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entertain the idea of adopting a gold standard of currency for the Colony while China remains a silver standard country, and I do not, therefore, consider that it would be expedient to appoint a Commission to enquire into the subject.
Governor
Sir HENRY A. BLAKE, G.C.M.G.,
&c., &c.,
&c.
I have, &c.,
J. CHAMBERLAIN.
(Enclosure.)
CONFERENCE between DELEGATIONS from the UNITED STATES, CHINA, and MEXICO, and REPRESENTATIVES of GREAT BRITAIN.
POINTS regarding monetary systems for silver-using countries on which the Conference unanimously agree :-
1. That the adoption in silver-using countries of the gold standard on the basis of a silver coin of unlimited legal tender, but with a fixed gold value, would greatly promote the development of those countries and stimulate the trade between those countries and countries already possessing the gold standard, besides enlarging the investment opportunities of the world.
2. That a national currency for the Chinese Empire, consisting of silver coins which shall be full legal tender throughout the Empire, is urgently desirable.
As soon as practicable, steps should be taken for the establishment in China of a fixed relation between the silver unit and gold.
3. That approximate uniformity in the coinage ratio between gold and the silver coins of such countries as may hereafter adopt a gold standard is desirable.
4. That, if there are no further serious changes in the price of silver bullion, it is desirable that the coinage ratio between gold and the silver coins of those silver-using countries which may hereafter adopt a gold standard should be fixed at about 32 to 1.
5. That fluctuations in the price of silver bullion would, to some extent, be prevented by reasonable regularity in the purchases of silver required by each Government for actual coinage purposes, and that such regularity is desirable, and might be adopted, as far as possible, in each country, subject to its monetary policy and convenience.
Great Britain :
JAS. L. MACKAY.
EWEN CAMERON.
China:
HALLIDAY MACARTNEY. IVAN CHEN.
ROBERT CHALMERS.
W. BLAIN.
GEORGE W. JOHNSON.
United States: H. H. HANNA.
CHARLES A. CONANT. JEREMIAH W. JENKS.
Mexico: ENRIQUE C. Creed,
LUIS CAMACHO.
ED MEADE.
Technical Counsellor :
EDWARD BRUSH.
London, 18th June, 1903.