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Vol 21 No 11 Nov/Dec 2016

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The Chinese Cornerstone of Modern Banking: The Canton Guaranty System and the Origins of Bank Deposit Insurance 1780-1933


ISBN13: 9789004276550
Published: October 2014
Publisher: Brill Nijhoff
Country of Publication: The Netherlands
Format: Hardback
Price: £118.00



Despatched in 11 to 13 days.

Modern bank insurance is traced to its roots in The Chinese Cornerstone of Modern Banking: The Canton Guaranty System and the Origins of Bank Deposit Insurance 1780-1933. Frederic Delano Grant, Jr. provides new understandings of the Canton System, collective responsibility for debt at Canton, and the history of deposit insurance.

The Canton Guaranty System inspired radical reform in New York in 1829 – the ancestor of all modern deposit insurance. Yet it was never the success imagined, and soon failed. In the Opium War, the Chinese government as implicit guarantor was forced to pay its debts in full on 23 July 1843. The afflictions of the Chinese system, including moral hazard, too big to fail, and unenforced laws, remain familiar today.

Subjects:
Legal History, Other Jurisdictions , China
Contents:
LIST OF ILLUSTRATIONS
LIST OF TABLES
ACKNOWLEDGEMENTS
NOTE ON SPELLING
GLOSSARY

Chapter 1 INTRODUCTION
1A. Subject and Framework
1B. Previous Research
1C. The 1829 Crisis in the State of New York
1D. The Crisis in the Chinese Port of Canton: 1829
1E. The 1829 Crises as Prologue

Chapter 2: SOURCES OF THE CANTON GUARANTY SYSTEM
2A. Conquest and Pacification
2B. The Organization of Merchants Engaged in Maritime Trade
2C. Official Roots of Collective Responsibility
2D. Collective Responsibility in Chinese Tradition

Chapter 3: EVOLUTION OF THE CANTON GUARANTY SYSTEM
3A. Official Management of Maritime Foreign Trade
3B. The Security Merchant System and Origins of Collective Responsibility
3C. The Formal Regulation of Maritime Foreign Trade
3D. Debt Collection Under the Canton System
3E. The 1780 Crisis and Imposition of the Collective Guaranty

Chapter 4: THE FUND IS DRAINED, 1780-1799
4A. The Hong Merchants, 1780-1799
4B. The Demands of Government, 1780-1799
4C. Trading Conditions, 1780-1799
4D. The Collective Guaranty of Debt, 1780-1799

Chapter 5: THREE PLAGUES: WAR, PIRACY AND LITIGATION, 1800-1814
5A. The Hong Merchants, 1800-1814
5B. The Demands of Government, 1800-1814
5C. Trading Conditions, 1800-1814
5D. The Collective Guaranty of Debt, 1800-1814
5D1. The Abortive 1810 Receivership of Gnewqua II and Ponqua
5D2. The 1813 Receivership of the Junior Hong Merchants

Chapter 6: YEARS OF REBOUND AND OPIUM, 1815-1828
6A. The Hong Merchants, 1815-1828
6B. The Demands of Government, 1815-1828
6C. Trading Conditions, 1815-1828
6D. The Experience of Conseequa, 1796-1823
6E. The Collective Guaranty of Debt, 1815-1828

Chapter 7: THE LAST YEARS OF THE CANTON SYSTEM, 1829-1842
7A. The Hong Merchants, 1829-1842
7B. Trading Conditions, 1829-1842
7C. The Collective Guaranty of Debt, 1829-1842

Chapter 8: FROM SAFETY FUND TO BANK DEPOSIT INSURANCE
8A. Joshua Forman
8B. The Power of Suggestion
8C. The Banking Crisis in the State of New York
8D. The 1829 New York Safety Fund Statute
8E. Early State Bank Guaranty Programs
8F. Implementation of National Deposit Insurance in the United States

Chapter 9: EIGHTY YEARS OF BANK DEPOSIT INSURANCE
9A. Federal Deposit Insurance in the United States
9B. The International Progress of Bank Deposit Insurance

Chapter 10: EPILOGUE

APPENDICES
Appendix 1. The Original Five Regulations (1760), Modern Translation
Appendix 2. The Original Five Regulations (1760), Contemporary Translation
Appendix 3. The Eight Regulations (1831)
Appendix 4. The Eight Regulations (1835)
Appendix 5. The Eight Regulations (Per W.C. Hunter)

BIBLIOGRAPHY
INDEX