Canton/Guangzhou - 廣州
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New Created May 06 2019
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Canton, (Guangzhou) and Kwangtung (Guangdong) as a whole is an important region for the issuance of paper money, partly due to it's significance in the political upheavals of early 20th century China. It saw the beginning and the end of the Kuomintang (KMT) in mainland China. It was one of the last regions to issue its own money following the monetary reforms of 1942, and prior to the collapse and retreat of the KMT government in 1949.
As stated on the previous page, Canton during the early 1920s became the base and 'launch site' of Sun Yat-sen and the newly reformed KMT's campaign to retake China from warlord domination.
The situation under the failing warlord dominated Beiyang Government at Peking (Beijing):
"With political disintegration, Warlords of different persuasions or fractions brought different degrees of terror and exploitation, through fiscal extraction, the printing of worthless currencies, the kidnapping of rich merchants or prey on the hapless peasantry. According to one estimate, there were some 140 wars fought among a total of more than 1,300 rival militarists between 1911 and 1928."
('The Rise of a Financial Revolution in Republican China in 1900-1937: an Institutional Narrative.' LSE. Debin Mar. p5)
As stated on the previous page, Canton during the early 1920s became the base and 'launch site' of Sun Yat-sen and the newly reformed KMT's campaign to retake China from warlord domination.
The situation under the failing warlord dominated Beiyang Government at Peking (Beijing):
"With political disintegration, Warlords of different persuasions or fractions brought different degrees of terror and exploitation, through fiscal extraction, the printing of worthless currencies, the kidnapping of rich merchants or prey on the hapless peasantry. According to one estimate, there were some 140 wars fought among a total of more than 1,300 rival militarists between 1911 and 1928."
('The Rise of a Financial Revolution in Republican China in 1900-1937: an Institutional Narrative.' LSE. Debin Mar. p5)
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Written during the period in which the Nationalist revolutionary leader Sun Yat-sen would oversee the Kwangtung Bank re-established as the Central Bank of China, he stated in his book "The Three Principles of the People" (1924) that "Today the Chinese people do not trust Chinese banks, but have confidence in foreign banks. For instance, the foreign banks in the city of Canton command the confidence of the Chinese people, and the Chinese banks do not. Some years ago the notes of the Kwangtung Provincial Bank could be circulated here, and now no one accepts such notes" Right: 1923, Sun Yat-sen and Soong Ching Ling posing for a picture in Canton (Guangzhou). |
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Hu Hanmin became Governor of Kwangtung (Guangdong) in 1911 and chief secretary of the Provisional government. He briefly lost the post during 1912 to his vice governor Chen Jionming. However he returned only to then participate in a failed attempt (with Sun Yatsen) to overthrow President Yuan Shikai in the Second Revolution of 1913. He and Sun fled, returning in 1917 for the first of three attempts to establish and control a military government based at Canton. The third attempt succeeded. From 1923 to 1926 Sun and the Kuomintang used the city as a base to persue a renewed revolution in China by conquering the warlord controlled government in the north. The KMT finally succeeded in 1927, though Sun Yatsen due to illness never lived to see it.
Above: the Zhenhai Tower or Five-Storied Pagoda, Canton (Guangzhou). Built in 1380 and rebuilt or restored several times since. It is featured on the 1913 and 1918 5$ of the Kwangtung Provincial Bank.
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Above: the Kwangtung (Guangdong) Consultative Council building (now The Guangdong Revolutionary History Museum). This is the building featured on the 1913 and 1918 $10 of the Kwangtung Provincial Bank.
