October 29, 1898.1
F
native Government in this condition the Indian Government may possibly find it necessary before very long to put little stiffening into it by appointing a British Resident to reside at Lhassa and advise and assist the Lamas in the administration of the country.
LEGISLATION AGAINST THE JA- PANDSE YEN IN THE STRAITS SETTLEMENTS.
947
CHINA OVERLAND TRADE REPORT. would be more satisfactory to have the cir- "be the best news in the world if Sir culation composed exclusively of British"Claude MacDonaLD could be promptly dollars if that result could be arrived at " without serious inconvenience. The incon- venience, however, would be serious, because the yen circulates to a considerable extent in China, and there is no machinery by which its being brought into this colony, either from China or Japan, could be easily prevented. In the statement of objects and reasons attached to the Bill just passed at Singapore it was said that holders below the proper standard of weight of yen demonetised in Japan and word would have no remedy for their loss. Upon that Mr. MURRAY pertinently asked who was responsible for the British dollar in case of wearing. The Acting
"Pole." It is rather a novelty to hear of despatched as plenipotentiary to the North the British Minister showing undue activity in concession hunting. The charge against him hitherto has been on the opposite side, and it is only under the strong pressure of public opinion that Lord SALISBURY has been induced to sanction Bir CLAUDE MACDONALD'S exerting himself in that direction. It is true there has during recent cessions amongst some of the Foreign Minis- years been an undignified scramble for con- ters at Peking, but it has arisen not so much from a desire on the part of the Ministers to acquire distinction in the newspapers – as from a wish on the part
(Daily Press, 28th October.) The Japanese Yen Bill was passed through all its stages by the Legislative Council of the Straits Settlements on the 15th October. object of the Bill is to prohibit the importation of Japanese ye
yen, a step for which there may be very good reasons, but | Governor replied that he himself had asked | Governments to establish some sort of a
The
it cannot be said that those reasons were set out with any lucidity, either in the Attorney-General's printed statement of objects and reasons or in the debate in Council. In his speech in Council the Attorney-General mentioned the demone tisation of the silver yen in Japan and went or to say that "The result was
of
:
the same question when the British dollar the reply he got was that the point would was on the point of being introduced, and have to be dealt with when it arose. If the law on this subject is the same in the Straits as in Hongkong, which we believe to be the case, the question of depreciation, when it arises, will have to be dealt with
certain
lien upon China which might be en-- forced when the opportunity served. The movement in its more accentuated form
that there were millions of these de-solely by the holders of the depreciated coins. Frenchmen. The Chinese declined to accerla
dates from the time that France, after the Tonkin war, endeavoured to make it one of the condi tio of the treaty monopoly of the work of railway construc- tion in China should be conferred upon The standard weight of the British dollar to this and the provision was reduced to a is 416 grains and its least current weight merely permissive form that Chiua might 411 grains. When a coin becomes worn apply to French engineers, etc., a stipula- below the last mentioned weight and is tion for which one would think refused as legal tender there is nothing agreement was necessary; but still it served no treaty the value of the silver it contains and the movemend of a wedge. Since then for the holder to do but to sell it for the thin himself bear the loss of 2 cents or what-uation after another demanding conces gathered force, one and light gold coin which has not been the British nation took alarm and discerned, ever the exact amount may be. In Eng- sions of various descriptions, until at last illegally dealt with is received by the Bank or thought it discerned, some danger of the nominal value, and the loss therefore falls of foreign concessions, to the exclusion of Bri- of England on behalf of the Mint at its full whole of China being covered with a network upon the Mint, which is a reasonable ar-tish capital and enterprise. Then the Go- rangement in a country that conducts its own currency; in such cases it is fair that the of national feeling, and Sir CLAUDE MAC- vernment moved, in response to the current the loss by fair wear and tear of coins in bond fide applications made by British sub- public, through the Government, should bear DONALD received instructions to support all circulation. But in Hongkong and the jects. So far as the facts have transpired Straits the Governments have no direct in the Minister appears to have done his work diary coinage, the dollars being struck at will not share Mr. STEAD's opinion that it terest in the currency except in the subsi-well, and