French banking and business

French banking and business in Tianjin from the mid-1930s till the mid-1940s: Times of Hardship

  Hubert Bonin, professor of economic history at the Institut d'Etudes Politiques de Bordeaux and Bordeaux-Montesquieu umr Gretha University [www.hubertbonin.com]

  [Text Presented at the Paris conference in Tianjin, Tianjin, 14-19 September 2009]

  At the Paris-Paris conference in Tianjin in November 2007, We Had Presented a paper first telling the history of the banking business and Activities in the French settlement of Tianjin and in icts Overall area of ​​Economic influence in the north-east area of ​​China from the home if the Twentieth Century to the mid-1930s. Little by little, that 'market place, Which HAD Been Perceived as a far-fetched and second-level business objective, only to prop up relationship with the Emerging Business and Financial Activities of the capital Beijingg, Had Become a Useful bridgehead of French Interests, Along the coasts first and the river, Throughout The second regions by roads and railways Penetrated - for imports of equipment, durable goods, staples and consuming high-end goods, exports of gold for local productions, as Malthus has leverage to French Interests in Global China [1]. And the concessions Itself, With Their internal outlets (the army, the catholic missions, A Few lean layers of European citizens and Employees, then more and more Chinese Civilian and military bigwig, Taking profit from order, law and comfort provided by the city) , Offered Opportunities for the distribution of consumer goods. A little "Bund" somehow HAD taken form, with banks and trade houses gathering Themselves Along A Few streets and quays. Tianjin HAD benefited too from the temporary completion of the Guo Ming Tang's China, When expectations of an era of growth and Even prosperity HAD-been inspired by the Structuring of "modern" Markets, in cities, Within the army, or Through the manufacturing Which the new regime and entrepreneurial middle classes favouring Were.

  Within the Tianjin settlement, Bank of Indochina HAD Asserted Itself as an "institution", Which Explains That ITS archives [2] Much information about supply today The Economic life of the concession and of the Whole city, whilst freshly from the archives Opened Consulate General of France in Tianjin [3] broadened our perception of the evolution of the French community there.

  Aim the apex reach at the turn of the 1930s left room to hard times: civil war, internecine Struggles Between Chiang Kai-shek / Chiang Kai-shek's regime and the warlords fiefdoms, then the interference of Japanese Officials and army, Followed by the general war, Caused crisis and the harsh daily life of perturbed banking and trading houses. THROUGHOUT These Years, Within schemes of a new "Asian order" [4] Where Tianjin Mother Was a pawn, the fate of the French community and Tianjin Even life at stake WAS: its very resiliency constituted a challenge, this paper intende to Which Bonded . We INTEND to Give glances of the businessmen and bankers' life events in Tianjin Regarding Which Threatened Amid the first race of trade and then common people's life and fate Themselves.

  1. A troubled environment for business in Tianjin in 1935-1941

  Whilst the French concession seemed to enjoy peaceful and Some "business as usual" life, the Tianjin area Became more and more confronted to the Pressure of military tensions and Japanese discreet then massive growth. One one side, Tianjin businessmen Had to take Into account the Dismantling of genuine administrative power Between the Nanjing / Nanking / Nanjing regime and the warlords, Whose Tactics Against the Nanking government Rekindled Insecurity and weakened the Chinese Ability to Maintain a sustainable control on the sub -region. Toward a process order prevailed When The Stability of the General Authority supervising the area (in Tianjin Chang Chung Sun and Sung Cheh Yuan, governor of Chahar-Hopeh) Was de facto reinforced in 1935-1937. Had to order all stakeholders more and more respect for the ascent of Japanese Might in north-eastern China.

  A. Tianjin inflow and Japanese (1935-1937)

  The Banque de l'Indochine (BIC) branch Could not escape the fate of northern China sincere first Japanese Troops Invaded it in 1933: the war commenced There [5] Before the general one in 1937. Their forays spurred huge moves of Refugees, disturbed Trade Exchange, and the life of the Tianjin concessions. Japanese soldiers and policemen Held Their de facto rule is SEVERAL Areas, Especially the trade Ways, and THEY ended Imposing Their discreet grip on the economy. THEY helped Japanese company smuggling goods (wool and cotton fabrics, Especially) Into China [6], Malthus robbing off customs revenues from Chinese Authorities and, more importantly for the bank, shrinking the Activities of Chinese or European traders there, and the outlets for credit. Tianjin Became Some Kind of a target Challenged, Which created atmosphere of distrust year [7] THROUGHOUT 1935 and 1936, traders and bankers Even if the momentum-through Maintained Such obstacles: "The year 1936 has-been TOO particularly to the trade on piece goods. "[8] Purpose, Because of the Japanese growth (and subversion), little by little, The Whole Conquered progress for business and banking from the 1910s WAS halted in Favour of the mother initial purpose to serve the French Sole Interests of the French concession . The French consul Noticed That the import trade in Tianjin cannot aim and lose ground in 1935 Reached the level Lowest Since 1917: Insecurity of financial transactions, smuggling, commercial Organized crime in the countryside, political Uncertainties, and decline in Purchasing Power of the people all Contributed to Such A decline [9].

  The armistice Tongku Between Japanese and Chinese Authorities on 31 May 1933 HAD halted the north-eastern war, drank Opened doors to Japanese trading houses and Sigenkou Koupeikou Through the passages of the Great Chinese Wall, Almost to the outskirts of Beijing and Tianjin; Even a FEW Japanese Troops Were Introduced to "keep order". Japanese Business Interest Penetrated the more and more regions, Even If They Kept Their Officially administrative links with the Nanking regime [10]. Japanese goods thanks to smuggling There randomized, short-circuiting Chinese customs. An Actual Took shape strategy to replace European imports by Japanese ones. Such moves led to the process of setting insensitive Japanese customs Barriers still all around the north-eastern Chinese Areas, with a customs office Established in September 1935 in Tianjin for the Whole Hopei-Chahar state and Along the railway tracks. Railways Became year end: A project of Tianjin 450km track to joining WAS Conceived Shijiazhuang, Tianjin to link to this halt of the Beijing-Hankeou/Hankow/Wuhan, Itself linked to the capital of Shansi, Taiyuanfou / Taiyuan.

  Tianjin Became a target for Japanese Interests [11], as Japan Intended to reverse the move Towards Economic Independence Which the Washington treaty in 1922 eased Since it HAD HAD Allowed China to set up tariff barriers to Protect icts budding industries. The north-eastern Chinese market HAD to join Therefor the "Asian area of ​​co-prosperity" led by Japanese. Theys Multiplied bridgeheads in Tianjin, first acquiring the power plant Located in the former German concession and putting a foot at the Electric Power Tientsin. Theys Intended to get access to mining (iron and coal) and to salt (for soda industrie, with Japan Taking Control of the Chinese plant in Tongku) Activities and tobacco. A Subsidiary of the North China Development Company, an affiliate of the South Manchuria Railway-, WAS Settled in Tianjin. Four spinning plants Opened Which Were Purchased Peasants and cotton to local merchants. Aim the influence of European Countries and companies still pervaded in Tianjin for a while.

  Table 1. Exports from Tianjin in 1936 ($ million)
  Total exports
 110
  Exports to Japan
 24
  Among Which cotton
 15
  Exports to Japan Than Other countries
 86
  Exports to UK & Dominions
 19
  Exports to United States
 44
  Exports to Western Europe (Germany, Belgium, The Netherlands, Italy, etc.).
 20
  Exports to France
 3m
  Share of exports of France to Japan Than Other countries
 3.4%
  Share of total exports of France
 2.7%
  Share of exports of France Towards Western Europe
 15%
  Source: Estimate of BIC Correspondence, 1 March 1939.
 

  B. Through the business Tianjin Sino-Japanese war (1937-1941)

  Ups and downs Were the fate of the business community Tianjin Throughout The Years of war and of progressive Localised embeddedness of Japanese influence and power.

  a. Taking advantage of Tianjin icts position

  Tianjin WAS caught Between Chinese and Japanese Armies When The offensive of Nanking Troops in north-eastern China WAS Followed by a general offensive of the Japanese army in July 1937. That Latter Lodged 20.000 soldiers [12] Between Tianjin and Beijingg in July 1937, the goal Nippon Treated with the generals supervising the area (Chang Chung Tse the mayor of Tianjin, and Sung Cheh Yuan, the governor of Chahar-Hopeh) and Some Kind of an "armed peace" preserved from Tianjin fighting global [13]. After the fall of Nanking in December 1937, Japan is bullying Went on Chinese Troops, DEPENDING from the Hankow / Wuhan regime, Especially in May-June 1938. The Tianjin Should Have troubles goal has escaped Communist guerrilla warfare Aroused in Shansi and Kiangsu, Which Often interrupted the Functioning of the Tianjin-Pukow railway, Tianjin and Shanghai from WAS Often isolated and pk. Then the destruction of dykes flooding Provoked by Chinese all over the Yellow River / Huang He in the summer. A promissory government, sponsored by Japan, WAS Established in Beijingg, Which WAS ITS Authority to exert over A Few cities, Among Which Along railway tracks and Tianjin [14]. Generally speaking, confusion predominated [15], with ups and downs about the calm Necessary to day to day business, Along the Various steps of the war [16]. "Guerrillas Were crawling just outside of the cities and railway areas of northern China" [17]: They Gained ground in the first half of 1940, Agricultural production and trade Disturbing [18] - before Some respite in the first half of 1941 thanks to the non-aggression pact Between Ussr and Japan, Which Some Kind of put a truce in Shansi [19].

