Page
June 28, 1895 ]
the state of affairs on the 12th instant when a new case was unearthed, and the utmost care was taken that everybody should know it.
Thanking you for granting space in your valuable columns for these lines.I am, dear sir, yours faithfully,
A SUBSCRIBER.
Hongkong, 24th June, 1895.
THE OURRENCY CRISIS IN TONKIN.
At a meeting of the Hanoi Chamber of Com- merce held on the 25th May the following oor- respondence was read :---
A letter of the 4th May, 1895, from the Governor-General, submitting for the considers tion of the Chamber the questions asked by M. Verrier, Inspector-General of the Colonies, in his letter of the 12th April:-
CHINA OVERLAND TRADE REPORT.
If we admit the yen we may be sure that, on account of this premium, the Mexican dollar would speedily disappear from circulation. The evil would not be so great if we could, less the premiam, effect our payments with our new money. But if Hongkong should refuse this, wherewith should we pay ? It, would be neces- sary to apply to the Bank and pay for exchange 10 per cent. or more.
The Chamber of Commerce is of opinion that we have already enough with the Customs tariff without adding thereto the further aggravation of an exchange dependent solely on a Bank of which we know the tendencies.
The Chamber of Commerce thinks it ought to be added that the inconveniences for Tonkin above set out do not apply to Cochin-China, which is in relation especially with Singapore. where the Japanese yen is legal tender. There- fore, in case of Hongkong refusing to admit the yen, the Chamber of Commerce thinks that the yen ought to be rejected in Tonkin, leaving Saigon to act according to its own interests.
As to the trade dollar, if it is of the same fineness and weight as the yen and British dollar it is certain to be well received here.
To ask the Chambers of Commerce at Hanoi and Haiphong what is, in their opinion, the best means of meeting the monetary crisis which at present prevails in French Indo-China; what would be the advantages and disadvantages of the introduction of the Japanese yen or of the British dollar, or if it would not be better to If it should again be absorbed by our neigh- diminish the fineness of the piastre de commerce bours, which is possible, on account of the excel. (French trade dollar) to prevent its drainage Plence of its coinage and the difficulty of counter. Would it not be better, while maintaining the feiting it, we would only have to strike more, the fineness of the trade dollar, 900/1,000, which is charge for coinage more than covering the cost. exactly the same as that of the yen and British dollar, to reduce its weight, which is 27.215 grains, to 27.070 grains, which is that of the yen and British dollar? Lastly, in order to svoid the possible return of a crisis similar to the present, would it n ́t be well to admit on the same footing the yen, the British dollar, and the trade dollar diminished in weight?
To this the President replied at once as follows:-
Hanoi, 4th May.
ܕ ܂
THE SZECHUEN OUTRAGES.
date of 11th inst., to the N. C. Daily News:-
A correspondent writes from Kiukiang, under At last foreign wires from the west have been permitted! All yesterday, last night, and to day, hundreds of official messages have been coming through from all the principal Szechuen Monsieur le Gouverneur-General.—In reply to | Tsungli Yamen, the Wuchang and Nanking telegraph stations. They came in cypher to the your letter of this date concerning the questions Viceroys, and doubtless were reporting progress. asked by M. l'Inspecteur-General Verrier, IA number of wires were sent west by foreigners, have the honour to inform you that these ques- but it was distinctly stated that no foreign mes- tions were discussed by the Chamber of Com- sages would come through in reply till to-night merce in M. Verrier's presence at the meeting or to-morrow. Perhaps the Ministers have by of the 23rd April last, that the minutes of the their representations in Peking caused the said meeting have been communicated to M. lines here to give up their seorets, and serious Verrier, and he has acknowledged their receipt. enough they are. The news just to hand is that In accordance with our regulations, a copy of Chôngtu, Kiating. Yachou, Sinking, and Feng the minutes was addressed to the Resident-Maire, shan have been completely wrecked and that our honorary President, for transmission to you, Luchon and Suifu are threatened, also Chung and I think, Monsieur le Gouverneur-General, king, where the examinations are about to come that it will be found in your office.
off, The Chengtu foreigners were sent away from that place yesterday, 10th June, after 13 days' confinement in the yamêns. From certain indications to hand it seems that a number of other places have gone and that Yunnan is in the same condition as Szechuen. It is reported in the telegrams that some foreigners are miss. ing and the natives have it that some foreigners have been killed. Chungking people argently request assistance. Communications have been received here by the natives from the literati or officials of the west urging them to rise at once and, as the Hunan programme provided, drive the foreign devils into the sea.
From the minutes you will see that we thought we had not to concern ourselves with dollars metal which we always know how to find for our requirements. This question solely concerns the Bank, which is under obligation to cash its notes at sight under pain of protest, and it is sufficient to have notes in order to be sure of having dollars when required.
We think, nevertheless, that it could not but be advantageous to be able easily to procure under favourable conditions the dollars necessary for circulation and that, although this facility would profit hardly any one but the Banque de l'Indo-Chine in Tonkin, it would be a great as- sistance to the Coolin-China trade, which, on account of its purchases of rice and the diversity of its oredit establishments, finds itself under conditions different from ours.
There is, therefore; a certain advantage for Saigon and no disadvantage for us; but on the express condition that the proposed moneys shall be received at par in Hongkong.
