Yokohama banknote history
It was issued under JAPAN and cat under japan PS26 or226? that pick not readily available
year is 1866 2feb on note rather big article i could not condense it you write as u like
so i get good impression that i know about banking and not a novice now saw lot of spelling
mistakes here sorry for my ex typist has done it 10years back
i am writing an booklet on Japanese banking history from 1800onwards hope u help in
giving suggestions i will come back to u soon in this mail address only
THE CENTRAL BANK OF WESTERN INDIA 1866 ON 9 FEBRUARY 1866
This is a unique note issued with combination of several countries links. The note was
issued in 1866 at yokohoma in Japan and the name on the note is the Central
Bank of Western India with value of 25$. The note was printed in London by Sprague and
Co., The date of the issue of this bank notes was written by black pen dated 9th
February 1866. The signature on the note was of Mr.J. Morrison. The note bears the
vignate of a lady carrying a seal and a palm tree with a backdrop of hills and few sailing
ships. The note also carries few cotton bales and jewelery.The note is fixed into the frame with inscriptions in Japanese all over the frame and
four blocks WITH Japanese inscription fixed to the four corners of bank notes.
""The note is canceled with a rubber stamp.""
Even though there is a bank which was named as BANK OF WESTERN INDIA which operated
during the period of 1842-1845 A.D. which bears a seen depicting town hall region of Bombay with St. Andrews Church.It also has palm tree the castle of Bombay along with few ships entering the Bombay harbor. This is issued for the value of Rs. 5/ and was canceled at several places on the note. The date on the note was May
18th 1844. According to the photo in the catalogue the signature portion of this
Indian Note was eaten away by the black ink used on the day of the issue.
The Central Bank of Western India was an important issue of the bank note throughout the
world because it has a combination of links? with three nations. They are
Japan, America and India, because of the high value denomination for which it was issued
that is for 25$.
This was a period of Turbulence in Japan, the attempts by Western States by many
European nations along with America failed to achieve the trade relations with
Japan diplomatically. In 1852 America is decided to open a trade relations with Japan
either by talks or by force.Commander PERRY was sent on this mission with three steam ships namely Mississippi,Saratoga and Plymouth with a flag ship named SUSQUEHANNE. All these
ships sailed to Japan for an naval expedition on 8th July 1853 and they entered EDO BAY
and anchored at a distance of 1 kilometer from Uraga city. the Japanese samurai's general shogun declined to meet the delegation of commander perry.
After threatening the Japanese government landed with 300 men and gave the message of
U.S. President Fillmore ,to the representatives of shogun.
The Perry treaty of friendship was signed on March 31st of 1854 which opened the
Japanese ports for U.S. trade. Nagasaki and Hakodate were opened first and later
yokohoma was thrown open for American trade later on yokohoma has become a main port for
transit of goods in to China, Japan, and the other countries in the neighborhood.
In the back drop of above incidents the British crown also cooperated with the Americans
as the Japanese started building their fleet by lifting a ban for the
construction of large ships and purchased many ships guns, arms and harmony from Dutch
to counter the American ships. In this circumstances the traders of Western
India who are doing trade from the port of Surat and Bombay along with the U.S. traders
have started a bank at Yokohoma, Japan and started issuing the bank notes under
the name and the style as THE CENTRAL BANK OF WESTERN INDIA. This notes were in
circulation in Japan and China region.
Most banknotes in have been issued by commercial banks rather than by a central bank, as
in other places. Regulation of banknote issue in nineteenth-century Japan
and China was loose. The government accepted payments in banknotes for taxes and fees
only from banks incorporated by Royal Charter or under the Colonial
Regulations. But this did not prevent other banks from issuing notes.
Banknotes of denominations below $5 were not allowed to be issued without special
government permission: the aim was to prevent banknotes getting into the hands of
poorer people, who would suffer more in the event of a bank collapse. Three note-issuing
banks did, in fact, collapse in the nineteenth century: the Agra and Master man's
Bank and the Commercial Bank Corporation of India and the East during the global
financial crisis of 1866, and the Oriental Bank Corporation — one of the main note-issuers
in 1884.
In 1878 the redemption of paper money has increased national debt, the Japanese
government has sold silver worth of 2,300,000 yen in April, In 1880 the government
against sold 6,600,000 yen of silver to increase the value of paper money but they did
not help at all. The government also prohibited the sale of gold and silver when the
stock exchange took up the devaluation of paper money. A new tax was introduced on sike
a breverage made from rice.
In November 1,200,000 yen of amount was alloted from central fund and 2,600,000 yen ws
alloted in local budget for the redemption of the notes.The paper money issued
during this period was easily forged to increase the inflation.In 1868 the government
establish board of trade and gave permission to certain companies to discount on
paper money at 8 cities and funds were placed in their disposal who issue gold, silver,
dollar and coin certificates. Only Osaka and Kyoto were given permission to issue
fractional curency and which were inconvertible. Seeing the fractional currency was
facing shortage government issued paper money and copper coins. Except one yen in
notes all gold and silver certificates were convertible into their respective metals. In
1872 the ten companies which were given permission to issue discounts and paper
money in ten cities were liquidated with enormous loses but the government being the
originator and guaranteer has to bear the responsibility and claim for the liquidation
amount. In 1875 the government allowed the private notes to be convertible into
government notes and half the amount of the private notes. Under this circumstances the
government has issued loan bonds for the amount of 174,000,000 yen to pay the war lords
and pensioners in exchange for their old government bonds issued earlier.
There were some exceptions granted to second and fifteenth national banks, the above
banks were given permission to issue dollar certificates called as Yoginken for
the amount of 15,000,000 yen in the year of 1877.
