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Yang Tianshi is talking about Chiang Kai-shek: he almost lost everything in his early stock trading

Release Time:2021-07-21 Topic:A share trading uniform Reading:7 Navigation:Stock Liao information > Comprehensive > Modern Chinese History > Yang Tianshi is talking about Chiang Kai-shek: he almost lost everything in his early stock trading phone-reading

Caption: On June 25, 1921, the Ministry of Agriculture and Commerce sent to the Shanghai Stock Exchange (THE CHARTERED STOCK & PRODUCE EXCHANGE, SHANGHAI, LTD.) business license, now in the archives of Shanghai.

Click: This article has not been authorized by Mr. Yang Tianshi from the Institute of Recent History of the Chinese Academy of Social Sciences. If copyright is involved, he will communicate with Mr. Yang as soon as possible. I think he will understand. If reprinted, please indicate the source.

The Shanghai Stock Exchange is an institution that has played an important role in the political and economic history of modern China. From 1918 to 1923, Chiang Kai-shek had a close relationship with it; it also had a profound impact on Chiang's life and thoughts. At the beginning of 1920, Jiang even had the idea of ​​"business in cotton and cotton yarn" as a broker. However, most of the previous discussions relied on the memoirs of individual personnel, which were superficial or fallacy. This article will clean up relevant historical facts based on solid documents and archives, hoping to make more accurate and clear explanations on most issues. However, due to the lack of information in some links, it is difficult to explain all the problems in this article. Further discussion will await the attention of more researchers and the discovery of more data.

1. The Shanghai Stock Exchange was initiated by Sun Yat-sen

Sun Yat-sen has always been embarrassed by funding during his years of revolutionary career. In December 1916, Sun Yat-sen accepted the proposal of a certain Japanese political party and decided to open an exchange in Shanghai with the Japanese Kobe shipping giant Mikami Fengyi, who had long supported the Chinese revolution, in an attempt to fund the revolution with profits. On the 5th of the same month, Dai Jitao came forward to sign a draft agreement with Sanshang’s representative Xingyi Nakajima, stipulating that the total capital is 5 million yuan for Shanghai GM, and the Japanese side provides 2.5 million yuan as an interest-free loan. Eight out of ten, the founder gets two out of ten. At the same time, it is stipulated that the exchange must hire a person who is proficient in the business selected by the Japanese capital group as its consultant to deal with everything together. Afterwards, individual clauses of the draft agreement were amended and the draft was finalized. The signatories include Sun Wen (Zhongshan), Zhao Jiayi, Yu Hede (Qiaqing), Zhang Renjie (Jingjiang), Hong Chengqi, Dai Chuanxian (Ji Tao), Zhou Peizhen, etc. 11 people. On January 22 of the following year, under the leadership of Sun Yat-sen, 8 people including Yu Qiaqing, Zhang Jingjiang, Dai Jitao, etc., petitioned the Ministry of Agriculture and Commerce of the Beijing Government to establish the Shanghai Stock Exchange. The submission firstly describes the shortcomings of China’s lack of exchanges. Zhongyun:

Shanghai is a hub for the distribution of goods in the country. All bulk property transactions are arbitrarily bought and sold by merchants of various industries. There is no moderate standard for prices and no transaction. Assurance agencies, there is no way to prevent panic, financial activities cannot be carried out, and brokers are unrestricted. The development of industry and commerce has a lot of hindrances. Although there are guilds and arbitrarily assembled markets in various industries, there are no real funds. There is no complete organization, the government is difficult to supervise, the merchants have no confidence, it is the price of the bulk property, and the foreign brokers are often free to manipulate it. As for the trading of securities, there is no central authority. Issued company stocks cannot be circulated, new companies are not easy to offer shares, and the prices of issued public bonds are declining. It will be even more difficult for the state or local government to issue public bonds in the future. For this reason, more Chinese companies are registered than foreign governments in order to make their stocks circulate on foreign exchanges. Chinese investors also abandon their domestic public debts, and Tesco’s foreign public debts, and the contents of each company are not uniform. The agency's investigation guarantees that buying and selling are indiscriminately observable. Once a flaw occurs, the stock will become a waste of paper, often due to a company's content defect, causing panic in the market. All these disasters are caused by lack of sufficient capital and creditworthy transactions., Can’t blame the businessman for his lack of patriotism.

The submission stated: “The organization of the exchange is that the simultaneous operation of both securities trading and commodity trading is most beneficial to the Shanghai market, and it can especially help the development of China’s industry.” According to the recall of relevant personnel, This article was drafted by Zhu Zhixin, but since it was led by Sun Yat-sen, it should be regarded as an important lost article by Sun Yat-sen.

According to the submission, the business scope declared by the Shanghai Stock Exchange includes 7 items including securities, floral yarn, gold and silver, Chinese and foreign cloth, oil, and grain. On February 24, the Ministry of Agriculture and Commerce of the Beijing Government approved the first operation of securities; regarding the transaction of goods, the governor of Jiangsu was asked to check and report the department before proceeding with verification. In the same month, Dai Jitao went to Japan to set up a preparatory office in the Tokyo Stock Exchange. However, just as the preparatory work was going on, Zhang Xun’s restoration of Puyi in Beijing, Shanghai suddenly fell into chaos, money was tightened, interest rates soared, business stagnated, and exchange preparations were suspended.

In 1918, Dai Jitao, Zhang Jingjiang, Chiang Kai-shek and others conspired to use the previous case and continued to bid. The secret organization such as Dai and Xiejin Society recruited the original founders Yu Qiaqing, Zhao Jiayi, and Hong Chengqi as members. In March of the same year, the Japanese established a stock exchange (exchange) Co., Ltd. in Shanghai to operate securities, cotton yarn, cotton, etc., in an attempt to manipulate the Shanghai market. The business directors of various industries believe that: "I will not do it myself, he will turn the customer first, and hold my business power." Therefore, Yu Qiaqing is equivalent to the establishment of a preparatory meeting in July of the same year, pushing Yu and Zhao Linshi, Zou Jingzhai, Sheng Pihua, and Zhou Peizhen as preparatory members. Shanghai Industry and Commerce Famous figures Wen Zongyao, Wen Lanting (Han Chapter), Li Yunshu, Zhang Danru, Shen Runyi, Wu Yaoting, Gu Wenyao, etc. have joined as promoters. After that, led by Yu Qiaqing, he petitioned the Beiyang government to request that “the securities and goods should be opened together” on the grounds that “the trend of the times cannot be delayed”, which was approved. However, the various business groups in Shanghai immediately had a dispute over separate and joint operations. Shi Zhaoxiang and Xu Fusun, directors of the original promoters of the gold industry, intend to apply for the establishment of the Shanghai Gold Exchange, and Fan Jimei of the former Shanghai Stock Exchange Association intends to apply for the establishment of a stock exchange. In April 1918, the Ministry of Agriculture and Commerce of the Beijing Government requested that it be divided into three exchanges. According to the case, Yu Qiaqing and others tried their best. The Ministry of Agriculture and Commerce instructed the Shanghai General Chamber of Commerce to convene various business groups for discussion, and conducted a detailed investigation by the Jiangsu Industrial Department. The result was tossing around, unable to decide. On June 27, 1919, the Ministry of Agriculture and Commerce believed that the joint venture capital power was relatively strong, and it was decided by the majority. The joint venture was appropriate and the joint venture was approved first. Under this order, Shanghai Gold and Stocks still have objections. On December 20, the Ministry of Agriculture and Commerce ordered the removal of securities and gold from the business scope of the exchange to avoid entanglement, but Yu Qiaqing and others immediately raised an objection to exempt the petition from amendment.

