"
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January 8, 1896.
CHINA OVERLAND TRADE-REPORT.
Ton
The
rom a specific dispute as from a continued | cruing from cheap silver are temporary age direct export to France from series of ritating incidents and general and will be neutralised by a rise in the an order was issued subjecting go incompatability of temper. Japan had prices of merchandise. In view of the from Tonkin to Cochin China t frankly adopted a progressive policy divided nature of the report it is not likely duty as if they were shipped to a forei and accepted western civilization, while that the Japanese Government will at pre- country, less one-third. Thus, says the China held fast to her traditional conserva-sent introduce any change in the currency, un- Chamber, the Indo-China possessions are tism and semi-barbarous system. The two less it be to join a bimetallic concert should separated by Customs barriers, and it is nations had from time immemorial regarded one be arrived at by the principal nations. urged that it would be more rational to each other with jealousy, breaking out oc- Japan standing alone would be quite power-establish one uniform tariff, or, better still, casionally into actual hostility, and on both less to introduce or maintain bimetallism. to do away with export duties altogether, for sides there was a conviction that the time There is nothing. however, to prevent her export trade being favourable to the deve- was approaching for another trial of strength. establishing a gold standard should she be lopment of a country's resources. Japan seized upon a favourable opportunity, so advised, but it would be greatly to be encouraged instead of being charged with ought to precipitated the conflict, and established her her own detriment to do so at the pre heavy taxes. The duty on raw silk is ascendency. It is easy to declaim against sent time. Her currency is admirably instanced as a case in point. Tonkin silk war in general, and against any war in adapted to the requirements of her popula- is not sent to France, because there is particular, but if it be admitted that a war tion, and for the time being secures to no market there for this variety, and can ever be justified by its results the war her substantial advantages in her tradal it finds a market in China only on account- waged by Japan against China must be so competition with gold standard nations. of its cheapness. held. Japan has secured substantial benefits We are inclined to think that those ad export duty of 100 francs per hundred But it is charged with an for herself and for civilisation and the lesson vantages will prove temporary, for with kilos, and the producers being unable to administered to China was a wholesome one. the easy means of international communica- sell it on account of this charge will cease its Granted that some difficult political pro- tion that now exist falues all over the cultivation and thus an important industry blems have been left behind, they were al-world have a tendency to find a common will probably be killed, leaving a void ready in existence and have not been created level. But the two shilling dollar is still which will never be filled. A number of. by the war but only brought more clearly worth as much in the Far East as the four other articles are mentioned as being subject into view, which in itself is an advantage. shilling dollar used to be, and though in the to an export duty of five per cent ad valorem, According to the writer in Blackwood's West two shillings now go farther than although many of them do not yield five Russia was equally interested with our the same amount did twenty years ago, it will per cent. profit and are shipped merely as "selves in the maintenance of the status be a long time yet before equilibrium in the articles of exchange for the bank.