  Businessmen THUS HAD to learn how to practice "business as usual" under Japanese occupation [20]. An awkward situation prevailed: a relative calm Preserved A Few regions in 1938-1939 (eastern Hopei, interior Mungolia). Had to get fresh Cities supplies, the 600/700, 000 Japanese Troops and the civil servants' em Accompanying Became important outlet for goods annually. Thesis explain factoring A Somewhat serious rebound of the exterior trade of Tianjin DURING the first months of 1938.

  Table 2. Ships Reaching Tianjin and Tsingtao harbors
 
 
 Number of ships
 Total tonnage
 
 
 January-September 1937
 January-September 1938
 January-September 1937
 January-September 1938
  Tianjin
 1.060
 3.056
 1,587,941
 2,522,616
  Tsingtao
 1.052
 772
 2,500,642
 1,252,659
  Source: "Report-balance sheet. Economic and Policy", Second half 1938, BIC Correspondence, 17 January 1939, annex 3. When Japanese Imposed strict controls on the Tsingtao Exchange, major chunk of exports and imports of Shandong Were reoriented Toward Tianjin.
 

  That WAS the result, for a FEW months, "HAD Become Tianjin, Since the start of 1938, the first Chinese harbor for exports, transit ITS Representing 24 per one hundred of the total of China, Against 23 per one hundred for Shanghai and 20 percent for Canton. Its exports Reached cette période DURING 70 per one hundred of the Amount of the Corresponding Period of 1937 "[21]. This trend reinforced by a stiff WAS drop of smuggling Now That The Whole Japanese Authorities controlled area, Even if Japanese generals Sometimes short-circuited official orders. Benefiting from the cash trading operations Fuelled by Such And Also from remittances from overseas still felt by Chinese diasporas, Tianjin Appeared for a short while as a kind of compromise of An Island Between the old order and the new Chinese Japanese order.

  b. The concessions Between Autonomy and the Japanese order

  The city Itself Had to respect a subtle balance. In a nutshell, Japan resented at the predominance of British trade on the north-eastern Exchange and in Tianjin - not to speak of Other Areas, and Its purpose WAS to Encroach on Economic and Financial Such power. It aussi grumbled at the Principle of the British and French concessions, Because They Were still "neutral" territories Which Could shelter Chinese people hostile to Japan - mainly "nationalist" - and express genuine Economic and Financial power of decision. Tianjin Even Kept in charge by the silver reserve of the Pledged by the Chinese Nanjing / Nanking regime for ITS Which WAS Issuing Notes Placed Under the control of the settlements (in parallel with the deposit in the Other Beijingg Legations). The Authorities of the concessions ended Japan's Authority over recognising That silver [22], the goal hoarding WAS RespectED Throughout The course of events.

  Just before the Munich agreement on November 1938, Japan Would Have Been on the brink to take control of the settlements. Having Abandoned the project, it ESTABLISHED Some Kind Of An informal blockade. It built a network of barbed wire and control stations All Along the road circling 'em, with entrances only oven, Where guards harassed and transiting European Heavily checking Chinese people, Especially Their merchants or transporters [23]. From July 1937, the controls drifted imperceptibly Toward a blockade, to multiply obstacles to Exchange. In the Japanese Meanwhile Took over the salt tax office of Tianjin on 5 August 1937 (Changdu District of Salt Administration) and revenues of STI [24]. The Japanese power aussi INcreased Substantially the excise tax on goods importé (with perception just at the exit of the concessions) - Which Struck French wines and Liquor to Be Sold in the province - and customs fees raised Were too, for instance on tobacco, Which impeded trade [25]. 1938-1939 in Japanese people HAD to leave the concessions to Prevent Them From Any Specific identity Against the warmongering mindset; Even Japanese banks (Yokohama Specie Bank, Bank Chosen) Had to transfer outside in promissory Their branch locations on the Japanese settlement Since January 1939.

  Pressure and intimidation INcreased more and more on European managers and authorities, and Chinese businessmen are linked to 'em [26], so THEY That more or less admitted the Japanese say on the daily life in the Tianjin area, Even in the concessions. A genuine blockade WAS Eventually fixed from February-March 1939, with Barriers settlements all around the French for example [27] and restrictions on trade (controls, export certificates are SEVERAL goods) Were then Intensified [28]. Amounts of imports of rice flours and in Tianjin Were taxed by Japanese Authorities, Agencies of Tianjin Through the Japanese trade houses (sogososha) Mitsui Bussan and Mitsubishi Kaishu [29]. This led British Authorities, as Representatives of the foreign community in Tianjin and as the term of the UK to Negotiate Some terms of appeasement with Japan to delay hostilities, to Recognise Officially Japan's Authority on the Tianjin area. Such as-a beacon for compromised Were Japanese guards posted as a symbolic tutelage on the silver deposits of the (now far away) Chinese central bank. A local British-Japanese treaty WAS signed in Tianjin on 21 June 1940 to Implement Japan's control on the city and Its concessions too: Japan Took profit from the defeat of France and from the desire of Great Britain to salvage share of STI bases in China to imposes drastic controls of the silver deposits, the use of general and moreover of information about trade - with reports to civil servants and direct checking of goods transfers by policemen - Which Has French Officials and businessmen vainly resented [30] as the balance of power WAS Obviously in Favour of Japan hegemony at the Expense of British and US thalassocracy Might [31].

  c. Confusion about currencies

  Negative Factors anyway put brakes on "business as usual", and Uncertainties Often prevailed [32] Which disturbed banking operations. A first question stemmed from the fall 40 per one hundred of the Chinese "nationalist" dollar - Itself dating back only to 1935 on the share of the Chiang Kai-shek regime - in the second quarter of 1938. The multiplicity of currencies available in northern China Expressed Lack of confidence Among the Holders cash, and moreover the fragmentation of local power and Monetary: about seven kinds of banknotes circulating around Tianjin Were at the start of 1938.

  Table 3. Banknotes Being circulated in northern China in March 1938 (Million dollars) (before the creation of the FrB $)
  Central Bank of China ratings
 45
  Bank of China Notes Issued in northern China with a reference to Tientsin
 250
  Bank of Communications scores from northern China in Tientsin with a mention
 80
  Hopei Bank Notes Issued in Tientsin
 50
  Notes from the province in Shansi province
 40
  Various banknotes
 5
  + Yen Issued by Bank of Korea
 /
  Source: "Note on the monetary situation in North China" by the head of the Tianjin branch Soliva BIC for the Consul General of France in Tianjin, 21 March 1938, Consulate General of France 62 archives 9C3
 

  The birth of a new central bank in the North-East, the Federal Reserve Bank, on 20 March 1938, on the side of the pro-regime fostered further Top Japan disorder: Chinese dollars northern Were To Be Exchanged by native banks and trade houses only Against yen, and not against "Shanghai dollars" of race or the "nationalist" dollars - Even if the Korean yen aussi Were Used in the area the Japanese yen Along with [33]. Some kind of a currency war Aroused, feeding volatility. Trust is northern Chinese currency (gold FrB $) HAD crumbled, all the more Because foreign banks and Municipalities HAD Refused to admit it, and trust Because in the "nationalist" dollar (the Central China Gold Cnc $ Currency, or "FAPI" Called "chunky dollar" [34]) Kept momentum in 1938-1939 and day to day WAS Used by Chinese Japanese Intermediaries despite pressures. Northern China banks Tried to sustain the value of the first quarter FrB DURING the of 1938, to stabilize the market, as Japan aims to help 'em Refused, a free currency market since April 1938 Took shape, Especially in Tianjin, with a drift of the FRB value. In Fact, The Whole area has practiced Altogether half dozen currencies: the dollar FrB, Cnc the dollar, the Shanghai discreetly dollar, the yen, the Korean yen, And Also Notes Issued by big Chinese banks, Bank of China and Bank for Communications [ 35]. Checking the Reliability of accounts WAS THUS Much difficulty for businessmen and bankers [36], all the more Because inflation Moved up from the mid of 1938 at the Expense of the northern Chinese dollar and the yen as well, Which worried the Holders of Notes FRB [37].

  d. Free trade at stake

  A last question Was The purpose of Japan to put brakes on free trade. A control on foreign exchange emerged Steady in 1938, to Avoid discontent from Foreign Countries, like France, reacted by instituting Which clearing system for a Franco-Japanese trade. It created Two Forex Market in Tianjin, one with Japanese banks, Another on the "Western Market" - Imposed on March 1939. It Was Strictly Consolidated Since 26 June 1940, Demanding permission by the Federal Reserve Bank of foreign currencies for Every - except for basic foodstuff to be imported for gasoline and populations - in order to put brakes on the import of equipment goods is to purchase the Favour of Japanese ones [38]. Japan's strategy WAS "to draw from the interior Increasing Quantities of commodities and to barter Against Them, at proportions To be determined by the military victors, export goods from Japan to the exclusion of Those from foreign trading nations - Malthus Stirring year eviction effect at the Expense of European trade houses in Tianjin.

  Another obstacle Appeared When Japan Imposed embargo on exports icts of cotton, jute, hemp, wool, and raw hides, now Earmarked for Japanese houses, the area Which oriented Towards the Manchurian way of life, FROM WHERE HAD Almost beens European business little by little Excluded. Sometimes the power and Japanese Went So Far in 1938 to commandeer as cotton goods to Compensate the decline in value of the yen or dollar of the new Beijing - Such authoritarian order finally moves (embargo and commandeering) Prompted to Reduce Chinese Peasants and crops to Avoid merchant circuits for fear of Being stripped of Their revenues [39]. Such attitudes across villages led to shrinking imports of European and Japanese goods all around aussi Tianjin and the Other Cities of the area.