British residents in the Far East the Indian mints in consideration of a would be the best news in the world if Sir seigniorage and imported by the Banks CLAUDE MACDONALD could be promptly Government therefore cannot be called Pole. Sir CLAUDE is in his proper place at as a purely mercantile operation. The despatched as plenipotentiary to the North upon to give new dollars for old ones Peking, and long may he there continue. that have fallen below the least cur- As for desiring distinction in the newspa- rent weight, and neither the Banks pera, if reports that come from Peking are nor the Indian Mints will do so, for their to be believed the British Minister, what- interest in each individual coin ceases as ever his views, as to the freedom of the press therefore no alternative but to allow the glad if all newspaper discussion of the situa soon as it leaves their hands. There seems loss to fall on the ultimate holder of the tion at Peking and his own movements in general may be, would be exceedingly depreciated coin. The contingency is could be suppressed for a year or two. not one that need occasion much appre- hension, amongst a community that is only
preciated coins to be disposed of which "would be of full value here (the Straits). "That might result in serious inconvenience, "if they were imported to take the place of *“our own currency. Now the Japanese silver yen has not been depreciated at all in relation to the British dollar, being of exactly the same weight and fiueness. Each the coins is worth simply the value of the silver it contains. If the hon. gentleman had simply said that as  British dollar
was -Dow available it was deemed desirable to exclude foreign coins from the circulation he would have given a reason that would have been accepted as sufficient. In the Straits the yen is legal tender, but this Bill, which prevents any addition to the amount already in circulation, is apparently intended as a precursor to the ultimate demonetisation of the coin. Mr. MURRAY, one of the un- official members, expressed the opinion that there was no necessity for the demonetisation unless the Government was in sympathy with the movement that had lately taken place for the establishment of a gold cur- rency in the colony, and of such sympathy he said the Government had given no indica- tion whatever, except in what had fallen from His Honour the Officer Administering the
e Government in the address they had Just heard. The address referred to was the Acting Governor's address on the Estimates, and bis reference to this subject was confined to the bald statement that the proposal to adopt a gold currency; which had been discussed by the Chambers of Commerce, was still under consideration by the authorities in England.
that the demonetisation of the may be being slowly weaned from the destructive
yen is in-
tended as a preliminary stepin preparing the way for the adoption of a gold standard, but apart from that the measure seemsjustified on the general principle of having the currency composed exclusively of domestic coins when these are available in sufficient quantity.
practice of chopping its dollars.
MR. STEAD ON SIR CLAUDE MACDONALD.
KANG YU-WEI,
(Daily Press, 25th October).
In another column will be found a letter from a Chinese correspondent summing up the characteristics of KANG YU-WEI. The picture presented is, we believe, a tolerably faithful likeness. Kang is a man of ex- mental ballast, and a visionary. By his intraordinary ability of a sort, but void of indiscretion he has set back the cause of that has been extended to him is quite reform for many years and the sympathy misplaced. Such men no doubt serve a purpose in the economy of the world; they actas a ferment causing men's minds to work; but they are unfit for the exercise of responsibility or the management of large affairs. The British authorities have saved KANG's head for him, but now that he has reached a place of safety it is to be hoped that, so far as our Government is concerned,
(Daily Press, 25th October.) "China" in the last number of the Review In a note on '“ Anglo-Russian Rivalry of Reviews Mr. STEAD says:-"The fact is, “to regard the grabbing of concessions as at Peking rival diplomatists have come "the cheapest mode of acquiring distinction in the newspapers. Of genuine con ❝cessions there are very few, but the bogus variety serve equally well as material for snatching diplomatic advantages or show- ing off at the expense of their rivals. “M. Pavloff, who has already been six "years at Peking, has been transported, much to his chagrin, to Korea. It would
In Hongkong the Japanese yen is not legal tender, but it circulates almost as freely as if it were, and so long as it contains approximately a hundred cents" worth of silver the holders need enter- tain no alarm. No one is bound to accept it, however, if they do not feel inclined." That being the position of affairs probably | the Government will not think it necessary to take any steps to prevent the importation of Japanese yen into this colony, though it
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