On February 1, 1920, the Shanghai Stock Exchange held a founding meeting in the General Chamber of Commerce. 572 shareholders, 100,000 shares, 408 shareholders or representatives present, representing 85,408 rights, more than half. The meeting publicly promoted Yu Qiaqing as the interim chairman. In his speech, Yu traced the history of the China Trade Fair, claiming that 20 years ago, two Jun Yuan Zizhuang and Zhou Xiongfu proposed to establish it, but it did not happen. "In the winter of the Republic of China, Mr. Sun Yat-sen recurred again. I will follow it. "After a handful of twenty years, the creation of the exchange has been difficult. Fortunately, the share capital has exceeded the original amount by hundreds of shares today. It can be seen that the level of business in our country is increasing. In the future, the results of the Exchange will be considerable.", So much. The meeting elected 17 directors and 3 supervisors. Yu Zhiqing ranks first in the board of directors with 81,833 rights. Zhang Jingjiang was selected as an alternate director. Chiang Kai-shek's fellow township and comrade Zhou Junyan (Pinqin) was elected as the supervisor with the power of 53860. Regarding this, Chiang Kai-shek's diary stated: "Zhuqin was elected as the supervisor of the exchange." It can be seen that he attaches great importance to it. Zhou Junyan was selected by the government to study in Japan before Xinhai, entered the Police Supervision School, and became a comrade with Chiang Kai-shek. Participated in the Battle of Ningbo Recovery and was one of the leaders of Fenghua Military and Government Branch. In the winter of 1911, he served as Chief of the Quartermaster Section under Chiang Kai-shek's command. He later served as the principal of Ningbo Commercial School. The second revolution failed, Chiang Kai-shek was wanted, and Zhou Zeng hid Jiang in the school. On February 6, the Exchange convened a board of directors to elect Yu Zhiqing as its chairman, Wen Lanting, Shen Runyi, Zhao Linshi, Guo Waifeng, Zou Jingzhai, and Sheng Pi Huawei as executive directors. Among them, Ningbo native Guo Waifeng worked for Daosheng Bank in Nagasaki, Japan for 18 years.

2. Jiang Jieshi forms the Maoxin account , Chen Guofu acted as a broker

From the day Sun Yat-sen initiated the establishment of the exchange, Chiang Kai-shek was ordered to participate in the preparations with Dai Jitao and Zhang Jingjiang.

In April 1920, Chiang Kai-shek returned to Shanghai from the Guangdong Army headquarters in Zhangzhou, Fujian due to a disagreement with Chen Jiongming, and co-organized the Youai Company with Chen Guofu. On June 3 of the same year, Chiang Kai-shek’s diary stated: “It is proposed to set a total of 5,000 yuan in the capital of Youai Company in Guofu, and Zhongzheng will first advance it in full. The first purchase of 400 shares on the Shanghai Stock Exchange isBasic. Set as ten shares. Feng Hao has seven shares, and Guofu, Fu, and Ganfu each have one share. Guofu is presumed to be a voluntary manager. "Chen Guofu’s father-in-law Zhu Wulou originally ran the Fukang Bank in Shanghai. In May 1918, Chen Jingqi’s father-in-law introduced him to Shanghai as the assistant letter house of Jin’an Bank. In 1919, he borrowed Chiang Kai-shek’s more than one thousand taels of silver in Jin’an.” "I made a foreign trade" and made six hundred tens of taels of silver in three weeks. Therefore, among the revolutionaries, Chen is more familiar with finance and knows a little about business. This is the reason why Chiang Kai-shek recommended Chen to become a voluntary manager. However, this Youai company did not seem to have been established. The plan was just set, and Chiang Kai-shek immediately encountered an international financial trend. The price of silver in London and New York fell, and the price of silver in Shanghai also fell sharply. This incident made Chiang Kai-shek's business encounters. When the first setback came, coupled with this period, Chiang Kai-shek's family life also appeared contradictory. In addition to frustration, Chiang Kai-shek left Shanghai, sent his love for the landscape. "Chronicle" says: "The public is unable to do anything by military force, and the boudoir and commerce are inconsistent. Not even surprised, then roamed in order to soothe the depression. Floating to Putuo...Fan traveled for six days and was tired. "

After Putuo returned, Chiang Kai-shek continued to discuss exchange matters with Zhang Jingjiang and others. On June 26, 1920, Chiang Kai-shek's diary stated: "Go to Jingjiang's house and discuss company affairs with Pei Zhen." "Pei Zhen refers to Zhou Peizhen, a native of Nanxun Town, Wu Xing, who is related to Zhang Jingjiang. He was originally a director of the Shanghai Stock Exchange and was by-elected as an executive director on May 29, 1920. The company mentioned here was immediately a few days later. The Maoxin company appeared.

On July 1 of the same year, the Shanghai Stock Exchange was opened. More than 3,000 people including Wang Zhengting, the governor of Jiangsu, and the representative of Shanghai Daoyin attended the ceremony. On the same day, Shanghai’s "Declaration" "An advertisement appeared: "Chen Guofu, broker No. 54 of the Shanghai Stock Exchange, I would like to buy and sell securities and cotton on behalf of the client. If you are commissioned, you are welcome. Office 80, 3rd Floor, No. 1, Sichuan Road. Telephone: No. 54 of the Exchange. "About this matter, Chen Guofu recalled: "Mr. Jiang asked me to discuss with Zhu Shoumei (Kong Yang), Mr. Zhou Zhenqin (Junyan), Mr. Zhao Linshi, etc., to organize the No. 54 Broker Number, Ming Mao Xin, doing two kinds of business in cotton and securities, pushed me to be the manager, and brother Shoumei as the assistant. "

On July 1, 1920, the Shanghai Stock Exchange opened

Trading scene on the opening day of the Shanghai Stock Exchange

Interior view of the General Affairs Division of the Shanghai Stock Exchange

No. 1 Sichuan Road, Shanghai where the original "Maoxin Hao" was located

In the next few days, Jiang Jieshi’s diary continued to record the Maoxin Hao, which can be seen This matter has become the center of Jiang’s excitement, and it can also be seen that he is anxious about it:

On July 5, 1920, Chiang Kai-shek’s diary stated: "Today is the organization of Maoxin Company and the issue of stock trading. , Quite a lot of thought, can't sleep well all night. "

On July 6, 1920, Chiang Kai-shek's diary said: "Late in the apartment to discuss the Maoxin Company Organic Law." "

On July 7, 1920, Chiang Kai-shek's diary said: "Go to Maoxin Company. "

When running Youai Company, Jiang once said that he was responsible for all the capital; but when Maoxin Company was formed, the capital did not come from Jiang. According to Chen Guofu’s recall: It was originally founded by Zhu Shoumei Invested two thousand yuan, and Chen Guofu borrowed one thousand taels of silver from Jin'an Bank. The total capital was only three thousand hundreds of yuan in cash.

