheWestem㏑

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nghelpedⅡ

tofedu●_●part°_fthe

d●

mandsmadebYtheAⅢ

edF°

rcesfHUwardL.BoUman;1969,Ⅱ

:269>

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hin theU血

t.dStatesfrUml9Ul to19U7not onIyeamedfUr

田mselfamaster’sdogreebutalsUmadeh㏑better㏑fUHnedabUutth●WesterIL

(6)

-452-.6.

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.FurtherInore,hewas山

_{η well r.latedtUnUrth}

UⅢ

na山

㏕

ita,leaders suchasChangTsU4in,FengYu.hsiangEmdY.nH山

dmm.

AbUveall,hewasbrotha口

㏑︴

awtoDr.SuhYat.sen,U㏑

_山圯

K岫

ek,andT.V.

sUUng(宋

_{子文}

_>”

ch了ela伍on曲

ips nodoubtmusthaveplaVedave,㏑

pUrtant

IUle㏑hkcafeerand上

fe.

′

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on of191l,whenhobegandevo“

ng山山mSelft°thenatonal

revoIution and constmction, tU June l945, whenheretlodfrUm山epoⅢtical

arena,hehadha●

manygreatachieveino…‵ Espo中_〢lY.ft°

r I933,

_●●

_was

bufdenod〝店血thet●sk ofrmancialandmo.eta呼fenUvat㏑ns. HkaclieveInents in山曲areawereweⅡr.co但…2ed.W°rdsofpr山叩 ereoftonuttered●ycela㎡les.

ThefUⅢoⅡ店

ngaresomeexamples.

1.UnNUver工

nb.fl,1943,acelebrat㏑

n㏑

hUnUrofH.H.K㏑

g、tenth

ann∥ofs田

yaSM山

區

sterofF㏑

ancewasheld㏑

Cllungk㏑

g.LaudatU,messages

caInefromU㏑

angK山

6he*,伍

eU㏑

山

manofth.Natbn●

GUvemInent,and

from suchem㏑

entWestemersastheU㎡

tedStates’sSecr●

tawofWar,HeⅢ

yL.

St…

sUn.Such!e㏕

㏑ga一㏑

esenewspapersasthe%血

略P●

U(大

公報】w㏑ch

hadonc.c-伍

cLedKung、

pU上c㏑sandacti°ns,pr,.sed㏑sac扯evements s㏑cerely

late︴

(HbwardL.BUU●

nan,1967,Ⅱ:268).

2‘

WhenH.H.K、

ngⅢ

ed,C㏑

an色

K出

血

ekwrUte“

AⅢ

efB㏑

graphvUf

Mr.H.H.Ktng”

Ⅱmsel色

_p血

伍

ngoutthat“

thetwentyyearsfrUmthe●

mebf

NUIther=LExpedit㏑

n㏑

1926tUl946,after山

e︶沁

tUrVoftheWarofR.血

Stanc● aga二nstJapan;W●rey●a呤Whenth●Nat㏑nalGUve口

mentWasencUunte山

_吧W北

h

greatdimaⅢ

_{乎 andsuff㏄}㏑

gamul伍

tudeofsetbacks;ho(K㏑

ng)heldav出

怕

9

。f㏑ΨUrtantappo㏑tments。theareasofadminktrat㏑n,rlnanc.,andeconom㏑s,

andmadooutstan㏒

。。

nibut㏑

ns㏑

a1oftllem.9’

(m㏑

ng︳㏎由ek,1967, p.3)

3.ThePfe茁

dentialcitatbnalso pra心

edK㏑

ng㏑

thefUⅡow㏑gwUrds:After

theNUrthemExpe血

t㏑

n,hehadassumedt●

_.p°sts。

ftheM㏑

kterofIndust山”,

theM㏑

isterofIndu斑_呼

andCU㏑

merce,theCUmmissioneioftheNaIonalGUvcIn.

ment,thegUvernUIUftheCentralBank oΓ

Ch㏑a,th●V沁

ePremier,theM㏑

曲ter

(7)

.9.

°

fFinance,andthePrem㏑

r.Hk日

ChieVementsweremanyandgreat,themUst

n°_”w°

rthybdngtherenUva●

°

nandu血

Π

catbnof…

eΠ

nandaland”

onet研

SVstem.恤

ngth.苗

J朮lUn色

ymrs of山

eWarofR認

Ⅲancea田㏑

StJapan,we

hadhadnod°

Flci●ncyL●.nil北

a,andcommon上

▼c上hood. 胍 adhieVementsand

conilbutions啪

llbereme㏑

beredfUrever(U∟

angK茁

七hek,‘‘┐Ⅲ

eUrderofCi伍

t

加ns,”XⅡ:82UU).

η㏑

most㏑

ipUItant ofK㏑n『sfinancⅡ

undertakngswasth●

moneta,

IefUm.4 Wordsofapplauseon刊

㏑

smatterareea缸

lyfUund.Herewetanalso

」吧 ●lr㏄ⅨaJnples:

1.:a血

㎎

K出shekpdntedout㏑

a切

a6D“

t加_ˊ

(中

_國之命運_)t●atafter

theestabl㎞

m.nt oftheNatbnalGUvemmont,theu㏕

Πcat㏑_,°_fth°

cuIency

andthe㏑

1plementati°

noftheLegalTendeIPUlicyhadiⅡ

var㏑blVl缸dthefUunda.

tbnfUrnat㏑_田 u…Πca甘onand㏑dependenoe,enab㏑圯 theNa伍onalGUverIment

toIa虹st!esolutely列暨ⅡnSttheJapanese工niⅡtaHlyandeconoⅡicaⅡ

y(㎝

angKa｝

血ek,195U,●p.12U一

12I).

﹉

2.K.P.Ch’

en(Ch’

enKu田

旺

fu陳

光甫

);thebankerandtheheadofthe

U㏑nese SⅡ

verM小

㎡

。

nwhoncgo位

atedⅡ庄ththeUnitodStatesregardingthe茁lver purchases of l936andeconoⅡ_.ic缸ds toCh㏑a,remarked, ‘‘thesuccess ofthe

WarofResistancea田

inStJapanwascompletelVdependent on thelegaltende∴ Ⅵ牡

houttheIegaltender,successwas山

mpos盅b坤.”

(K.P.Chen,1947,p.36).

3. AJapaneS.onceSaid,.、〃北

houttheLgalTenderPU虫

〞

ofl935;Ch㏑

a couldneveFhavere斑St.d砃吋nst theJapanesesucceSsfulIv.’’(T缸

_M㏑Hi,1947,

p.lll>

Thesuccess ofthe工

noneta,poⅢ

cy,wⅡ

chresultedinawholesUIno rinance,

wasthe伊eatestcon●ibuton K㏑nghasmadetUtheNationalGUver工Inentand

theWarofResistance.

AlthUugh H.HKtngstaYed㏑

hkpUstastheM㏑

ktefofF㏑

ancefUra

tUtalofelevenyears,…

epresent st●

dydoesnUtmeantUcUverhk moη

etarv

poⅡ

cyduHngtheelevenyears.Instead,thepresent paperdealjwithⅢ

_spd㏑

₉

onlyfrUmthe山

mehebecainetheM㏑

ister°

fFinanceinNovemberl933to

UctoberI938whentheJapanescAmyoccup㏑

dW.changa.dHank°

w,wh㏑

_h

wasgeneraIlyconsideredatumingp°int in theSecondS㏑o-JapaneseWar. There

aretworeasons.Flst,thisStudykⅢ

_㎡●

ed㏑

北s space.Second.andth●mUr°

(8)

-45U-.8.

㏑ΨUrtant,afterUctUberl938,Ch㏑asuff.redJeatlVfrUmth●

Wai,hercUasmI

ar●

aandthoareaalUngtheYangt2eR卸

erlUst tUtheJapane6e,hersea●anspUrta.

●

onabrUadblUckedoomplotelv,㏑

Ⅱa山” re馳lt°dandnatiU工lalfman°°

m㏑

ed.

Atthat

位

me,no monGta呼

pd㏑

y,no㏑

_{.tterhowgoodlWas,cUuldget北}

SWay

acrUss.Asa血

atteroffact;the田

。ne●中 policvK仙

ngc㏕

edo●

tfrUml933to

1983was㏑

portantenU叫_典t°deserve.●carefuIstudyin北

soWn茁

口朮.

