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He believes that even craftsmen and laborers above the lowest level, who generally made 1.5 tael or so a month plus payments in kind, could afford books, but this assumes that they could save a tael a month.
Nevertheless her indebtedness should not be exaggerated; the ill consequences were more the result of China's inelastic revenue system than of the real burden of foreign debt, which amounted only to one tael per capita.
Because of their ability to provide arbitrage among the complex monies of China, they coexisted with modern banks until the reorganization of the currency in 1933 to a silver dollar rather than the Chinese tael .
In 1877, it was bought by the Chinese Merchant Steam Navigation Co for 220 million tael .
The one-and-a-half-million tael facility was donated anonymously to the municipality by a British businessman, believed to be a leading philanthropist of the time.
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