  Table 4. Evolution of Tianjin Trade (USD thousands)
 
 
 Imports
 Exports
 
 
 January-April 1937
 January-April 1938
 January-April 1937
 January-April 1938
  Trade with Japan
 10.500
 24.000
 13.000
 22.000
  Trade with Other Powers
 20.500
 20.000
 44.000
 19.000
  Total trade
 31.000
 44.000
 57.000
 41.000
  Part of Japan
 34%
 55%
 22%
 53%
  Source: Note "economic and political situation in the Far East", BIC Correspondence, 15 September 1938.
 

  As local producers (Peasants or else) put brakes on Their Deliveries gold production, imports overcame exports in 1938-1939, the western Which discontented Either Chinese or the Japanese regime de facto power, Concerned by the drift of the dollar value of Their respective [ 40].

  e. A dwindling marketplace at the start of the 1940s

  Later on, in 1940, inflation triumphed Because of the Shortage of consuming goods and foodstuff, and of smuggling with the Shanghai area - Which cut HAD ITS traditional trading links with Tianjin [41]. Goal, as the military and Geopolitical situation in the WAS Relatively Stabilised area, the dollar FrB substance Gained Against Other currencies (the dollar nationalist, Essentially, Which lost in the credit area) For Some quarters in late 1940 and early 1941, whilst US banks US started repatriating dollars to Anticipate it rumouring Risks of US-Japan war. Such volatility Were Uncertainties and Supplemented by the more tedious and more control on exchange by the Japanese Authorities and Beijing, Within the frame of clearing rules [42] (then Called "link system"). Imports Could Be Processed only Against the consignment of foreign currencies Gained on exports. Goal more and more products Were banned from imports (luxury goods, Mainly) to put ceilings on currency outflow. Some relief in Tianjin WAS due to the autonomous statute of the concessions, Which helped Preserving share of "free market" for goods and currencies Exchanges. Bills Could Still Be in US dollars drawn on American and German buyers, and documentary credits Granted by the Yokohama Specie Bank, and transfers Could Be Achieved in CNC or / and Shanghai dollars for operations on opium, gold bars, diamonds, furs, That Is High Valued smuggled goods to Shanghai [43]. Goal all in all, the Japanese grip over the Tianjin trade Became more and more heavy-handed [44], a mother and 30 percent of the Trade Exchange Might Be Processed was genuine free market [45]. A strict control of Exchanges WAS instituted Since 1st March 1939, with forex operations to Be overtaken by the sole Yokohama Specie Bank [46]

  Caught in Such hardship, the marketplace Tianjin lost momentum: "The trade of the district WAS Brought to a very bad pass through the introduction of export trade and currency control." [47] Northwards, ITS outlets Because The Manchukuo collapsed Became a preserve of Japanese business Within Some Kind of "a yen zone" [48]. Southwards, Another cause WAS smuggling with Shanghai Which Often short-circuited the harbor, "through the old trade routes of China" [49]. Third, Because of the sharp rise in cost of life Within the concessions, due to the collapse of the Chinese dollar, part of the Chinese Poorest Inhabitants left 'em. Both French and British Municipalities Had to curtail Their budgets and raised taxes in 1940 and the Tariff of Electricity, Both negative effects on business HAVING [50]. Fourth, a stiff blow WAS business could be huge by natural flooding in 1939 at the scale of the Whole northern China, the Tianjin area and endured months that has converged Because of overflow by the tributaries of the Haiho. Thousands of Death, starvation, Poverty, and fall of crops, transport and trade blocked Which is consuming natural commodities and goods [51].

  Fifth, Business aussi WAS Affected When The German houses, all in all Which Were Among the main customers of the Tianjin place, Had to start to fold up Asian Their Activities. Because the concessions Were under "neutral" statute, Chinese exports to Germany first HAD Kept momentum, thanks to the intermediation of the Yokohama Specie Bank for trade banking. Only French houses and banks stopped trading with HAD Their German partners. Then British Authorities blocked acceptances and bills of remittances in the City Which Involved German trade-through Even Japanese and American banks. Longer tours Had to Be set up, which "Transformed" such paper Into a "neutral" one, Processed in Asia by the Yokohama Specie Bank and relayed by Western Bank (City Bank, etc.). In Europe. At the turn of 1941, Because of the maritime war and exports-through of Manchukuo and the USSR using INSTEAD OF Tianjin, German transit Disappeared, depriving Tianjin icts of hand and customer currency liquidity from Malthus [52]. Last, the US FIRMS aussi commenced Reducing Their stake in the region [53].

  The European war HAD no direct effect on the life on the French concession by Itself; icts mood Reflected resignation Without positive expectations [54]. Measures aim of economy led to the transfer of the headquarters of the French Colonial Troops from Tientsin to Shanghai (Where the ambassador HAD Been Moved), and battalions (from the 16th Colonial Infantry Regiment) Seriously Were Reduced in the north-eastern Whole area (Beijing, Togku, Shan-Hai-Kan, and Tianjin), from 1.300 to 500 soldiers, part of 'em in Tianjin - the effects being has cut Into the treasury and business facilities Supplied by local houses and banks - and the Sami are the British side. The functions of French and British Troops There HAD lost sense Because Japanese Troops oversaw the Beijing-Tianjin and road Because of the general situation of the Chinese regimes.

  Generally speaking, All These events converged to Undermine the vitality of the Tianjin market place. Exports Declined Strongly in Favour of imports, reversing the classical way of life of the harbor, cotton and wool Mostly Because (about half of previous exports) Were Bought / requisitioned (at low prices) by the Japanese army - Which reinforced smuggling Toward Shanghai - , whilst The Other commodities lost about one Third of the traded Amounts Between 1938 and 1939. Imports Had to grow to Compensate the reduction of rice and flour production in the provinces close, Where Peasants balked at Being underpaid or obeyed to the Constraints Imposed by Communist guerrillas on sales to Japanese Areas. The Tianjin Authorities Had to import more and more flour and rice, Which Demanded larger Amounts of currencies. "Therefor Tianjin IS ITS losing importance day after day." [55] The Chinese and European community Tried to find new opportunities in speculation is "internal" changes, thanks to the volatile spreads Between the dollar and the nationalist pro-Japanese one, with More or Less transparent operations in Shanghai on call - and Even Japanese Fuelled That speculation [56]. The "real" economy dwindled Tianjin [57] 1940-1941 THROUGHOUT.

  2. The ultimate apex of a micro-business world

  Through thesis ordeal, the little French community struggled to preserve icts to Contain Activities and Business Risk. Goal instability and uncertainty prevailed, Which Caused high concern about the resiliency of the Firm and Sometimes loss, and Globally Reduced trade and exchange operations.

  A. The Mission still a key actor of the French concession

  In the end of the 1930s the "Mission Sienshien" Was still the other (with the French army) actor of the French concession. Beyond ITS Religious Activities, it HAD ITS Preserved Financial Assets and commercial property. Mainly in the 1920s, it extended HAD ITS real estate assets Within the French concession in order aussi The Other concessions and concessions in the former (the Russian, Italian and German ones) [58] - for example on the former German settlement and at the limit of the British one, it owned a chapel, a Graduate School, the "Hoang Ho-Ho Pai Museum", and laboratories; goal icts Rented property is returned Fuelled fields, houses, warehouses or flats - for a total Amount on the sole French concession of $ 52,000 in 1935.

  If It Had Tried to Alleviate Financial icts portfolio stakes in local companies Comprising Which It Had godfathered in the 1920s and cut Into HAD A Few of Them, selling Veneer General Factory (a manufacture of plywood) to Chinese in 1936 and Huileries aussi Tientsin ( oil plant) in 1934, it clung to Other Ones: General & Dairy Farm (with genuine farms in the outskirts), J. Gully (an import-export house, created in 1931), Battegay gold Arnoult (also Two trade houses), Electricity of Tientsin (with a fifth of the equity), and moreover real estate developers, real estate Tientsin Union (created in 1925 ) or Land Corporation Tientsin (with O'Neill as manager). In 1938-1939, in A Few boxes Activities Such commercial property benefited from a little boom Which Occurred THROUGHOUT Tianjin When The depreciation of the dollar and the northern Chinese Necessity to get rid of Other currencies led hoarded Some wealthy Chinese to invest Into Their Savings real estate in Tianjin - in parallel with foreign currencies Good To Be or piled-up - the main purpose Investments Were Achieved on the British concession Because Of Lack of available fields on the French one [59].

  The BIC branch tackled the treasury operations of the Mission, this goal Latter Kept Other active accounts by banks (Bank Belgian abroad, etc..), For cash deposits or equity accounts (American securities). The Mission mobilised for ITS "capitalist" (or "venture capital") activities by renting back of STI: endorsing loans or loans. It Was Malthus Placed at the heart of the business of the Tianjin concession.

  B. The concession as a conservatory of French entrepreneurship?

  Like in Shanghai, the French presence in utilities WAS active, thanks to Tramways Company and lighting Tientsin, Which Used and Distributed Power (also in the Belgian and the concession If Lao Kai Territory, Intimately linked to the French concession) Delivered by Electricity of Tientsin, and It Was Among the Leading customers of the branch BIC).

  Table 5. Sales of electric power in Tianjin (thousands kw)
 
 
 First half 1937
 Second half 1937
  Tramways Company and lighting of Tientsin (Chinese city)
 12.755
 11.211
  Tianjin Electric Power
 3.322
 3.503
  British Council Municipal Electricity Department
 6.675
 6.654
 
 
 22.752
 21.358
  Source: Note "economic and political situation in the Far East", BIC Correspondence, 15 September 1938.
 

