arted in the
first instance by a deposit of so much per member, which sum, in the
absence of a volunteer, is handed over to a manager, elected by a
throw of dice, whose business it is to lay out the money during the
ensuing month to the best possible advantage. Frequently one of the
members, being himself in want of funds, will undertake the job; and
he, in common with all managers, is held responsible for the safety of
the loan. At the end of the month there is a meeting at which the past
manager is bound to produce the entire sum entrusted to his charge,
together with any profits that may have accrued meanwhile. Another
member volunteers, or is elected manager, and so the thing goes on, a
running fund from which any member may borrow, paying interest at a
very low rate indeed. Dividends are never declared, and consequently
some of these clubs are enormously rich; but any member is at liberty
to withdraw whenever he likes, and he takes with him his share of all
moneys in the hands of the Society at the moment of his retirement. To
outsiders, the market rate of interest is charged, or perhaps a trifle
less, but loans are only made upon the very best securities.

GUILDS

In every large Chinese city are to be found several spacious buildings
which are generally reckoned among the sights of the place, and are
known by foreigners under the name of guilds. Globe-trotters visit
them, and admire the maximum of gold-leaf crowded into the minimum of
space, their huge idols, and curious carving; of course passing over
those relics which the natives themselves prize most highly, namely,
sketches and scrolls painted or written by the hand of some departed
celebrity. Foreign merchants regard them with a certain amount of awe,
for they are often made to feel keenly enough the influence which
these institutions exert over every branch of trade. They come into
being in the following manner. If traders from any given province
muster in sufficient numbers at any of the great centres of commerce,
they club together and form a guild. A general subscription is first
levied, land is bought, and the necessary building is erected.
Regulations are then drawn up, and the tariff on goods is fixed, from
which the institution is to derive its future revenue. For all the
staples of trade there are usually separate guilds, mixed
establishments being comparatively rare. It is the business of the
members as a body to see that each individual co