January 12, 1903.1
CABLE RATES.
The SECRETARY drew attention to the fact that on 28th October last, Sir Edward Sassoon asked the Postmaster-General in the House of Commons whether he was aware that cable rates from Hongkong to England ria the Great Northern liue ware practically donble those charged from Hongkong to Russia and whether he would remonstrate with that Company with a view to a reduction in the charges made. The Pastmaster-General in bis reply stated that the matter was under considera- tion in the Colonial Office and he hop.d that it might be possible to reduce the rates be weed Great Britain and Hongkong.
THE CHAIRMAN'S INTERVIEW WITH SIR ERNEST SATOW.
CHINÁ OVERLAND TRADE REPORT. -
That the Hougkong General Chamber of Commerco recommend to, and arge upon, Her Majesty's Government the d sirability of adop- ting in concert with the other European Governments, with the Government of the United States and with that of India, also with loss of other countries, if so desired, such means as will lessen if not remove the present serious uncertainty in exchange between silver and gold-using countries which has bat so disturbing and so universally injurious an effect upon British Commerce with all Eastern and silver-using countries."
subject, and at the Annual Meeting held in 1891, 11th May, the Chairman pointed out that, though foreign traders in China suffered by the Indian remont, the natives her benefitted by it.
1893, 17th March. Committee addressed Government a request that the bome authorities be pressed to fully e nsider the interests of this Colony in any measures propos d with regard The VICE-CHAIRMAN said the Chirman had, to Indian currency. Letters were also ex. as arranged at the last meating, waited on H..chauged with various bodi s on the same Sir Ernest Satow on the 5th instant, in order to express the thanks of the Chamber for the ever realy and powerful assistance he had given whenever they had occasion to make represanta. tions to him, and to convey congratulations on the conspicuous successes which had attended His Excellency's efforts to champion trading and British interests generally ju China, Tho Chairman referred to the recent attempt to impose fresh taxes on opium which had The ea
satisfactorily stiled, and also to the request made for increased facilities fo.. steamer traffic on the West River, which it was understood was favourably looked upon by the Viceroy. He informed His Excellency that the Committee ventured to express the hope that with some pressure the obstacles standing in the way of the granting of the petition might be removed at an early date. Allusion was made to the serious disabilities under which trade on the Canton delta and on the West River is now suffering from the continned, if mot increasing, pest of piracy, au evil injuriously affecting Chinese and foreigners alike, and the Chairman specially trusted that His Excellency would strongly more the Chinese Government to take speedy measures in hand to effectually sweep away all such predatory bands and to restore security of life and property on the walorways of the neighbouring province. The Chairman had informed him that His Excellon- ey had promised to do what he could to advancɔ 'the views of the Chamber, and desired his thanks 'to be conveyed to the Committee for the expression of their appreciation of his efforts in the past.
This conclu led the business before the ¡meeting.
Ata special meeting of the Committee of 'the Hongkong General Chamber of commerco held in the Chamber Room. City. Hall, on Tuesday, 23rd December, 1932, at 4 p.m. Present: Hon. C. S. Sharp (Chairman). Mr. W. Poate (Vice-Chairman), Hon. C. W. Dickson, Messra. E. A. Hewett, C. Michelau N. A. Siobs, J. R M. Smi h, II. P. Tomkins, R. Ç Wilcox and A. R. Lowe (Secretary).
The CHAIRMAN stid-We are met here to day in consequence of what is seemingly a general desire, as expressed by means of sugges tious, if not demands, in the columns of the public Press, as well as in consequence of a renewed request from our neighbours at Singa- pore, that we should consider whether it would be possible or advisable for this Colony to take steps by means of urging on the Government, or otherwise, to deal with the silver question, and if possible, bring about some measure of stability in exchange. It is needless to say that 'this is a question closely affecting us all, and the trade of the Colony, and of late the position has been much accentuated by the changes adopted in neighbouring countrie‹, which have no doubt combined with other canses to bring about a heavy fall in the gold value of the white metal. and further A movement is now
in progress having for its object to place the currency of the traits Settlements on a gold basis, which, if carried out, will no doubt Lave a further depreciating effect on the value of silver. A similar movement is also being made in regard to the Philip pines. This is a subject which in past yer has received not a little attention from precoding Committees of this Chamber, the result of which I wi'l shortly summarise :-
1892, 19th November. A general meting of members passed the following resolution :--
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ideas about disposing of. doubt each of us like to
We should no
converted into a fixed sterling sam, possibly sce our dollars
above to-day's parity, but the great questiou with which we here are concerned is, would that benefit or rain our trade as a whole ! We seem, from the nature of things, in- extricably bound up with China in the matter_of_trade aud currency, and till that great Empire "goes gold” I fail to see how we can take such a course.