To the trade dollar we think there would be little or no opposition, but we fear it would not be the same with the Japanese yen. In fact there is being struck for Hongkong a coin called the British dollar and it is to be feared that in order to favour the circulation of its national money the colony of Hongkong would receive unfavourably a proposition to admit the yen, which at present is not current and the need of which will be still less felt on the appearance of the British dollar, and espe- cially if the trade dollar be admitted.
485
intend to protect foreigners any more, but that they intend to rid the land of them ? Let no one be deceived this whole affair must be fastened * on the central government. At this time a great fury is raging in Hunan; soon after Wu Ta chèng reached Changsha the Great God of Hunan is found destroyed and a madman is put up to say the Christians did it so that foreigners might take the province, for while Wang Te reigned Hanan was safe against any toe. In Kinkiang the same barefaced attempt to stir up the people by the officials is in pro- gress, and it is reported that an attempt along the same line is being or will be made in Han- kow and Wuchang. All these are facts, and it is probable the work is only just begun, and that as the days go by we shall hear of much more serious events in connection with this official at- tempt to oust foreigners. One thing only will settle this problem-the immediate humiliation of China and the passing of the Government into Western hands.
THE WEST RIVER.
The Peking correspondent of the N. C, Daily News writes -
deletion from the Treaty of Peace of the port of In my former letter I called attention to the
Wuchow, in Kuanggi, situated on the West River. Great importance has for a long time been attached to the opening of this river and frequent have been the representations on the subject by the British and German Legations, but hitherto without success. Similar opposition has from the native jauk owners. been met here, as in other Chinese, waterways, Native steamers Yangtze. After the Japanese successful war have even been forbidden, as on the Upper all such opposition has been overcome and it was chose to ask would be granted, and this among confidently anticipated that whatever Japan others. But our hopes were only raised to be dashed to the ground. The port was struck out Government will be compelled to open this river. of the Treaty. Sooner or later the Chinese The province of Kuangsi must be reached and this waterway opened to international trade. It has been through French influence that the river has remained closed. This river would be able to compete favourably in its traffic with the route which the French in Tonkin are trying to open up with the view of tapping Kuangsi and South-west China. We hope the hands of Germany are not tied on this question by the present alliance. This would be more than the husks of the chestnuts which she and France are taking out of the fire for their big
friend.
MORE COMMENT ON THE INK- STAND INCIDENT.
There is one thing that no man has ever suc- ceeded in achieving with grace; it is the return of a gift on the ground of its inadequacy. Mr. One cannot but be struck by certain designed J. J. Francis of Hongkong has made the essay coincidences. As soon as the riots begin the and has accomplished it after a fashion not wires are reported to be down and remain down certainly wanting in ability, but altogether ten days. The stoppage was said to be a trivial | wanting in grace. Mr. Francis aotod a8 damage, 175 li west of Shashi and near Tchang. Chairman of the Permanent Committee of If this be true-and there is grave reason to doubt the Hongkong Sanitary Board during the plague the whole story-it is but a few hours' journey epidemio of 1894, and rendered services of a most to Shashi, where there is a telegraph station, substantial and praiseworthy character in that and messages could easily have been sent by capacity. In return for his work, the Hongkong boat or courier entailing only some few hours' Government, "with the approval of Her Ma- delay, but we have ten days' interruption and it jesty's Government," presented to him a silver is impossible to give a satisfactory explanation inkstand bearing an inscription. Mr. Francissent of this occurrence. Again, when sufficient time back the inkstand. The Governor of Hongkong, has been allowed to get the scheme of the Vice-when forwarding it to Mr. Francis, described it as roy's well under way, and when the Ministers in Peking will no longer be put off, the lines are in repair again and after some 36 hours' further delay for government messages, foreign news is permitted to come through.
Another coincidence is striking, namely, that the Wuchang and Nanking Viceroys are in full In case the yen were refused admission to Hong- touch with the Yunnan and Szechuen Viceroys, kong it would become for us a canse of ruin. and probably the Canton Viceroy as well. That In fact our actual money, the Mexican dollar, is is, all the high mandarins of the Empire are well also the legal money of Hongkong, and we must aware of and probably will soon be sators in the not lose sight of the fact that it is with Hong-tragedy now being enacted. It is a curious fact kong that the greater part of our business lies. We can to-day pay for our purchases with our money without cost of exchange. Still better,
· money is at a premium.
that instead of disbanding the armies of the Empire now pence is declared they are increased and retained. Will Peking now show up her hand and tell the Ministers plainly they don't
"a handsome silver inkstand." Wemay infer from this peculiar proceeding on the Governor's part
extolling the beanties of a gift presented by a body politic of which he himself was the head -that Sir William Robinson had doubts as to the suitability of the inkpot as a recognition. Mr. Francis soon confirmed those doubts. His letter announcing his rejection of the testimonial filled nearly two columns of a daily news- paper and contained a categorical statement of reasons that rendered the Colonial Government's gift inadequate. The reasons were exposed in eight paragraphs, every one of which was, in effect, a panegyric of Mr. J. J. Francis' services penned by Mr. J. J. Francis himself. We shall not enter into these reasons. It is enough to