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The Money
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The Bank of China 中國銀行
The Bank of China was founded at Shanghai in 1912, out of the re-organised Ta-Ching Government Bank. Following the movement of the capital to Nanking, the bank was reorganised and it's headquarters were relocated to the emerging financial 'capital' at Shanghai. For such a significant bank however, the Canton/Kwangtung region issues are very few, with none issued for the Canton branch dated after 1913. This was due to both regional and national turmoil; the Bank operated as the Central Bank of the Republic, which within a short space of time had degenerated into the warlord controlled Beiyang Government at Peking (Beijing). In April 1916, Warlord General Long Jiguang turned against the Beiyang government, declaring Kwangtung province to be independent. Numerous battles occured in Canton and across the province. Half a million people within the city were said to be unemployed by August, adding to the growing unrest. "Anarchy prevails in the Delta. Roving bands of robbers, pirates and even soldiers perpetrate armed robberies. The piracy of junks is a daily occurance and travellers on the main roads are stripped of all their belongings" (The North China Herald, August 26 1916, p392) Long forced the Canton branch of the Bank of China to sever all ties with the Peking head office, and to issue 3 million yuan of unbacked currency - possibly including the red overprinted 1913 Kwangtung Provincial Bank issues (shown below). Peace talks between local military leaders and officials later that year ended badly in no less than a gunfight, with several killed including the Deputy Manager of the Canton branch of the bank. The city and province descended further into chaos, with thousands fleeing to nearby Hong Kong. |
Above: Generals and brothers Long Jinguang and Long Jiguang
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Not long after, the entire reserves of the Bank were looted by the then outgoing Long Jiguang, who retreated with the funds to Hainan Island. (Chinese Business Groups in Hong Kong and Political Change in South China 1900-1925. S. Chung. Springer, 27 Apr 1998)
Further it seems that from around 1918 (until?), there was for some time no functioning branch of the bank:
"At the age of 23 (Tsuyee Pei) joined the Bank of China's head office in Peking. Two years later he was transferred to Canton, where he soon clashed with the local military authorities - who were loyal to Sun Yat-sen - because he refused their demands for funds. He fled to Hong Kong, taking the Canton branch of the Bank of China with him." New York Times December 29, 1982, Page 00004
Further it seems that from around 1918 (until?), there was for some time no functioning branch of the bank:
"At the age of 23 (Tsuyee Pei) joined the Bank of China's head office in Peking. Two years later he was transferred to Canton, where he soon clashed with the local military authorities - who were loyal to Sun Yat-sen - because he refused their demands for funds. He fled to Hong Kong, taking the Canton branch of the Bank of China with him." New York Times December 29, 1982, Page 00004
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Right: Bank of China, Canton branch, series of 1912 10 dollars. (SCWPM 27b). Exact date of issue uncertain. The Chinese place name in red is for Kwangtung Province whereas the English placename is 'Canton'. Printed by the American Banknote Company. The portrait is of Huang-ti (Huangdi), the 'Yellow Emperor'. Tradition holds that Huang-ti reigned from 2697 to 2597 BCE; he is credited with numerous inventions and innovations, and is regarded as the initiator of Chinese civilization. He is said to be the ancestor of all Huaxia (Han) Chinese. More information on this portrait can be found here. The pavilion is yet to be identified. The back depicts the Deshengmen (gate) and moat of the walls of Peking (Beijing). |
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Right: Bank of China Canton branch c1916 provisional issue $10, using series of 1913 notes of The Provincial Bank of Kwangtung Province. (SCWPM: 29A). The lower rear margin states the notes to be "payable in subsiduary (silver) coins at par i.e ten 10-cent coins to the dollar". Printed by the American Banknote Company. The building depicted is the Kwangtung (Guangdong) Consultative Council building (now The Guangdong Revolutionary History Museum). The signatures are of Fan Lei 范磊签名 and Li Shiwei 李世伟 A chinese source states these notes with the Fan Lei and Li Shiwei signatures to have been issued during April-December 1915. Below: (left and right), Bank of China Canton branch c1915-16 issues on 1913 Kwangtung notes. The lower right issue (SCWPM 29) is a pair with the $10 (SCWPM 29A) shown right. The lower left however is more of a mystery at present (unlisted). It may be one of the Kwangtung notes said to have been issued under the duress of General Long Jiguang? |
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Above: The West Bund, Canton, 1930.
Right: The East Bund, 1920. |
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Kwangtung Republican Military Government
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Right: Kwangtung Republican Military Government. 1 Dollar, 1912. (SCWPM S3837). The portrait is of the then Governor Chen Jionming. This provincial military government body was set up during the revolutionary period in 1911, to secure the region for the emerging Republic of China. Hu Hanmin was the first Republican Military Governor of Kwangtung, and Chen Jionming the Vice Governor (below). By 1912 however, Chen had become governor following Hu's perceived desertion; he had departed to Shanghai with the revolutionary leader Sun Yatsen.