"What is one man's meat is another man's poison," and so, as în previous years was pointed out to our Biuga- pore friend, "the positions occupied by the two Colonies are very different,' My own personal view, therefore, is that, although a gold basis would 10 doubt benefit many individuals here, the Colouy, from its peou- liar situation, would inevitably ruffer," and heavily so, in its trade by adopting any other currency than that in which the foreign trade with China is conducted, and that if a change be made, we shall see a gradual setting away from us of the tide to ports and places on the 1897, 27th August. A letter was addressed by mainland with a gradual tendency to leave the Singapore Chamber of Commerce inviting Hongkong like a ship stranded on a reef with this Chamber to co-operate in moring for some the tide gone down. That would not in the remedy to bring about fixity of exchange, a end benefit the individual, and would be a very subj ct they were then considering, and asking great calamity indeed to the Colony at large. if this Chamber contemplated taking any action Then, how would the adoption of a gold basis on this important matter. On 4th September, suit the native traders of the place? I am this Chamber replied that the positions occupied quite prepared to hear some of the public urge by the two Colonies were very different, which that this is a British Colony and that in such reudered combined action possible in the matters the nativ does not require much or any direction of procuring rol of from the instalility consideration as against the foreigners' necessi- of silver, and stating that, situated on the ties or requirements, but, as Government assis- borders of the greatest silver-using Empire intanea would be necessary before any such obange the world, with which country its trade is could be brought about, I do not for a mouent mainly cordnetel, it would le wholly think that the interests of the untive traders impracticable for this Colony to attempt would be ignored, but that they would be given a currency divorce from China, how the fullest weight to, and, if I do not misjadge ever much. for SOLO reasons, such а the position. I luzard the opinion that the departure might at first sight s en desirable, interests of the natives here are bound up with and the Committee do not seo their way to cheap silver, and, since they would have în one take either individual or combined act.ou iu way or another to pay their share of the heavy recommending to the Gorerument any change cost of demonetising the dollar, to which I in the existing currency here," and at the bare already referred, is it at all likely, as General Meeting in 1893, 5th April, the Chair- things are, that such a change would be brought man said: "There seems to have been great about, or as:ented to by the Government to differedes of opinion in the Singapore Chamber the damage of the native trading interest ? on this complex pr. bloni of the silvor question, As to the chauces in favour of China "going but here we could feel nous so far as the gold" there are so many factors to be taken standard is concorned, as it is quite impracticable into consideration that one would require to to effect a diy re: from the currency of China, write volumes, and have vast store of special where one main true l'es, and with which knowledge to deal with such a mighty problem, We are in such proximity." The situation As regards the liquidation of her foreign gold we have in these days to face is more ac-indebtedness, the institution of a gold currency centaalod than before, and we are now to would at first seem to simplify matters, but consider whether, in row of all the cir with all her currency arrangements in Bush a cumstances which have transpired of recent chaotic state, and the general backwardness of yeurs, it is advisable to alter previous views, or her fiscal and other institutions, I hardly think to adhere to sami. This question seriously any one is bold enough to tackle such a pro- affects all in the Colony, with the exception blom just now, nor in the future until possibly, of the natives, who may be affected in unheard of reforms can be introduced. For the a lesser degree, or who may conceivably benefit present at all events it appears to me that her to some extent from tlie cheaper silver, but I intere-ts are entirely bound up in silver, að sho take it that what we are chiefly concerned to 'can only hope in the end to pay for her imports consider is how any such proposed change as a and indebtedness by her exports, and with resort to a gold basis, or other means of arrivi g cheap silver these last are placed in a position at a fixity of exchange, is likely to affect the of unique advantage vis à vis thoss of the gold- trade of the place as a whole, a question of the nsing countries of the world. There can be no most complex nature, and one requiring the doubt that the present low price of silver will deepest insight of the most learned experts in stimulate the export trade of Chins (although such matters. It appears to me that there is that may be a plant of slower growth than we too great a di-position shown on the part of some 'should like to see) and as a consequence Chína writers in the public Press to ignore or to gloss must absorb more and more of whi smotal; and over the serious difficulties in the way, and to same should at least have a steadying effect, di propound measures which sound charmingly our exchange. The trails Settlements may simpl, but which would be totally un- decide to adopt gold, but I submit that their po- workable in actual practice, whilst others give sition as a country with steady and valuable ex- utterance to vagas complaints that "something ports is so different from that of our small island must be done," but at the same time suggest no with absolutely no production of ourown to speak remedy. Naturally we are all prone to look at of that we cannot possibly follow unless the lead is things from our own personal point of view. taken by China, of which country, fór all practical I feel quite assured, if our dollars are to be purposes, wo are simply the principal southerb demonetised, and the currency placed on a gold port. Currency questions are usually considered basis, there will be a fearful bill to meet in dis- to be work for experts, but I think there can be posing of our d monetised currency, which is little doubt that these would all, for once, have estimated at many millions-how many m llions no difficulty in agreeing to this, vis, that there are some of our banking friends may pos- Hongkong is in no position to dream of a sibly be able to guess-and how this loss is to be standard for herself apart from China. met I cannot well conceive, nor do the I have endeavoured in the foregoing to gire complainants in the papers venture to suggest, some of my views, but am ready to avow that - at all events they are discreetly silent on the the subject is one which calls for much more point. I doubt yery much whether the Govern- | insight and special knowledge than I possess, ment would foot such a bill. This is one of the and is one about which even experts of the first "lions in the path"-and a monster he is- | rank might possibly be found to differ, so I am which complainants should first show us their quite prepared to find much diversity of opinion
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