  Trade houses - Either French ones or ones Other aussi co-Financed by BIC - struggled to get a chunk of Chinese exports and imports. BIC Noticed That the 1936 year-been HAD TOO Much to the "piece goods" trade, Malthus Opportunities opening of loans to Chinese houses Specialised in cotton and yarn trade. North-eastern China [60] still Exported camel hair, pork Bristle, goatskins, cotton, and eggs, and it importé artificial silk, cotton clothes, sugar, petrol oil, cigarette paper, etc.. The breakdown of documentary credits Granted by the BIC branch Helps perceiving the reality of trade As They stayed efficient tool for financing year Chinese exports-through the Tianjin port. Trade houses Therefor Could Benefit from Such Exchanges.

                                                             Table 6. Breakdown of BIC's branch operations is remitted bills documentary Against Credit
 
 
 In the first half of 1939
  
 
 
 As nationalist Chinese equivalent of dollars
 Percentages
  Vegetables:
  
  
  Apricot kernels
 50.318
 11.07
  Groundnuts
 2.728
 0.60
  Animal products:
  
  
  Pig intestine
 162.264
 37.72
  Horse hair (for mattress)
 36.748
 8.9
  Pork Bristles
 67.372
 14.83
  Hog casings
 37.272
 8.20
  Fishskins
 2.432
 0.53
  Egg albumen (egg and spray Whole, hen yolk)
 27.161
 5.98
  Furs (kidleg flat kidplates dresses, weasel skins, fox skins, carpets, etc.).
 67.854
 14.94
  Total
 454.149
  
  Source: "Report-balance sheet. Economic and political," First half of 1939, BIC Correspondence, 15 July 1939.
 

  Nonetheless, French traders Could not Actually Their contend with German or US, then more and more Japanese Competitors As They Held Broad Market share in the Sector of main equipment and textile goods. They Were "second-players" and one must AVOID perceiving the French concession as a decisive "hub". For imports, French houses Were dedicated to consuming goods to the European Earmarked Customers, governments and Troops in the area, and THEY Contributed to imports of durable goods only-through metal equipment and cars. A Few Glimpses at the breakdown of imports in Tianjin Confirms the "specialization" which Differentiated Countries Along Their portfolio of skills and productive Along the heritage of their industrial revolutions, And Also the weight of Japan in Asian strongholds STI - Which left France to a second -player role.

  Table 7. Estimates of A Few imports in Tianjin in 1935 (gold units Chinese dollars)
  Cotton cloth, cotton yarn, wool cloth
  Japan
 2,552,397
  United Kingdom
 182.502
  USA
 13.348
  France (0.37%)
 10.685
  Other countries
 93.650
  Total
 2,852,684
  Machines, tools, equipment and car airspace, railway and tramway equipment, bicycles, various metal goods
  Japan
 5,803,986
  Germany
 3,474,956
  United Kingdom
 1,964,349
  USA
 1,620,475
  Belgium
 749.200
  France (5.047%)
 727.076
  Other countries
 647.477
  Total
 14,404,789
  Chemicals, drugs, dyestuffs, paints, varnish, etc..
  Japan
 1,837,071
  Germany
 1,563,682
  United Kingdom
 321.527
  USA
 254.549
  France (1.64%)
 81.676
  Other countries
 380.084
  Total
 4,438,589
  Wines, Beer, Liquor and waters
  France (36.93%)
 155.675
  Japan
 143.191
  United Kingdom
 80.720
  Other countries
 45.965
  Total
 421.551
  Source: Calculations from figures in: Note from Ch Lépissier, Consul of France in Tientsin, to the Foreign Affairs minister, March 1936, Consulate General of France 61 archives.
 

  Strongly ESTABLISHED Since WWI French business HAD ITS Developed wholesale and retail Activities and Adapted Reached a scope to local and provincial outlets icts: a dozen of houses HAD THUS Reached Intensifying WWII despite hardship.

  Table 8. The main trading houses and merchants in Tianjin in the mid-1930s
  Jacques Ulmann & Co.
 99 rue de France
 Diamonds, clockware, books, goldsmith
  Root & Co.
 137 quai de France
 Chemicals, Dyeing, construction materials, etc..; Insurance Agency
  Olivier China
 35 rue de Verdun
 General import-export insurance agency
  Arnoult
  
 Architecture, public works and construction, metal goods, for agency (Citroën, Michelin)
  G. Colinet
 6 rue Henry Bourgeois
 Export and import house, insurance agency; shipping. Renault because agency. Colinet Exported goat hides, lamb dresses (Both to Marseille) or walnut meats (to New Zealand), Consulate General archives, 62/9D, 2 March 1939. It Exported aussi furs, pork Bristle, etc..
  F. Leconte
  
 Leconte straw braids Exported to Australia, or rice from Indochina importé, etc.., Consulate General archives, 62/9D, 2 March 1939.
  J. Gully & Co.
 54 rue Henry Bourgeois
 Specialised in walnuts, walnut meats, egg products, insurance agency
  Mutual (JP Ferrer), Sino-French Economic Union
  
 Foodstuff, wines and Liquor
  Emile Vernaudon
  
 Wines and Liquors, foodstuff
  Victor Moyroux
 41 rue de France
 Wines and Spirits, Foodstuffs, etc..
  Battegay
  
 Export of pork and furs Bristles
  Source: Guestbook French houses established in Tianjin, Tianjin, an Arts-Feiyang Press, 1932.
 

  A strong community of interests and resisted Tried hardship, Relying on the Consul General of France [61] Also the chairman of the Administrative Committee Municipality, Tianjin on the section of the French Chamber of Commerce in China, on the Mission Shienshen (and ITS business and property assets and affiliates), and on the branch of Bank of Indochina [62]. That Latter Was a key actor of the small banking marketplace Which struggled to resist hardship in the 1930s-1940s Amid STI partners (Banque Franco-Chinese.) Which constituted a little "Tientsin's Lombard Street" [63] Along a micro-Bund [64] and more and more Along Victoria Road, on Both British (HSBC, Chartered Bank, Belgian Foreign - order Yokohama Specie Bank HAD HAD left to it) and us (BIC [65], Industrial and Commercial Bank of China Sino-Italian Bank) concessions, whilst sharing a Credit and Fuelling interbank clearing market. And the French Concession Welcomed year aussi array of small Chinese banks (27 in 1940) acting as bridges Between European and local business and Between the Tianjin and the Shanghai marketplaces (through cash transfers) [66].

  D. Bank of Indochina as a banking and foreign flag Amid Chinese competition

  The Banque de l'Indochine branch Kept icts function of a leverage force in Favour of French business. It worked then with a capital allocation of £ 60.000 (300.000 dollars or Chinese) and $ 1,670,000 Might reach a draft Credit Limit. Because of competition goal, Demands of Japanese, and uncertain of times, It Could only bear draft credits for one million dollars [67] at the start of 1937. Even well-off French companies DID share Their operations Among SEVERAL banks: on January 1937, the Leading Oliver house, for example, Had Been Granted Credit for $ 547,000, intended BIC got only $ 197,000, Because of the division of Risks with HSBC (150.000) , City Bank (75.000) or Belgian bank abroad (125.000) [68].

  The regional tensions fostered hard times for the branch anyway, Because deposits Were drawn back (from $ 1.55 million to 670.000 Between 15 September and 5 November 1938), and it endured a cash crisis icts When treasury position Became negative (from 361.000 on 15 September 1938 -1,731,000 to -1,220,000 on 8 November and 15 November there). It Had To Be refinanced by Bank of China (the central bank of the recent Nanking regime) Which Supplied year advance of $ 2,540,000 in the fall of 1938. The nationalist Authorities Fought to preserve a Financial and Economic life-as-usual in the Areas Which is THEY Tried to assert control, in order to feed Chinese economy and Malthus entertain Some positive perception, "popularity" or Legitimacy, despite the Japanese progress There . Still Evading the Japanese to Pressure, the BIC branch Kept grappling with a wide array of currencies.

 

 

 

  Table 9. Location of the BIC branch of Tianjin (thousands Chinese dollars)
  
 
 
 Resources in June 1939
 Resources in December 1939
 Average assets in January-June 1939
 Average assets in July-December 1939
 Average assets in July-December 1940
 Average assets in January-June 1941
 July-December 1941
  
  In French Français
 3.027
 2.421
 1.444
 2.876
 530
 504
 321
  In pounds sterling
 7.372
 2.634
 5.791
 4.001
 2.429
 676
 391
  In US dollars
 14.878
 11.741
 8.440
 21.967
 8.936
 9.022
 4.422
  In Chinese nationalist dollars
 4.711
 5.720
 3.949
 6.309
 4.874
 5.056
 2.113
  Total
 29.999
 22.551
 19.636
 35.174
 16.771
 15.787
 7.344
  Source: "Report-balance sheet. Economic and political," First half of 1939, BIC Correspondence, 15 July 1939 Second half of 1939, 18 January 1940 Second Half of 1940, January 1941, First Half of 1941, 7 July 1941 , Second half of 1941, January 1942.
 
           

  Commonplace operations in the wake Were entertained of the years of more prosperity. The BIC branch bills are traded in Europe to Be remitted in pounds, francs or dollars on places to sustain exports Abroad, exchange bills and cashed it linked with imports. Purpose ACTED now onwards it less and less with the support of the Shanghai branch and somehow Asserted year Mastership of independent banking for A Few quarters. Classically it complemented with ITS operations "reports" on currencies icts with banking partners and trading Kept A Few Bills Transmitted by A Few Other branches (Beijing, Saigon). Local loans Provided it with STI hand returns-through Interests and commissions - and, in 1939, the comprador, Heng Chi Hao, Pledged His Own Guarantee on the Advances on promissory notes Which ET Brought to the branch, with His Counterparts of $ 781.880 (680.880 in real estate) [69]. When foreign business Declined, the comprador's operations to feed Useful Were the Activities of the branch, Through New Advances on promissory notes [70].