Ⅱ

.TheMUneta,n㏕

出

yandItshplemen伍

山Ⅲb●fUr.m●

mm.PUIUB鞔

山〢Ⅱo“

(1933-1937)

UnSeptembefl8,l少

31,theMukdenIncmentbrUkeUut;andㄖ

“甲比lVlat可

theJapane毋

amVt。

°

k:UvertheManamHa.Uη

March9,i932,thepupp.t

stateofMγ

6hukuo(滿

_{洲國 )Wascr°}ated,andJη

anwas㏑

crea血

gher㏑

▼

a山n

㏑

tUa山

m.C㎞

na,atthatJ血e,fuⅡof。

temalHotsand㏑

rmancⅡand㎡

。 ne扭_呼

●Ⅱf㏑ult始

sfUfalUngtⅡ

_叩

,&dnotdareto standupa田

㏑Stth.Japanes..η㏑

NationalGUveInmenthadtofrstenfUrc.北

s iniⅡtaη_╭power“_{,asto qu●}ⅢihterIlal

rebclSandto stabⅢzetlle.㏑

teior,andthentUexpelfUio㏒

n㏑

va由

onS.BofUr.

ddngsU,thenation’sΠ

nancohndeoonomyhadtoberostorodanddeveloped. Un

NUvembefl,1933,K㏑

nga唧

medtho post ofth●

M㏑

isterofF㏑ance. Hefelt

山attUestabli血

asUundandsafefmancⅡ

andmoneta…

sVstem,Ch㏑ane°

dedtU

have.gUUdcⅢ

encyandb田

火㏑

gsvstem(K㏑

ng,1939b,p.25°.S°

he㏑

modia好

lVworkedon th°

prUblem.WeshamascussⅢ

swUrk㏑

twoareas.η

㏑

_v好

° c●rr●ncVan●b田出血lg.

A.UnCuirency

In191l,aftcftheWuchangR”

Ulu出

m,theRepubl㏑

was ostabli血

ed.But

theRepubtcwas▼

田γ W甲吐

,bUmpUl北

沁Ⅲly田心

rman血

Ⅲ

y.Rus曲

,Se…

gtⅢ

一

血㏑°

&田elytUokMongUI㏑

. And(h㏑

awaSunabletUFlmtback.RaⅢ

2㏑

gthe

proble工

n,Df. SuhYat-sencaledth.atten“

on oftiepoopleto就

arta工

noneta,

工evolu位U工1,prUpoo㏑gtheus●Uf血anaged●aper㏑

Unevandan●

“Ⅱ

ientcuIencv

sVstem to sUlvethena屾

meproblemfUrw破

出圯

aWarag山

〝tth°

Rus屾

s.

Inl918,Dr.SuI到

與㏑

em山

a血e●the㏑oneta垀reV°lu伍Un,esped㏕lVtheabUl｝

(9)

-.9.

t㏑

nofthemetalm°

neVandthe.doption ofpaper inon●y: thepropo,Ⅱ_Iater

becamethebluep血

toftheNatiUnalGUvemment’

s moneta,poⅢ

cv(ChU,1986,

●

p.217-227).Inl931,theMukdenIncldentbrUkeout;andsUmeleaders ofth.

Na伍on〞山此 p紅ty,o.g.,Ts’茁Yuan.pσ

,ChangU└

,andothers;at oncerefeIedto Dr.Sun、

moneta,refU叩

planfCh°

_,19那

_,I:l“

_一

165).Kun爸

wasDr.Su.、

山山

hfuI cUImade. Asheservedasth.MinisterofF㏑

ance,tl1.Japanese㏑

va山

n

was on itsway. 仙 e茁ma伍

onwasv田

γ

muCh上

ketheoneDiSunfac.dafeW

yeaIsago. SohedeadedtUaboⅡ

曲metaI㏑_{oneVandadopt paper money.}

1.

η㏑ cont㏑ua伍

on ofuniㄉ

㏑

g㏕

ver standardmi.ncv.η

ieNational

Gkγ

emment㏑

pleIn.htedthepUlicvof一

theab山

“

on ofthe盯

c°

eCael)and

由

eadUptionUfthenational血

肥rd。Ⅱar”

(廢

_兩改元_{)andpubIshed一}r巳

eS山

er StandardDUm研CU㏑ageRegulat㏑ns,一

(銀

_{本位幣錦造條例 )speci”}_㏑_gth°

_tal

incom.s and expendΠures, pubIic or pH▼ate,anda上transacti°

nsusetheohK汀

dollar.Althou山th。㏕ver sta●dard”stemhadbeenestabⅡ_shed,all出_血

_d6of㏕

_︶_er

co㏑

sWere㏑

clc.IationaSusua1. WhenKungFlfstaSmmedth.pa曲

_bn°

_fth.

Min抽比

rofF㏑

anc.; he wasdevUted tU theunincatiUn °

ftho

曲 er standard

cuienc〦

_{H.hadurgodtheCenialM㏑}

t to㏑creasethel prUducIon quanIies

in ordertUm.etthedenlandsofthebanks.︳

而

eCentralM…

twasto prUdu●.

TVpeB㎡

∥

erbarsw北

h88percentFmeness(Ch。

_{,1985,l17U). MeanwhⅡ}

_e,am

SⅡ晚rfm●S●㏑.lu)andamhUuses。fas田yanCefkung-kuchu公_{估局} _)wereUrder°_d

t°ceaseoperatb●(几_{〞羽 φ九}JG●Z“reJ,92:4B,.IhtⅢdwav;mc㏕ver㏑_gUts

m㏑

te●p㎡

Ⅳ

atelybypeoplediSappearedfrom themarket.η

㏑

_d抽

_”

p.aranc●

_●

f

this▼e〃Uldu,it ofmonev由mpliFledthemonetawsvstem,whichwa§h°ncefUrth based。

nthe㏕

verdoⅡaI.

2. Theimposl㏑

nofthe㏕

verexpUrtdutyandtheequal笓

a伍oncharge;Fof

the sake ofhelpingth.盅∥er mineinter.sts,th●

UnitedStatesLnplemented㏑

1933apoⅢ

cytUdeliberatelyfaisethepHceof㏕ver.‘‘

TheS加

erPurchascActof

1934”hadevengreat●rⅡipact onthesⅡv甲r price.Dur㏑

g#吁

years l933andl934,

thepHceof㏕

verabroadwas sp.edⅡyaccelerat㏑g: Ch㏑ese ㏕

verwasthusout-n°wingingfeatamount.BotweenJulyandInid.Uctober°fl934一thcsⅡ﹀erd°Ⅱars eXportedroachedatUtalof2UUIniⅡion.W丘hsuchagreataInount ofsⅡ▼ercxpUrt,

G㏑na,a缸∥.r.standardcouniy,w日S㏑agreateconom㏑catas竹ophy.DeΠat㏑

nre-sultedandcauseddⅡⅡcuI位esfbrbu“

nessandi.dust9.Undersuch血

uInstanc.s,

(10)

8-.IU.

Kㄅ

nghadtog井

herexpertsandΠ

nanc㏑lleaders,amdr.preSentat∥

esoffUr咖

banks as well to discuss measures fUr de曲ng ﹁πth the matter. Un Uctobci 15,theooⅢ

ectingUfthe血

verexportdutyandequaliη

t°ncharges stafted(th.

Department ofE。°

na血

cResoarch,1937,pp.8＿

9>T﹂

SwUuldmake㏕

v●rexpUrt

profitlessand●_revent㏕verfromfur山erou仁Π 。W㏑g.

3. TheⅡnpleInonta伍on oftheLegalT°nderPU土呼

(法

幣政策 > Sincethe

eaⅡ_9twent㏑thcentuⅣ,▼

arious kndsofpaper moneVclrculatedin(lina,and

ksuancew.s notuniΠ●

d.Besides,themonev,k“

Ⅱedei士比

rbym。

dembanksUr

trad北㏑

nal moneV血

ops,was notbackedbysufrldent reseⅣefunds,nor㏑rlxod

amount;WhilethatkSuedbyfUroignbanksgreatlVencroached●

pon theH出

ts

ahdthe㏑

terests ofCh㏑a. ThoCh’

ingandtheRepubⅢ

cgUvemmontshad甘

㏑

d

manVtimes tou㏕

fvtllecuIencv,but㏑

v曲.Whehth●

Nat㏑

nalGUvemilent

wasfUund.datNanⅡ㏑g,malsUtriedtUu血fVth°kmanceUfthecuiencVfCh°,

1986,pp.222-224).

