Beiyang reactionaries

"Yes."

…………

"President Zhang, Alexander Stephen, the head of HSBC Bank, went to the British Consulate. The British Consulate just asked us to come forward to calm the current situation."

"Humph."

Zhang Jiaao snorted coldly.

Dao: "Send a telegram to the cabinet, requesting that all companies currently controlled by the government, as long as they have deposits in HSBC, all require withdrawals. And it is a big fanfare."

"Yes."

421

"Alexander, I can't stand it anymore. This is a telegram from the head office."

1924 1 Month 16 Day.

Sixth day of stock market crash.

Chicken feathers all over the place.

Shanghai's financial market is a mess, which shocked the entire Shanghai economy.

The government has taken over more than 20 banks, banks, and money houses, all of which were forced to go bankrupt due to insolvency.At this time, China actually did not have a sound commercial law, or modern commercial law.

Because China really came into contact with modern business and felt the development of modern industry and commerce after the Opium War.After that, the Qing government fought non-stop, fighting against the great powers, and fighting in the country.The economy is even more oppressed by the foreign powers, and there is not much industrial and commercial development of its own.So there was not enough commercial law to be enacted.

The same is true after the founding of the Republic of China.For the Beiyang government, there are warlords all over the country, and it is very difficult to wipe out the warlords. There is no time to consider a formal business law.

So there is no perfect bankruptcy law.

In the past, once bankruptcy occurred, many of those people took the money and ran away.Of course, there are also many bankers and bank owners who will stick around until the end.

Do what needs to be done.

There are many time-honored brands that have been in business for decades or hundreds of years, and they all pay great attention to credit.Because they still want to rely on their reputation to rise again, if they run away with money, they will never have a chance to rise again.

But this all depends on the habits of the boss.

But this time is different.

Because this time it was Zhang Jiaao who took the initiative to detonate the landmine. He knew that the collapse of the financial market would have a great impact on Shanghai's economy and even China's economy, but he still detonated the landmine.

Duan Xun is very determined to carry out financial reform.

Even if it affects the economy, China's financial brutality cannot be allowed to grow.China's finance must be in the hands of the government. Of course, this does not mean that foreign banks and private banks are not allowed in China.

Rather, these banks must be supervised by Chinese regulators and must abide by Chinese laws.But in the current financial situation, it is difficult for the government to supervise these banks, banks, and money houses.

So Zhang Jiaao was willing to be the general who charged into battle.But whether Zhang Jiaao, or Duan Xun, Dai Kan, or Wang Yongjiang agreed to detonate this landmine.

But I still don't want anything too serious to happen.

So I made a lot of preparations early on.This time, as long as there is a problem, the Shanghai Branch of the Bank of China will immediately take over these banks and banks, and all accounts will be seized.Of course, it is impossible for the government to quell all such large-scale financial turmoil.

Not only is it not strong enough, but it will not do so.Because if you really want to save those banks, banks, and money houses, the government doesn't know how much money it will invest.

Where does the current government have so much money?

So those insolvent banks and banks let them go bankrupt immediately.

Liquidate their assets.

No one is allowed to take away funds from banks, banks, and money houses.But there are too many bankrupt banks, banks, and money houses, and the Bank of China keeps sending people from the headquarters to support them, but even so, there are not enough people.

Therefore, the government decided to send teachers and students studying economics and accounting from major Hosei universities in China, as well as Peking University, Tsinghua University, and Beiyang University, to Shanghai to help the Bank of China solve the personnel crisis.

In addition, the Shanghai Municipal Government, the Shanghai Procuratorate, and the Shanghai Police also dispatched a large number of people.

Of course this is a good opportunity.

Taking advantage of this opportunity, China Bank of Communications, China Commercial Bank, China Savings Bank, China Commercial Bank, and China Construction Bank, these banks are swallowing up those banks that are in bankruptcy crisis at low prices.

Rapidly expand their own strength.

And the banks that are often supported by government-controlled banks quickly emerged from the crisis.Because the government reacted too quickly to the financial crisis this time, it gave a lot of support to many citizens and enterprises.So when you hear that those banks are supported by the government, the run crisis will slowly ease.As long as these banks solve the current run crisis, there is no problem in their own development.

It's not just these bank takeovers.

Even the local government is the same.

Siming Bank asked for help everywhere, and finally the Shanghai Municipal Government decided to inject 100 million capital into Siming Bank, took away 40.00% of Siming Bank's shares, and became the largest single shareholder of Siming Bank.

One million silver dollars.

Controlling a bank like Siming Bank with a deposit of 4000 million silver dollars is really "taking advantage of the fire."

But there is no way.

Siming Bank couldn't stand it anymore.

After the Shanghai Municipal Government swallowed 40.00% of Siming Bank's shares, it immediately announced that the Shanghai Municipal Government supports the current management of Siming Bank.Said that the management will not be replaced in a short period of time, and the election of the board of directors will also be placed after the resolution of this matter.Of course, the most important statement is that the Shanghai Municipal Government signed a contract with Siming Bank, stating that the Shanghai Municipal Government's annual commercial tax will be deposited into Siming Bank.

Very simple.

An announcement made Siming Bank get out of the crisis in an instant.

why?

Because Shanghai is the wealthiest province in China, the Shanghai municipal government is also the wealthiest local government in China.Annual local income is very high.With the support of the Shanghai Municipal Government, Siming Bank certainly got out of the crisis quickly.

These are domestic banks.

The meaning of the government is very simple.Those banks that are really powerful are only affected by the turmoil, and the government buys shares at a low price to buy the bottom.

Some are directly annexed by the government and become government-controlled banks.Some governments just buy shares at a low price to help them stabilize the situation, but do not interfere with the development of banks.

And those who have no strength are too risky.

The government has always forced them to go bankrupt.

Of course, this turmoil affects not only domestic banks, but also those foreign banks are currently in a state of distress.After having nothing to do, many banks jointly established with the government, that is, banks jointly established by China and foreign countries, can only ask the Chinese government for help.

same.