April 25, 1895]
to state when you mention the Committee the Chairman and Vice-Chairman,
CHINA OVERLAND TRADE REPORT. lauding accommodation either temporary permanent.
the
or
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them.
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I asked what they were worth, and the reply was Ob, these coins no good touch, have got tin inside; all the money that was offered for these 650 but maskee, 30 cents." Thirty cents was dollars.. I was the intermediary em, loyed in the my best to settle an arrangement. I went into transaction, and therefore was called upon to do another bank close by and said " what are these dollars worth P
Compradore, little touch" was the reply, “25 or 30 cents." I "Oh, very thought this was more unsatisfactory. I got into my little pony trap, and drove down to Messrs. Olyphant and firm, whose business then was next door to the Co., the American Commissariat Buildings, I went in and saw the managing partner, Mr. Parkin. aud said to him, "Will you allow me to do a little business with your compradore ?" He said
By al these 650 Mexican dollars. They are at five per means. I said to the compradore,
*4 There are cent. premium. Please allow your shroff look see. He called in his shroff, who shroffed these 650 Mexicans. He said I said "I thinkee perhaps have got some piecee They are all good," inside no b'long good; more better you call in another shroff." He then seut in next door for the shroff of Fletcher & Co. in and carefully examined them a second time. The shroff came
He said " coin, and said "This pieces b'long old year, you They are all good," but selected one
more better go Lane Crawfo:d buy one hat." (Laughter). I said "You can secure blong number
one, He said Clean dollar just now b'long five per cent. pramium.
Maskee, give me the notes." gave them to the manager, and said “For good- gave me the notes, and I drove off to the bank,
there will be a reclamation." ness sake don't say anything about these or else about it.
Nothing was said There was not a bad dollar amongst compradore of the late firm of Olyphant and Co. Both these men are now dead. but the
is, I believe still living, and he will confirm my statement. The attempt of the Agra Bank com- pradore to put nearly 500 dollars into his pocket. out of this bullion shipment was thus defeated, but this was only one oase of a hundred. The chopping Mr. Jackson has referred to is sup posed by some people to be needful. I venture. to say that that is not so. The Chinese are in hong occasionally chops a thousand dollars as a no way in favour of chopping dollars. Every sort of demonstration in order to be able to say We always chop our coins, and if you want us to exchange a bad dollar you must show us our mark upon it." out, and you may now go into Bonham Strand The practice is now fast going
ping hammer being used There is now very and that district without hearing the chop. little Jackson and other bankers were to adopt a of it, and I fel sure that if Mr. plan of discouraging this method, we should fifths of the trouble of shroffing. There is five have a clean currency, and save thereby four times as much trouble in shrofflur a thousand dollars which are chopped as there is in shroffing a thousand dollars which are clean. chopped dollars you have to turn over both sides. With
I think, therefore, that this is, as Mr. Jackson has said, a good opportunity for putting our currency upon a fair basis, and that it should this opportunity for forty years, and I am de- not be lost. I may say I have been waiting for lighted that we have so powerful an advocate ia the matter as Mr. Jacksou. (Applause). therefore allow me to propose this resolution. Will you
British dollar as an opportunity for placing the That the Chamber regards the advent of the currency of this Colony upon a satisfactory footing, that as a first step every means should be a lopted to protect the new coins from the foolish practice of chopping and defacement, and that the Government be requested by the Com- mittee to legislate to that effect in this Colony." (Applause).
Mr. JACKSON-I beg to second Mr. Sharp's proposal.
Mr. BROWN-Mr. Chairman and gentlemen.
Carried unanimously. while the ballot is going on I should like to Mr. JACKSON-Mr. Chairman and gentlemen, draw your attention to a matter I wish to bring there has been a short reference in the Chair before the meeting, and I think it is one of in- mau's speech to the British dollar. terest to the colony-to the shipping community important item indeed in connection with the It is a very at any rate. It is a question relating to the future commerc› of this colony. I think it want of adequate facilities along the sea front affords us an opportunity of placing the car for the numerous steam-launches required by the rency of the colony in a sound condition and community in the transaction of the business of doing away with the foolish system of chopping the colony batween the ships and the shore. I dollars. I believe the Government have been do not want to detain you any longer, and I will advised at home by experienced meu that it would now put this motion to the meeting in order to le impossible to do away with chopping the get an expression of opinion upon it: Inas British dollars. I do not at all agree with the much as the landing accommodation or wharf re-advice they have acted upon. From our point cently provided on the new reclamation is quite of view it is highly desirable that our currency inadequate for the requirements of the colony. should also be a legal tender in the Straits Settle so many steam launches being necessary for the ments. The banks here have considerable inte- transaction of the business of the shipping com.rest in the bauks in the Straits. If these dollars manity and others between ships and shore, and are chopped they cease to be current in the Straits. whereas it will soon be impossible to use Old | They are current in Hongkong, but not in the Pedder's Wharf any longer as a landing place, Straits. It is a great grievance and at the greater inconvenience will be felt and the danger end of the 19th century we ought not to tolerate to small steam craft increased if more adequate chopped currency. (Hear, bear). It would be in loading accommodation be not provided Be it the interests of every single trader in this place, resolved that the attention of the Government be of every private individual, and of none more called by this Chamber to the pressing need for than the Chinese themselves, if the system were increased landing facilities as near the vicinity stopped altogether. This custom of chopping of the Old Pedder's Wharf as circumstances will is a very aucient one, and I think the time has permit."