U.theoth可

hand,s㏑cothe㏑_Ψa出㏑

nofthe㎡

_”ef.xpUrt taX,s口Ⅳerd∥not ΠowUut●ub一㏑ Ⅱy,but stⅢundergrounds工n叫先㏑唱 Wa§Iampant. η 時 M㏑山-。f

F㏑ancehadsev●rⅢt㏑

estakenmeamr°

saga㏑就中chsinuggl㏑“

butbec叩

SeUf

theIongcUastI㏑e,北

waShardtoexteⅡ

n㏑ate. 日㏑

whUlecUun”

Wasfa山

g

d●nE日°

nanddopres蕊

on,cauo㏑gna伍

onWidepani. Ifsuch曲

a伍°n.perslsto●,

thenatiUnwUuldgUbantΨ

t.A色

eracarefulexⅢ

血

atiUnofthc㎡

║u出ηnj

色

brUadandathUine,K㏑

ngdeadodto㏑

1plemont th●㏑色

alTenderPolicV.Ih.

po上cyhadfUur=naJor pomts:

a. TheuniⅡcσ巨

on。

fismance. UnlVthebanImotes二

s6uedb9theCen●

al

Bank°

f㎝

㏑

a,theBank ofC㏑

na,andthoBank ofCUmmu㎡

caIonswereleB,i tendeI,i.e.,theC㏑n”

eNa伍

onalCuⅡ

encV(CNC). Utllerban外

血

Uuldstop

kSu㏑

gη

dth斑

currency”Ⅱchwas.lreadyclculat㏑

g血.uIdbeieplacedbVtho

legaltendergraduamy.

﹉

_{b. the●}

stablis血

ment oftheCurrencyReseⅣ

eBUard. TheBaⅡ

dwUuld

be㏑

chargeUf山

e懣mη

coofthel鍵

叫 tender,the㏑

anagementUf”

°cuI°ncv

reserve,and伍epaΠ㏑ltakc.Uverofotherbanks’ksuance. thepurpos●wast°

c.n●alLercserve.

c. Ampubl二

.andp山

隧te㏑C。

mesandexpend北

ureswerep缸

d㏑

伍

eleml

t.nder.η㏑

useof㏕

▼erdoⅢarsUrbuⅢonsfUrcuI.ncypurposeSwas prUhb:ted: -449一

(11)

.︳_●_.

AlsU,otherfUIⅢ

dof㎡

ⅣerdUllars or㏕verbuⅢ

ions sh.uldbeeXchangedbythe

IegaItender. S山厄rW°

uldthenb.ownedbythcgUve一

ent only,.ndsinu輛

of缸lverwouIdstop.

d. TheCehtralBank ofCh㏑

a,theBank of<】

ina,ahdtheBank°

fCo工n.

muⅡ

cat㏑

nscouldbuyandseⅢ

fUre道

nexchangeinun上

ⅡⅡtedquanu伍esfUothe puIposeUf就abiIL㏑

g…

eexch叩

gera●

eUfthelegutender.F°

rd咆n tradeandthe peoplePs livdLhoodψ

_ouId山

usb。土Ⅱpr°_{ved. Later,theFa●}_nerd’_{Bank ofCh㏑}

n

WouIdhelp tofecoVcrruralecoⅡ

omy.

┐㏑sbankwouldlater issueits ownbank-nUt●_母Whi●_●w°

uldbe由

㏄ulat㏑g﹉alongwi伍

theonesidsuedbvthethreebanks

men“onedabUve(Y°ung,1971,pp.484＿

485>

﹉

smc°thei㏑pleInen匆_吐

on ofthehgalTend可

PU上

cyonNN”

ber4,一935,

f㏄山與 eXchangestabⅢZedandnat㏑nalecUnUmyprospered.InUrdertUfurther consUlidate血_η

cdandto prUtectthelegaltender,theM㏑

i曲_呼

。

fF㏑

anceprU.

mulgatedthreeregulat㏑

nsabouttholegaItohder㏑

Mavl936,s伍

pul就㏑

gthat

theI.serveshUuldbebasedon山

_{eamount ofgUldands出}▼erandfUrdgnexchange,

ainong wh山

就

ker Would mako25percent. Hence,ouInatbnalcuIencyr←

田Ⅵ

1nedindependentandunaffectedbythenuctua伍

_{ons offUre蜘}cuIen●y(The一

Depaiment ofEco.om㏑R°search,p.!3).Ch㏑′s tra山t㏑nal田_{山㎡由到”} Cd㏑§

weie▼aγconfu由lg,not°nlycaus㏑

giUubletUpeople but alsU

_●_resen山_吧 obstaclestUthe.血Πc工“

ohofcuIencY:Aftera°

arefuIanaly曲oftheprUb1.m,

athUrUughstudy°

_ffUr苗_名_{田 Ⅳ}

Stems;mdacalcula血

gsuⅣ

evofntEonalⅡ

velI

hood,itwas proposedthatth●

decinalsystembeadoptedandap虫

Ⅱ1fUrthe上

n-prUveInent ofsub斑_血的 c。㏑

sbedraWn.MeanwhⅡ

ethegUvernment sent persUneels tUtheUnitedStatos to sup田〢

Sethemak㏑

gofthemint二_{●gplatesofsubsidi由}_γ

c。_●

nsatthe田

ⅢadelphiaM㏑t.︵

stheLegalTend.rP。

上

cywasunderway,the

gUvernmentalsoanno.ncedtheregula伍on母°fSub㎡山

a,cU㏑

sbnJanu由_{γ ll,1936}

fCh。,l。85,I:24U＿

242>TheM㏑

istrvofF㏑anc.supeiintendedtheCenialM㏑t to intensifVthem㏑t㏑

gofco㏑

SaccUrd㏑gto th.regulatio.s.Itwas:alsod●_cided

thatthenewcdnswouIdbepubl沁

LedbytheCeni〢

Bank°

nFebm田

_γIU.

4.η

㏑ a句ustments ofcurrency㏑°thefprov㏑ces.

a.Szechwan:

η㏑

reWefctwom㏑

ts一_一

ChengtuandChung灶

_{㎎一一㏑} _S之

ech-wan,andm°

st ofthel㏕

verco㏑

swerebelowlegaltender山

㏄

ness.Astσ

tho.

bpnlmotes ksuedbVth●

lIocalbanks,thevaluewasevenm。

_{rcunstabledueto}

-〞蛨一

(12)

.I2.

﹉

…adequate、serve,c叩。

由

gfrequent runsUnthebankandcUI.就

ant出i先s onth●

exchangemtes╮

_Suchc。

n血山

msgeatlvhampeI.dth.develUpment:Uf the

eoUnUmV°fSzechwan.InUrd.rtUsea∵.flnanceand●nifVth.cuiencVofth°

prUvlnc●, 伍e cenial gUveHLinent pub上shed㏑ S。pt.mber l935sUm°︳moans to

a由u曲‘北slUc●c甲

「encv.F㏑t,3U甲Ⅱl㏑ndUlarsUfS2echwanfmma狂

fegula位on

banknUteswerekSuedfUralUanfrom meC.n竹

alBank to recaulocalcurr.ncV.

S●amd,all pubⅡc日mdpIvat●

exchangeswouldbepaidin thecuπ

ency二

ssuedby

山

eCen竹

alBank of(加山

n,andlUdoⅢ

ars ofⅢ」●

lUcalbanknUteswasrem.Led

啪

th8dollars ofcenialbanknoteS.Because血

e山

efco㏑s斑

Kmat㏒

㏑s2.ch.

wan血

fferedgoatlY㏑

fmm“

吒 th中

wUuldb.oxchangcdbythUC●

n●

alBank

notesac●UrⅢ

ngtU刊

㏑B㎡efRegulat㏑

nfUI山

oE文change。

fM抽

。ellan°

UusCU㏑

s

andS仰

er,”fCh°

,19“

,I:”i一”2.9i.e.,山

evalueof山

e。●㏑swUuldbedec●ded

bythelFmeness.

b. Kwangtung:B°

thKwangtungandKwang㎡

wereusedto帥

t“∥er由meS. Whon thecentralgUvemm.nt startedt●

°LgalTendern“

沁

y,KwanmngdⅢ

.Ut fUmUwtheexample,●ut㏑stead,con由m胎dtUuS●thenUt°s工sm.dbVthel prU.