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Kwangtung Provincial Bank (The Provincial Bank of Kwangtung Province)
廣東省銀行
廣東省銀行
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The Kwangtung Provincial Bank was established in 1905, and developed into being the largest of China's provincial banks.
By May of 1922 the banks currency was severely depreciated, with the notes only worth 50% of their face value in Kwangtung silver and as little as 35% in Hong Kong dollars. (New York Times May 31 1922) On August 15, 1924, Sun Yat-sen reorganised the Kwangtung Provincial Bank as the quasi-national Central Bank of China. It continued to issue banknotes to consolidate finance and support the advancement of the military and political agenda of the revolutionary government in Canton (Guangdong), namely the Northern Expedition against the Peking Beiyang Government and warlords. After its establishment, the Central Bank set up more than 20 branch offices and financed the later construction of the Huangpu Harbour, and such as the paper mill and the tannery. After the 1927 establishment of the National Government in Nanking (Nanjing), the bank was renamed as the Central Bank of Kwangtung, in March 1929. This was to prevent confusion with the new national Central Bank of China established in 1928. The name again changed in January 1932, though this time returning to being the Kwangtung Provincial Bank. Shen Zaihe 沈載和 was appointed as the first Governor. All series of 1931 banknotes should have ceased issuance and circulation in 1935 due to the introduction of the 'Fabi' laws restricting currency issuance. However the warlord governor of Kwangtung, Chen Jitang, resisted, issuing the currency as 'Kwangtung' legal tender. |
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Above right: The headquarters building of the Kwangtung Provincial bank, built in 1924, in the upper c1930s photo, and below it; the building today with an added porch and trees. It is now - or at least until recently - an office of the Peoples Bank of China.
The leadership of the bank resigned in 1936 (assumedly by force, as a result of the fall of the Chen Jitang), to be replaced by Ku I-ch'un, (Gu Yiqun 顧翊羣) the liaison officer to the National Economic Council with the League of Nations, who became manager, with TV Soong becoming a director. Currency issue continued with the permission of the Central government. By the middle of August 1936 the Kwangtung Provincial Bank had 241 million local yuan notes in circulation. In 1937 the Shanghai/National currency was traded at $1 to approximately $1.50 of Kwangtung money. However in 'Banking and Finance in China (1942)', it is stated that "the management of the Kwangtung Provincial Bank, appointed by the National Government in 1936, was able to create confidence in the institution, accumulate foreign exchange assets and show substantial profits from business operations Consequently, the national currency met with considerable resistance in Kwangtung, and for some time (in 1937-38) the provincial currency was traded at a premium over the national yuan". Subsequently an official rate was fixed at $1.44 by the Finance Minister T.V. Soong. Plans were then put in place for the currency to be withdrawn and replaced by National currency, and for the bank headquarters to become the Canton branch of the Central Bank of China. However the outbreak of war disrupted these plans. The Bank's headquarters were moved out of the Japanese occupied territories in 1938.
(China's nation- building effort, 1927-1937, Arthur Nichols Young, Hoover Press, 1971 - p256), (Banking and Finance in China, Frank M Tamagna, Institute of Pacific Relations publication, New York, 1942)
The Kwangtung Bank was taken over by the Japanese from 1940-45, with "reorganisation" occuring in November 1940. There is some question as to whether the scarce 1940 series of notes were issued early during the Japanese occupation or shortly before.
The Bank was re-established after 1945. Mainland operations were suspended in 1950-51 due to reforms following the establishment of the Peoples Republic of China in 1949. The remainder of the bank continued in operation until 2001 when it was taken over by the Bank of China (Hong Kong).
The leadership of the bank resigned in 1936 (assumedly by force, as a result of the fall of the Chen Jitang), to be replaced by Ku I-ch'un, (Gu Yiqun 顧翊羣) the liaison officer to the National Economic Council with the League of Nations, who became manager, with TV Soong becoming a director. Currency issue continued with the permission of the Central government. By the middle of August 1936 the Kwangtung Provincial Bank had 241 million local yuan notes in circulation. In 1937 the Shanghai/National currency was traded at $1 to approximately $1.50 of Kwangtung money. However in 'Banking and Finance in China (1942)', it is stated that "the management of the Kwangtung Provincial Bank, appointed by the National Government in 1936, was able to create confidence in the institution, accumulate foreign exchange assets and show substantial profits from business operations Consequently, the national currency met with considerable resistance in Kwangtung, and for some time (in 1937-38) the provincial currency was traded at a premium over the national yuan". Subsequently an official rate was fixed at $1.44 by the Finance Minister T.V. Soong. Plans were then put in place for the currency to be withdrawn and replaced by National currency, and for the bank headquarters to become the Canton branch of the Central Bank of China. However the outbreak of war disrupted these plans. The Bank's headquarters were moved out of the Japanese occupied territories in 1938.