The Maoxin Hao was not smooth after its opening. First. When the sky opened, it lost more than 1,700 yuan. At the same time, Chiang Kai-shek commissioned Zhu Shoumei to purchase stocks, and the price was also at a big loss. Zhu Yuan, a Fenghua hometown of Chiang Kai-shek, graduated from Zhejiang Normal University, and had no experience in business. On June 24th, the stock market was tested on the stock exchange, and the closing price was 29.9 yuan per share. On the 26th, the market was optimistic and trading was active. The price rose to the opening price of 31 yuan and the closing price of 31.2 yuan; it continued to rise in the afternoon (opening price of 31.6 yuan) , The closing price was 31.9 yuan, and the booked price was 32 yuan). In the next few days, the price continued to rise, and by July 4, it had risen to 42 yuan per share. Zhu Shoumei did not buy when the price was low, and when the price was high, It was a sudden acquisition. Chiang Kai-shek learned of the news and was extremely upset. The diary said: "Yiqing came to house, and the handed-in stock rose to forty-two yuan, very worried. When I visited Shoumei in Maoxin, I learned that the stocks were purchased on behalf of the former at a price of 42 yuan. The unreliability of novice businessmen is so unreliable. But Guofu approached, crying with tears and complaining, his love is pitiful, but he knew his courage was very weak. "

Chiang Kai-shek’s trustees had already suffered a loss when he bought high-priced stocks. He did not expect that, a few days later, the price suddenly dropped. Chiang Kai-shek received a telegram from Chen Guofu in Fujian and learned that relatednews. The diary said: "After receiving the call from Guofu, I learned that the stocks handed over fell horribly, and the loss reached more than 7,000 yuan. It is known that business is not easy to operate. However, most of the damage was caused by Guofu and Shoumei. The Xingxiang family said that I had no luck in May and June. Okay, it’s very strange if it is what it says.” Two days later, he remembered: “Accepting Guofu’s letter, knowing that he is timid and suspicious, he can’t preside over the business.”

Chiang Kai-shek This trip to Fujian was originally the result of manpower persuasion by Sun Yat-sen, Liao Zhongkai, Hu Hanmin and others, with the purpose of assisting Chen Jiongming and Xu Chongzhi in handling military affairs. Chiang Kai-shek had an opinion on Chen Jiongming. After arriving in Fujian, he found that Chen and Xu were at odds, thinking that there was nothing to do, so he could leave Fujian and return to his hometown on August 5. In his hometown, he still misses the trading situation of the Shanghai Stock Exchange, thinks about countermeasures, and sends people to Shanghai to convey his opinions. After returning to Shanghai in the second half of the year, he visited the exchange in person. The dirty air and noisy voices made Chiang Kai-shek feel dizzy, and he couldn't help but sigh that the broker was uncomfortable.

Maoxin’s business was unfavorable at the beginning, but it gradually thrived. Chen Guofu recalled: "Maoxin’s share capital increased from 10,000 yuan to 15,000 yuan, and slowly increased to 30,000 yuan. The daily expenditure is less than 30 yuan, and the daily business, at the worst time, commissions The total income is more than 30 yuan, preferably 2,000 yuan. The prosperity of the business can be imagined." It can be seen from this that Chen Guofu still has a set of methods in business.

3. Expand investment and establish Hengtai account

The business of Maoxin account was unfavorable at the initial stage, and Chiang Kai-shek and others called for reorganization. On September 2, Chiang Kai-shek decided to withdraw 6 shares. The next day, Chiang Kai-shek visited Zhang Jingjiang, and because of a bad mood, he beat the coachman severely. On September 5, Chiang Kai-shek, Chen Guofu, Zhu Shoumei and others convened again to study the reorganization of the company. Chiang Kai-shek decided to invest 4,000 silver dollars as the capital of the cooperation with Zhang Jingjiang; at the same time, he decided to invest 5,000 yuan and trust someone to operate a temporary business. On the 22nd of the same month, Chiang Kai-shek visited Zhang Jingjiang again to discuss business affairs, and Chiang Kai-shek decided to invest 15,000 yuan.

When Chiang Kai-shek was ambitiously going to do a big business, the Guangdong-Guangxi War was going on intensely. On September 30th, Chiang Kai-shek left Shanghai and rushed to the front. However, because of disagreements with Chen Jiongming, he returned to Shanghai on November 12 and returned to his hometown the next day. On November 25, Sun Yat-sen left Shanghai and went to Guangzhou at the request of Xu Chongzhi of the Guangdong Army. Zhang Jingjiang and Dai Jitao asked Jiang to go with Sun Yat-sen. Dai Bing once went to Ningbo to persuade each other, sternly and vigorously condemned with righteousness, but Jiang still resolutely refused.

In early December, Chiang Kai-shek went to Shanghai again. On the 15th, he decided to cooperate with Zhang Jingjiang and other 17 people to continue to operate the brokerage business of the Shanghai Stock Exchange, named Hengtai. The agreed conditions are as follows:

① Brand. The name is Hengtai, and the agent is known by Zhang Junbingsan.

②The scope of business is temporarily limited to the trading of various securities and cotton yarn on behalf of clients.

③The amount of capital is 35,000 yuan in Shanghai GM silver coins, 1,000 yuan per share.

④The number of shares is 35 shares, of which Jiang Weiji has 4 shares and Zhang Jingjiang has 5 shares.

⑤This contract was established in the Shanghai Concession, in 18 copies.

The contract is now in existence, signed by Wu Junji and other 17 people. Among them, Xiaohengji is Dai Jitao's pseudonym, Yinxiangji is Zhou Peizhen's pseudonym, Chen Mingji is Chen Guofu's pseudonym, Zhu Shouji is Zhu Shoumei's pseudonym, and Zhang Bingji is Zhang Bingji's pseudonym. The pseudonym of Jingjiang's nephew Zhang Bingsan (name Youlun), Zhang Jingji is the pseudonym of Zhang Jingjiang, Zhang Bianji is the pseudonym of Zhang Jingjiang's brother Zhang Bianqun, under the name of Jiang Weiji, Chiang Kai-shek signed the two characters Zhongzheng himself. However, its shares were recognized by Zhang Jingjiang on his behalf.

This year, businesses related to Chiang Kai-shek continued to lose money.

After the opening of the Shanghai Stock Exchange, Yu Qiaqing petitioned the Ministry of Agriculture and Commerce for registration in September 1920. In November of the same year, Yu Qiaqing personally went to Beijing for activities. However, because the Jiangsu Provincial Assembly and Zhang Jian both called the Ministry of Agriculture and Commerce, requesting that the issuance of licenses be suspended before the "Exchange Law" is amended, the registration of the Shanghai Stock Exchange was blocked. It was not until March 7th of the following year when Yu Qiaqing again petitioned the Ministry of Agriculture and Commerce for the issuance of a business license. On March 14, Chen Guofu sent a letter to Chiang Kai-shek, reporting good news such as applying for a license and expanding gold and silver business, saying: "The stock price turned back a little bit the day before, and it can be expected to be good today, because the license can be issued in Beijing today. Jin wants to publish it, so it can be expected in a few days.” However, it was not until June 25 that year that the Ministry of Agriculture and Commerce of the Beijing Government approved the issuance of the license.

In view of the upcoming business license, Zhang Jingjiang and others decided to expand the business scope of Hengtai, increase the business of buying and selling gold and silver on behalf of customers, with a capital of 46,000 yuan and 100 yuan per share. Jiang Wei recorded 44 shares and Zhang Jingjiang recorded 55 shares. However, the business is still not going well.