㎡

ncialandd#bankswh划

h,hadfatherdeident reseⅣ

eandpoUrcre&t.In

1,3atheM㏑

ist9UfF㏑

anφe就ab上

shedabranchUfthcCuIencyReserVeBUaid

at Cant°

n: AcU●

nInitteewlhΠnanc山山loadersandeconoⅡⅡcexpcrts中asalSU

°I凹

mi2edto斗

udyand㏑

1pr°

vethecurrencyofKWanmng. The。

。

mm此

t●e

toncludedthat tlleymust日㏑曲 StrengthenmereseⅣ

eandthensUcurecre&tand

.xchang●iates.T℉

eccnialgUvemment th.nusedth.cUn“

。

matodtaxUSaS

fuidsto ksuobonds totallingl2Um獅

Ⅱd°ⅢarsfUfthe山mpro”田n●nt。

fKw㎎

tungcuπ

mcy.、

竹Ⅲ

ethebank.●

cUuntswereb血

geXam㏑

ed,tW°t°nta…比

me-th°

dsweIedraw.,stat㏑

g山

atthen。tes抽田

edbytheKwangmngandCantUn

●

ankscouldkeep onctc〢

at㏑

g,but㏑

tax茁㏑n tlleV 曲°

uld:be ascounted

accord㏑

gto therateoftheday,butn.tInore山

an5percent. tI﹂

sb血

gdone,

theKwangtungnUtesbecame就

ab㏑.Theexchangera●°b”

weenth.nUteandthe

legaltenderwasthen山㎏

datlt●

U.44.InAuWSt°

fi939,fUurregulationswere

fufth●rpub上山e色_st珀uIat㏑

gthatal moneVmatters ofKwan‘

無

mg,pub㏑

Ur

,如

at●_{,al1transactk比}‘,andaIlc°htracts shUuldb°p缸din thelegaltender.Asa

result,KwahWungcuIencYes伍

b上

shedlscre&t㏑

hdt㏑

∞ (K㏑㎎

、

“F㏑andal

RepUrt’‵

1939a;Cho,1986,pp.375-376> .

(13)

5-.13.

\ c.Kwang“

_{: HⅣ}

_l逸

s。entheeffects ofwhatˊtllecentralgUvemInentdidto

KwangtungcuIencV;Kwang㎡

pro▼Ⅲc㏑

lg.vemm.ntalso iequestedthecenial

它

Uvemment tUa句

ust北

scuiency: KwangslcuIencywastakencareof㏑

ve呼

muchthe田

_㎎

WaYasKwan」

mngcⅢ

rcncywa臥

F㏑

t,theeXchangeratebetwee.

thelegaltenderandthelUcalcurrep＿

cVhadtUb°

secured.Then,measureswerb

d=awnsuchthattheCentraIBank,thoBank ofCh…

a,theBank ofCommun㏑

a.

“

ons,andtheFamers’

Bank ofChinawould

●ach出mrethe‘‘balanceexchange

fatefunds’’6田㏕Ii。ndUllars,andWouIdentrust th”branchbanks㏑

Kwangtung

to deut so as tobaIancethcexchangeIatewhichwastwodoⅢ

ars ofKwang出

cuIencyequ山

ngt°onedoⅢar ofth°IegaltendeI. Furthemore,thereserveih Kwang茁Baη

kw.sle白

色m#●

dand°

nIched㏑

muchthesamewayaswasdonein

Kwangmng,wlhthesalt revenuecUllectedinKwangslasfundsto ksuebUndsl7

mⅢ

㏑

ndoⅢ

ars tohelpa由ust thecuIency山

ere.Ⅲ

“_{.fUre,theKw田}_㎎江_branch

oftheCu.encyReservoBUardwasalsoUstablishedt°

takecareofall thereserve, thecu“ency;thep山㎡㏑gplates,出㏕

theⅡ

es.η

mexchangerateoftwoKwan㏕

dUlIars to onedUlIarofthelegaltenderwasalso put…effectUnDeceInberl,1937 (K’

㎎〝“

FLmmchlReport”_{,1939a;ChU,1986,●}

p.376-377>

B. UnB●.k山唱

1. Ⅲ

or㎝

出

bn ofthccharteroftheCenialBank ofCh㏑

_亂

_TheCen竹

al

Bank ofU㏑

na was the onlynationalbank respon血

uofUrthcmanagement of

nat㏑

nwidefm田

」

Ce.TheM㏑

i與_呼

UfF㏑

ancehadonceprocl缸

med,duHngthe

hgalTenderPUⅢ

cy,tUUrgi血

2ethebank sUthat此

w°

uld rem血

detached

and.seⅣ

o asthe bank ofbanks. BefUrelUng, therevkbnwasunderway. in

Janua,°

f1936,tlleM㏑

_蝴 rewrUtethesev四th●Πicleofth°

Urunㄖ

chart。r.

ThcnewIegulation statedthatthecomIncrcial sharebeincreasedt°_6Upefcent

●

heM㏑

斑〃

ofF㏑

ance,1%2,VIII:55-5B9.Laterexper伯

WeremⅥ

tedtU﹉色。

overtherevkion,andthc.evkionwasturnedoverto theCentralPUⅡ●calMe°伍ng

ofKMTtoberesol▼

°

d.Itwaslat.rcamedt1leP血

cipleofCehtralReserveBank.

Basedon theu㏑

c●

le,theM㏑

istrVdrcw”edraft°fthechaiteiioftheCentral

ReserveBankwith血

tV.twoart沁les㏑丘. 口Π

edraftwasthensubmltedto the

goVeHunentfUrresUI●t㏑

n,butdueto theS㏑

o-Japanes,War,二ts public之ti。

nWas

det缸

ned(K㏑

ng’§‘

T㏑

an●ialRepUrt’’;1939a,.

-4留

一

(14)

.﹁

_4.

2. Ⅲeincreaseofca●丘al in special、charteredbanks一一th●Banks ofCⅡ㏑a

andtheBank ofC°

mmu㎡

c.伍

ons. Ever slncethetWobankSWeieeniustedwi伍

”r●珀 Πexc●色ngebusinessandWiththerespons山iI二tVfUrfUs“㎡ngthegowthof

●°m●s伍cindu中呼,theybeca工nemoreimpUrtanteVeIy●aV.The●chartersWcre

m啦

sodandpub上

shed,andth血

bu由●

essbegantUgrow.InMarchl995,㏑

Urder

t°a句ustfm田比et°

helpcommerceand㏑

dust,,theMi血

st呼decmedto incfeaSo

thego▼

omment°

ap。

aloftheBank of(山

山

ato15mⅡ

上ohahetUtalcap北alofthe

Bamk reached4。㏑Ⅱli°

nthen),and㏑

creasethatbfthoBank ofCUmmun沁

ations

lUmim㏑

i.hetbtal山

ehbecame2UmⅢ

㏑

n)(TheDepartment ofEc。

nom㏑

Research,pp.48-54》W北hplentifulcapitalassuch,thetwUb●hkSwereablo tU

asskt thcCenialBank ofC㏑

na㏑

implemeh山圯theLegalTenderPUⅢ

c9and㏑

stabⅢz㏑

gIatbnalⅢ

㏑nce.

3.Thei●Urganization ofthoFamers’

Bank ofChina. In

l933,thehead-quartersUfthoNat㏑

nalAm9fUrtheCampalgnam㏑

dttheCUmmu血

stSinHUnan,

Hㄐ

pehandAnhwH㏑

卹tut叩theFour.PrUv㏑ceAgriculturalBank:(HUnan,

Hupeh,｜

Anhw由

, ㎞那Φ

. BefUre

●.g, the9 hadhad substant二al acⅡeve.

”°

nts.文

eal北_{㏒ the●}ece$。

yto rectifV如

culmml rmancein otller prUv㏑ccS,

〝 -M㏑山

iye不

pandcdth.bank,auHe.tedlscapitalto lU…

iⅢ

bnd°

Ⅲars.and

re。了gⅡjZ●

ditas山

eFarIne」『Bank ofCh㏑a: Inl935,theregulations ofthobank

Were加

wnandsubⅡ

ittedt°thece●ia1-gUvcmmentfUrresUlut㏑

nandpub上

c午

t㎞

. Simcc the bank plavod a▼●

,Ⅲ

npUrtant roIeinhelpingthorecUve,.of agr㏑ul…falec‘no㏑y巨id山eprUmUt㏑nandLnprUvement。fpfUduct㏑_.Sand

salcs,節M土jSt,fuithergranted北

HghttUksu●

currehcieStUc土℃uIateaIong 由∥

hthelegaltender.η

㏑bankWashlsoUrder●

dtouse5U.IⅢ

iUndUmarsto ove

lUansfUrlandmortageandotherlUans.SⅨ

regulat㏑nSconcei血

hglUanswere

o﹏l㏑㎡_,啦thspeci㏕eInp…血 oηr中cv㏑gtheUwIle一f-ersb9」ving…emlUw

interest rat●

sfUr loans. Furthemore,thebankwas toconlnualVpayatten伍

on

to出

stantarcasSUthatnat㏑n﹁庄dea白巨culturalrcconstmct㏑nwas′cffectedsoon (K㏑ng’s‘.F㏑ancⅢ_只epUrΓ

,!939a;ChangK㏑

.n即

m,pp.161一

162).