  Table 10. Interests and commissions of the branch BIC BIC Earned by the branch (in Chinese nationalist dollars)
 
 
 Second half of 1938
 First half of 1939
 Second half of 1939
 First half of 1940
 Second half of 1940
 First half of 1941
 Second half of 1941
  One local loans
 23.655
 16.651
 21.551
 30.429
 24480
 53.452
 41.813
  Through operations with correspondents (National Provincial Bank in London, French American Banking Corporation in New York, and far behind: the BIC branch in Saigon)
 78.519
 22.957
  
 1.895
 3
 19.941
 19.712
  Commissions
 2.696
 2.582
 3.232
 1.608
 242
 544
 1.197
  Provisions begin reintegrated
  
 12.450
 /
 494
 /
  
  
  Total
 107.436
 54.868
 25.092
 34.796
 27.991
 88.334
 75.382
  Source: "Report-balance sheet. Economic and political," First half of 1939, BIC Correspondence, 15 July 1939; second half of 1939, BIC Correspondence, 12 January 1940, Second half of 1941, January 1942.
 

  Foreign Exchange Operations Maintained Their first-rank intensity, Because The BIC branch sold francs Against US dollars, sterling or dollars Shanghai, and in parallel aussi US dollar and sterling sold Against Other currencies, it is practiced operations report US dollar and sterling, and it managed interbank operations (for instance with the Franco-Chinese Bank, The Other French bank in Tianjin, with Asiatisch Deutsch Bank, National City Bank of New York, Chase Bank, Yokohama Specie Bank, Bank Belgian abroad, Bank of India and China , HSBC, and with Chinese banks, like Agricultural & Industrial Bank of China, China & South Sea Bank, Shanghai Commercial Bank State Bank or China), Which all in all fostered cushions of spreads. Thanks to trade banking, forex or local (low key) corporate banking, the Profitability of the branch BIC WAS THROUGHOUT safeguarded These Years of hardship, and despite tensions involved.

  Table 11. Return of the BIC branch in Tianjin (in "nationalist" Chinese dollars)
 
 
 First half 1938
 Second half 1938
 First half 1939
 Second half 1939
 Full year 1940
 First half 1941
 Second half 1941
  Profit from arbitrage operations
 901.000
 180.000
 476.000
 1,496,000
 1,632,000
 257.000
 94.000
  Returns on Interests and commissions on credit operations
 65.000
 98.000
 41.000
 15.000
 66.000
 55.000
 69.000
  Total receipts of
 966.000
 278.000
 517.000
 1,511,000
 1,698,000
 311.000
 162.000
  Overhead Expenses
 82.000
 136.000
 128.000
 250.000
 459.000
 273000
 162000
  Profits
 884.000
 142.000
 389.000
 1,261,000
 1,239,000
 39000
 70
  Source: "Report-balance sheet. Economic and political," First half of 1939, BIC Correspondence, 15 July 1939 Second half of 1939, 18 January 1940 First half of 1940, 9 July 1940, Second Half of 1940, January 1941 ; First Half of 1941, 7 July 1941 Second half of 1941, January 1942.
 

  D. Banque de l'Indochine Practising business in Tianjin, and stable customer Between Hardship

  The shrinking market and the Growing Mainly Throughout The uncertainty of trade networks explain the volatility of business. The Management of Risks, Which HAD Improved In The 1910s-1920s, WAS ounces more weakened, putting ceilings to the portfolio of competence. For instance, one large trading house, Battegay (Specialised in the exports of furs and pork Bristles), Had To Be liquidated in February 1936, three-quarters of swallowing icts capital, Because of bad debt on ITS and Chinese Customers Through operations Essentially it Bristles with the pork Ta Yi Hang Tsang house, owned by the father of the comprador of Battegay. Three banks (BIC - Itself with $ 282,000 Risks pending on the firm, leaving it finally with a bad debt of $ 59,000 on June 1939 - HSBC Commercial Bank) Were Involved in Such Losses (with Liabilities totalling to $ 400,000), and The Warehouse Inventories Officially Revealed Far Lower Than Pledged [71]. Should BIC imposes strict Demands to STI clients, It Would Have Lost Momentum Against Competitors STI STI and curtail market share [72] It Had Malthus Colinet lost the house as a sincere customer 1933 Because It Had Been Five Other banks competed by Which HAD Accepted Credit to general in trust to the firm.

  Such Overcoming Bad Debt, the BIC branch SUCCEEDED in classical and brooding icts Somewhat faithful clientele. It Could Rely on the security Shown by STI clients [73] Which cut Into Their Inventories, staff and overhead Since the first half of the 1930s. In June 1939, the Catholic Missions (Vincentians Provides, Mission Sienhsien, Provides Franciscans) Were Their Leading customers for local operations, exchange-through operations on French Français Advances Pledged by usd gold deposits or securities - and THEY Brought to SEVERAL lines Guarantees of credit in Favour of trading houses. Electric Power Tientsin Was an old client too; It Was for example Supplied with a credit to import equipment goods from Swiss Brown-Boveri (June 1939).

  Trading houses Attended the bank. The Olivier affiliate in China Was The MOST brilliant one, part of a "global" firm active in the Far East and Whole Extending STI network to London and New York, Malthus Fuelling Broad remittances for BIC. Supplied by local dealer little Equipped With Their godowns, Olivier China (based in Shanghai) Hand Was The French trade house active on the export of Chinese commodities-through Tianjin, Towards Europe and the US [74] - and Its Tianjin branch Was The second bénéficiaire BIC of a global credit to the firm in China of Shanghai After That goal ahead of That of Hankow [75]. This heavy weight benefited from ongoing or recurrent lines of credit at the BIC branch. It Called for Advances on Bills To Be Delivered (with year Amount of FRB $ 113.745 (Pledged by $ 142.131 in Merchandise), for drafts, and for exchange contracts (in francs or pounds Against US dollars, order the operations with North America lost substance from the mid-1939), with remittances aussi important operations on the City - the goal in mid-1940 Such remittances Were put off at the Expense of the branch, enduring bad debt in francs (602.000) and pounds (23.169).

  Table 12. Trade Completed by Olivier China's branch in Tianjin at the end of the 1930s
  Exports
 To:
  Egg yolks and albumin
 Europe
  Furs
 Marseilles
  Horse hairs
 Lisbon, London
  Walnut meats
 Melbourne, New York
  Fancy strawbread
 New York
  Imports
  
  Cognac, chemicals, silk commodities
 From Europe
  Source: Record 3 March 1939, Consulate General archive 62/9C1
 

  It Was Followed by less Known companies, constituted the core of Which local business in Tianjin, Either for local industrial (Franco-Chinese Tannery, General Veneer Factory [76], etc.). Or commercial transactions, or trading for import, like the G . Colinet informal group (Daily Suppliers, Renault as imports, insurance agency, commodities exports), Gully & Co., Fernand E. Leconte or the Vernaudon houses [77]. This Latter WAS Granted for instance with current advances in francs and sterling, and with credits to finance imports from Earmarked French goods (pasta, Guerlain perfumes, François Weiss bordeaux wines), tobacco (US Reynolds Tobacco or Tobacco-Oriental Hong Kong Ingenohl) chocolate and cocoa, etc.. [78] Foreign companies like Standard Vacuum Oil, aussi got access to BIC's in direct services. Important goal for the European clientele collapsed in 1941, Because of caps put on em by Customs Authorities and exchange [79]. THEY Allowed goal anyway imports of 4.010 tons of rice DURING the first half of 1941, from Indochina, Through the houses Daltotat, E. Gipperich, and Chung Fu Trading Co. (connected with Saigon Trading Corporation in French Indo-China for the first one, and, for the Two Latter, Louis Dreyfus & Co.) [80].

  Locally, French institutions and authorities Used the BIC branch for daily Their Needs, to get cash, to sell francs Being Sent to Paris to finance Them From Their activities: the French Consulate and the local treasurer of the French Troops Were Malthus permanent clients. Year and array of Chinese enterprises Were direct customers (without or with the Intermediary of the comprador) to finance imports from the US Their (like Yee Tsoong Tobacco Distributors or Asiatic Petroleum Co., North China, etc.).. Despite the preservation of capital icts of skills, networks and Customers, the BIC branch endured the Tianjin Overall Difficulties of the marketplace. Clues are found in To Be the decline of the treasury operations in currencies, Which Reflected The Evolution of ITS turnover.

  Table 13. Treasury operations in the currencies by BIC branch in Tianjin (FRF thousands)
 
 
 Second half of 1938
 First half of 1939
 Second half of 1939
 Second half of 1940
 First half of 1941
 Second half of 1941
  Purchases of French French (or as dirty Counterparts)
 61.574
 22.901
 23.461
 693.264
 2,742,378
 487.788
  Purchases of sterling pounds (or as dirty Counterparts)
 972.522
 761.846
 351.743
 79.405
 26.247
 137
  Purchases of USD (Gold sales have Counterparts)
 2.360
 1.938
 1.620
 724.700
 1,040,479
 189.920
  Purchases of nationalist Chinese dollars (gold sales have Counterparts)
 35.309
 32.477
 17.396
 7.649
 931.530
 240.078
  Purchases of Shanghai dollars (gold sales have Counterparts)
 9.641
 12.325
 15.494
 2,425,219
 1,719,046
 3,379,222
  Source: "Report-balance sheet. Economic and political," second half of 1939, BIC Correspondence, 12 January 1940 Second Half of 1940, January 1941, First Half of 1941, 7 July 1941 Second half of 1941, January 1942.
 

