Millheim Journal. [volume] (Millheim, Pa.) 1876-1984, 1882-12-21
a peculiar Custom.

ple do. borrow it, and either Gve Il
promissory note or chattel mortgage as
security for the same, but he forms
what in Chinese is called an 'owey.
This is something which is peculiarly
Chinese and requires a 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 5000. For instance, If Chi
naman needs 800 he will 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." If it is decided that il
shall be q $40 "owey, then five person
in addition to the originator combine.
For the purpose of explaining the
"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 ut 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 will give. These slips are
rolled separately and thrown into II
bowl and shaken up, after which each
slip is unrolled aud the amount noted.
The "owey" is then awarded to the one
having bid the highest premium. Vow
having bid 81 premium, Yen, Kow,
Chew aud Hing each pay SO, which is
the amount less the premium, and
amounting in all to $76; and if he adds
the amount of his own contribution 1t
will make total of 500, or equal to the
amount advanced to Sam less 81, which
Is reokoned as interest, allowing 81 for
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 swarded to Yen the
other three pay him SO each, and Sam
and Yen repay their first monthly In
stallment OF $40 each. At the next
meeting only three, Kow, Chew and
Hing, can bid. and if the same amount
of premium is bid and it is awarded to
the first of the three named, the other
two pay him $40 each. while the other
three, Sam, Vow and Yen, pay him $40
each. At the next meeting only two,
Chew and Hing. are permitted to offer
premium, The one to whom the
''owey" is awarded receives from the
other the amount, less the premium,
and from the other four $40 each. At
the next and last meeting, only one re-
manning, he receives from the other five
$50 each, making the full SUM of 500.
By this method the originator of the
''owey," who obtains the money with
out interest, has the use of 800 for one
month, $50 for four months. $50 for
three months, $40 for two months, and
$50 for one month. In return for the
use of the money he is forced to act as
collector from the other members of the
"owey," who are required TO pay the
monthly instalments of $40. he also
assumes a risk, and that is, if any mem
ber of the "owey" does not pay at the
appointed time he has to be responsible
for the amount due. The other men,
bers of the ''owey," who by install
ment advance money to one another,
receive intere for the amount of their
advances and each in turn has the use
of the total amount of the "owey" In
the same proportion as the originator.
This method OF money lending is in
vogue among all classes, and women
often form "oweys" among themselves.
When the slips of paper before alluded
to are drawn from the bowlit often hap
pens that two or more contain the same
amount of premium. In such an event
the "owey" is given to the one whose
slip is first drawn. The ''owey" may be
composed of any number not exceeding
ten besides the originator, and the
greatest amount that may be raised by
such means is $4,000. Whenever an
"owey" is formed and the amount to be
awarded to the originator is $500, or in
excess thereof, he is required to treat
those who loan him the money to din
ner not to cost less than 81 a head.
Oftentimes a high premium is bid for
the privilege of the "owey" for each
succeeding month, and this gives the
lenders considerable interest for the use
of their money.
met His Deserts.