CHINA
387
for instant and radical remedial measures. The fall in the gold price of silver should have benefited shippers of produce to foreign countries to a far larger extent that it has, and, apart from the reasons already given, it cannot be gainsaid that lack of confidence and the bewildering fluctuations in ex- change have played a still more important part. As was pointed out in last year's report, trade can adjust itself to a high exchange or to a low exchange, or even to a shifting exchange if the movement can be foreseen, but a state of affairs which introduces the element of gambling in the business of every day increases the cost of trading by enforcing the wisdom of large margins and by so much acts as a restraint on trade. The rehabilitation of silver to a normal value is a matter which affects other countries besides China, and it is not intended here to offer any suggestion on a problem which the in- telligence and brains of bankers, political economists, and cambists alike have failed to solve. On more than one occasion the advice has been tendered to China that she should adopt a gold exchange standard which would still leave her a silver currency. Stabilisation of exchange appears to be of such vast importance to trade that, if the adoption of such a standard can ensure to traders and merchants freedom from anxiety on this score, it is fervently to be hoped that the day is not far off when China will find herself in a position to do so. Even if the adjustment of values which such a vital change might necessitate were to involve traders and private individuals temporarily in a period of inconvenience and hardship, it would be small in comparison with the benefits which such a step would appear likely to confer on trade, But above all is the crying need for a cessation of civil warfare and for all to unite in ensuring to the Government a period of undisturbed peace in which to accomplish effectually its declared policy of retrenchment, disbandment, and reconstruction. The present moment may be one of distress, and greater distress may follow, but it has been by the prudence, tenacity, and energy of her people that China has hitherto been carried forward in civilisation, and it is to these same qualities that we now look forward with confidence and with hope.
HISTORICAI.
The year 1900 will ever be memorable in the history of China for the "Boxer" rising. Details of this great social and political upheaval may be found in preceding volumes of this Directory. The object of the rising, which was confined to the North, was the extermination of foreign native Christians and people known to be associated with foreigners. The Legation Quarter at Peking was besigned for two months by the Boxer rabble and the Imperial troops, the occupants being reduced to the verge of starvation. Troops were poured into China by all the European Powers, America and Japan, and it was not before 20,000 foreign troops had fought their way to the capital that the siege was raised. Over 250 Europeans were murdered during the rising, and it was estimated that over 10,000 natives perished, most of them being Christians or the kinsmen of Christians.
In November, 1908, occurred the death of the Emperor Kwang Hsu, fol- lowed a day later by the death of the Empress Dowager Tzu Hsi. This was unexpected, and there was consequently much suspicion for a time regarding the cause of the dual demise. The public were soon satisfied, however, that the deaths were due to perfectly natural causes. Dying childless, the late Em- peror Kwang Hsu, acting in obedience to "the benign mandate" of the Empress Dowager Tzu Hsi, designated as he lay dying a son of Prince
Ch'un, his brother, as his successor to the Throne. At the time of his accession the new sovereign was barely three years of age, and Prince Ch'un was appointed to act as Regent during the Sovereign's minority. The events of the past ten years had convinced Tzu Hsi, who had been the virtual ruler since 1895, that the salvation of the country lay in a complete reformation of the Gov- ernment. Accordingly, from being a reactionary of the worst type, she changed to an ardent advocate of reform. She promised the nation consti-
13.