(China's nation- building effort, 1927-1937, Arthur Nichols Young, Hoover Press, 1971 - p256), (Banking and Finance in China, Frank M Tamagna, Institute of Pacific Relations publication, New York, 1942)
The Kwangtung Bank was taken over by the Japanese from 1940-45, with "reorganisation" occuring in November 1940. There is some question as to whether the scarce 1940 series of notes were issued early during the Japanese occupation or shortly before.
The Bank was re-established after 1945. Mainland operations were suspended in 1950-51 due to reforms following the establishment of the Peoples Republic of China in 1949. The remainder of the bank continued in operation until 2001 when it was taken over by the Bank of China (Hong Kong).
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Right: The Provincial Bank of Kwangtung Province, 100$ of 1918 (SCWPM S2405d). This is the variety with the hand written right signature. Printed by the American Banknote Company. The college buildings depicted were incorporated into what is now known as the National Sun Yat-sen University in Canton (Guangzhou), in 1924. The right hand structure has since been rebuilt. |
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Right: The Kwangtung Provincial Bank, 100$ (local currency) of 1931. (SCWPM 2424). Printed by the American Banknote Company. Unlike the 1, 5 and 10$ of this series, this denomination is known with only the one signtaure type shown. The structure on the reverse is the headquarters of the bank in Canton (Guangzhou). |
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Right: The Kwangtung Provincial Bank 50 cents, 1934 (SCWPM S2432). Unlisted version with Pak Hoi (Beihai) placename in red. This may be a remainder as it lacks signatures. The structure depicted is the Haizhu Bridge in Canton (Guangzhou), completed in 1933. Damaged twice, in 1938 and 1949 and heavily rebuilt, the trusses of the central span are gone. |
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Right: The Kwangtung Provincial Bank 100 Yuan, 1949 (SCWPM S2459). Printed by the Chung Hwa Book Co. Ltd. Portrait of Sun Yats-sen on the front. The back depicts the Sun Yat-Sen Memorial Hall in Canton (Guangzhou), with the hilltop sited Sun Yatsen Monument in Yuexiu Park, just visible beyond. The last ever currency of the bank, withdrawn after four months of issue. Much of it never entered circulation (see below) |
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Right: In 2008, a (ROC) government owned warehouse in Kaohsiung city, Taiwan, was demolished. The building had contained over 700 crates of unissued 1949 banknotes and the confidential files of the bank, initially retained in the event that the KMT government retook control of the mainland. Some banknotes were rescued (and are no doubt among those that have appeared on auction sites). Most were destroyed. |
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The National Bank of China 中华国民银行
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The National Bank of China was established by the Kuomintang in Canton during 1921. A short lived institution which it is claimed was merged by 1924 with the Central Bank of China (Kwangtung, see below). However, as this was Sun Yatsen's second and also failed attempt to take control in Canton, it is likely the bank was forcibly closed following this temporary defeat (he finally succeeded in 1923).