In late January of that year, Chiang Kai-shek repeatedly urged Sun Yat-senNext, left Fenghua and arrived in Guangzhou on February 6 to participate in the discussion of the plan to aid Guizhou. Soon, due to a conflict with Chen Jiongming, he returned to Fenghua in the same month and stayed at home ever since. In April, Chiang Kai-shek received a series of urgent telegrams from Zhang Jingjiang, claiming that "commercial warfare is a round of attacks, please come and rescue." Chiang Kai-shek didn't know what happened to the Hengtai. He was worried and annoyed, and his expression changed for a while. However, Chiang Kai-shek soon felt that he was not calm enough, and severely blamed himself in his diary: "Sorrowful and irritable, that is unstoppable, how despicable!"

Under the circumstances, Chiang Kai-shek hurried to Shanghai to discuss rescue measures with Chen Guofu, Dai Jitao and Zhang Jingjiang. On April 17th, Chiang Kai-shek’s diary said: “Guofu came to meet and talked about brother Jingjiang visiting Huanting brother because of the attack on the exchange. In Xuanluo Daqing, I discussed with Ji Tao about the rescue of business failure.” The diary of the next day Yun: "In the afternoon, I will meet with Jingjiang and Ji Tao to rescue business affairs." Although the two-day diary contains only a few lines, the anxiety of Chiang Kai-shek and others can be seen in the past. However, half a month later, the God of Destiny sent Chiang Kai-shek and others good news: stock prices have risen. On May 2nd, Chiang Kai-shek’s diary said: "After receiving the letter from Brother Jing, the stock price of the exchange has risen to one hundred and eight yuan." On May 5, the diary also said: "After taking over Meidian, the stock price of the exchange has risen to one hundred. Twenty-four yuan." For stock investors, there is no better news than the skyrocketing stock price. While excited, Chiang Kai-shek wrote four words in his diary: "Self-hearted comfort!"

Sun Yat-sen He was elected as the very big president in Guangzhou on April 7. Plan to launch a war against Guangxi. On April 18, Sun Yat-sen called Chiang Kai-shek, urging Chiang Kai-shek to go to Guangdong, telling him to come to Guangdong quickly for assistance; Chen Jiongming, Xu Chongzhi, Hu Hanmin, Dai Jitao and others also sent letters and telegrams to urge Chiang Kai-shek to go to Guangdong. On May 10th, Chiang Kai-shek set off. During his stay in Guangdong, Chiang Kai-shek received a letter from Chen Guofu reporting the situation of the exchange and the contradiction between him and Zhang Jingjiang. Zhongyun:

Jinggong wanted to retrieve one of the securities confiscated by the High Exchange ( That is to say, our four companies had a total of 30,000 shares of old stocks, and the securities were calculated to be 1.2 million yuan. Those who were confiscated received only 750,000 yuan from outsiders. The remaining 450,000 yuan was originally used to make up the difference. The one who retrieved it is this part) who asked me to go to the merchant about seven or eight times. However, he made his own ideas and didn't accept the slightest opinion from me. I am also not good at language, so I often can't do it intentionally. At this time, I thought it was feasible and did not oppose it. Recently, he had the intention of making a hasty move, and my nephew had to look into it carefully. The result of the inspection is that it is absolutely impossible for this matter now, and Mr. Er only cares about one side of his own, regardless of the embarrassment of others. Moreover, this matter was run by Li Jun, and it is inevitable that other parties would take advantage of it. Otherwise, in addition to the loss of our reputation, we still have to give up some hard money. The one you are afraid of now is the short, and the balance will be fought by the short, and may not be able to get it. If the long is fighting, the people in Shanghai will be scolded by the people in Shanghai. Even if you use your full strength to win, don’t the short talk again, or even Have a big deal with you. Because at that time, I was confused, and now I understand that it was you who made the 30,000 longs. Even if you can get it, it is still uneasy. Moreover, our broker is a dealer. Now we are acting on behalf of the buyer. How can we be worthy of a class? The most disadvantaged, bearish, hedging guests! So I thought about it and couldn't do this for him. I have rejected him. I don't know what my uncle's opinion is? After I have cleared all the customer transactions, the broker will not do it anymore and stop Maoxin.

In the letter, "short" refers to those who sell stocks; "long" refers to those who buy stocks; "hedging" refers to those who use the difference between recent and forward stock prices to arbitrage profits; "My uncle" refers to Chiang Kai-shek. According to this letter, it is known that Zhang Jingjiang and others were "long" and bought 30,000 shares of "old stocks" of the exchange. Due to misjudgment, 1.2 million yuan of the deposit was confiscated, of which 750,000 yuan was compensated for losses, and the other 450,000 yuan was likely Retracted. Zhang Jingjiang was eager to take action to recover the loss. He had discussed with Chen Guofu seven or eight times, but Chen believed that it was not feasible at this time. If he did, not only would he not get the money back, but he might be scolded by all Shanghainese, so he resolutely refused and had trouble with Zhang. debate. The same letter also said:

He said the night before that his reputation ignored these angry words, but I can't ignore his and our reputation, and there is still no effect if the reputation is damaged.

It can be seen that Zhang and Chen have evolved from the opportunity to recover the loss to a dispute about reputation. Zhang Jingjiang's claim that he "disregarded his reputation" shows the stimulus given to him by this business failure.

4. Joint venture with Zhang Jingjiang, Dai Jitao, etc. to operate Liyuanhao

After the Shanghai Stock Exchange started business, it made a profit of more than 500,000 yuan within six months. As a result, various industries "like enthusiasm" and followed suit. The Shanghai Huashang Stock Exchange, the Flour Exchange, the Coarse Cereals, the Oil Cake Exchange, and the Huashang Cotton Exchange were established one after another. The "Shen Bao" investigation report stated: "ThisAfter the autumn of the year (1920-the author), the exchange was at its peak, and all industries took the glory of having an exchange. "By October 1921, there were more than 140 exchanges in Shanghai with a rated capital of 180 million yuan.

Zhang Jingjiang, Dai Jitao and others were naturally more excited at this time. May 31, 1921, Zhang, Dai and Xu Ruilin and others signed a contract and decided to establish a joint venture Liyuanhao brokerage office of the Shanghai Stock Exchange, with Wu Meicen as the manager. The firm’s total capital of 30,000 yuan, 1,000 yuan per share, a total of 30 shares, of which Zhang One share in Jingjiang and one share in Dai Jitao. Chiang Kai-shek's three shares were signed by Dai Jitao on his behalf.

The Liyuan was set up, and it was similar to Maoxin and Hengtai’s original fate. It was squeezed out by his peers and made Chiang Kai-shek extremely indignant. On July 8, Chen Guofu sent a letter to Chiang Kai-shek to report on the weak business situation, saying: "Jinggong has not closed the company because of the company’s unfinished business, and will not do business in the future, and the company will charge more than 20 yuan for its business. Recently, prices have been extremely weak, so I don’t see the momentum going up. Moreover, the interest rate of two and a half dollars cannot cause speculation and the prosperity of investors. "What the letter reflects is a mentality of doing nothing. However, the facts are just the opposite. On July 10, the Shanghai Stock Exchange held its third shareholders meeting and Zhang Jingjiang was elected as a director. On the 18th, Zhang Jingjiang and others decided to expand the business scope of Liyuanhao, "concurrently run the gold industry", and at the same time decided to add an additional share capital of 200 yuan per share. Jiang Jieshi added 600 yuan, Zhang Jingjiang and Dai Jitao each added 200 yuan, for a total of 6,000 yuan. Liyuanhao’s business is getting bigger and bigger. Chen Guofu wrote to Chiang Kai-shek to report on Zhang Jingjiang’s massive purchase of stocks and the soaring stock price:

Mr. Jingjiang’s recent increase in stock purchases, the company’s benefits I’ve heard that I have been in contact with people who used to be short. But the current situation is not good, so holding it in your hands is inevitably dangerous! The price rose to 242 yuan the day before. If you go out at this price, you will definitely not make money. Less.