﹉

Insum,asK㏑

ngservedastheM㏑

istor ofFinance,hedeeplVunderstoodthe trUublethenat㏑Ⅲ facedandth°㏑

evlablewarbetweenθ

㏑

naandJapan. In

°rd研t°

beprepaiedfUrth●

waramdtUSavethccoun”

frUmbe㏑

gru㏑ed,

只°

ungwasdeteΠ

nihedt°

c呵

。utamanagement po1cy,includingthedevelop.

(15)

.I5.

ment°

fmanagodmoneVandUfanaIonalbanl山

gsvstem中

nIer●

daboutthe

CenialBank ofCh㏑

a.AsK㏑

ngwa忘

amildpe↑

on.斑srefU㏑

6fthe㏑

oneta〃

system.ndoft●

ebanⅡ㏑gUrgan比atiomwasalso takenup inamⅡ

dmanner: U㏑

theonehand,he竹

stu血i●

dthe㏕

verc°二n,andthe平

pefUmedtheLegaliehder

PU1㏑

y. Untheotherhand,he丘

砪tSUlidi臼

edtheCen行

alBankbfCⅢ

_na,and

theneffect竹

el9contrUmedthesp.aalcharteredbanks.HⅡ

_s.ffUrts㏑_thc臼_“_t

fUurycarshadlaidsomefUundationfUrCh。

a’●moneta呼

refUrmandhadenabled

theN放

㏑

naIGUvem㏑

ent to ooniUI…

enation,sbanks.ndmUneta,affal或

andΠ

n田

lvto standupand兩

_典taga㏑

stJapan,amⅢ

由㎡

9andeca㏑

m㏑allv

poweIfulnaIo●then. Ch㏑awas rlnaⅢ

yablo toeras.theshameoftheMukdei

Incid●nt°fl93I:

Ⅲ

:η

㏑

Mone伍

rVPU㏑

y巳

ndItShplem.n伍

出 Ⅲ after山.︳㏑工c●

PUIUB山

_﹂

.

Ⅱ比如hnt(19●7一

一

938)

i最

塏又鬈出土

吼北

i-…

_{……●…●}

_打﹉

danB●FU㎡

蟲那麻而赫

iarket如

ctuat品

破

t…

主

艸

=且

究虫

i古

一

M鈺

_”

Uf●

㏑

anc古tal1.d㏑

rm去

t由lea

tUW°

IkUutafea缸

blo po上cy.

Ⅲ edraftofth.poⅡ

cyΨ

asthensent1°

H:H:

K㏑ngfUrsugges位o砡

血d.ppFUval係

.°,19;﹉p一_1三_9】

Afterk,mgi●

mrh.dt6

Shan出血

_{,hepersUnamYtUok part in pU上}

cy＿

m曲

g.Th.fU1lUw㏒

_﹉_田_eaSures

werepublishedd●

● ㏑

glisemergencystateto staⅢ_{i2efmance,tU●}_reventcapⅡ

_a

fiUmou一

Πo㎡

ng,tU茁

dmⅢ

ta,expo●

_&tures,an●

_{to m山}

_{伍㏑日}_{由北 ult由}_㏕ ,

indust㎡

al,andcommer㎡

㏕

prUduct㏑

_{ns.Themeasuieshadge.uyas血}

_te●

u←

gUvemm.ntin thcWarofRe蕊

Stance.

I.PrUm〢

_田

t㏒

MeasⅢestUSt山血

z.theMUneVMaiket

S㏑ce﹉

the Marco PUlU BHdge Inddent and the Battle●

fShanm茁

(August i3,!937),thewholena伍

_UnwasteⅡ

_blyshaken.

_┐_Π沌

_{banksandmoney}

(16)

-.i(9.

mops“

a.▼

.baiks)fUund北

dfficult﹉tocUllectam tlLepavmentsdue.MeanWⅢe,

pooplekept ongU㏑

gtUthebanks tU㏕

thdIaWmoneV i●

m th”

accUunts,

crea由_㎎

aSha伍

gein th.moneYmarket.Atthat“

me,thoM珌

iV°

fF㏑

田肥●

●㏕

t.dmoneta,andfman山

ⅡeXpefts tod拍cuss伍

omatterandtodevkem.asu=es

tUstaⅢ

Lethemoh.ymaik。

t. UnAugust l5,1937, seveh meaSures w訂

e pub上_S●.da●

dput…

tUpiact”

e(TheM㏑

ist玎

。

fF㏑

ance,一

943,XI:287-28B9:

Them缸

npurp。

Seofthemeasuresw.s toⅡ

m北unnecessa呼eXpenSesandto pr..

﹀”

tm。

t田

fromgU㏑

gabfoad.In山

曲

waY,themoneV㏑

aiketwas stabⅡ

Ledand

t●_●peUple:s上

vdmoodw.spmⅥ

出姐

.Itwasdecmedthatwi山

㏑

aweek onlV5%

ofeachcuπ

entaccountcUuldbow北

hdiawnandnot toexc●

odl5UdoⅢ

aIs. As

thomUneV田

aTketmm.dstable,北

wasamendedthataccUuntsbelUw3UUdUlaIs

oUuldbeexe㏑

ptedandwouldnotbecohFmedbythowoeklV︳

㏑比

of5%. But

astUemergencVp呼

me●tS㏑r由ev㏑

gcommeIce,㏑

du由呼

,UrmⅡ

i匆呼matters,

theVW●了

ep缸

das﹉requestedsUthatthestabⅡ㏒ Ufth●

monevmafketwUuld

nUt衁terferewj山th●prUpeIuseUfthecap北田 andwUuldpIUmUto田怕 d●V●lop.

ment°f#sUurc●sin theⅢnterland(K’Ⅶng’s“F㏑anc二a1只●pUrt”_,!939a).

?.Hand上

ngDi㏄°untsandLUa㏕㏑

gmthe日

㏑朮erland

Th.purpUse°fstabiI二2㏑

gthemoneVη

larkethadb.en inade。比dentaIroady.

MUanwⅢ

㏑,﹉㏑ UIder toaaⅣ

atefmance㏑

theh㏑

teⅡandsUa6tUfurthertIi°

devel°

pment of璉

_…叩lturc,min㏒_,㏑du出_呼

ahdoommcrceandto pΓ

om°_”_tho

aniJapan°s●cδ

mbatabⅡ

北

9,6wa.decmedthatthefUurbanks一

。

theCenial

Bank<°

f.㎝

na,th●Bank ofChiha,theBank ofCUmmunicatiohs,andtheFamo6’

BankUfa山

m┬一四

uidsetupaJUlnt㏕

面

ceto takecareofthe㏑

oh●伍呼㏑atter

…vπi。us places.Theo“㏑

cwasFfStSetatShan出

㏕

.InDecemberl937,l中

aS mo▼

edtUHankUwastheNat㏑

nalamymovodther°

,and㏑th.autuI=.ndf1938,

i6wasmUvcdtoChu碑

k㏑

galUngw北

htheN曲

ionalGovemment.BoSmes一

jUm.

5U:branchdⅡ

ceSwerealS°

tUbesctu●

atv狂㏑uSplac●swherethefUurbanks﹉

hadbranchoⅢ

㏄

sfUrthesamep班

pose(K’ung、‘.FinancialRepUrt’’_,1939日).

Ⅱusbd㏑

gd。

ne,themoneVmafketwasacuVatedandtheti㏕

at㏑nofcapi由Ⅱ

Wasacce一

erated.In ordertUmectthedeman●

softhewaf位

mc,”

easure忘fUr

ascUuntsandlUans㏑

theⅡnteⅡand-ef.alsU:drawn;st”ulat㏑

gth.fUurbanks

to ostabl曲

hd心

countandlUa血

ngcommitteesatlmpUrtant㎡

tes(TheM血

s由呼 °f

(17)

′

.●

7.

