MEASURES ON PAYMENTS IN SETTLEMENT OF PRE-LIBERATION DEPOSITS IN BANKING INSTITUTIONS

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP83-00423R000300920001-6
• Release Decision: RIPPUB
• Original Classification: C
• Document Page Count: 6
• Document Creation Date: December 23, 2016
• Document Release Date: July 17, 2013
• Sequence Number: 1
• Publication Date: January 1, 1953
• Content Type: REPORT

Declassified in Part - Sanitized Copy Approved for Release @ 50-Yr 2013/07/17: CIA-RDP83-00423R000300920001-6
50X1
China
Measures on
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101/A? 1 ?
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flat* 111Li1ml 50X1
Settlement of Pre-Liberation
Deposits in BankingInstitutions
Mid Feb 53
Early Jan 53
50X1
50X1
50X1
Following translatinsfrom the Chinese text of regulations regarding settlement
of pre-liberation deposits in banking institutions, as published in Ciefang
'Mango, Shankhai. 21 Feb 53.
WEB ON A
LI.RATI0Z DEPOSI T
-Passed at the 166th administrative conference of the Clove
stration Council of the Central People's Government on ,an
and promulgated by order of the GAC on February 20, 1953.
Adi ni-
9, 1953
1. All pre-liberation deposits that still remain unsettled at banking institutions in
the whole contry, including the bogus Central Bank, the Farmers' Bank of China,
the Central Trust, the Central Savings Societ, the Central Cooperative Bank, the
various provincial, municipal and hsien banks, the former Bank of China, the Bank
of Communications, the Postal Remittances & Savings Bank, privately-operated banks,
native banks, trust companies, foreign banks and the International Savings Society,
shall be paid in accordance with provisions of the present Measures.
The pre-liberation period mentioned in the present Measures refers to the
under the regime of the KMT reactionary- government, which is further div
the following three stages in accordance with changes in the financial COI
of the various periods:
a) The period prior to December 31, 1937 will be taken as the first stage;
b) The period from January 1, 1933 to August 13, 194i
second stage'
will be taken as the
The period from August 19, 1A3 up to liberation will be tsk
third stage.
Payments for pre-liberation deposits are restricted to pr
will be computed.
s the
only, and
50X1
nterea
Declassified in Part - Sanitized Copy Approved for Release @ 50-Yr 2013/07/17: CIA-RDP83-00423R000300920001-6
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U$ WIC -Y
CONFIDENT
SECURITY ThF0ETI0N
-2-
Fixed delve (including fixed savings deposits) of the first stage s be paid
by computing on the basis of the appended Table of Standard of Ridemption for Various
Years and the Table of Computation of Amount Redeemable for Deposits of the First
and Second Stages. Current deposits (including current savings deposits) of the
first stage shall be paid at SO per cent, with computation based on the same tables.
Fixed deposits (including fixed savings deposits) of the second stage shall be paid
by computing on the basis of the appended Table of Standard of Redemption for Various
Years and the Table of Computation of 'mount Redeemable for Deposits of the First
and Second Stages. Current deposits (including current savings deposits) of the
second stage shall be paid at 80 per cent, with computation based on the same tables.
Fixed deposits (including fixed savings deposits) and current deposits (including
current savings deposits) or the third stage shall all be paid by computing at
the first conversion rate between the bogus currency and Jen Min Pi as announced
by the Military Control Commission of the People's Liberation Army upon the liber-
ation of varies districts.
5. FM payments of pre-liberation deposits, registration should be taken up ten days
after the promulgation of the present Measures in accordance with the appended regis-
tration measures. Redemption shall start atter the period of registration.
After the period of registration, pre-liberation deposits shall be paid according
to the following rulings:
a) Deposits in amount of fapi $200 and below she].l be paid in cash.
b) Where the amoont of deposit was above fapi $200 but below $1,000, cash
shall be paid for the portion of $200; the portion in excess vill be treated
as savings deposits and paid with deposit certificates of six-month period.
of the People's Bank of Chine, for which interest will be given.