During this period, the Shanghai stock industry is in a golden age. Not only Zhang Jingjiang and others are very motivated, but also Maoxin, which was originally launched by Chiang Kai-shek and Chen Guofu, are also making a lot of money. Chen Guofu is at the same time. The letter reported to Chiang Kai-shek:

From September last year to June this year, Maoxin had a total net profit of 18,401 yuan and seven cents. The list can be sent tomorrow. . Xinfeng’s name deserves the sponsor’s remuneration of RMB 1,082 and a bonus of RMB 1,864 and a bonus of RMB 1,864. A shareholder meeting is planned to be held next week. Will my uncle come to Shen and his party? Otherwise, please In the opinion of the opinion, how many shares will be added?

In addition to Maoxin, the "Xinfeng" mentioned in the letter should be another brokerage office initiated by Chiang Kai-shek. However, regarding its situation, There is no more information yet.

From Chen Guofu’s letter, it can be found that during this period, Chiang Kai-shek and Zhu Shoumei and others were forming the "No. 4 Broker Dingxin" to do cotton yarn and gold and silver business. Zhu Shoumei is the manager, and Chen Guofu is the associate. The letter goes:

The capital is now 15,000. In addition to the three types of flowers, certificates, and gold, and the margin of 18,000 yuan, there is also Fu Dingxin Capital Yang II. Thousand yuan. If the dividend is distributed, there is no room for activity, so capital must be added.

So far, Chiang Kai-shek has invested in 5 brokers including Maoxin, Hengtai, Liyuan, Xinfeng, and Dingxin. The firm has done its best.

Fifth, the decline after the abnormal development, Zhang Jingjiang and Chiang Kai-shek have lost a lot of money

The law of development of things is prosperous. It must decline. Although Shanghai’s exchange business was prosperous for a while, but at that time, the domestic business was in a downturn and the exchange developed abnormally. The turnover of each exchange would inevitably be greatly reduced, insufficient funds, and a decline was inevitably followed. From 1921 Since August, Shanghai’s exchange business has begun to decline. On September 28, Chen Guofu wrote to Chiang Kai-shek:

The situation on the stock exchange is still bad, with market prices changing very much, especially yarn, and flowers second. Because the stock exchange is unreliable, there will never be those who keep more on the account, and more and more people owe on the account. The fall of the yarn and the new trend will inevitably suffer!

In the letter, Chen Guofu told Chiang Kai-shek , Because of worry Business conditions are dangerous, and it is decided to stop the business of Maoxin from October 1, resign from the assistant position of Dingxin, and move family members back to their hometown in Huzhou. Chen also said: "Maoxin has contacted Mr. Jingjiang to end the matter, and Mr. Jingjiang also agreed, and I think my uncle must also agree." However, Maoxin did not "end" later, probably because of Chiang Kai-shek's opposition.

The situation reflected by Chen Han is actually the epitome of the entire Shanghai Stock Exchange business. According to statistics, in November 1921, 38 exchanges in Shanghai went out of business. In December, there are closed business almost every day. In February of the following year, the Shanghai French Concession Ministry of Industry issued the "Exchange Banning Rules", which stipulated strict management and punishment regulations. As of March 1922, the exchanges exclaimed that "the air is falling apart, and social beliefs have plummeted."The business has been closed for liquidation, and there are many brokers who committed suicide due to bankruptcy. Chiang Kai-shek’s fellow townsman and comrade Zhou Junyan also committed suicide once. Take the "Shen Zhi" advertisement and related reports as an example. In March, there will be preparations for the Cotton Cloth Stock Exchange, China Sugar Exchange, China National Commodity Securities Exchange, and Shanghai Silk Textile Stock Exchange. Department, Public Commodity Securities Day and Night Exchange, China-U.S. Securities and Commodities Exchange, Shanghai Hardware Exchange, Shanghai Sugar Exchange, Shanghai Yarn Securities Market, Shanghai Huamei Securities Exchange, Shanghai Mainland Securities Exchange, Shenzhou Commodity Securities Exchange The Day and Night Exchange, the Chinese and Foreign Exchange, the Pudong Flower Exchange, and the Oriental Securities Exchange announced the closure of business and the establishment of a clean-up office. Only 12 exchanges remained open in Shanghai that month. On March 25, the Shanghai Stock Exchange Association, which is a trade association, resolved to dissolve. On April 8, the Jiangsu Governor and the Governor’s Council issued an order: All exchanges without a license shall be dissolved; those who have received a license shall be persuaded to switch to other businesses.

The exchange is a speculative business, which is booming and declining rapidly. At that time, someone wrote an article saying: "Last year, since the rise of various maritime exchanges, there have been turbulence and prosperity, speculative undertakings, and the whole country is crazy... Feng, a certain fleeing, and certain death, and recently, if a certain exchange was first opened, it has also been heard by the trend. Yesterday Tao Zhu, today beggar. There is so much cloud in Yanhua house, and there is no need to stand up."

The general environment is unfavorable, and the Shanghai Stock Exchange is unable to deal with it alone.

Initially, the situation was good. On January 8, 1922, the total capital of the Shanghai Stock Exchange reached 18,719,752 yuan, with a profit of 661,129 yuan. On the same day, the shareholders meeting decided to withdraw 500,000 yuan as the third shareholder dividend, "each old share is 5 yuan, and 4 new shares are used as one old share." At the meeting, Dai Jitao proposed to increase shares of silver by 5 million yuan as additional shares. Divided into 250,000 shares, 20 yuan per share, fully paid in one lump sum. All shareholders agreed. Subsequently, Yu Qiaqing proposed to set up a bank for surrender. After discussion, it is decided that the total capital is 10 million yuan, divided into 200,000 shares, and each share is 50 yuan. At this meeting, Zhou Junyan continued to be elected as the supervisor with 69806 rights. On the 11th, the Shanghai Securities and Commodities Exchange published the "Announcement on Distribution of Dividends" in the newspaper to notify shareholders to come to collect the dividends. However, the situation changed rapidly. On February 24, when the exchange was buying and selling the stocks of the Exchange, due to the buyer's insufficient funds, the securities department stopped the delivery, causing panic.

Regarding this matter, Zhou Junyan wrote to Chiang Kai-shek to report:

In the beginning of the handover trend, the short sellers made rumors, but the longs were actually short of cash. On February 23, Yan Yin Maoxin called to the center. At this time, there were rumors outside, and the decision was as usual. If Mr. Guofu asked to be a bull, Yuyun Capital is ready and there is nothing to worry about. On the twenty-fourth, the securities department suddenly stopped. It was heard that the bulls were extinct from a certain place (borrowing) Yingyang 3 million yuan, which caused this change. As a result, the Securities Department stopped delivery and panicked. After that, Wen Lanting and other parties negotiated. The long-owner discounted the foreign 500,000 yuan, and the foreign-owned 500,000 yuan (to be offset by 1 million yuan in the ninety-six salt surplus public debt), and 1 million yuan as a substitute for the long-term family. Confiscated and sold at the disposal of the seller, more than 60,000 shares were sold.

