474
THE HONGKONG WEEKLY PRESS AND
[December 9, 1899,
THE CHINESE tariff quesTION.|`A SILVERITE VIEW OF THE GOLD | turns, not on what the rupee was worth
(Daily Press, 8th December) From the telegram from our London cor- respondent published tostly it will be, seen that the merchants interested in the China trade den and that before the
STANDARD IN THE FAR EA81.
(Daily Press, 5th December). An amusing article on the proposed intro- duction of the gold standard in Siam
before the mints were closed, but what it would have been worth now had they not been clo ed. The difference between # ten"
penuy and a one-and-fourpenny- rupee ap pears rather considerable, and the argument that the difference really means nothing at
tariff question is re-opened Chips shall | appears in the London and China Express all is too absurd to call for serious reply!"
ob
have
give ndequnte - pledges that she will serve the treaties and cease levying arbitra- ry taxation. The representative mercan- tile bodies long ago expressed their willing ness to assent to a substantial increuse of the tariff, but on the condition that payment of the tariff' duties freed the goods from all-further charges. This condition was unpalatable to Chion, whose governing class is firmly wedded to the system of levying arbitrary and irregular exactions on trade, that being the system by which officials grow rich The country is now, however, feeling the pinch of financial necessity and something has to be done to raise the wind. An increase of the Cus- toms tariff is the readiest expedient and formal proposals to that effect been made. The discussion of the ques tlon was awaiting the return of Bir CLAUDE MACDONALD to Peking, and it is understood that his instructions are to insist on a complete reform of inland taxation as one of the conditions. The question stands in much the same position as it did thirty years ago. In the convention negotiated by Sir RUTHERFORD ALCOCK in 1869 it wa- provided that imports should pay both ins port duty and transit dues simultaneously at the time of importation, and should there after be exempt from all other taxes and charges whatsoever in Treaty port provinces. The merchants, while recognising the ab- stract advantages of the proposed arrange ment, urged that there was no guarantee that China would fulfil her share of the bargain, but that, on the contrary, it was morally certain that the payment of import duty and transit dues simultaneously would amount simply to an increase of the import duty, and that the goods would continue as theretofore to be subject to irregular in- latil ébarges. This argument prevailed and ratification of the convention was refused by the British Government. No greater confidence is felt in the Chinese Government and its promises now than was felt then, sind the question therefore is, What pledges can be obtained that would justify the Treaty Powers in agreeing to an increase of the tariff? We do not altogether despair of such pledges befog forthcoming, not im-
TA
of the 3rd November. The article com- mences by saying that "silver having shown a tendency to remain fairly steady in the "neighbourhood of 274d, an ounce, its en- "emies are, naturally, preparing a fresh attack." The writer evidently regards the question as one of sentiment rather than as one of business, and he treats it on that The introduction of sentiment ground. into business naturally leads to confusion and inacurracy, and instances of this are not wanting in the article under notice,
Who are the enemies of silver to whom re- ference is made?
Whoever they may be, we should not expect to find them in Siam, a country whose present standard is silver and which could consequently have no in- terest in depreciating that metal. Siam's judgment may be right or wrong, but there can be no mistake as 10 her motive. If she makes the suggested change from silver to gold it will be solely on the ground of self interest, and not out of any enmity to silver. This absurd suggestion of a sentimental article and discounts such arguments as are hostility to silver runs all through the
Advanced.
