r
December 8, 1897.]'
CHINA OVERLAND TRADE REPORT.
Asiatic populations and do business first- hand, These men travel themselves to Moscow and have direct dealings with the manufacturers, thereby saving the expenses of brokerage, while at the same time they are able to explain the exact nature of the goods they require. The saving of brokerage, we should think, will be more than swallowed up by the cost of travelling and loss of time involved, but as to the advantage of direct dealing with the natives, as compared with the com- pradore system adopted in the China trade, there can be no question.
cordon has been established along the Russia, we are told, is rich in the possession Trans-Caspian frontier, by which all Euro- of a large class of merchants-who are really pean and Anglo-Indian goods are excluded travelling pedlars doing business on a big "from Russian Central Asin, with the ex-scale-who are content to travel among "ception of tea, indigo, muslin, spices, and a "few other articles. Even these excepted "articles have to pay heavy dues, and they are compelled to be sent, not across the "frontier, but by way of Batoum, in order "to swell the profits of Russian railways." This is the sort of thing-the customs cordon certainly that might be expected to happen in Manchuria and Korea should those coun- tries become Russian territory, unless the other Powers having treaties with China or - Korea insisted upon a continuance of the commercial privileges they now enjoy under those treaties. The prospects of any agree- ment being arrived at, or, if arrived at, being long continued, are, however, not very en- couraging. In the case of the French annexa- tion of Madagascar Great Britain waived her One of the strongest arguments adduced in previously existing treaty rights altogether, support of bimetallism is the hardship that and with regard to Tunis an agreement has has been inflicted upon the debtor class by also recently been arrived at by which Great the appreciation of gold, and the consequent Britain surrenders her commercial pri-injury to agriculture and the manufactur vileges under the capitulation on easy terms. If political domination was the only point in question we might afford to regard Russia's advance in the North with equanimity, but, having regard to the probable consequences on our trade, vigilance on the part of our diplomatic representatives and of such bodies as the China Association and the various Chambers of Commerce is called for.
in
It is probable, however, that annexation will be deferred for some time to come and that the arrangement in the meantime will be in the nature of a protectorate, under which Russin will exercise political control and secure for Russian subjects any railway, mining, or other concessions that may be granted, but without imposing any differ- ential tariff on the import or export trade. Even then Russian competition, especially in cotton goods, will become a factor to be seriously reckoned with, not only in Man- churia and Korea, but throughout the whole of the markets of the Far East. It is perhaps not generally known that Russia gives a bounty on the export of cotton goods. Although the effect of this has not as yet made itself very widely felt, being confined for the most part to Central Asia, it may the future constitute a danger to the trade of Lancashire almost as serious as that of the Continental sugar bounties to the trade of the East Indies. Russia, we read, gives to Russian merchants a bounty upon 'all cotton prints of Russian manufacture ex- ported to Chinese Turkistan, and it is cal- culated that the bounty is more than suffic- ient to cover the cost of transport from Mos- cow or Nijui Novgorod to any city in Kashgaria. Great Britain and India still command the Central Asian markets "in "calico. muslin, broad-cloth, brocades, gauze, turbans, and tea, but these are articles of luxury, for which the demand must always be limited. It is in cotton goods that the capacity for substantial in- crease lies, and there the Russians are "beating us." We hope it may never have to be said that the Russians are beating us also in the Chinese markets, but that ser- ious competition is to be feared is apparent. It is true that as against the export" bounty given by Russia must be set an import duty. on raw cotton imported, the object of the latter duty being to encourage the cultiva- tion of cotton in her own Asiatic possessions. The net result, however, is that the manu facture and export of cotton goods are largely stimulated. Note should also be taken of the methods of the Russian trader. I
**
BIMETALLISM AND THE RATIO.
ing industries. The argument is a sound one, as applied to gold countries, but it does not seem to be so generally appreciated as might be expected that the same argument, when looked at from the silver countries' point of view, is fatal to a restoration of the old ratio of 151 to 1,
If the appreciation of gold has had prejudicial effects in England and other gold countries, does it not neces- sarily follow that the appreciation of silver would have equally prejudicial effects in countries relying on that metal for their cur rency? This point was conclusively dealt with in the reply of the Indian Government to the recent proposals of France and America. If bimetallism could be re-established at the ratio of sixteen peuce to the rupee India see it, as that is the ratio would be glad to aimed at when the mints were closed and on which the financial fabric of the country is now approximately based; but a two shilling rupee, it is rightly considered, would prove disastrous.