In the same letter, it was pointed out that the accident was caused by Hong Chengqi and Sheng Pihua of the Exchange. The letter stated: "This time the exchange was demolished by the longs, all the enthusiasm and achievements that were made when it was opened before this time have been completely wiped out, and the market has been shaken, and the Ningbang has lost its dignity. It is really the evil of Hong and Sheng ( The reasons for this are extremely complicated. About Hong and Sheng Zhujun are actually the first culprit, and they have failed to do long. It is also because of Hong Jun’s past that Hong Junju has passed away one after another.) The words are very sad. "This time, the trend," Makes Chiang Kai-shek an unprecedented loss. On March 15th, Chiang Kai-shek’s diary said: “Today, when he received Shanghai Power, the exchange was invincible, Jingjiang failed, and the remaining losses were considerable. The degree has been completely dumped.”

Regarding this turmoil, Wei Bozhen said otherwise. . Wei is one of the directors of the Shanghai Stock Exchange. In his later years, he recalled: Dai Jitao, Zhang Jingjiang and others "think that they have the strength (forty thousand shares at a market price of 120 yuan per share), so they do a lot of business in the stock." "Not only did they not pay the evidence fee, they forced the executive directors Guo Waifeng and Wen Lanting (they manage the market business) to accept bad checks as cash. At the same time, the difference between spot and futures (this month's futures and next month's futures) is getting bigger and bigger. , The more the bad money was played out, resulting in a large amount of cash expenditure in accounting. The exchange went from being strong outside to being stretched, and delayed until February 1922, declaring the'death penalty'. Once a large number of stocks were turned into waste paper, the monopoly became a pauper." Wei and Zhou have different opinions about the responsible person, but they have the same opinions about the cause of bankruptcy.

After the breach of contract occurred, on February 28, Wen Lanting and the Brokers Association intervened to persuade the seller to admit the loss. The method was that the defaulter should payIn case of cash of 500,000, the exchange will advance 1 million yuan of salt surplus bonds, which will be used as 500,000 yuan, together with the defaulter’s 1.5 million yuan of substitutes, to compensate the seller (61,025 shares in total). The seller only earns 6 yuan, 1 cent and 9 cents per share, and 8 yuan and 2 cents worth of government bonds (substitutes are proposed separately).

On April 4th, Chen Guofu wrote to Chiang Kai-shek:

The 23-thirds of the company identified by Mr. Jing Jiang this time was divided into four, four of them One part is my uncle's. According to the current one million yuan, I should send my uncle’s name, about 32,600 yuan, and 1.5 million substitutes, and I should send my uncle’s name about 48,900 yuan. , Two hundred and eighty-one thousand five hundred yuan in total.

In the letter, Chen Guofu told Chiang Kai-shek that after the calculation, "about a loss of 50,000 yuan", "Mr. Jingjiang's loss should be equal to my uncle." The same letter stated: "Hengtai’s dividend for the second half of last year amounted to more than 460 yuan per share. The profit ended at the end of last year, and it had a profit of about 7,000 or 8,000 yuan, which was not distributed. More than 20,000. This time the loss of Maoxin was around 20,000 to 30,000, and the profit loss may be more than that of Maoxin."

Jiang Jieshi reflected on it afterwards. First, he believed that Zhang Jingjiang was too much. The diary on May 23, 1922 said: "I entrusted Jingjiang with 200,000 gold and granted full powers. I can't ask myself. Although I believe people must be expert, I am too divided." First, I think Chen Guofu has a problem. On June 6th of the same year, Chiang Kai-shek’s diary said: "Guofu is a man, self-interested and self-interested, too unacceptable. It is too bad."

Regarding the operation of the exchange, Chen Guofu later recalled; "From From the beginning to the failure of the transaction, about tens of thousands of yuan of transactions were made, and the total commission income was more than 200,000 yuan. It is a pity that by the third year, all the surplus was collapsed and almost even the capital was lost. It's like a spring dream. When the exchange is about to collapse, "Maoxin" handles the delivery, and the proceeds from the sale of the income stocks are offset by the amount payable for buying the stocks on behalf of the merchant, and the exchange has to be paid 60%. The client saw that the situation was unstable, and the payment was not paid. We knew a little bit beforehand, so we made various preparations to protect the guests and minimize their losses, but at the same time we had to plan for our own account. I did not sleep for several nights in order to plan and schedule. After all, the protection of the guests has been done as much as possible, and the maintenance of part of the cost of my own can be considered smoothly. This can not be said to be the benefit of working in the bank for two and a half years." He also said: "We did our best to do our job, and when we went to the exchange to settle the account, we asked ourselves if we were sorry for others, and we were very at ease."

Sixth, after the storm

After the buyer's breach of contract occurred on the stock exchange, it was in a state of suspension. In the meantime, 200,000 yuan was borrowed from the Shanghai Global Currency Exchange. On March 18, the two firms established a contract and merged their business. The directors of both parties used a collegiate system to execute their business, and the capital was jointly used. However, the two firms still existed separately, and the profits and losses were shared in proportion to the funds. On March 27, the market reopened and several "foreigners" were added, which meant an increase in foreign capital and foreign power. However, the stocks of the Securities Department are still discontinued. On March 30, Yu Qiaqing and Wen Lanting hosted a banquet for the Shanghai press, thanking the newspapers for their kind support during the turmoil and announcing the news of the joint operation with the global currency and securities exchanges. On April 1, the stock exchange was fully opened.

The Shanghai Stock Exchange is cooperating with "Global", Zhou Junyan is not relieved, and reports to Chiang Kai-shek:

The credit has been lost, and it is not yet known whether the business can recover for a while. And the merger with the world, it is difficult to guarantee that unintentional saboteurs will attack, and the future is really unpredictable. But recently Wen Jinggongyun: The existing people collect funds to organize the company, and plan to quasi-and pledge the stocks of the stock exchange. If this company is realized, it may have vigor in the future. In short, the arbitrageur is the biggest loss.

In the letter, Zhou Junyan stated that the failure was due to Zhang Jingjiang’s decision-making error: “Yan has repeatedly heard of Jing’s public statement that arbitrage is very stable, and cloud borrowing arbitrage is also cheap.” It not only hit Shanghai Securities. The goods exchange, the exchange opened by Zhou Junyan in Ningbo was also closed for this reason. Perhaps Chiang Kai-shek had invested in the Ningbo Stock Exchange in the name of Jiang Jingguo and Jiang Weiguo. Therefore, the Zhou letter stated: "The warp and weft matters, Yan Qianqian said that there is no hope, and the bad products made by Ningbo are inevitably dangerous." At the end of the letter, Zhou Junyan said :

In short, my generation is not a businessman, and he runs a new business. It seems that he has little experience. However, this is the case, I regret it. Only hope that the future public will spend a lot of money in business, or there may be a turnaround, and hope that you will love the country with all your heart and put the country first, so you don't need to think about it.

At that time, Chiang Kai-shek was in the Guangxi army. Zhou Junyan said: "I plan to come to Gui and wish to follow you and serve the country." He owed 200,000 yuan in debt due to arbitrage and committed suicide by jumping into the Huangpu River twice.