  3. Tianjin-through total war and the Japanese order (1941-1945)

  We LACK information about the business and banking community life of the French Highest Throughout The events of WWII, not fired, Because information Circulate Between the Consulate, the BIC branch Paris and Their Counterparts. Our survey could only Therefor Will A Few glances on the evolution of the little Tianjin marketplace. It joined anyway WWII in direct When Japanese Troops Invaded the international concession on 8 December 1941 order the French settlement WAS prevented from Such A turmoil Because of the Vichy regime's "de facto alliance" with Japan - Vichy Trying to SafeGuard STI control over Indochina. Order the French Authorities Had to accept the control of the Chinese people by Japanese soldiers and policemen. Then It Was confronted to the agreement Between the Nanking government and Japan about the retrocession of the settlements on 9 January 1943: France feet dragged it on purpose Admitted 23 February 1943 and Officially Abandoned historical concessions ITS (Shanghai, Hankow, Tianjin) on June 5 1943 with the completion of the transfer is Being précised 21 July 1943. Anyway, French Authorities, civil servants and ultimate Troops Could not be repatriated to Europe (nor to Indochina), and a meddling of "old times" of Nanking Chinese rule and power of Japanese Lasted for a FEW quarters - Thorough till the invasion of the French concession by the Japanese army on 10 March 1945 - THUS far Later Than That of Shanghai on 8 December 1941: an amazing French "island" had Therefor Almost Lasted till the very end of WWII in Tianjin.

  Order business dwindled to Low Levels HAD Because of the maritime war, the isolation, the Lack of power purchase gold deposit Among Potential Customers. Threats Tianjin pending on the business and trade in the mid-1941 form Took After the War Between Japan and burst out the US: Deprived of German and US orders, northern China and the Tianjin marketplace Would lose Every mean to finance export-through of the ITS ITS import commodities of day to day Such goods as raw materials Cereals and [81]. Businessmen's sagging mood WAS in 1941. The Japanese reinforced controls Were Since 1941, Under the rule of the chief of the Japanese Special Military Mission in Tianjin, Lieutenant-Colonel Suo Tet Yamashita. He Imposed "to block all old accounts note Until Further notice and exterminate [sic] transactions based on old notes", and "discontinuous Shanghai to exchange business as well as interbank dealings Every Other special permit EXCEPTION WHEN IS Given, Malthus and Cooperate with Japanese Authorities in order not to contradict policy of the Federal Reserve Bank of China, "Which Imposed" to get permission of the chief of the Japanese Military Special Mission beforehand in case you place a new $ 100,000 loan Exceeding FRB "[82].

  Beyond the restrictions to free trade and the volatility of currencies and Variety, one negative aspect further Top [83], effective from the turn of the 1940s, lied with the single use of "special yen" by Japanese banks to finance a range of imports by the Japanese government in the areas. Banque de l'Indochine suffered Directly From That rule Because rice imports from French Indochina Had to use Such A currency. Such imports aussi HAD To Be Fulfilled Through Which Japanese ships Excluded European lines (and in That case, French Courier shipping line, linking Hanoi to Tianjin harbor). French Trade House or Intermediaries Little By Little Were Evicted from Such orders, curtailed Which Activities of the Bank of Indochina and French-Chinese Bank's Tianjin branch [84]. BIC's deposits and loans HAD Been Much Lowered, ITS outstanding loans Reached year ebb, and cash and liquidity prevailed.

  Table 14. The dwindling operations of Banque de l'Indochine in Tianjin (thousands FrB dollars)
 
 
 July 1941
 31 August 1943
 15 September 1944
  Loans
  
 459
 125
  Overdraft
  
 230
 37
  Total outstanding credits
  
 1.657
 482
  Deposits at banks (Yokohama Specie Bank, Federal Reserve Bank of China, Franco-Chinese Bank, HSBC)
  
 941
 560
  Cash
  
 90
 249
  Assets
 7.344
 2.888
 1.854
  Deposits Collected
  
 2.247
 900
  Source: Consulate General archives, 9C1.
 

  Conclusion

  Surely, our paper Will not revolutionise the history of Chinese economy nor contend M.-C. Bergère [85] or F. King's [86] Master Books. Focused It was small community of interests Which HAD beens embedded in the Life of the Tianjin marketplace. Having ESTABLISHED There bridgeheads in the 1910-1920s to pick up shares of An Emerging Customer, It Had Had to adapted to times of hardship: warfare all around, people moves and misery in the Tianjin city Itself, Two flooding, Japanese grip on security, business, banking and exchange, etc.. It Might Even SEEM improper Bonded to the life of Such A microcosm in front of Such terrible events. Business purpose Historians have got Used To scrutinize the resiliency of businessmen across or civil wars and general hardship, Because micro-markets ever HAD Been Recreated and daily Consumption WAS To Be faced, Which Provided Opportunities of dirty. Our survey Provides clues about French nimble entrepreneurship, found out Which business prospects Among elites (for high end consuming goods) Either Chinese or European ones ones (Even Among Various warlords and the go-between or Intermediaries Which Were Authorities set up more or less in dependence on the Japanese order in areas of military power feuds and uncertain). It Also Tried to get a share of the collection of commodities, Those escaping the Japanese Requirements and the smuggling flows Towards Shanghai.

  Moreover the Tianjin harbor and railway hub Kept icts Because export demand function for commodities Abroad Which pervaded the countryside still WAS Able to deliver, Whatsoever icts submission to warfare, smuggling gold from racketeering Troop. Already a "niche" business place, the city and Its concessions to clang icts have a profile hub for "tiny markets", far from the size of Hong Kong, Shanghai, Canton Hankow gold, French bankers and businessmen Where Were far more active and Numerous, nonetheless intended as actor of the year small "Asian Mediterranea" analysed by François Gipouloux [87]. About Two handfuls of trading and banking houses Went on practicing "business as usual" in overseeing exchange currencies, in Political regimes, and Witnessing "big history" in the making all around (the war in the Shansi, etc.).. Only at the very end fired, the first French concession lost icts historical statute (in the summer 1943) and last WAS Invaded by Japanese Troops. Tianjin and in Particular the French concession Asserted Themselves little as a pole of resistance Against Hardship overalls and Against the curtailment of business (trade, credit, forex) and in the facilities linked to it (hotel accommodation, Port Activities, warehousing, transportation, insurance ). What Seems Is The apparent preservation of a power purchase genuine Among thin layers of thesis bourgeoisie, Because THEY HAD Either profits piled up DURING the years of prosperity, gold THEY SUCCEEDED in reaping returns from the (sometimes speculative) trading Activities of the 1930s-1940s .

  What is difficulty to catch the mood of this IS French community (about ten people Dozens) and ITS of Chinese companions in fortune and misfortune, and of the Whole European community there. How Did They Manage Their new relationship with the Japanese circles, first Localised Through the war, then-through total war and, last, Through the occupation of the settlement? Without Reaching the scope of Shanghai or Hong Kong of course, Tianjin Appears have awkward community year Because German and American People were Attending Japanese and later on "Allied" European (British and French) All These Years Along people in the name of "business as usual ". An amazing outcome lies with the relationship with Chinese Themselves Who, Under Japanese rule, struggled to find out Opportunities to keep trading alive, underground gold Officially, Achieving tricky compromised with the authorities (or at customs control posts) and Maintaining connections with Shanghai and the countryside despite the state of warfare, guerrilla or volatility in currencies. Such hardship WAS intended crossing at stake, and Tianjin Might Be a landmark for the fate of marketplaces Being Swallowed by the turmoil of History and warfare, and fighting to SafeGuard Their turnover and revenues. Third-A study in a near future Will Be dedicated to the story of the years of blinded expectations and demise in 1945-1955, in order to scrutinize how the French community, business and Authorities Dreamed of a "return to normal" and "business as usual "Despite the civil war and the Communist grip, Before the ultimate collapse of western capitalist and bridgeheads in Tianjin.

