Page 52 - An Overview of Penghu

X Finance

Banks

There is only one bank in Magong Town: the Penghu Branch of the
Taiwan Bank, which serves as the major financial institution in the Prefecture.
Loans it distributed in mid-1931 ramped up to 2,201,032 Taiwanese yen,
while that in late 1931 was 403,232 Taiwanese yen. Savings at the bank
amounted to 446,290 Taiwanese yen.

Industrial Unions (or Cooperative Credit Unions)

The lack of capital has long been a problem for Penghu people, so
industrial unions play an important role as financial institutions in the
Prefecture. There are currently seven unions, meaning there is at least one in
each town or village. The unions have contributed significantly to the
development of Penghu; the money they have handled is increasing year by
year. The following is a table concluding its operations in January 1932.

Reserve and other
Name of association Lending Loan Debt Saving
public funds
Magong Finance Credit Union 31,375 49,851 201,047 35,000 113,749
Communal Credit Union 82,460 51,958 266,534 78,972 49,317
Xiyu Union of Credit Flow 21,060 16,878 76,497 --- 49,606
Huxi Village Credit Union 14,970 4,203 28,558 --- 12,266
Baisha Village Credit Union 7,970 2,146 23,841 --- 16,488
Wangan Village Credit Union 3,970 1,266 7,499 --- 2,034
Penghu Credit Sales Union 8,041 8,748 28,914 11,800 564
Total 169,846 135,050 632,890 125,772 244,024

Penghu Branch of the
Taiwan Bank
Taiwan Bank opened an office in
Magong in 1899 before upgrading it
to a branch office in January 1928.
The incumbent director is Utsume
Akira (first from the left).

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