34
What has chiefly excited the choler of our contemporary is our statement that the proposed change in Sinm, if effected, will hasten the inevitable change in China "as well. No doubt the introduction of the gold standard into China is an operation that will demand much serious consideration, and as to the ways and means and the time-
almost endless discussion, but no one, we for effecting the change there is room for
think, can entertain any doubt that the change will come sometime. China cannot always remain in her present unprogressive? state, and when she once fairly enters upon a career of progress the reform of her cur- rency will be one of the questions that will command the attention of her statesmen Speaking not with reference to China in par ti ular, but the world at large, it will be readily admitted that a universal monetary standard is a commercial desideratum, and to that goal modern financial policy is tending. Special interests may suffer by the change, and, like the London and China Express, set it all down to haired and malice, but the world at large will gain. For our We have the familiar statement again on part, we long entertained the belief brought forward that silver has proved that bimetallien would triumph in the itself a far more stable standard of value, long run, but bimetallism being now in relation to commodities, than gold. a lost cause, and the choice being confined silver, the preponder- If that be so, how is it that all silver to gold and salaries paid to Europeans in the Farance of advantage lies with gold. The East have had to be adjusted in relation to fact that China has now a large gold debt gold, either by a definite increase in silver constitutes a very good reason why that or by granting exchange compensation? If country should select the yellow metal as the writer of the London and China Epress her standard. We in Hongkong know by article were working on a salary paid in experience how costly it is to borrow in- silver we feel well assured that he would gold while the currency of the colony is think himself very hardly dealt with if the decline in the value of that metal were not taken into account. Next we come to the statement that, notwithstanding the fall in silver, the trade of countries possessing the silver standard grew and prospered, while in gold countries prices were falling, trade and commerce languished, and gloom and de- presssion prevailed. That may be consi- dered rather a nicely turned sentence, but unfortunately it is entirely contrary to the facts of the case. Compare the present state of trade and commerce in Great Britain, the United States, Germany, or France,
silver.
LORD CHARLLS BĒRESFORD ON RUSSIA AND CHINA.
(Daily Press, 7th November). Lord CHARLES BERESFORD in the course of one of his recent speeches said he was told by a Russian that if a British squadron had been ordered to Port Arthur at the time when it was lensed to Russia the Russinn fleet had orders to steam out, in order to avoid complications and war with England, His Lordship added that he honestly be lieved nothing we had then donë
because
mediately perhaps, but at no very distant | with what it was twenty-five years ago; then | induced the Russians to go to have
period. It will be noted from our telegram that the President of the United States in this annual message to Congress stated that China still remains the subject of diplomatic discussion. The result of that "discussion will no doubt be that some measure of foreign control will be introduced into the Chinese adminis tration, and when that is effected the undertaking of the Government that goods that have paid import duty and transit dues shall be free of all further exactions may be readily accepted. This - would naturally involve the complete reform of inland taxation. All parties are agreed that such reform would greatly stimulate the trade of the country.
J
There was a big blase at Honam on the evening of the 6th inst. The fire broke out at about four o'clock in a mat-shed which had formerly been used as a police station, and the Lames rapidly spread to the neighbouring houses, It was after seven o'clock before the Are was got under, and by that time thirty houses had been destroyed.
make a similar comparison with regard to they were not ready. That might or might an equal number of representative silver not have proved to be the case, but countries, and say whether the comparison | the policy of bluff is attended by serious results more favourably for silver or for risks and is not one to be commended. We gold. In Great Britain the condition of were told quite recently that if the British the working classes to-day shows a great Government only displayed firmness there advance on what it was twenty-five years would not be a shot fired in South Africa. rears ago, whereas in China the condition The British Government did display firm- of the corresponding class, away from the rese, and war is the result, as the Govern Treaty Ports, shows no improvement what ment itself must have anticipated. The wir ever, but rather the reverse. The difference is a righteous one, an1 one from which the is not to be ascribed wholly or chiefly to cur country could not shrink when the issue rency variations, but the comparison disposes was forced upon us, but it altogether dis | effectually of the glibstatement of the London credits the advocates of a policy
and China xpress writer. Next we have the a policy which, it is to be hoped, statement that silver" remains the currency of Britain will always consistently avoid. India, although the mints have been closed When demands are preferred we should be against it, and an imaginary gold standard prepared to back them up by force
up by giving eartain silver discs which necessary; if not, it will be more consistent are worth, intrinsically, about 10țıl., an with prudence and dignity not to prefer imaginary gold value of 1s. 4d. As they the demands at all. As to the particular
* gèt
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"were really worth 18. 441. before the mints|cuse mentioned by Lord CHARLis Beras
•
"were closed, the advantage of the operation FORD, it is very possible that the Russians "is obscure, unless, indeed, contraction of I might have elected not to wage an unequal currency be an advantage.” The question contest with the Biftish) fuel, but ifɑ what