Wherethe amount of deposit was above fapi $1,000, the portion within
$1,000 Shall be paid in accordance with item (b), and the portion in excess
will be treated as savings deposits and paid with fixed-amount deposit
certificates of one-year period of the People's Bank of China, for which
interest will be given.
-operated hanks, native banks and foreign banks may apply forfixed-period,
ont deposit certificates from the People's Bank of China by putting up
and use them for payments in accordance with the foregoing rulings.
of pre-liberation deposits already settled shall not be taken up again
or make-up paoment.
Leans issued by banking institutions prior to liberation, which still remain uncoll-
ected, may be computed by applying the standards stipulated in the present measures.
9. In the case of closed nud liquidated banking institutions or banking institutions
whose assets are insufficient to cover their liabilities, one single payment in settle-
ment of pre-liberation deposits shall be effected by them under the supervision of
relevant authorities in accordance with the stlpulAtione Ai limited companies as
contained in the Private Enterprise Regulations,
US OFFICIALS ONLY
CONFIDENTIAL
SECURITY LTORMATION
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US flCILS
CONFIDENTIAL
SECURITY leFORMATIOA
-3-.
10 Fapi dpO.its made in Hongeon-and abroad may be registered in Cautn in accordance
withlhe appended registration meas res. After the period of registration, the deposits
shall be paid in Canton ,n accordance with rulings stipulated by Article 6 of the preset-)
Measures.
U. For pre-liberation
set standard separately for settlement by referring to the present Measures.
insurance, the China National People's Insurance Company will
12. UP-nettled p liberation overeat remittances shall be paid in settlement according to
the standard for fixed deposits set in the present Measures.
3. Unsettled pre-liberation domestic remittances shall be paid in settlement according
to the standard for current deposits set in the present Measures.
l4. 70r deposits in local currencies, such as Yunnan, Ssechuan? Kwangsi currencies and
evangtung subsidiary coins that have not been converted into "fapi deposits, the
relevant Local People's Bank of China will set payment standards by referring to
the value in comparisonto fapi prevailing then locally, and payments are to be started
only after such standards have been reported to and approved by the Government Admini-
stration eouncil of the Central People's Government,
15. All deposits at banks of Japanese invaders and bogus banks of the traitor government
shall not be paid for settlement.
The "Seaway Constructioe Savings Coupons","Economy and Construction Savings Bond",
"Special ?revalue Savings Bond', 'US$ economy and Construction Savings and", "Hsiang
and Cheng Public Welfare Savings Bout', etc. floated by the KMT reactionary govern-
ment through the bogus banes, administrations and associations are in the character
of public loans, and shall not be paid for settlement.
17. Banning institutions shall check up the pre-liberation deposits of bureaucratic capital,
war criminals, traitors and counter-revolutionary elements for report to the local
People's Bank of China. Where confiscation hes been decided by the Court, the relevant
payments ail be surrendered to the state treasury.
13. Where depositors do not effect withdrawal within one year following the promulgation
end enforcement of the present Measures, banking institutions shall draw up a list
and transfer the payments to the People's Bank of China for summary payment into the
state treasury.
19. The present Measures a
China.
cad under the supervison of the People's Bank of
20. The present Measures are for enforoement tr the date of prolgation.
US OFFICIALS i.Y
COUFICBUTIAL
SECURITY moRmAnow
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US OIC1ALSORLY
CORFIDESTIAL
SECURITY INFORMITION
-4-
Appended Table I. Table of 8isndard of Reds on for Various Years
Year Average Commod
Index for Whole C
1937 Basic 100
1938 131
1939 22
191+0 513
1941 1,296
1942 3,900
1943 12,936
1944 1+3,1.97
1945 163,160
1946 379,600
1947 2,710,750
1948/S 126,932,224
lue of Standard of
y (Average Redemption
Lq#2S.ZELBEILIME-----
Baelo 100%
76.344;
45.45*
19.44
7.7214
2.56*
0.77%
0.235,
0.06%
a
0.
0.
% Method for converting each dollar of fapi into Je
Quotation,of silver dollar 12,500
of bogus currency each year.
