The Virginia star., 1882-12-09
A Peculiar Custom.

of money he does not do as other peo-
pie do, borrow it, and either give q
promissory note or chattel mortgage as
security for the same, but he forms
what i'll Chinese is called an "owey."
This is something which is peculiarly
Chinese and requires minute explana-
ton in order that it may be clearly un-
derstood. The lowest ''owey" is fixed
at 81 for each person forming it and The
highest $500. For instance, If q Chi
naman needs 300 he viii call ON num-
ber of his friends, not to exceed ten.
and tell them that he wishes that
amount of money and desires to form
an "owey." II it is decided that it
shall be $40 "owey, then five persons
in addition to the originator combine.
For the purpose of explaining tho
"owey" the originator will be desig-
mated as Sam and his five friends as
Vow, Yen, Kow, Chew and Hing. At
the first meeting of the six the origina-
tor receives from each of the other five
$40, making up the amount he requires.
This is a loan made to him without in
terest, which he must repay at the rate
of $40 per month. At the time this
sum is advanced the other five bid for
the privilege of the ''owey" for the
running month. Each one writes on a
slip OF paper the amount of the pre-
MUM he viii give. These slips are
rolled separately and thrown into II
bowl and shaken up, after which each
slip is unrolled and the amount noted.
The ''owey'' is then awarded bo the one
having bid the highest premium. Vow
having bid 81 premium, Yen, Kow,
Chew and Hing each pay $40, which is
the amount less the premium, and
amounting in ali to $76; and if he adds
the amount of his own contribution ii
will make total of $96, or equal to the
amount advanced to Sam less 81, which
Is reckoned as interest, allowing 81 fo1
each of the four who advance the
money. At the close of the first month
Sam, the originator, is, by the rules
which govern this system of money
lending, forced to notify all who belong
to the "owey'' OF the next meeting. Al
this meeting Yen, Kow, Chew and Hing
are the only ones who are permitted to
offer premium, Sam and Vow having
no voice in the matter. At this meet
ing the premium OF 81 is again offered
and it having been awarded to Yen the
other three pay him $40 each, and Sam
and Yen repay their first monthly in
stallment of $40 each. At the next
meeting only three. Kow, Chew ane
Hing, can bid. and if the same amount
of premium is bid and it is awarded te
the first of the three named, the othel
two pay him S19 each, while the othel
three, Sam, Vow and Yen, pay him $2'
each. At the next meeting only two
Chew and Hing, are permitted to offe
a premium. The one to whom th'
"owey" is awarded receives from thu
other tue amount. less the premium
and from the other four $40 each. A
the next and last meeting, only one re
naming, he receives from the other fivt
$40 each, making the full SUM of $100
By this method the originator Of th'
'owey," who obtains the money with
out interest, has the use of 800 for ont
month, $50 for four months. $50 TO
three months, $40 for two months, ant
$40 for one month. In return for tn
use of the money he is forced to act O.
|. collector from the other members of the
"owey," who are required to pay th'
monthly instalments of 800. He ais
assumes risk, and that is. if any mem
Der of the "owey" does not pay at tht
appointed time he has to be responsible
for the amount due. Tue other mem
bers of the .'owey," who by install
ment advance money to one another
receive interest for the amount of thei
advances and each in turn has the us
of the total amount of the ''owey" i
the same proportion as the originator
This method of money lending is il
J vogue among all classes, and womel
; often form "oweys" among themselves
When the slips OF paper before allude
to are drawn from the bowlit often hap
pens that two or more contain the sam
amount of premium. In such all even
the "owey" is given to the one who's
slip is first drawn. The 'owey" may b
composed of any number not exceedin
ten besides the originator, and th
greatest amount that may be raised b
such means is $4,000. Whenever q
"owey" is formed and the amount to b
, awarded to the originator is $500, or i
, excess thereof, he is required to trea
those who loan him the money to a dir
, ner not to cost less than 81 head
i Oftentimes high premium is bid TO
the privilege of the ''owey" for eacl
i succeeding month, and this gives tn
lenders considerable interest for the us
J of their money.
Arehey. the Jockey.
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