F㏑

_田η

e,1943;Xl331-332;K勺

mg,I939仇

p.25Φ

.Atot缸

°

fl9、

s.chcUm.

mitteeswefelater㏑就alledtUhand1UthediscUu平_t.andlUm㏑_{gm.tters.MUreth㏑}

｜3U曲ids●● 磁 … ㏑ ral,㏑dus︴Ⅲ and㏑㏑㏒ prUduajwerede㏕edaslemsbf mUrtη︳g..othattheaveragecU工nmqK由虹bank●中Uuldhelp tU㏑prUv●the㎡仙

a-tbnθ

㏑°DepmmentGencmlUfth●

FUⅢ

_山吧

eGUVemmentBanksL眨

gu●_,p●

123一

129> :

3:&●

ula山_吧MeaSurestUHandleMUn●

ta,Aff-〝

AuUvermecUuⅢ

_呼

After曲

ebreakoutoftheWarofR“

曲tance,th●battIob.gan to spIeadfar

andwide.Eachprovmc.ahdf咁

°

hwas㏑

d山

田ent茁tuat㏑h忘

and山

fferent:

measuresshouldalSdboadopted.InFebm田

y!,3乳

_the㏑at!.r一

astakenup.

SUmo mUn.ta呼

andFmand㏕

expertswerega”

eredtUd怎

c必San●plan on the

m飩ter.1wasdecidedtheⅡ

th飩

theWho1.cUun”

shUuldbedM●

● d㏑

t‘fUur

ast由ts㏑tems。f㏑onta〃

㎡如山

S:

﹉

、

,

﹉

_︷

theareaUccu9edbytheJapan.s●

,

B.”

eareaheaTbytheJapan.seoccu●atk刃

_●

C. 山ed伯

tIctawayfrUmtheJapaneseoccup田

㏑

n,

一

D.theasⅢ

afesp。h㏕田

efUrnatbnalrecUvaγ

(K㏑_㎎、

“●㏑山

dalR←

﹉ port’’,1939a).

Eachd二血㏑twaStohav●itsUwn”ayt°t●koc竹e°fiSown probiem忘. ItwaS

alsUdo“

ded血

atthefUufIargegUvernmentbanks r缸sedfunds㏑

advancesUas

en°_{ㄐ出 amount ofpaper工}

noheycouldbedepo斑

_{tedineadidistHctfUremergencv}

(K、

ng,I939b,p.261).Itw●

sfurtll“stㄉulatedthatthelUcaIbank忘_wUuldfr一

quentlvrppUrtabUutthd└由mat㏑ns′sUastU●r叩ent山e°nem9’● °onspi.tU㎡al actsandtUstabⅡ

izethemonevmaiket.BysUd°

_㏑g,theeoon●_m㏑_develop㏑_eht忘

of the

Ⅲnterland 山

s疵

_●

swereprUmotedandnat㏑

nalrecUvervwasex一

pected.

4.CUlle“㏑

gGUldand&∥

erandAt廿aa㏑gCap北alfrUmUverseasa㏑肥S°

AftertheLegalTendefP血

●

ywasput㏑

tUeffect,thereweremeamlrestU

cUⅢect㏕verdoⅢ_arsandbuⅢ_ionsas●-ayto cen竹_aⅢ_2●

_{reserveandtoenhance}

thecUnΠ

denceofthelegalten●

_●

r(ChU,1985,I:221＿

229】

Wh品

th●

warof

(18)

.18.

Ro鼓就anceagam就JapanbrUk.Uut,㏑Ufder to㏑cieaSeres.rvefUrthelegaltender,

anothefre虯

ationabUuttheexchangeUfgUldfUr.thelegaltenderWasdrawn﹉

and executed sU that gold

。ould be adequately:coⅡ

ected fTh°

M㏑

山甘

y

ofF㏑

ance,1952,VII:26> Iη

thesp山㎎

ofl938,thefUurlaigegUve-.nt

bankSWereurgedtUestab上血 agUldcUllect㏑gδfrlce.η㏑ °ⅢcewUuldSen●

peIsUnhdtUdisi工

cts9甲

山

yth.war研

catUcoⅡ

ectth●

gUldtreamrodbVthe

cUmmUn poople㏑

th由

h叫

ses.In。

ctobei,anothermeas.1r.wasdecidedtU toⅢ

ectgUldands加

erco㏑

s(Ktng、

“F㏑andaiRepUrt’’

,1939a9.η

怕meaSufo

一

aslatefput㏑tUeffe.t,P°㏕velV,。cUvered:

A.ThefUurbanks-erercsponmu●fUrc°_。ect㏑ggUld田… 血 ▼“ bysett㏑B upanoⅢc●esped㏑ⅡydeslgnedfbothetaSk.

B.Utherbank●Wef°」∥.npdm曲㎡ohtUuSogUldasreservetUca曲frUmthe

fUurgUvemmehtbanks.

C.Ⅲ

efUuigUvernmontbanks’

GUldandSⅡ

verExchangeUI㏑

ewUuldSeILd

pe.sUnnel togUldpr°duc㏑gareas toc°ⅢectgUldoIe.

D.η㏑ hand㏑lgfeesfUrthe●xchang●ofthesⅡvercd㏑sweremised. Andnegat∥elv,l included:

A.出

土

ctmeasures中

ero madetUpreventgUldsmuggl㏑

gandtU㏑

spect

passengersgUlngtUth°ocquPleddi斗Hcts.

。 :The”leSpiev.“㏑gthe●lcu!at°

nof。

伍er.ans﹉

wereempha蕊

2edagam

(K’u山_『S∵Γinanc㏑lReport”_,1939a).

AnUtherpurposeUfc°

_”ect㏑

g㏕

︶

erwaStUseⅢ

㏕

verabroadandtUexchan胖

fUr㎡

gn㎝

Ⅲ●㏄

_VassetswⅢ

chwUulda°

dtUthe1●出ltender、reseⅣ

e.AccUrd㏑

g

toAuthurYUung,中

_{怡如中}-Ⅱ_{叩 ∥叩}

rtU山

血

afrUml929tUl9H.9,tll●

㏕㎎ r

sUld㏑l。39一●8wasㄙsfUliUws:

(19)

——

︳

.I6>.

Γ

able:s山erSalcsσulVl937一

Dec.193S9

﹉ : ﹉

_Amouht

Dateofagreement CUntracted DoⅡvered

(。z) (°_z) Ⅲ ce

U.&cent

(per°z) NetPrUcecds JulYl。

_,1937

N°

t3,1937

D.c:2,I937

Fob.25,1938

MayI2,1938

July l938 Se●

t.29,1938

Uct.。

Dec.1938

62,UUU;UUU 5U,UUU,UUU 5U,UUU,。

UU

2U,UUU,UUU 3U,UUU,UUU 5U,UUU;UUU 5°_,UUU,UUU 19,5UU,UUU ●9,2UU,UUU 62;514,71U 5U,UUU,UUU 5U,UU°,UUU 2U,UUU,UUU 3U,UUU,UUU 5U,UUU,UUU 9U,UUU,UUU 19,5UU,U。U 39,2UU,UUU

US$28,13162U

22,5UU,UUU 22,5UU,UUU 9,UUa,Uoo 12,9UU,UUU 21;5UU,。UU 21,JUU,UUU 8;4UU,UUU I6,856,°

UU

45.U 45.U 45.U 45.U 43.U 43.U 43.U 43.U 43.U

Total 37U,7。U,UUU 971,214,71。 _163,287,62U

(Y°

ung;1965,p.368,Table65)

Accq〢㏒ tUthetaue,theainount mⅢto t一e中丘edStateF●_… gth°_ve狂_WaS

near7U多°fthetUtalsUld斑“尤 theb㏒加h㏑goftheL㎎alT.nderRⅢcv(1934一

194I> 55U, 453, 761:Uunces; US$ 2∫I,585→7U CΥ

。ung, 1965,p. 3‘8). The

assetsga㏑

ed㏑

mchgUodsaleSnot onlv色

ddedtheres.Ⅳe°fthelegaltendcr, but田sUe就ab上shedgUodcredi●fUrthe1.galten●.r,geatlv血_ΨI”㏑

g…

引㏑a而e

°

fthecouniyduⅡ

ngthewar由

me:

Unthe:otherhand,themonoyoiders sentbytheUverseas㎝

_{neseto thel}

f㏕

IeswasalsofUundto㏑

creasethereservegr.atly. TherefUre,itwasdecided thatthegUvUrn工n°nt 血ouldth㏑kupmcthods toattractcapitaIfroΠltheovefseas

