Conducts research and collects data on the global history of labour, workers, and labour relations

Today in Labour History

27 May 1897
Imperial Bank of China, c 1900
Source: wikipedia

Modern Chinese Banking

The first modern Chinese bank, the Imperial Bank of China (IBC), opened for business in Shanghai on 27 May 1897. Its birth was the result of China's new financial demands. More and more Chinese  realized the superiority of industrialization over the centuries-old handicraft method of production. Unlike native handicraft workshops, modern industry needed large amounts op capital for long periods of time. The capital demand for railroad construction was even larger. The newborn Bank announced that it would not adopt old Chinese customs in running its business. The bank hired a British banker as its first general manager. The general accountant and other important positions in Shanghai and other branches were also given to foreign professionals.

Linsun Cheng, Banking in Modern China (2003) 22-25

More info: Banking in Modern China (Publication)

Past week

26 May 1934

Kohler Building at Chicago World Fair 1933-34
25 May 1957

24 May 1902

Rickshaw in Hanoi, 19th century
23 May 1914

SS Komagata Maru in Vancouver, 1914
22 May 1975

May Day Demonstration, Angola, 1975
21 May 1683

Fort Zeelandia, Paramaribo