In April of that year, Chiang Kai-shek returned to his hometown. On June 15th, Chen Jiongming mutiny, Sun Yat-sen took refuge in Yongfeng ship, Chiang Kai-shek heard the news,He rushed to Guangdong from Shanghai to meet Sun on the ship. According to Wei Bozhen’s recollection, before Jiang traveled, he asked Yu Qiaqing for funding. “In the beginning, Yu said that Jiang had broken the exchange and had to make trouble, and could not agree. In the end of the negotiation, Yu promised that the exchange would spend 60,000 yuan, but Jiang had to leave Shanghai. I can only give money on that day." In August of the same year, Jiang followed Sun Yat-sen to Shanghai and returned home on the 23rd.

After Chen Jiongming's mutiny, Xu Chongzhi led the Guangdong army to Fujian. Sun Yat-sen supported the Guangdong army and attempted to overthrow Li Houji's warlord rule in Fujian by force, and then returned to Guangdong to crusade against Chen Jiongming. To this end, Sun Yat-sen planned to organize the East Road to discuss the thieves, with Xu Chongzhi as the commander in chief and Jiang as the chief of staff. On September 18th, before entering Fujian, Chiang Kai-shek wrote to Zhang Jingjiang describing his debts. Han Yun:

Before the Mid-Autumn Festival, my brother still owed two thousand five hundred yuan. I don’t know how many remittances I can raise for me? In the township last year, the expenses were too high, and there is still more than 7,000 yuan owed for unresolved matters. The debt owed in Shanghai is also equal to this amount, so this year, there is no small capital turnover. She'er Jingguo went to school in Shanghai, but Maoxin refused to pay for the clothes cost of 15 yuan. She felt sad.

The "last year" mentioned in the letter should refer to 1921. On June 14 of that year, Jiang’s mother died of illness, and the medical funeral was of course not small. After the bankruptcy of the exchange, although Jiang Jingguo needed only 15 yuan for his clothes, Maoxin refused to pay, which shows his extremely difficult situation. In the same letter, Chiang Kai-shek proposed to ask Zhang to lend some of the "substitutes" paid by the exchange seller in order to pay off his private debts and go to Fujian with peace of mind. The letter goes: "If you can lend a certain amount of money for the lawsuit for your brother, it will not be a long-term miserable situation, and you will be able to call Gengkui, so that you can get a little capital for activities. With this private debt, it will be best if you can repay it in full in the future. , Otherwise I will be reimbursed in the name of my brother’s personal shortfall. I would like to see Mr. Sun and Ruwei also forgive me and ask for permission.” During this period, Chiang Kai-shek was in poor health and was in a bad mood. He confided to Zhang Jingjiang:

The rich and the poor live and die, and the rate is fixed. If you get this insufficient to become rich, if there is no such insufficiency to become poor, the person who is ready to die may not die, but the survivor may not live, nor does it have to compete for this money, in order to shame the whole life. But the debt is left to future generations, and I feel uneasy; education is free, and it is hard to resign. This place is in love, so I dare not avoid public and private, and talk about it by cesarean section.

After writing this letter, Chiang Kai-shek regrets it again. His diary says: "The Shanghai behavior is persecuted by money, and the words of greed for selfishness are not what I should have said. I cannot regret it, so I don't want to go." But After receiving this letter, Zhang Jingjiang immediately reported to Sun Yat-sen, and Sun ordered Chen Guofu to remit 2,500 yuan to Chiang Kai-shek. In his reply, Zhang stated: “Substitutes are extremely easy to handle, and it is possible to come to Shanghai.” On October 1, Chiang Kai-shek’s diary contained a record of “talking about business matters” with Zhou Junyan, which may be related to dealing with the aftermath of the exchange. On the 12th, Chiang Kai-shek decided to put aside various personal considerations and dedicated himself to the revolution. The diary goes: "What is the home? What is the son? I must do my best to get rid of the stubbornness, and vow not to survive."

Chiang Kai-shek set off for Fujian on October 22 for the Second Army The post of chief of staff. Since then, he has traveled back and forth between Fujian, Shanghai and Fenghua several times. On March 3, 1923, Chen Guofu went to Ningbo to discuss the "exchange prosecution" with Jiang. On August 3, Ye Zhuotang, Yu Qiaqing and Chiang Kai-shek discussed the affairs of the exchange. Serious disagreements occurred. The plan changed repeatedly. After repeated consultations, the final decision was not made until late at night on August 5. Chiang Kai-shek’s diary stated: "Last night, nothing happened to the exchange. The dream is turned upside down. The world is so difficult, it is difficult to work with others. Until three o'clock in the evening, the matter must be resolved.” On the 16th of the same month, Chiang Kai-shek was appointed by Sun Yat-sen to lead a delegation of Dr. Sun Yixian to visit Su. Chiang Kai-shek no longer concerns the affairs of the exchange.

During the first National Congress of the Kuomintang in 1924, Sun Yat-sen decided to establish an army officer school, with Chiang Kai-shek as the chairman of the school preparatory committee. The Maoxin and Dingxin brokerage offices in Shanghai have closed down one after another, and their colleagues have gone south to find a new way out at the Whampoa Military Academy. Only Chen Guofu stayed in Shanghai to clean up the remaining matters. In 1924, Chen Xizeng came forward to create a new brokerage firm for buying and selling cotton yarn. In 1925, Chen Xi also went south to Huangpu. Chen Guofu only "does business once in each of the spring and autumn seasons" to "subsidize life or meet special purposes." In 1930, he made two more pens.

7. The relationship between the Shanghai Stock Exchange and the Kuomintang

As mentioned above, Sun Yat-sen initiated and led the application for the initial establishment of the Shanghai Stock Exchange. Then, is the re-organization in 1920 still related to Sun Yat-sen? Is it related to the revolutionary cause of the Kuomintang people?

Chen Guofu recalled: “In the autumn of the ninth year of the Republic of China, the Premier ordered his party’s comrades to set up a stock exchange in Shanghai. Mr. Jiang informed me of this matter and asked me to study this issue. "When the Shanghai Stock Exchange was established, Sun Yat-sen was far away in Guangzhou, but he sent a congratulatory message: "Advocate for the prosperity of the industry, and rejuvenate China." 1On December 11, 921, Chen Guofu wrote to Chiang Kai-shek, stating that "Mr. Sun's payment has been received". The "Mr. Sun's money" mentioned here, in conjunction with the following "Mr. Sun is very urgent for money", etc., should be Chiang Kai-shek's funding for Sun Yat-sen through Chen Guofu. The same letter goes:

The uncle's money is now about five thousand four hundred yuan for Jin'an, and it is kept at the nephew. With a financial bond of 2,000, Mr. Jingjiang sued me, and Mr. Sun was in a hurry. The nephew handed over the money to Jinggong and declared that he had borrowed from Jinan as his nephew. Mr. Jing Jiang also said to return it in January. My nephew has claimed back 600 yuan, and the remaining 1,400 yuan will be paid back to the uncle's account after it is returned one after another. My uncle shouldn't talk to Jinggong about this, because I don't know what to do.

According to this, it can be seen that Chen Guofu also handed over 2,000 yuan of Jiang Jieshi’s financial bonds in Jin’an Bank to Zhang Jingjiang in order to solve Sun Yat-sen’s urgent needs. At that time, Sun Yat-sen was establishing the Northern Expedition Base Camp in Guilin to prepare for the Northern Expedition. Zhang Jingjiang's claim that "Mr. Sun is very eager to receive money" should refer to this matter.

