Abstract
The formation of the Farmers Bank of China in 1935 was a pivotal point in the process of agricultural reconstruction during the Republican era. An offshoot of the blueprint for agriculture, as previously discussed, the Farmers Bank evolved more along the lines of a commercial bank than a cooperative lending institution as envisioned in the blueprint. But it was a start at financial sector development for agriculture and an integral component of rural reconstruction nonetheless. In this chapter we show how the Farmers Bank of China represented part of a broad historical process which represented the efforts of the state to deepen and strengthen its command over rural society which distinguished the first half of the twentieth century from earlier times.
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Notes
- 1.
Yieh Tsung-kao (1941). Rural reconstruction in free China, The Central Bank of China Bulletin, V.7 No.3, p. 361.
- 2.
After the outbreak of the Xinhai Revolution on 10 October 1911, revolutionary leader Sun Yat-sen was elected Provisional President and founded the Provisional Government of the Republic of China in Nanjing. To preserve national unity, Sun ceded the presidency to military strongman Yuan Shikai , who established the Beiyang government in Peking. After a failed attempt to install himself as Emperor of China, Yuan died in 1916, leaving a power vacuum which resulted in China being divided into several warlord fiefdoms and rival governments. They were nominally reunified in 1928 by the Nanjing-based government led by Generalissimo Chiang Kai-shek , which after the Northern Expedition , governed the country as a one-party state under the Kuomintang , and was subsequently given international recognition as the legitimate representative of China.
- 3.
P.T. Chen. (1941). China’s strong economic position, The Central Bank of China Bulletin, V7. No.3, p. 311.
- 4.
P.T. Chen. (1941). Op Cit.
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Lin Yi-chin (1941),Chinese commercial banks in war time, The Central Bank of China Bulletin, V7. No.3, p. 346.
- 6.
Hsu Kan, The Organization and Work of the Joint Administration of Chinese Government Banks, Economic Journal, Vol. 1, No 5–6, pp. 4–5.
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Love, H. H., and J.H. Reisner , (1963). The Cornell-Nanjing Story . the first international technical cooperation program in agriculture by Cornell University . Ithaca, N. Y., Dept. of Plant Breeding, New York State College of Agriculture, Cornell University.
- 8.
Participating in the commission were Claude b. Hutchison, Raymond T Moyer, J Lossing Buck , Robert H. Burns, Harley L. Crane, Charles Joseph Huber, H.C.M.Case, Charle E. Seita, B.L.Hummel, Robert A. Nesbit, Lucille Arras from USA and Zou Bingwen, Shen Zonghan, Ma Baozhi, Zhan Naifeng, Jia Weiliang, Ge Jingzhong, Luo Wansen, Shou Jingwei, Xu Kangzu, Wang Yikang, Wu Liuqing, Yang Maochun, Ye Qianji from China etc.
- 9.
Agricultural Finance Design Commission of Farmers’ Bank of China , Issues on networks of agricultural finance, Farmers’ Bank of China Monthly, Vol. 8(3), March 1947.
- 10.
Bruce L. Ahrendsen, Charles B. Dodson, Bruce L. Dixon, Steven R. Koenig, (2005). “Research on USDA farm credit programs: past, present, and future”, Agricultural Finance Review, Vol. 65 Issue: 2, pp. 165–181.
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- 11.
Fu, Hong. (2009). Op Cit.
- 12.
Ten households make up a Jia; ten Jias make up a Bao. The basic work of Bao Jia was to implement “management, education, maintenance, and safeguard”. “Management” included checking Hukou, checking guns, and carrying out joint guarantee, etc.; “Education” included handling schools, training of able-bodies man, etc.; “Maintenance” included the creation of a so-called cooperative, measuring land etc.; “Safeguard” included the establishment of civil corps, patrol, vigilance and so on.
- 13.
Lewis S. C. Smythe , Cooperatives and Christian Missions, The Chinese Recorder, August 1940.
- 14.
Nym Wales. (1941). China builds for democracy: a story of cooperative industry, New York: Modern Age Book Inc.
- 15.
Agricultural Finance Design Committee of Farmers’ Bank of China , Cooperation and communication among agricultural finance institutions, Farmers’ Bank of China Monthly, Vol. 9(8), August 1947.
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Fu, H., Turvey, C.G. (2018). The Farmers Bank of China. In: The Evolution of Agricultural Credit during China’s Republican Era, 1912–1949. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-76801-4_12
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DOI: https://doi.org/10.1007/978-3-319-76801-4_12
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