㎝

nese.F“

t,theM如

siV。

fF㏑

anceUr●eredthatth●

CeIlialBankandtlle

Bank of〔油亡nasetupbianchesabroadandfequest●dfUrelgnbanks toacceptdrafts: ㏑

ter,theM㏑

二_由呼alSUadvisedthetwUbanks,tUgetherw北

_{htheFukonPrUⅥ}

_l

c㏑

lBankandKwangtungProv㏑

_{dalBankandtheoverseasChineseiem北}_血_gshops

(20)

. 2U .

ahdPUstaISavingsBureau,to org.ni2eanoverseas〔山﹂nesercⅡittancecoⅡ.ctand

exchangenetwork.ThenetwUrkcoulde狐

Ⅲysolvo●heprobleη

ofmeUvers°

as

U㏑

ncse Who, duIngthewar

位mo.fU●

ndith肛

dt。

Sendmoneyback to thei

families.Thepfσ吋nd●banks,thcPost°fflces,andthenetworkc叫dhelp them

δut. Asaresult,th°c到_臼tal°fovers●asCh㏑esetUuldbecUl1●

cted(TheDepaTt-mentGeheraloftheFourLⅡ

geGUvernInentBanksI刀ague,pp.1U7一二ll>

5.PrUmulgaIngMeasurestUC●n1旺血

2.andCUn●

°lF。“曲

uExchange

ManyfUr山

田

。°uhi㏑shadalr●

adyconiomedthelfUre功

hexchange.Asthe

WarofR●

sktanceStarted,a山

mw.sumb1●

tofUl㏑

wtheexampleofthefUr盹

n

δ°untHes inc°niUⅡ㏒ fUr°_地

nexcha憋

. TherefUr乾s°

megradualmeasures

Wereadopted.F出

就,㏑㎡

tSweres.t ondepa血

SandWithdTawis soasto pfeVen●

caplal frUm d心appearing. Socond, the CentralBahk,theBankUfCh㏑

n,and

theB●

nk ofCommun沁

atibnsweretoascusswithfUioignbanksabUutmeasures

fUr㏑utua1小吐Stance.Fu山cmore,thevweretoUrgaⅢzetcUmmissiUn to take

●afeUfrdatedmatters.UnfUrtunatelY,伍eJapanesed山●eratdy扛●dtU&9 衁tegrate血eh.°Up田疵㏑n:InMarchi938,thev㏑titedthequim㏑ggUveILm°nt

inNorthq田nato°

。

gmi2casU㏄alledReseⅣeBank to isSue北soWncurrencyto

菣changetheleg㏕te●deitU。°ⅡectfUIe旭nexch日nge.InγdertUtakeprecautio,s

against suchacts,th°

M㏑

二

st〃

ofF㏑

anceprUmulgatedthreeme山

Udsan●

血

ruleSfUrpurcha茁ngfUre站

noxchangeonMarchl2,1938.m.Cen竹

a1●

ankwas

appo士比

edaStheonlY●

ank tUhandlefUr由與 .xchange由

queStmatters.UnlV

fUr prUpefreasUnscUuldfUre地

nexchangebeapprUved.馳

waSthob吧

㏑ning

ofoontIoⅢing㏑reigne*changefUrCll㏑

a.MeanwhⅢ

e,theaInou!toftheleBaI

tenderwas stHctlvl㏑

itedwhen比

血

gc田

曲

dbVpo。

pl°

gU㏑

gabrUad.,〝

c

Cust°㏑ UⅢcewasUrdercdtU㏑Spectthetmvem●rs taIefullvs°aStheen叩yhad

nowaYtUga㏑

thelegaltcndertU●ffectthe日㏑and缸s北ua1ons。

ftheⅡ

比

bn

(Th●M㏑istrVofrimhce,1952,VII:38一39).Afterthero田latio.fUrtheroqu“t fUrfUi盹hexchamgewaspuu㏑hed,thcr.questfUTf●rd田eXchange㏑temsUf

lInporthadbeentakencar.°f. Inthe6由㏑●Say;theIequestfUifbⅡㄩgn°xchange .。nc●

m斑

一

xpUrt _曲

。uldⅢsUbehandle●sUthatb。

山 oomplementedeachotheI.

Hence,theM㏑

iSt,°

fF㏑

mcedrewupmeasufesaboutth.iequeStfUrfUf山

Bn

exchange㏑

expUft.B邔

me一SUm.regulat㏑

nsfUfthe㏑

Spect㏑● offUreignex--439＿

(21)

.t2┐_.

changefUrexpUrtwerea1●

omadeupbvrelat.d㏑

蕊tit●伍onS.Aftor thefegula山田沁

WerepubI血

edη

dexec﹏●色ano”

ermeasureabUut伍

etvpesUffUrdgnexchange

㏑ exportwasalso pub上shed′andexec●

t.d.Themeasufewasp…

沁ulaflVcon.

cerncdabUutthoat竹actbnoffUIe站nex…angetUbalηce士比emat”nalaccUunts. Later,inUrdert°fu=thercncourageexportb.o㏑essmenandto prot.ctth。p工ofits

ofmanufactureIs;anothef㏑

easurefUIm茁

n﹏

㏑㏑

gˊprUduc●

onandprU㏑

_.t…g

e文

portwaspub上

shod,withthcint.nuon°

flowe㎡ngthecost ofpro●uc●°●and

prUmUt㏒

theexpUrtatbnofnat∥

eprUduc↑on theonc●an●,andregul色

伍

ngthe

u也

°°

fnaIveprUducts tU㏑

苗

nta…thel prUduct㏑

n ontheotherhand.fThe

M㏑

i曲

呼

。

fFjⅢ

m㏄

,1952,VII:4U;一

943;XI:28U>

6.Pub上田

tngAMe小

_●四fUItheImprUvement ofReoonalFinhn.ialInsi山比ti。hS 抽

e而

kt,●

f＿

F如

ncehadaIreadyd.由

_田博d●

Wayto ma㏑

㎞ dkcounts

andiUans infaming:are●

s.Ⅱ

Wad●rUposed出_甲t到_蚵cultu㏕prUd●

ctswere

prUper平_{北㎝呻可平°}rtagage.As to﹉m●

nmgandother㏑

du就_“●

S,d#ectlVUr㏑

＿

d㏑

”

tlyrelatedtUth●Waro●

R昢

tance,no lems ofmortgag.weref.“

山ed四

that prUduct●

h”

U●

ldc…

…●

e.La!年

_{,asthcr.wasagroater●}q●an●fUr‘

曲

all

not..aIn.ngth.coⅡⅡ_{.on peUp1.,theM㏑}_蝴 askedthefUurbanks to tako●a工e

ofthematteL Butbecaus°

ofthe▼ast*虹

HtU,ofthenat㏑

n,therewasIlUade. quateianspUrtat●itU伍cⅢtat●the㏑_ΨFUv叩entUfφ_{甲 ●}fm…c●_?… Urder

tU●ave.api四penetr-e㏑tU伍e㏑landtUdeveIopecUnUmVth.f.;∥wasncce← 田呼t。

fmdanUtherwaVout. CUns°

quenⅡ

9jtheM㏑

ist,ofΓ

㏑

ancddrewup●

η

〡outⅡne fUr tho ⅡnprUvemomt of1o.al′Ⅱnanc北Ⅱ㏑stitutk”1s,on thob已dk°f.the

resulion.ofn心

〢oonal Na伍onal Congrcss oΓ

KMT,abouttheⅢ

_珀

usment°

f

i口

iandflnanceandtheculiva」

on ofagΠcuIturo,indust,,andso°nt°pfUmot●

pr。d●

ctbn(TheM㏑

_曲

。

fF㏑

ance,1943,Xl3U8＿

3U9》η㏑﹉ai」㏑°wasIater

put int。●ffe●

t.thefmandal instimt㏑

ns of●

achr昍

。

ncUuldc拯

血 one.doⅡar

notesandsubs二d山叮yc樹㏑

sbyu“

ngonly2U%。

ftheIeBaltenderandth.rest touId

●

e由

the工prUduct∥.operat°nalc.ΠⅢcates,assetbond$Ur stUrage.rec-pts。f

p不喵

uct.sUthatfuhdsco.ldnUw㏑

tUrem。

tefam㏒

areas(Ktng,1939b,p●

.