12,500
9,543
5,681
2,436
965
320
96.25
28.75
7.50
3.25
0.46
0.01
Yate of decline in value
Appended mable II. Table of Computation of Amount Redeemable
for Deposits of the First and Second Stages
1 8
rst Quota: $200
Amount Redeemable - $200 x Standard of
Redemption Reduction
on of each
Second Quota: $201 - $300
Amount Redeemaole - $100 x Standard of redemption or each year x 90%
Redemption reduction rate.
Third Quota: $301 - $400
, Amount Redeemable - $100 x Standard of Redemption of each year z aolep
Redemption reduction rate.
h Quota: $401 - $500
Amount Redeemable - fl00 x Standard of RedemptIon of each
Redemption reduction rate.
h Quota: $501 - $600
Amount Redeemable $100 X Standard of redemption of each
Redeaption reduction rate.
Sixth Quota: $601 $700
Amount Redeeeable - $100 X Standard of Redemption of each year
Redee Um reduction rate.
US OFFICIALSCRLY
CONFIDENTIAL
SECURITY INFORMATIOn
x
70,4
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US ()?ICIALSONLY
CONFIDENTIAL
SECURITY INFORMATION
5-
Seventh qu $701-$1,000
Amount Redeemable - $300 X Standard of re
Redemption reduction
Quota:
Amoun
h year
$1,000-$200
Redeemable - $1000 x Standard of -*demotion of each, year x 30%
Redemotion reduction rate.
NinthQuota: $2001 - $5000
Amount Redeemable 3000 tandard of Redempt
Redemption reduction rate.
Tenth Quota: 5,QOI. an
AMIOU10Bedeeb
above
- (Amount of deposit less $5000) X
tion of each year x 10%
Redemption reduction rate
d of Po
Not : Fixed deposits shall be paid according to the eaou*t
redeemable for the different quotes, while current
deposits shall be paid at 80% of the amount redeemable
for the different quotas.
.41.4..1.4MWOM.40 01,W0W.M0.041Wmw*
. Registration s
banks in the whole co
Led out for all kinds of
nor to the liberation.
d native
2. The registration items are as follows:
a) Place of 4epoeit;
b) Date, month and year of deposit;
c) Serial NuMber of deposit document;
d) Name of depositor;
e) Amount of deposit;
f) kind of deposit (including fixed de current deposit and various
kinds of savings deposits);
g) Address of depositor (including previous and present addresses);
Ii) Occupation of depoeitor (including previous and present occupatione).
For deposits at the bogus Central Bank, the Farmers Bank of China, the Central Trust
the Centet Savings Society, the Central Cooperative Bank and the various provincial,
municipal and hsien beeke, application forsegistration should be filed with the
People's Bank of Chine at the original place of deposits. For deposits at the former
Bank of China, the Bank of Coemunicatioes and the Postal Remittances and Savings
Bank, regietretion should be taken up withlhe respective banks at the original places
of deposits (if the original orsanitations have been abolished, the relevant banks
should request the local People's Bank of China to handle registration on their
behalf). For deposits at privately-operated banks, native banks, truet companies,
foreign banks, the International Savings Society and closed and liquidated banks,
registration should be .taken up with the respective banks at the original places
f deposits or the liquidation offices (if the original local organizatione have bee
US OFFICIALS ONLY
CONFIDENTIAL
steuRrTy INFORMATION
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US WIC
cospram
SECURITY INFORMATION
or
For deposit
up vith the oni
posits and
deposit books
or gistration.
d dispatch eraona to the
vetinn). Where depoeitorB
iding in other pieces,
r possession to the
Lu Hongkong and abroad, registration should be taken
Canton, with which deposits were as4n.
The periof for registrata.on shall be three months from the date of promulgation of
the present Measures.
Where the name of "tang or cht ls used so that it is ipouible to verify whether
the deposits are bold by the depositor. themselves, ZCgi*tretiofl only be taken
up after the status of the depositors has been certified by the local mous control
organs and suitable guarantors pr., 17/40144ega;44.,-
Mogistration shell not be allowSHAtiCESOWWVOI dtocuments are not complete or
gmarontcrs cannot be secured and oertification from local census control organs
produced,
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