 
-------------------------------------------------- ------------------------------ [1] See Jacques Weber (ed.), France in China, 1843-1940, Nantes, Academic Press West West Publishing, University of Nantes, 1997. Laurent Denis Cesari & Varaschin (eds.), The Franco-Chinese relations in the twentieth century and their history, Arras, Artois Presses Université, 2003. [2] We thank the Historical Archives of Credit Agricole SA and Casa-Roger Nougaret Especially Their Heads Once More To Have Opened Their records broadly to our historical investigations. [3] We thank the Diplomatic Archives of the French Foreign Ministry To Have eased our campaign in Their reading of archives facilities in Nantes - and Ms. Especially Cras. See Inventory of archives of the Consulate of France in Tientsin, 1861-1952, 419 articles, by Andrew Bors, project manager, under the direction of Bruno Ricard, heritage conservation, Nantes, September 1999. [4] See Shigeru Akita & Nicholas White (eds.), The International Order of Asia in the 1930s and 1950s, Burlington, VT, London, Ashgate, 2009. [5] Bank of Indochina (or BIC) Correspondence Between the Tianjin branch and the Paris headquarters of Banque de l'Indochine, 20 May 1933, Historical archives of Banque de l'Indochine, Casa group archives in Paris. [6] BIC correspondence, 20 October 1935 and 21 September 1936. [7] Brett Sheehan, Trust in Troubled Times. Money, Banks and State-Society Relations in Republican Tianjin, Cambridge (Mass.), Harvard University Press, 2003. [8] BIC correspondence, 9 February 1937. [9] Note of the French consul, 27 February 1936, Consulate General of France TT46 archives. The Amount of Imports Fell one million gold from 49.250 units in 1934 to 46.620 dollars (as a global estimate). [10] BIC correspondence, 21 September 1936. [11] "Report-balance sheet. Economic and Policy", Second half of 1938, BIC match, 17 January 1939. [12] BIC correspondence, 21 July 1937. [13] BIC correspondence, 21 July 1937. [14] "The Occupied Territories of China Were the Japanese are holding the railways and the main roads and towns, while Economically productive Areas are more or less Unconquered and Chinese Ruled by a varying mixture of old ESTABLISHED Local Authorities, and guerilla soldiers or semi Full Pledged bandits, Some of Whom Have some still contact with the Chinese government in Hankow, "Semi-confidential Reuter, Economic XRay, 12 September 1938, quoted by: Note from the Tianjin BIC's branch manager, Consulate General of France archives 9D/62 . [15] Note "economic and political situation in the Far East", BIC correspondence, 15 September 1938. [16] See James Hsiung and Steven Levine (eds.), China's Bitter Victory: The War With Japan, 1937-1945, Armonk (NY), ME Sharpe, 1992. [17] Note of the Consul of France, 1939, Consulate General 9D62 archives. [18] "The military operations are undertaken recently, with respect to North China, extending less than consolidate the conquest. A quick look at the map shows that the vast middle Hopei and the central valley of Shansi are the strategic point of view, controlled by a double mountain stronghold, the Chungtiao in southeastern Shansi, the Taihang, in the southwest. All columns Japanese sent in the plain against the guerrillas have so far failed. The band dispersed in the attack to recover and then take the field, while the Japanese garrisons scattered in villages and urban farmers forbade any contact, exchange, while supplies [...]. The land on which place at the moment the operations resulting in continuous fighting for two years and it is particularly difficult. The Japanese come to concentrate large forces by involving divisions that fought earlier on the Yangtze, "" Report-balance sheet. economic and political situation, "First half of 1940, BIC correspondence, 9 July 1940, p. 1 and 2. [19] "Report-balance sheet. Economic and political," First half of 1941, BIC correspondence, 7 July 1941, p. 1. [20] Richard Banyai, Money and Banking in China and South-East Asia DURING the Japanese Military Occupation, 1937-1945, Taipei, Taiwan Enterprises Company, 1974. [21] Note "economic and political situation in the Far East", BIC correspondence, 15 September 1938. [22] "The issue of stocks of silver, Chinese coverage of old notes, is now the subject of intensive discussions between the Japanese and the Anglo-French consular authorities. The transaction proposed by the Foreign Office, and which is likely to succeed in forming the Anglo-French local authorities as a receiver of funds, implicitly acknowledged by the Japanese a say on stocks, owned by the Chinese Nationalist government, and authorizes ipso facto leaders of the Federal Reserve Bank [pro-Japan] to involve them in their underwriting, at least as a memory, "" Report-balance sheet. Economic and Policy ", Second half of 1938, BIC match, 17 January 1939, p. 4. See also note of 1939, Consulate General 9C161 archives. The silver reserves, of a value of $ 45 million in 1928, Had-been deposited in the safes of the Tianjin branch of Bank of Communications and of Bank of China. [23] "Report-balance sheet. Economic and Policy", Second half of 1938, BIC match, 17 January 1939, p. 3. [24] Purpose Japanese still RespectED the function of this salt tax administration as a pledge to the old western loans. Note from the Consulate General of France in Tianjin, 24 August 1937, Consulate General 9B1/58 archives. [25] Note from the Consulate General of France in Tianjin, 19 September 1934, Consulate General 9B2 archives. [26] "From time to time, the Japanese command may ban all traffic between the Anglo-French concessions and the outside or even limiting the supply of people staying, so as to expedite the emigration . He holds in his hands so the economic life of these two concessions, "" Report-balance sheet. Economic and Policy ", Second half of 1938, BIC match, 17 January 1939, p. 4. [27] Consulate archives, 9D62. [28] Letter, 25 February 1939, Consulate General archives, 9D62. [29] Notice in 1939, Consulate General 9C61 archives. [30] "The corner and silver bullion now in the Bank of Communications in Tianjin in That Shall Remain bank from under the seal of the joint British and Japanese Consuls-General in That City," "Report-balance sheet. Economic and political" First half of 1940, BIC correspondence, 9 July 1940, p. 4-5. [31] in Japan SUCCEEDED Becoming the first supplier of China in 1938, ahead of the US, with 23.49% of imports in 1938 STI INSTEAD OF 15.77% in 1937, with 15.76% and exports of STIs in 1938 INSTEAD OF 10.05% in 1937 Bank of Indochina yearly report, 24 May 1939. [32] "The future is big contingency, and the experience of recent months suggest the reserve. As long as will not end the current hostilities, instead of Tientsin can live a life as abnormal. will now likely face a reduction in business due to the control of foreign trade, and perhaps also of exchange controls ahead, "" Report-balance sheet. Economic and Policy ", Second Half of 1938 BIC match, 17 January 1939, p. 3. [33] "Attached to the dollar in Shanghai, the old dollar, through the latter redeemed against foreign currencies. It is therefore remained the currency of banks and non-Japanese foreign jurisdictions. The former is used to adjust the non-Japanese imports, loans used to pay the new tariffs and Japanese imports, "guide in 1938, Consulate General archives, 9D62. [34] Notice in 1938, Consulate General archives, 9D62. [35] Notice in 1938, Consulate General archives, 9D62. [36] "The current situation is artificial and precarious," noted in the mid-1938, Consulate General of France 62 9 C3 archives. [37] economic and political Bulletin, March-April 1940, Consulate General archives 9C1 61 Note "Agency of the Bank of Indochina in Tianjin." [38] "Report-balance sheet. Economic and political," First half of 1940, BIC correspondence, 9 July 1940, p. 3. [39] "Cotton Producers HAD Already curtailed production to circumvent the Japanese cotton monopoly", note from the Consul of France in 1939, Consulate General 9D62 archives. [40] "Report-balance sheet. Economic and political," First half of 1939, BIC correspondence, 15 July 1939. [41] "In the economic sense of the word, Shanghai and South China have become foreign countries since the establishment in northern China, the FRB $ and exchange controls. The few relationships that still exist are only possible by maintaining the 'FAPI' and are set to disappear gradually, "" Report-balance sheet. Economic and political, "First half of 1940, BIC correspondence, 9 July 1940, p. 3. [42] "The exporter can have 90% of its currency in favor of an importer. This, in turn, can benefit from such a sale only if they get approved products by the Federal Reserve Bank, that is to say, until further order of the grain, textile fibers and metals, "" Report-balance sheet. Economic and political, "First half of 1941, BIC correspondence, 7 July 1941, p. 2. 'The market link, that is to say $ FRB listed, foreign currency from exports and used to import only products approved by the control has taken such a development that déhalfine the course in the same currency FRB $ on the open market, where they record, however, as is natural, a premium which is currently around 5% [...]. Thus the dramatic increase in the FRB $ [...] s 'says she exclusively by [the] psychological reasons. It appeared to holders of $ cnc - now abandoned by the British export houses and the Consulate of Great Britain itself - the $ FRB could not fail to appreciate, given the considerable diplomatic success of the negotiations with Japan in Indochina, Siam and the USSR, "" Report-balance sheet. Economic and political, "First half of 1941, BIC correspondence, 7 July 1941, p. 3-4. [43] "The strength of foreign banks and Chinese business has, through the maintenance of concessions, in fact substitute for rigorous control designed for the German plan flexible, similar to that experienced by America South, "" Report-balance sheet. Economic and political, "First half of 1941, BIC correspondence, 7 July 1941, p. 2. [44] "The Trade of Tientsin fell into the hands of the Japanese, because of the incorporation of companies with monopoly and imposed restriction on foreign shipping," BIC yearly report, 24 May 1939. [45] Notice in 1938, Consulate General 9D62 archives. [46] Notice in 1939, Consulate General 9D62 archives. See "With effect from 17 July, Exporters must sell foreign currency to Their FrB" The Peking Chronicle, 7 July 1939, p. 1, Consulate General archives, 9D62. [47] Notice in 1939, Consulate General 9D62 archives. [48] ​​"China North Manchoukuo mattered once the [...] food and raw materials. Manchoukuo now before its own interests: the weakness of his last crop, embargoes, the desire to focus its exports to countries high exchange, have broken the old ties. "" Report-balance sheet. Economic and political, "First half of 1940, BIC correspondence, 9 July 1940, p. 2. [49] Notice in 1939, Consulate General 9D62 archives. [50] "Report-balance sheet. Economic and Policy", Second half of 1939, BIC match, 18 January 1940. [51] "The flood lasted Hopei, northern Honan, Shansi, Shanting western, southern Outer Mongolia, on several parts of Anhwei and Kangsu. In the Shansi there are 3,000 victims, 5,000 homes destroyed, 5,000 damaged. In the Beijing-Tianjin region, 50,000 people in 150 villages are homeless. In Shantung, the dykes of Wei-Ho and the Grand Canal have broke down the water submerging five districts and causing an exodus of peasants Tsinan on hundreds of thousands [...]