profits of
these establishments must, therefore, be but slender--proportioned,
however, to the extent of their dealings; and some of the smallest
firms may not make more than half a dollar in the course of a day.'

'The banking establishments in the city and suburbs of Fuhchow,' says
Mr Parkes, 'may be enumerated by hundreds. Most of them are naturally
very insignificant, and the circulation of their notes exceedingly
limited. Many of the outside notes will not pass current inside; and
are only convertible at the place of issue. Such branches as these
must be entirely superfluous, and might seriously inconvenience or
trammel the transactions of the higher ones; but, in order to guard
against encroachment from this direction, and as a self-protective
measure, several of the leading banks of known stability co-operate
with each other to keep up the value of their notes; and thus, by
holding a strong check on the issues of those minor parties,
effectually continue to regulate the whole system. There are thirty of
these establishments inside and outside the city, all reported to be
possessed of capital to the amount of from 500,000 to upwards of
1,000,000 dollars.

'These latter establishments command the utmost confidence, and their
notes pass current everywhere and with everybody. They contribute
mutual support by constantly exchanging and continually cashing each
other's notes, which they severally seem to value as highly as their
own particular issues. This reciprocal and implicit trust must add
greatly to their solidity, and tend to prevent the possibility of
failure. The chief banker gained his high reputation by a voluntary
subscription, about thirty years ago, of no less than 100,000 dollars
to the government toward the repairs of the city walls and other
public works, for which he was rewarded with honorary official
insignia, and the extensive patronage or business of all the
authorities. These large banks are complete rulers of the
money-market; they regulate the rates of exchange, which are
incessantly fluctuating, and are known to alter several times in the
course of the day. The arrival or withdrawal from the place of specie
to the amount of a few thousands, has an immediate effect in either
raising or lowering the exchange. The bankers are kept most accurately
informed on the subject by some twenty men in their general employ,
whose sole business it is to be in constant attendance in the market,
and to acqu