Capital Constructs ~9

Foreigners in Nanjing will most likely be familiar with this building. It sits at 155 Baixia Lu almost next to the visa office, across Taiping Nan Lu. Many might have wondered at its architectural beauty while waiting for their visa appointment and why the Bank of Communications is therein.

During the first World War and for a period thereafter, foreign banks in China collapsed one after another due to the impact of the war and the Chinese people’s anti imperialist movement. The credibility of the surviving foreign banks had also been badly shaken.

Partly as a response to this, the China & South Sea Bank was established in 1919 by overseas Chinese during the country’s Republican era, with its head office located in Shanghai. In July 1922, the Bank opened its first branch in Tianjin. Branches and sub branches followed in Beijing, Chongqing, Guangzhou, Hangzhou, Hankou, Hong Kong, Nanjing, Suzhou, Wuxi, Xiamen and other cities. Mainly engaged in the deposit business, the Bank absorbed savings and provided loans to the business community. Later, its trust department was established to keep valuables and buy and sell securities on behalf of customers.

Shortly after opening, the China & South Sea Bank won the right to issue banknotes. In fear of runs on the bank due to indiscriminate bank-note issuance, it was decided to do it as a group; with the Salt Bank, the Jincheng Bank and the China Continental Bank, together otherwise known as the “four northern banks”.

~9~ China & South Sea Bank Nanjing Branch

By Frank Hossack

Banks notes issued by the group remained the de facto legal tender until November of 1935, when the Nanjing National Government unified the national currency system.

As a building, the former China & South Sea Bank

Nanjing Branch (中南银行南京分行) that we

appreciate today was the result of a continuous expansion in the Bank’s business. The new building, in its then-quite-revolutionary, modern architectural style, appeared in 1936.

Let’s face it; the appearance of most banks is rather drab, and was especially so back then. But the China & South Sea Bank Nanjing Branch has a two-tone exterior, giving it a crisp sharpness. Both European and American decorative styles are evident.

Centre to the show is of course the bell tower, which sits four floors above the Bank’s entrance hall. From here, the wings of the building extend northward and westward over a total floor area of 1,986 square metres.

With World War II raging, the Bank moved to Chongqing, and the building became the Ministry of Industry and latterly the Ministry of Grain. In the 1950s it became the Chaoyang Hotel. Today’s branch of the Bank of Communications was located here in February, 1987.