It is still difficult to clarify the economic relationship between the Shanghai Stock Exchange and the KMT members. Zhou Zupei said: "At that time, the Kuomintang funds were completely in charge of Zhang. There were many Kuomintang people who were scattered in various places and did not go to Guangdong to take up jobs and positions with Sun Yat-sen. With Sun Yat-sen's approval, they can go to Zhang to receive allowances and activity fees. In order to avoid paying attention to patrolling houses in the concessions. Various codes are used to pay bills, such as matches for munitions, one dime for one hundred yuan, etc." This shows that Zhang Jingjiang’s income from trading exchanges is used for public rather than private use. Chen Guofu also recalled: "After the business is closed, as a result of the liquidation, there are several stocks that can be used to care for the bereaved families of comrades, which can be raised and sent in double." This shows that some stocks of the exchange are reserved for the needs of revolutionary undertakings. Some foreign scholars believe that the Shanghai Stock Exchange is an ingenious channel to raise political funds for Sun Yat-sen and the Revolution. Although this statement has yet to be proved, it is not entirely unreasonable. At least, as far as Sun Yat-sen's original intention is concerned, it is true.

This situation is also reflected in the Guangdong Stock Exchange. Ju Zheng's poem said: "Our party's central policy must start from the beginning of the economy, financial transactions will be achieved, and millions of losers will begin to send troops." On November 29, 1920, Sun Yat-sen reorganized the military government in Guangzhou, May of the following year On the 5th, he took office as a very large president and appointed Ju Zheng as the presidential councilor, concurrently in charge of the affairs of the Kuomintang headquarters. Juzheng immediately used foreign capital to establish the Guangdong Stock Exchange and the National Savings Bank. Once allocated 1 million yuan to be used as military income for sending troops to Guangxi. On June 10 of the same year, Chiang Kai-shek’s diary stated: "After receiving the letter from Jingjiang, I know that the Guangdong Stock Exchange gave up all, leaving only 20,000 shares with us. This party acts like a survivor, which is truly disheartening, and there will never be a good result. That is to say, the letter to Jingjiang will be restored and the letter to Juesheng.” The historical facts involved in this diary are still difficult to fully clarify, but the capital of the Guangdong Stock Exchange can set aside 20,000 shares for Zhang, Jiang and others in Shanghai. The relationship can be imagined.

Chen Guofu recalled: "At that time, our recruiting agency was located in the Shanghai Stock Exchange, with the sign of Chen Xizeng’s agent, on the surface, it was doing business, but I went there on time every day to meet customers secretly. , Secretly contact the recruitment matters.” According to this, it can be seen that the Shanghai Stock Exchange is also a special contact point for the KMT members.

8. The impact of life on the exchange on Chiang Kai-shek

Although Chiang Kai-shek was born in a salt merchant family, but his father died early and his family fell into trouble, and later studied abroad Japan's involvement in the revolution can be said to be the activities of the exchange that brought Chiang Kai-shek into relations with the business and merchant class.

On January 24, 1920, Chiang Kai-shek’s diary said: "Go to the Kaiyuan Conference Exchange to elect a director. The merchant gang still cannot eliminate the vices of control and autocracy. Large stocks oppress small stocks, and most oppress small majority. Dance for profit and monopolize the period. Among the small businessmen, although there are talents and talents, they can't do anything. As a result, China's industry is declining day by day. Ande wiped out this kind of profiteer market in order to flourish the society and economy." According to the articles of association of the Shanghai Stock Exchange, 15 honorary council members can be appointed, who shall be appointed by those who have business or industrial knowledge, or have rich experience, and form a council together with the directors. But in fact, when the Shanghai Stock Exchange was opened, there were only 12 honorary board members, Zhu Baosan, Shen Lianfang, Gu Xinyi, Yao Ziruo, Xiang Huiqing, Xu Qingyun, Shao Shengtao, Zhang Lunqing, Xu Songchun, Ye Huijun, Jia Yushan, and Song Deyi. Jiang's diary may reflect the election process of honorary directors. It can be seen from this that Jiang is extremely dissatisfied with the dominance, monopoly, and squeeze of the Shanghai Commercial Gang.

Chiang Kai-shek's dissatisfaction and disgust with Shanghai merchants can be said to be carried out through his participation in exchange activities. Such as:

The diary of June 12, 1921 said: "De Huan Ting and Rui Lin each wrote to inform Shanghai business friends that they manipulated the monopoly, and the tricks were full of tricks, and they were very angry. As for this extreme, it’s not unexpected.I want to stay away from the mundane world, hide in the mountains and forests, and take care of myself alone, but it is not available. "

The diary of November 28, 1922 said: "Chinese businessmen are snobbish and too bureaucratic, and their cunning state is the first to see. "

The diary on February 3, 1923 said: "In the afternoon, I was jealous of profiteers and became very agitated. This is not the way. "

The diary on August 3, 1923 said: "In the afternoon, Zhuotang and Qiaqing came to talk about the exchange. The businessmen’s analysis of profit and sinister scheming made me very sad. Suddenly changing at night, the city is sincere! "

The diaries quoted above are showing Chiang Kai-shek's strong resentment towards "profiteers". The phrase "the city is sincere and punishable" shows his relationship with Ye Zhuotang, Yu Qiaqing and others Already on the verge of an outbreak.

The activities of the exchange also made Chiang Kai-shek understand the plight of the Chinese national bourgeoisie. As mentioned above, in June 1920, Chiang Kai-shek just decided to take out 5,000 silver dollars, together with Chen Guofu The establishment of Youai Company caught up with the international financial turmoil, and the price of silver fell sharply. When the "Shenzhen" discussed the cause of this sudden change, it said: "It may be said that imported goods are more confluent, or that a certain state-owned unexpected financial turmoil, or that it is due to the Western calendar. The withdrawal of funds at the end of June, or that a large amount of cash was released from a country’s silver mines, in short, the foreign business of Chinese businessmen has been affected by it. "This incident aroused Chiang Kai-shek's nationalist sentiment. The diary said: "The price of silver fell sharply for three days, which is six cents. Financial institutions, in the hands of outsiders, are often squeezed by Chinese people, which is regrettable. "

The failure of operating the exchange strengthened Chiang Kai-shek's thoughts on social transformation. In December 1920, he consciously "exposed himself and became irritable, and hated society even more." The diary said: "For China The society is so despicable that it must be reformed. "He not only wrote this thought in his diary, but also preached to Shao Yuanchong and others, claiming that "China should be reformed greatly and thoroughly reformed." This period was exactly when he repeatedly lost money on the trading floor.

Of course, the activities of the exchange also strengthened the connection between Chiang Kai-shek and the financial bourgeoisie of Jiangsu and Zhejiang. In 1924, Chiang Kai-shek asked Chen Guofu to purchase uniforms, belts, gun belts, scabbards, etc. for the Whampoa Military Academy in Shanghai for the Shanghai Customs Detained. Ye Zhuotang, Wang Yiting, Shen Tianxin, Yu Qiaqing and others came forward to mediate. In 1927, the Northern Expedition advanced to the middle and lower reaches of the Yangtze River. The financial bourgeoisie of Jiangsu and Zhejiang placed their hopes on Jiang and contributed funds to support him against the left-leaning Wuhan National Government. This is not the case. There is no reason.

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Label group:[Modern Chinese History] [Chiang Kai-shek] [Agricultural business] [Zhang Jingjiang] [Sun Yat-sen] [Dai Jitao] [declare] [1920's] [Yu Qiaqing] [Yang Tianshi

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