Everyday Life in China : Or, Scenes Along River And Road in Fuh-Kien

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The length of the reign of the emperor, the term of official service, the engagement of servants, the period of residence in a locality — all are dated from the New Year. However brief may be the portion of time that belongs to the Old or New Year, it is reckoned as a full year.
Now is the time for settling accounts with gods and men. All running bills must be paid up. Bankruptcy becomes very common, because firms cannot by any means meet their liabilities in time. It is considered disgraceful
...not to have fully arranged one's affairs by the close of the old year. Ordinary methods of meeting their engagements failing to set them clear, they betake themselves to the plan of borrowing of Peter to pay Paul. It is a splendid plan for the pawnbrokers, money-lenders, and bankers. The old account is closed with the new creditor on the first day of the first month.
One natural result of the endeavour to clear off all old scores at a fixed time is that theft is extremely common during the twelfth month.


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