Page:Japan by the Japanese (1904).djvu/415

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BANKING
377
Bankers’ Associations and Clearing-Houses.

Bankers’ associations were established to discuss important subjects connected with banking business for the purpose of the common interest of banks, as well as to make sales, purchases and exchange of bills and cheques. At present they exist in Tokyo, Osaka, and a few other localities.

In September, 1879, there was established a clearing-house in Osaka, where the custom of clearing mutual accounts by transference of bills and cheques had been prevailing for a long time. This was the first clearing-house ever established in Japan.

In August, 1880, a Bankers’ Association was established in Tokyo, where the business of clearing bills was first adopted in December, 1887. The business was for some years conducted in the building of the Bankers’ Association, but the rapid growth of transactions by bills soon necessitated the removal of the clearing-house from the association building. The Tokyo clearing-house was at the time thoroughly reorganized on the pattern of similar institutions in Europe and America.

Next, similar institutions appeared in Kobe, Kyoto, and other localities, and also there were established bankers’ associations in Kyoto, Kobe, Nagoya, and Yokohama.

Each clearing-house is only open to the banks belonging to the particular bankers’ associations under whose auspices it is established. Its expenses were formerly divided into three equal parts, one part to be imposed on each bank equally, the second part according to the number of bills and cheques cleared, and the third part in proportion to the value of bills cleared. Recently, however, the Tokyo Clearing-House adopted a new method by which the expenses are imposed on the total amount of bills and cheques cleared by each bank.

The managers of each clearing-house are to be appointed from the allied banks by turn for a term of one week. As to the balance after clearing, it is settled by transferring it to the current accounts at the Bank of Japan (or its branch office). Any demand arising from non-payment of the amount on the face of bills or cheques, or from any error in clearing, shall be settled by the particular banks concerned.

Ordinary Banks and Savings Banks.

Before the promulgation of the Bank Regulations and Savings Bank Regulations, both now in force, any association might be formed by a free contract, and only those companies which happened to bear the title of ‘bank’ were subject to the National

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