now come for it to be done away with. I would Mr. D. GILLIES-Mr. Chairman and gentle-like, before this meeting separates, to have an men, I have much pleasure in seconding the expression of opinion that the Government motion proposed by Mr. Brown, and I think the should legislate that the British dollar should thanks of the shipping community are due to not be chopped and if it is chopped that it Mr. Brown for coming forward and bringing should not be this motion to the notice of the Chamber. I We all know we had 71.7 to the dollar, one of currency. (Bear, hear). think we have all more or less felt the inade- the reasons being that the quacy of the present accommodation for steam pretty well the universal one all over China, but thel weight is launches. It is not only the great want of the chopped dollar is not accepted in Shang- accommodation, but there is really an ab hai. Surely the Government would not come to solate danger in using the present wharf, the conclusion that the Shanghai custom would and I have many times been surprised that not apply bere. The objection must arise that ten accidents have not occurred before this. Mexican dollars are worth more by count than by The entrance is so very narrow and so many weight. The weight of the Mexican dollar is a launches are obliged to use that wharf that it is very irregular one. It is supposed to be 417 or really a wonder collisions have not taken place 41 grains. whereas the weight of the British dollar before this, and I think it would be better for us is 416, so that there would be very little differ- to make further provision in the way of a new uga between ten British dollars paid out by wharf, or by extending the wharf already built count, and ten dollars in Mexicans weighed at in order that these collisions or dangers may be 7.1.7. The loss in paying out British dollars avoided in the future. I do not know in what by count instead of paying out chopped coin by way the Government could best supply the weight would be very small. and would be ac- wants of the community in the way of increased quiesced in by the Baaks. as in no other way accommodation, but I think it would be best ac can the currency be placed upon a proper foot complished by the Government putting up a new ing. (Applause), wharf. An extension of the wharf they have Mr. SHARP-I am very glad that Mr. Jackson put up will not answer the requirements so well has said what he has. I hal intended to say a as a new wharf. The extension of the present word about chopping dollars, but I was very wharf would only bring too many launches much afraid that anything which I might say together and thereby incur the very danger we might not be appreciated by Mr. Jackson, who want to avoid. I would therefore suggest iu auy is the Chief Manager of the Hongkong and recommendation the Committee may make to Shanghai Banking Corporation, because I can the Government that a new wharf should be imagine that a bank might think that its in- provided giving the accommodation we desire. terests were in some way identified with the Mr. E. MACKINTOSH-I think Mr. Brown's chopping of dollars, for this reason, that they can rogolution, seconded by Mr. Gillies, refers more chop as many coius as they please. I have particularly to wharves that may be constructed known banks chop a hundred thousand coins. in the future than to the present accomand go through a great deal of labour overnight modation. I would remind the Chamber that a before they are paid out in the morning, in Committee which was appointed by the Govern-order that the bank may secure a premium upon ment, of which Committee I was a member, con-unchopped dollars which remained in sidered this subject of wharves about July or treasury. I am delighted to find that Mr. their Angust of last year. The Committee made Jackson takes a clear view on this matter, and report to the Government, but whether the I think he bases his view upon the idea of Government will accept it or not I do not know. bettering the general interests of the colony. I may tell you that this Committee recommended There is no question whatever that the mutila. that for ordinary accommodation along the Praya tion of our coins is against the interests of there should be one opposite each new street. But trade. Why should there always be a premiuu| the Government have promised to the owners of upon remittances to Singape and Japan private wharves that they will reinstate their For no earthly reason than that the coius with particular wharves opposite the places where which we have to pay for those bills are at a they are at present, Therefore, if that is carried discount. If you want to send a remittance to but it appears to me that it will be almost im- Singapore you have to send a possible to grant the request you have preferred. remittance-a clean coin.
proper I do not know This is a matter that rests entirely with the Go-whether people are really aware of the vernment. The Government have had the re-injury which is hereby inflicted,
and I commendation of the Committee, but whether would like to direct your attention for a minute the Government will act upon it or not is an to a little anecdote which occurred more than other question.
thirty years ago. I sold an invoice of clean Mr. BROWN-My motion refers to the present Mexican for the Commercial Bank to the Agra necessity for increased wharf accommodation. Bank. It was then that the proportion of in
Mr. SHEWAN-I would like to enquire whe- We will have to suffer a great deal before the different low touch coins, which had been habit-ther it would not be illegal to deface the new final plans and arrangements the Government Fually rejected by the binks' compradores for dollar, it being a British coin. has made with the owners of the present wharves some years previously, had been greatly increas- can be carrid ont; it is to bridge over the diff sing-increasing year by year until it had be- balty we are labouring under and until these ar- come quite a formidable matter. On this occa- rangements are completed, that I ask the as- sion between six and seven hundred dollars were sistance of the Chamber to help us to get better I rejected by the compradore of the Agra Bank,
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Mr. SHARP-I could tell you a great deal ore, but there is a review on, and I know you want to go there (Laughter).
Mr. JACKSON—To meet the special-as they think at home - the special requirements of this colony, they have decided to allow it to be chopped and still remain a legal tender-the very thing we did not want. It will, as Mr. Sharp has said,