FIRST BANK OF JAPAN. The Japanese name of which this is the convenient English equivalent is Dai Ichi Ginko Ka bushiki Kaisha (the Number 1 Bank Joint Stock company). It was founded in July 1873, and was the first private bank in Japan.
In 1872 the Japanese Government had promulgated the Na tional Banks Regulations, which were modelled on the National Bank Act of the United States. But these regulations applied only to the national banks ; meanwhile, private banks and bank ing companies began with the founding of the Dai Ichi Ginko, and, 11 years after this inauguration of private banking enter prise, private banks numbered 954. For some time there were no general provisions to control such banks and companies, be yond their subjection to the control of the local authorities. To bring them under more efficient control, the Ordinary Banks Regulations and the Savings Banks Regulations were promulgated in and put into force three years later.
The First Bank of Japan, therefore, led the way as a financial organ of general trade. It introduced several innovations and differences from the procedure followed by the national banks. The year 1899 saw the conversion of all the existing national banks into private banking organizations, a process which had been steadily proceeding as the charters granted to the former fulfilled their periods. At this time all banks became subject to the general banking laws, and ordinary banks are now under the control of the minister of finance. In March 1927 a new act was promulgated and it came into force on Jan. 1, 1928; by this act all banking organizations were brought into closer and more uniform relations.
The capital of the First Bank (paid up) was, in Dec. 1928, 57,500,000 yen. The reserves of the bank at the same date totalled 61,550,000 yen. (S. YA.) in British folk-lore, especially that of the north and Scotland, the first person who crosses the threshold after midnight on Christmas or New Year's Eve. Good or ill luck is believed to be brought the house by First-Foot, and a female First-Foot is regarded with dread. In Lancashire a light haired man is as unlucky as a woman. In Worcestershire luck is ensured by stopping the first carol-singer who appears and lead ing him through the house. In Yorkshire it must always be a male who enters the house first, but his fairness is not considered an objection. In Scotland the custom of first-footing was always more elaborate than in England, involving a subsequent enter tainment.