Very little information is available and these notes are now very rare. It is known that it's establishment was proposed in 1921, that it was in based in Canton and had several branch offices including one at Kweilin (Guilin). Cheap modern fantasies and fakes exist. Right: National Bank of China 1$ of 1921 (SCWPM 514, S/M C261-10). All issues of the bank carry the same design of Sun Yatsen as President, flanked by coconut palm trees, with a vignette of three men plus an ox with farmer. The seated figure appears to be a builder/mason. A hammer leans against him and masonic tools lie next to him. Possibly even as a reference to (Chinese) freemasonry with which Sun Yatsen was connected? |
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The Central Bank of China (+ Kwangtung) 中央銀行 - 廣東
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In August 1924 the Kwangtung Provincial Bank was re-organised as the quasi-national Central Bank of China by Sun Yat-sen. Notes with the two-character Kwangtung overprint however are of the later (c1928-1931) phase of the bank following it's return to being essentially a provincial issuer. The most commonly encountered examples are the 1923 $10 of this series (the far less common $1 shown right). Right: Central Bank of China Kwangtung 1$ of 1923, issued 1929-1931 (SCWPM 172c, Smith & Matravers C305-0). The pair of small Chinese characters above the portrait are "Kwangtung" and were added to avoid confusion with issues of the new national Central Bank of China established 1927-1928 at Nanking/Shanghai. The portrait of Sun was engraved by Robert Savage, and later appears on both 1931 Kwangtung Provincial issues and the various 1928 and onwards series of the (National) Central Bank of China printed by the American Banknote Co. |
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Right: The Central Bank of China (I) 20 cents, undated, c1924-1928 (SCWPM 194a, S/M C305-33). The vignette depicts the Pazhou (Whampoa) pagoda in Canton, and is based on a photograph of c.1890 (photographer apparently "A Chan Studio" 雅真照相馆 of Hong Kong). The left signature is of the politician and businessman T.V. Soong, Minister of of Finance, General Manager of this bank and later of the (National) Central Bank. Identical notes with different signatures are of the (National) Central Bank of China. |
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Above: the Canton Bund with the Haizhu Bridge, c1930s.
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Above: The Sun Yat-sen Memorial Hall in Canton.
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The Canton (Guangzhou) Municipal Bank - 廣州市立銀行
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On October 1st 1927 the Canton Municipal Bank was formally established. Rao Shiyi was the first director and the vice director was Huang Dianyuan. The bank maintained the finances of the Municipality of Canton, and had seven branches plus several exchange offices within the city. The first currency of the bank began in 1928, and were partly introduced due to the poor standard of coinage, and because of the over-issue of the notes of the Kwangtung Central Bank which had as a result lost their credibility and value. This series were only issued until 1929, as the Kwangtung notes had stabilised and the Municipal banks issues were no longer deemed necessary. A new series of notes was introduced from 1933-34. Though technically banned by the Central Government following the passing of the Fabi currency reforms of 1935, the warlord Cheng Jitang refused to comply and the notes were declared as Fabi. In July 1936 however Cheng was deposed, and the government took control of the bank. The notes were withdrawn by the Central Bank of China. The bank was re-organised in 1936 with Tseng Liang-fu, member of the Kuomintang Central Executive Committee, becoming chairman of the board, and T.L Soong, a director. After this date the bank no longer issued currency. Dormant through the war years; 1938-45, the bank continued briefly from 1945 to 1950 when it was absorbed into the Peoples Bank of China. Upper right: The Canton Municipal Bank 50 yuan of 1933 (SCWPM S2281), which circulated only briefly. The main vignette is the Canton Municipal Government Building during the period of Chen Jizhen's administration. It still stands in Fuqian Road, Canton (Guangzhou). The building was designed by Lin Keming (1901-1999), a famous architect of Guangzhou. Construction work began in July 1931 and was completed in October 1934. It is still the seat of the Guangzhou Municipal People's Government today. |
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The Pearl River, Canton c1930s.
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The English Bridge and Shameen Creek, Canton, c1920s
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The Central Bank of China - 中央銀行
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The only Central Bank of China paper money to specify Canton as the place of issue are of the Third (Silver) Yuan introduced in July 1949 by the failing Republican Government. This only circulated briefly, in the areas of Canton (Guangzhou) and Chungking (Chongqing), as mainland China fell to the Communists within months. The Silver Yuan however remained the de jure currency of the Republic of China (Taiwan) until 2000.
These notes resume the use of 'universal' portraiture of Sun Yatsen, possibly due to the increasing unpopularity and failure of Chiang Kai Shek and his government, who fled to Taiwan within months. They also depict the reverse of the old Junk-boat silver dollar coins on the back. The 'Canton' and 'Chungking' issues reflect the brief status as KMT national capitals that both cities held during the defeat of the Nationalists by the Communists during 1949. One silver yuan was initially valued at 500 million of the previous gold yuan. |
Above: The Central Bank of China, Canton Branch 5$ of 1949, printed by the Chung Hwa Book Company (SCWPM 444, Smith & Matravers C304-24)
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