26U-261>FurthemUre,㏑

ordertUprUmUtethep°

_︴cy,㏑Juncl93●

_,amee山

_碎

washeldfUfthechaimenoftheBanka●

U山

nofv田

°us place●andt… epre-㎡dents°ftheprovmcLⅡbranchesofth°fUurgUv●rIlm.ntbankStod曲cuss thein,

(22)

. 22 .

pIUvement ofr.」o9alflnandal㏑stitutbns.Dur㏑gthemeeting,K.Ⅲlggav●

some

advi●

eabouthowto proceedandthen inv●

st逛_{﹏tetheregula●}

onSInade.pabout

thereceⅣingan●th。usingUfUne.dUllarn°

tesandotherSub缸

d㏑ryc°㏑

sfiUm

thefUurbanksandanoutIineabouttheprocess ofoec●

ivingand.smgbanknot.s

andothernecessa〃

fUnnsθ

㏑

eM㏑

istrVδ

fF㏑

工nce,1943,XI:3U9-31U9

7.Comp1●ti班_玉th●FinahcialNetwork i…theS°

uthwestandtheNoIthwest

Most ofthenation’

sbankswerelUcated二

ntheareaSwheIetranspo=ta“

on

wasconve血ent.㏑theinland,therewerenotSu㎡㏑ientbanks.InUIder todevelop

inlandeconomy,thoM㏑

istfVofFinancehadseveial血

e6dis●ussedthematter

andⅡnamVdecmedthat tl1●fUurgUvemnentbanksShUuld二nStalbIanchesUr

o“㏑

es. ThefUurbanksfUⅢ

owedthebrderandgraduallyhadth.Ibranch.sUr

UfΠces insta1led. Du」㏑

gtheWarofRes你

tance,Szechwah,Υ

unna,Hunan,Kwe｝

cho由

_,Kwang㎡

_,Shen㎡

,andK色

nSuhadalreadybecomethebast㏑

nfUr工iaIonal

reV。V田γ. NaturaⅢy,thereWas.rgent needfUibuⅡ山hgawel1.relat●dnetwUrk.

In Uctober, a di●cussionwiththe fUu=banks iedto thedeck二bnthatth●fUur

bankswoulddrawupanout上

nefUracompletene坤

°rk. Thcoutl㏑estipulated

thatthefUurbankswouldtaketumSto install branch°

“㏑os㏑ th●sUuthW●st

provinceS.M.anwhⅡ

U,th°

M㏑

_●

strvalsoaskedthepIφ

㏑ciaIgφernm.,ts to

increaS° the branches Uf tho proⅥnclⅡ banks, local ba.ksandfamcrs’bankS, su白ges●

ngthatthoreshUuldb●

atleast°

nebank㏑

eachadⅡⅡ舔trat竹

edkⅡ

a

ofeachcUuntysUthatb●

nksw°

uldbccommUn.LatelV,the㏑

urbankS;tUgc由er

WithpfoⅥ

ndal aidi°calbanks,aggress∥ely●

reparedfUracomplcte細

ancial

netWork㏑

thesUuthwestandthenUrth-est㏑

thenearfumie(Thepepament

°

eneraloftheFourhrgeG°

vernm●ntBanksLeagu●,p.353).

Ⅳ

.CUnclu山

n

﹉

NapUloonSamthatfUrbatⅢ

ng,th●rir就

th㏒

iSm。

nev,thesecondt㎞

㎎

k

money〕

and山

山d┤㏑ngstⅢ

k moneV. AstheGUvemUroftheCeniaIBankdf

U﹂

naandtheM㏑

ister°

fF㏑

ance,H:H.k’

ungpΓe“

dedUvertheRUpubl㏑

an

Chineseihanc.血

dmohetaiyaffa㏑

atthc山m●

whenthenationwas prepanng

(23)

435-. 23 435-.

弘

randcaw工

ngUut﹉

theWar°

rResktanc●aga㏑

st theJapanese.Ho●

am伍

_●

greatestatt°ntbn to the:土nprovemontU●rlnanc㏑

landmonetaJva出

_缸r.,andⅢs

acⅢev.mentswerealSUthegreatest.ShUrtIybefUro︳

heWaf,hemadepossiblethe

uniFlc曲

onUfH∥

el§細

dafdcuIcncy,andthQ…

p!eIn…tat㏑

nUftheLeg㏕

TemderPU!it〦

_th●

ⅡndeΠak山_籃

_nQt㎝

_蛙 _un」_{叭中}

en”

_°n、

cu.encYbut

alsoaccelemtedⅡ∫1nqdH市匕日ti°

n:Γ

urthermore,theyhelpodto pΓevent the§Ⅱver

from outΠo﹁7ng m groat aInount toaVoid any econoΠ_{tc depress㏑}

_nandlesseh

thof㏑ancial山f山地

l#andlav山

e-olidfUundat●

nfUrtheR●

§

6tanceWar㏄

h°,

1986,pp.4UU一61l):

Du由吧th°War,in:UrdertUsu●p°rt thoam㏑_{sin thefrUntandto●}_onstiuct

the rear, K、

ngworked°

utp1.ns、to stabl2eΠnancialUrgani2a“ons,tocontrol fUrdgneX●_●angeandtU-a竹aCttap北alfrUmUvorseas(1山leS●. Thesuc●ess of

K、ng’

s㏑

。neta工

ypoⅡ

cywa忘esp●daⅢywell rocogn北

edb9pe°

pleathUmeand

●

bfUad.InthoT㏑

k!Nat㏑

nalF㏑

ancialCUnfcrence,Chiang㎞

eks矼d;‘◥o﹉

have6teppedintUth●fUurth,ei

Uf山

eWarUfRe血

tan。●_,but由

e.dohUthave

anyΠ

m班

_{仰平}

。…es㏑

temally.Untheoon竹

arV,wearebecUming就

●色

aerⅢ

d s竹

。ngerevaγ

day. You,aswellasI,understandthatthereasUnwhywecah

SuS伍inΠianc斑lv怕伍疵 wehav吝had＿asucc惢sfulLegalTenderPUlicy.”

(a山

ng K田〝

hek,1941,p.lU)

Inl943,the.M㏑

isterofMⅡita呼

A舢

_,Ho.Y㏑g.c班

n(何

_{應欽】㏑}h°i°

rof

Kung、

tenthah血versηycelebratbn,also po㏑ted﹉ou﹏“

Whenth。

ψarbegan,

山eenemycalc●latedthataccord㏑gto our.conUI=llcandmilita呼_S竹_engthatthe

ime,wewou●

。

nlyboabletohUldupayeaIandahalfattho most.Theydm

notfUrescethatlateron ourfmancowould,beun°xpectedlystrong.Th●_M山_曲_t即

ofF㏑

ance,underM㏑

蚊erKtng’s plann㏑

g,wasablo tUsupplythenceddof伍

_e

lUngWarofRe」

㏑

ance”

i伍nofearofshortage,therebyst●bⅡi由_㎎

ourhⅢ

tafv

d比uat㏑n.一(Ku°

_{,198U,p.-78) : .}

‵Besmes,fUrelgnersweresⅢ

pIscdthat孓

仙㎎

cUuIdhavemanag汩

suchan

oxtraU㏕

_.刑

yheavyan●cUmp上c出

.dtaskdu山

_㎎ tho一ar.﹉

FoieX曲

ple,Manuel: fU文

_,η

Am●㎡●anC●mmiss㏑

nerof山

eS㏑

_中

Am田

也an.B㎡t“hE●Ⅲ山2at㏑

hFund,

S茁

dthatK㏑

ng、

useofNat㏑

nalTre●su呼moneyto su●

ply4mⅡ

l㏑n°1㏑ersand

mon啪

thfUod andolU“

位

ng, andatthesamdt土

neto supp●rt theest五b㏑血︸

ment oftherearbaS°

_{,was tmlyanunusuaIlvcUmplext.sk Fu…}

_heowi#th.

＿

(24)

. 24 .

師

ernmcntDudget㏑

creas㏑

gyearbyy●

ar,北WaSnatura1ly▼aγ difrlcult”

m缸nta㏑the●eUple’sc。nidenco二nthp logaltender. Evenunder伍甲ecUnd北ionS,

hoWeVer,㎝

na。

。n伍

nuedpaV㏑

gmsfUie屯

ndebtsaS usual dⅢ

…

g th. war.

(Ch…

gYl1ng-啊

,1’85;p.21)

Althou虫thes.arenot st●tiSticΠ_即reS,tieyarethe中

。rd●dfauthUr北二eSand

thencethey由rc”id●nce●nou虫tUascerta㏑K’ung°sc°niibut㏑nβ.

Twof㏑

al(p°㏑

ts needtobe平

e一t㏑

ned.Π

曲

t,themoneta呼

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