Using aggregated data from the Chinese Population Census and micro data from the Chinese General Social Survey, this paper studies the expansion of adult higher education (AHU) and its effects on increasing employees' earnings through a comparison with regular higher education (RHU) . Our main findings are as follows. (1) The rapid development of AHU has greatly contributed to the expansion of higher education as a whole, and Communist Party members and employees of the Party and government organizations are more likely to have opportunities to obtain higher education. (2) Although education significantly affects employees' earnings through the accumulation of human capital, the overall effect of AHU on increasing earnings does not exceed that of RHU. (3) Returns on AHU for employees of the Party and government organizations are higher than those on RHU, but there is no significant correlation between earnings and type of higher education among Communist Party members.

This paper describes the history of The Southern Warehouse Company Limited, which was promoted and supported by the Taiwan Governor's Office and the Bank of Taiwan, and was established as a joint venture between Japanese and Overseas Chinese capital investors in 1920. The company operated a warehouse business in Southeast Asia and South China during the Japanese Southward Movement; however, the business was seriously affected by the drastic changes in the business environment and international relations from the 1920s through the 1940s. Moreover, many actors were involved in the company during its 25-year history, including the Taiwan Governor's Office, the Bank of Taiwan, merchants from Japan, Taiwan and Overseas Chinese, Japanese big businesses, and the Japanese Government. Therefore, this paper elucidates the complexity of the history of The Southern Warehouse Company Limited through a detailed analysis of management and financial records, and describes its role and significance in the context of modern Asian economic history.