quo "in Korea. If so, the status quo still relative values and purchasing powers will be Chamber therefore urges the suppression, or remains, Korca is still a prey to anarchy re-established. In the meantime Japan will at least the revision, of the export duties on and misgoverument, and, in 80 far as have the advantage of a period of rising all articles which do not figure in the direct that point is concerned, Japan's policy prices, and it is recognised by political export trade with France, and, second, the has proved a failure. The interested economists that trade always flourishes more free circulation of goods and the suppression of powers have still the opportunity of arrang- under the influence of rising prices than all duties between Tonkin, Annani, Cochin- ing a scheme of neutralisation under their under that of falling prices. Gold using China, Cambodia, and the Laos. own protection. But, says the writer of the countries have for a long period been uffer- tion taken up by the Chamber is entirely The posi- article, "the one important difference to us ing under the latter and commercial de reasonable, except that in excepting goods
is, that in the former case Great Britain pression has been the result, but the would have been virtual arbiter, now it is standard having now, as is believed, reached it falls short of the logical conclusion to 'susceptible of direct export to France" "Russia." But would Great Britain have its maximum of appreciation, a commercial which it should have carried its argument. been virtual arbiter? Is it not possible revival has set in. To Japan the fall in Entire freedom of trade, especially the ex- that our interference in Korea at that time the gold value of silver has brought cheap port trade, is what a colony requires for its might have precipitated a conflict in com- money and commercial prosperity and its development, but this France resolutely parison with which the events of last year influence is still very far from being ex- refuses to recognise and as long as she does so sink into insignificance? Russia, we ven- hausted, though it cannot continue for ever there is little prospect of her colonies proving ture, to think, would not have accepted the and is perhaps already beginning to wane, commerically successful. Our French friends arbitrament of Great Britain except in so While the influence lasts, however, it would want their colonies to rival those of Eng far as it suited her for the moment and sub- be folly to make any change in the currency land, but that they can never do as long de ject to revision at any time. Great Britain which would have the effect of neutraliking the attempt is made to force trade into on her part has no such interests in Korea it. This seems to have been the view of artificial channels instead of letting it find its as should make her particularly anxious to some of the majority of the members of natural outlets. Another subject that has accept the responsibilities of arbiter-re-
the Currency Commission, their view being engaged the attention of the Hanoi Cham- sponsibilities that might have proved as that change in the future was desirable but ber is that of the transit trade by the Red onerous as those she has incurred in Egypt not at present. With the continued growth River. This trade having been "one of the without any of the compensating advant- of international commerce no doubt alcom- causes of the establishment of France i ages Whatever may be said of the general mon monetary standard for the whole Tonkin, it would seem that all vexatious weakness of England's policy in the Far world will some time be arrived at, either on measures calculated to cause this natural East, we hold that she was wise in standing a gold or bimetallic basis, but so far as "route to be deserted should be avoided. out of the Korean quarrel, which concerns Japan is concerned she may safely leave the Instead of that, however, under pretext of her only remotely.
question for a future generation to deal with verification, the packages are opened at and in the meantime make the most she can every Customs station and often detained out of her present advantageous position as for long periods exposed to air and damp, the owner of an abundant and cheap circu- the goods suffering thereby and arriving at Yunnan in a damaged condition. Tobacco and matches are particularly affected, the zinc cases being opened and not resoldered, and the Chamber predicts that if this prac tice is not discontinued a great deal of mer chandise will in a short time cease to use the Tonkin route. The prediction is a rea- souable one, and while such an unen- lightened and illiberal policy prevails as is indicated by the complaints of the Hanoi Chamber it would seem that in the competi tion of trade routes to South-western Chine the Tonkin route may safely be held as of comparatively small account.
THE JAPANESE CURRENCY.
1
COMMERCIAL QUESTIONS IN
The report of the Japanese Currency Com-lating medium. mission has been published in the Nichi Nicht, but the only translation we have yet seen is evidently' very much jumbled and it is difficult to gather from it the precise meaning of the arguments and reasons set out. The net result, however, appears to be that eight of the members of the Com- mission thought a change of standard neces- sary and seven were of a contrary opinion. Of the advocates of a change six were in favour of a gold standard and two in favour of a bimetallic one. The number in favour of a change appears rather extraordinary, as we gather that on the question whether the divergence which has taken place in the value of gold and silver had been to the advantage of Japan or not ten took the affirmative lew and only five the negative. The ex- planation would seem to be that the majority
were
e of opinion that the advantages ac-
TONKIN.
From the minutes of a recent meeting of the Hanoi Chamber of Commerce we gather that one or two natters have been engaging the attention of the Chamber which have some little interest for Hongkong. The Customs services in Tonkin and Cochin China are separate and distinct and certain articles which are charged with a heavy export duty on leaving the former country pay no duty on leaving the latter. Chinese took advantage of this state of affairs to ship to Saigon in the first instance goods from Tonkin destined for Hongkong or Singapore, thus evading the duty, which was not chargeable on goods shipped coastwise, To meet this, and probably also to encour-
*
At Foochow on the 21st December à fire: broke out in a shop between the long main street to the city and the Canton men's tea godowns. Upwards of four hundred houses were consumed before the flames could be got
under.