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INTRODUCTION
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| The Virtue and Success Pawnshop | ||
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"
Tak Seng On" [The Virtue and Success Pawnshop] was established in 1917,
and belonged, initially, to Mr. Kou Ho Ning a wealthy Macao merchant. The architectural
design and layout, interior decor and equipment of this establishment would
have been very similar to pawnshops in Mainland China at the time.
Today, this kind of pawnshop has been relegated to the annals of history, but
as part of its mission to preserve the cultural heritage of Macao, the Cultural
Institute (CI) of the Macao SAR government reached agreement with the owner
of the building: the CI will assume responsibility for the restoration and
maintenance
of the building; while, the Prestamista Tower and the ground floor shop will
be converted into a museum - The Traditional Pawnbrokers Shop. Through an exhibition
of objects and photographs, a view of the traditional pawn industry of Macao
is recreated. In this way, another point of interest for tourists is created,
as well as providing for the improvement in trade in the old part of the city.
Opening hours : Monday to Friday - 10:30 a.m. to 8:00 p.m.
Opening hours : Saturday to Sunday - 10:30 a.m. to 9:00 p.m.
THE OPERATION OF THE PAWNSHOP BUSINESS
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| A view of pawn shop | ||
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Pawnshops have been a traditional form of business all over the world and
date back at least 1,500 years in China. During the peak years of the pawn
business
in Macao, pawnshops were classified according to the kind of pledge they offered:
Tong, On or Ngat.
Shops offering Tong involved the maximum level of capital investment in terms
of scale and resources. Items could be pawned for up to three years and the
interest rate was the lowest.
In shops offering On pledges, loans could be arranged for one or two years
at a slightly higher rate of interest.
The third category, Ngat, had the smallest level of operating funds. These
shops offered loans for periods ranging from four months to one year, at the
highest
interest rate.
Although Ngat establishments applied higher interest rates, they offered a
quick solution for gamblers and cash-strapped clients who would usually pawn
watches,
jewellery or fountain pens, as is the case in contemporary pawnshops.
THE RISE AND FALL OF THE PAWNSHOP BUSINESS IN MACAO
The pawn business in Macao can be traced back to the Qing dynasty (1644-1911)
by the end of which there were already many pawnshops in operation. In a move
to regulate business, on 26th December 1903 the local administration gazetted
a Rule Governing Pawnshops in the City of Macao, which divided operations into
the three traditional categories of Tong, On (of which Tak Seng On is an example)
and Ngat and stipulated rules to protect the interests of both shop owners
and clients. The business developed in the early years of the Republic but
it was
during the Sino-Japanese War (1938-1945) that it really flourished.
Part of the business also came from the massive influx of refugees from conflicts
on the mainland, combined with residents of Hong Kong fleeing the Japanese
invasion of the British colony. In just a few years, Macao's population grew
from 150,000
to 500,000 resulting in severe shortages across the board. As prices for all
basic commodities soared, the poor and the refugees were left with no option
other than to pawn their belongings to make ends meet.
In the 1970s and 80s, Macao's economy enjoyed a boom and social conditions
improved. The emergence of a strong banking sector and modern pawnshops affected
the role
of the traditional pawnshops. Over recent years, many of them, including "Tak
Seng On", have closed their doors.