或者
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is losing its value we think the remaining inations and states would do well to follow suit. The bimetallists have made a gallant fight of it, but their cause is lost, unless, in- deed, they could persuade France and the United States to come down to a ratio of 30 or 35 to 1. There does not seem to be any possibility of that, but it is the sole remain- ing hope for bimetallism. The continued advocacy of the 15 to 1 ratio can only further discredit the cause.
THE NEED OF TRAMWAYS,
Ten years ago an interesting report was written by the Hon. J. M. PRICE, Surveyor- General, on the reclamation of Causeway Bay, at that time in contemplation. The réclamation was carried out, the idea of the Government, as explained in Mr. PRICE'S report; being that the ground should be utilised for the erection of Chinese tene- ments, which would relieve the congestion of the population in the central districts of Victoria. That idea was not realised, for reasons capable of an easy explamation. Mr. PRICE wrote:-"It is doubtful whether
Causeway Bay lots would be taken up, "in any great number, unless this distant "suburb is brought into cheap and speedy "communication with the city. To meet
M
the contingency a tramway is proposed as "essential to the success of the scheme. I "would have advocated the laying of a tram-
way from Whitfeild Station to Kennedy- "town had the junction of the Praya along "the water frontage of the military canton- "ments and Naval Yard been an accom-
16
plished fact, but in view of the uncertainty of the work being carried out at once, "I limit myself for the present to the "recommendation of a line from Whitfeild
24
$4
Station along the Praya to a terminal point at the corner of the Blue Buildings. "When the Praya junction is completed the tramway can be extended to Kennelly- "town." The tramway was not made and the Causeway Bay Reclamation has remain- ed unbuilt upon, but has been turned to The writer of a contributed article in the useful account as a recreation ground, from Singapore Free Press on the proposed cur- which purpose it is to be hoped it will not rency change in the Straits says:-"We now be diverted. There has, however, of "have seen the dollar fall from 3/10 to late been a considerable development in the 1/10, and have on the whole prospered neighbourhood, various industries having "under those conditions and cannot believe been established along the Shaukiwan Road, "that salvation is to be found in a token 2/- and the erection of the Hongkong Cotton "dollar with a limited gold reservc. It would Spinning, Weaving, and Dying Company's "be unpleasant to go through the experience mills will make a large addition to the "of a drop to 1/6, but in the long run we population and business activity of the "think it would be a grave mistake to give district. The traffic to and from East up the standard under which this Colony Point is now very large and amply suf "and the dependent Native States have ficient to make a tramway pay, while "hitherto developed their trade and their improved communication would in turn ** resources." The writer's arguments do not largely contribute to the development
the to tell very strongly against the of the district and
creation of adoption of a gold standard, but they are additional traffic. The Praya junction conclusive as applied to the question of the alluded to by Mr. PRICE is fated not to be ratio. If the colony has prospered while realised, the scheme decided upon for the the dollar has fallen from 3/10 to 1/10 extension of the Naval Yard precluding it is impossible to imagine that it would all possibility of it either in the present equally prosper if the dollar were raised or the future. As compensation, however, from 1/104 to 4/2, and more especially if Queen's Road between the military canton- the change were made at one bound. Itments and the Naval Yard is to be widened, would, we believe, be a good thing for the and when the Naval Yard extension scheme Straits to adopt the gold standard, but the is actually taken in hand--and instructions conversion can only be safely effected at a to proceed are expected by an early mail- ratio corresponding approximately to the the widening of Queen's Road will be one of market rate of the day.
the earliest portions of the work to be un- dertaken. When the widening of the road is completed there can be no further reason for delay in the laying of a tramway from the Cricket Ground to Causeway Bay, and the line might with advantage be extended to Quarry Bay or Shaukiwan. When the Praya Reclamation is finished the line would of course be carried along to Kennedytown, but
seem
Bimetallism is scientifically sound in theory, but the divergent interests that respect to the have developed with ratio render its application impossible in practice. Each country, then, must hold by one or other of the precious metals, which- ever may suit it best, and as gold has been adopted by the majority of nations and silver