New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-12-24
HOW CHINAMEN BORROW MONEY.
From The san Franeisco CaA.

From The san francisco tNi
When Chinaman finds himself financially en-
borrgssed and needs money he does not do 40 other
neorle do borrow il and either give prQmlSsoTY
note or chattel mortgage as security Tor the same
but he forms what In Chinese is called an oWeY'
This is something which IS peculiarly Chnese ana
requires minnie explanation IN order that 1t may
he clearly understood. The lowest owey IS hXed
at 81 for each person forming It, and the highest
5000 For instance, ii a Chinanan needs %lOO ne
will call on number of his friends not TO exceed
ten and tell them that he wishes that amount OF
money and desires to form an "Owey" II 1t IS de-
cided that It shall be $50 "Owey" then hye per-
sons in addition to the originator combine. for me
purpose of explaining the "oWey the originator
,rii he desipua,cd as sam and his five friends as
Vow. Yen, Kow, Chew and Hing. Al the hrst meet
inq of the six the originator receives from each Oh
the other five $50, making up the amount ne re-
uuires THIS is a loan made 20 MN without inter
est which he must repay at the rate OF ,pZo per
month At the time this sum rs adVanceu te co. '1eo
running month Each one writes on slip OF paper
the amount of the premium he VIII give Ihtse e
slips are rolled separately and thrown mo D0Wl
and shaken up after winch eacn SIP IL uIlV,leu
and the amount noted The "0wey" Is then
awarded to the one having bid the highest pre-
MUM Vow having BID g. PrGinlh t ne a, 6umi
lrss the premium, and amounting In All 10 PIOi
and If he adds the amount OF ms own cQhlrIpuloit
II viii maze a total of 500 or equal TO the amoant
advanced TO SAM less 81, which is Teckoned as IN
terest allowing 81 for each OF the lour VINO @o-
vance the money. -, c. .h ;i
major Is by the rules which govern this system Ok
mouey-lendipg, forced 10 notify all VINO utlog "
the "Owey Of the next meeting AZ ihlS lheelIIhB
Yen Kow Chew, and Hing are the only ones VINO
are permitted t. offer a preniugl, San hIiu i3 9
having no voice in the matter Az ms uIeetlng lho
premium of II Is again offered ana II Ga'IS oeJi
awarded to Yen. the other lhitc pay MN F4C W
and sam and Yen repay their hrst mOathly mStal-
ment of $50 each. At he next meeting only three
Row. Chew and Hing, can bd, ana II VIe saInc am
amonut of premium is bid and It IS awarded to Tue
trsf of the three named, the other two pay MN Tlo
each while the other three, sam. You ana zen pay
him $50 each. AT the next meeting ohlS Two,
Chew and Hing, are permitted 20 oIgJ !"
premium. The one TO whom me oWey Il
awarded receives from the other the amount Tess
the premium, and from the Other lour Nv "aCh'
At the next and last meeting only one remaining,
he receives from the other I'VE 20 eachi making
the full sum OF 500. BY this method the origl-
uatnr Of the "Owry" who obtains the money VIVA
out I'm crest has the use OF fIUO Tor one month,
$50 Tor four months, T6O for three mouths 9lO ior
two months and T2Q tor one month III return , tol
The use OF the money he is i0iceu 10 Hct ~ coIrcloI
from the other uemb OF the owey, VINO are re-
uuired to pay the monthly lnstalHehts Oh ~. nc
also assumes risk ahd lhat 10 u aii5 MENUS ~, No p
the owey" does not pay at the appointed tlnle ne
has 10 I've responsible tor the amount que; Inc
ofber members OF the "owey," VINO, ny install
ments advance Imoney 10 oue aio{ ne. a
interest for the amount OF their advances, ana
each in turn has the use Oh the lO'dl aHouhI
of he owey" in the same proportion as the oIlgl-
Dator This method OF mohey-iehuIug Is III Nosuyy
among all classes, and women often FORM oWeys"
among themselves. When the slips OF paper, be-
fore alluded to- are drawn from the bowl, II often
happens that TWO more contain me same amount
OF premium. In such an event the " owey IS
given to the one whose slip is hrst drawn. The
"owey may DO composed OF any number not ex-
oed,g ten besides lhe originator ana the greatest
amount that may he raised by such means is
1000 Whenever an "owey Is formed aud the
amount TO be awarded TO the originator Is 5000 or
i'm excess thereof he is required 10 treat those who
loan him the money, to dinner not to cost less
than ~ a head Oftentimes high premium Is bid
Tor the privilege of the "owey Tor eaeh succeed
ing month and this gives the lenders considerable
interest for the use vi their money.