. The flooding has severely including cotton and salt production. It has reduced to a considerable extent the livelihoods of people. The fall harvest for cereals was poor when she was not completely destroyed. The staff of the Japanese garrison in Tientsin assess material losses in the urban area Tientsin to $ 400 million Belgian francs, with 200 concessions for English and French concession for the 150 Japanese and 50 million for the Chinese city. Three million people suffered from the flood, 10,000 were drowned, 600 000 have lost their livelihood, 120,000 homes were destroyed. At Tientsin, the water withdrew after only one month, as a result of work that have proved effective but expensive. The only French city had to endure because of the flooding, a charge of $ 300 000. The subscription opened for victims in the concession, currently at 170 000 dollars [...]. The Japanese have set their side a credit of 3 million for the rehabilitation of the dike that protects outdoor Tientsin. In the absence of a common plan, where costs would be equitably distributed and fully justified, the authorities of the concessions can only take action illusory, "" report-stock. Economic and Policy ", Second half of 1939, BIC match, 18 January 1940, p. 2. [52] "The abrupt cessation of trade with Germany, as a result of hostilities between Russia and the Germanic hit hard instead of Tientsin, the German firms covering the majority of cases both in imports and the export, "" Report-balance sheet. Economic and political, "First half of 1941, BIC correspondence, 7 July 1941, p. 6. [53] "US Holders of dollars into account either at Tientsin, or the United States, measured soon all the risks they faced being locked up, North China is a territory occupied by the Japanese, virtually enemies of Washington. As also, the FRB had $ rehabilitated, a very significant return in USD $ FRB stepped through the channel of the free market, and panic took some days to such an extent that we could pay report in the USD to 2% per month, "" Report-balance sheet. Economic and political, "First half of 1941, BIC correspondence, 7 July 1941, p. 5. [54] "The war in Europe has not brought much change to the apparent existence of Tientsin, who lives locked and folded upon itself for months. The mobilization has so far affected only ten of our compatriots, four reserve officers. The composition of the occupation is, however, seriously enough to be modified, "" Report-balance sheet. Economic and political situation, "Second half of 1939, BIC match, 18 January 1940, p. 3. [55] "Report-balance sheet. Economic and Policy", Second half of 1939, BIC Correspondence, 18 January 1940, p. 5. [56] "Selfish speculation Civilian Activities of Japanese yen Who smugggle Notes Into Shanghai and offer 'em for sale Against Chinese dollars at the LOW PRICES THEY fetch them", Note from the Tianjin branch BIC, 12 September 1938, Consulate General 9D62 archives. [57] "The economy continues to unravel in North China, which has been the victim of an unprecedented flood and where war has ceased to exist since 1937. The prospects do not justify no optimism, "Second half of 1939, BIC match, 18 January 1940, p. 6. [58] "Note Relations Mission SienShien", BIC correspondence, 23 July 1936. [59] "Report-balance sheet. Economic and Policy", Second half of 1938, BIC match, 17 January 1939, annex 5. [60] BIC correspondence, 21 July 1937. [61] Charles Lépissier; Lucien Colin in 1939, J. Siguret. [62] With R. Soliva as manager, then in November 1938 Fuyet SA. [63] RT Evans, "Tientsin's Lombard Street", North China Star, 12 August 1920, p. 11, 9C1 Consulate archives. [64] See Marie-Claire Bergère, "The geography of finance in a semi-colonial metropolis: The Shanghai Bund (1842-1943)", in Herman & David Diedrick Reeder (eds.), Cities of Finance, Amsterdam, Koninklijke Nederlandse Akademie van Wetenschappen, 1996, pp. 303-317. [65] Bank of Indochina branch WAS 73-75 Located on Avenue de France, Prolonged Which Victoria Road northwards. [66] Consulate archives, 9D42. The North China Star Was an American newspaper edited on the French concession in Tianjin. [67] BIC match, 27 January 1937. [68] BIC match, 27 January 1937. [69] Source: "Report-balance sheet. Economic and political," second half of 1939, BIC match, 12 January 1940, annex 9a. This document quotes Chi Heng Hao as the comprador, despite the name of Chu Fa Chai, Who Took over this charge in 1933, still Referred WAS A Few times in 1940. [70] "During the [second] half [1941], we have made advances against promissory notes with the endorsement and guarantee of the comprador. We also made hand, as a further safeguard, the bars of gold (held on our chests) or piece goods, cotton yarns, stored in a godown in our name, "" Report-balance sheet. Economic and political, "second half of 1941, BIC correspondence, January 1942. [71] "We are once again dealing with a situation where the risk has often been criticized but against which banks are almost helpless: a European house, closely related to its comprador, or a Chinese company friend, which provides no known regular agreements, the funds it needs. The European home, that only banks can know and control, is really just a facade, while, in fact, its fate depends the action of one or more Chinese characters that European banks are unaware or which they can have no action [...]. There is only one market in China, Shanghai. Tientsin which is an important treat a lot of business exchange, not a currency market. Our place in this respect, is a reflection of Shanghai. By the fact of transmission of the steep course, and we see movement varied emerge without knowing the reasons, rumors spread more slowly and remains for us to also control. We are suffering from this very brutal reactions that affect Shanghai and the result of our ignorance of their causes is that our market is frozen: one operates, is expected ... And when, later, the movement is triggered, all banks operating in the same direction and the counterparties are insignificant. So any position it is much more here difficult to handle and much more dangerous because it is certain to act only delayed or even not to find coverage at all, "BIC correspondence, 5 February 1936. [72] "Tientsin is primarily a place of export and almost all exports require long and delicate manipulations year warehouse exporters, beyond any effective control of banks. If it is impossible for us to continue to make advances in trust with no real guarantee collateral, our role here will drop. Our customers are already smaller and this has particularly its impact on our foreign exchange for which we lack almost always return-customers. The British and American banks obviously helped in this policy by the many houses of their nationality, which is not our case ", BIC correspondence, 4 March 1936. "At the slightest inclination for us to surround ourselves with more precautions than not include local customs, our customers are our competitors immediately to the help the most liberal," BIC correspondence, 12 March 1936. [73] "Very wisely, the French houses have been put on hold. They have reduced their overheads. They have reduced staff. They have limited their scope. Those who have not accepted this discipline have been severely hit "as the house Battegay, note from the Consul General of France, 1936, Consulate General archives, TT46. [74] "Since mid-August [1939], Olivier China does not draw more than $ FRB checks on the account salary advances to deliver America, in Europe on behalf cnc $ stopped playing since. A new credit FRB $ 200,000 was awarded to Olivier China, following telegram received January 24, 1940, "Second half of 1939, BIC match, 18 January 1940, annex 8. [75] "The revolving credit standing of 9.5 million francs for the house was divided by its management in Shanghai: 3 million to Tientsin, Shanghai 5 million, 1 million to Hong Kong," "Report-balance . Economic and political, "First half of 1940, BIC correspondence, 9 July 1940, annex 2. Olivier HAD commercial points in Shanghai, Hong Kong, Harbin, Hankow, Tsingtao, Tianjin and Ningpo, and we aussi Java. [76] General Veneer Factory-Manufacture of plywood WAS Located on 53 If Lao Kai Road. [77] See "Financial issues. Dossier General", around 1937-1939, Consulate General archives, 9A57. [78] "Report-balance sheet. Economic and political," First half of 1939, BIC correspondence, 15 July 1939; second half of 1939, BIC match, 12 January 1940. [79] "For all products not allowed to import virtually cough those with European residents in need, the sales by previous stock draw, although very large, and illegal entries. Some substantial gifts the staff of 'control' can, if necessary, to ease regulations [...]. For wines and liqueurs, the facilities appear smaller, and we look when we must content ourselves with Japanese beer and saki. a short stay I made in Shanghai at the beginning of the semester I found that the cost of living for Europeans is hardly more than half of that which is currently practiced in Tientsin. The difference [.. ] can only grow, especially as they export products from Germany, excellent and relatively cheap, can not reach us, "" Report-balance sheet. Economic and political, "First half of 1941, BIC correspondence, 7 July 1941, p. 5. [80] "Report-balance sheet. Economic and political," First half of 1941, BIC correspondence, 7 July 1941, annex 5. [81] "Japan is no longer useful to the supply of Germany, which has been cut following the Nazi-Soviet conflict. Furthermore, its entry into the war could follow the United States instead the cause. In this case, private purchasers of its German and American, North China no longer the currency necessary for grain and raw materials, which are essential and would be fast enough in a precarious position. In Such perspectives could only minimize the initiatives in the field of foreign trade, which also suffered from economic regulation in force since late 1940, "" Report-balance sheet. Economic and Policy ", First Half of 1941 BIC correspondence, 7 July 1941, p. 1. "It is feared that if the tension is growing between Tokyo and Washington, North China became for a time a province of Japan without foreign trade, so no operations that we can remember," "Report-balance sheet. Situation economic and political, "First half of 1941, BIC correspondence, 7 July 1941, p. 6. [82] Notice on 17 December 1945, Consulate General archives 9C1. [83] Letter from Consul Lucien French ambassador to Colin H. Cosne, 4 April 1943, Consulate General archives, 9C1, Banks, general file. "We face a filibuster, a wall tightly closed, we can not force, do not have to Tientsin the only effective way: a bargaining chip," ibid. [84] "Special Operations in yen are reserved for Japanese banks, in this case in Tientsin, the Yokohama Specie Bank and Bank of Chosen. The role of non-Japanese banks is reduced to an agency responsible for receiving documents business and make payments, "by telegram feels Admiral Decoux (Indochina governor) and Transmitted to Tianjin by the French embassy consul, 2 March 1942, Consulate General archives 9C1. [85] Marie-Claire Bergère, The Golden Age of the Chinese bourgeoisie, 1911-1937, Paris, Flammarion, 1986. Marie-Claire Bergère, The Golden Age of the Chinese Bourgeoisie, Cambridge, Cambridge University Press, 1989. Marie-Claire Bergère, Capitalism and capitalists in China, from its origins to the present, Paris, Perrin, 2007. [86] Frank King, The History of the Hong Kong and Shanghai Banking Corporation. Volume 3. The Hong Kong Bank, 1918-1940, Cambridge, Cambridge University Press, 1988. [87] François Gipouloux, The Mediterranean Asia. Port cities and trading networks in China, Japan and Southeast Asia, sixteenth and twenty-first centuries, Paris, CNRS Editions, 2009.