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THE CURRENCY QUESTION,
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[February 23, 1903.
In
THE HONGKONG WEEKLY Press and
question of local fixity of exchange between | companies may have to say. Thirdly, Mr. gold and silver. Such a meeting has never OssʊRNK made what seemed á very come off, but M. DELONCLE'S proposa! able suggestion, and that was that voting (Daily Press, 18th February,)
nevertheless was sound in that it expressed cards should be sent to those who had left On the 21st January, discussing the cur- the idea that all the above countries are in the Council Chamber before the resolution rency question, we asked in these.columns :
common interested in the question. We was put. This proposal, for some reason of "Is the matter of sufficient importance to have to consider whether Hongkong must which we are not aware, the Chairman. Yet it seems to us that if the Hongkong to warrant a request for an ex-lag behind the rest in calling serious atten-negatived. pert commission of examination ?
tion to the problem in its local aspect,iden was, as it undoubtedly should have Those who have the best interests of the waiting upon the action of China. As wo been, to get a thoroughly representativo Colony at heart have before them an said some time ago, it is not for Hongkong rote on the question, the course advised by "opportunity to show their wisdom, not to stand still until circumstances force Mr. OSBORNE would have been the best "by explaining.at length their own view, China to move. We know already that the possible. One more point arises in connec. "coloured one way or the other by many idea of a gold standard has been suggested tion with Wednesday's figures. Our readers things personal and general, but by asking in Peking by a Russian agent, and indeed have no doubt heard comparisous instituted that the question shall receive expert we have but lately read in the Peking and between the values of the names of the voters “consideration in the same way as bur Tientsin Times an exhortation to Great on either side, and the question of the total "Southeru neighbours, the Straits Settle. Britain to step in to back China, lest Russia interests involved. But it must hére again "ments, have succeeded in obtaining co by being the first in the field should "drive be remembered that the great corporations "gideration of the matter as far as it a long nail into the coffin of British while representing many shareholders must concerns them." To-day, it is gratifying preeminence both in trade and in politics." at the same time represent shareholders of to see, a special general meeting of the Naturally we understand that discussion in many interests, and that we cannot take one firm and say: This is cquivalent to Hongkong General Chamber of Commerce a Tientsin paper, of however high a takes place in the City Hall to consider this standing, does not bring a gold stau lard so many dollars”—all of which dollars are question Mr. EDWARD OSBORNE will there, appreciably nearer to China. But the fact to be reckoned as on the side of stopping r.8 as we have already announced, propose the that the idea is actually in the air makes it following resolution:-"That in the opinion imperative that Hongkong shall not be "of this meeting it is desirable the Straits backward in urgieg an expert corsideration Currency Comunission should extend its of the problem as it concerns itself. The enquiries to Hongkong with a view to decision of the Straits Currency Commission ascertaining whether reform of the Colony's has already been foreshadowed by telegrams ("currency arrangements is „dvisable."' It which have reachel us. Its labours in seems to us that such a resolution exactly connection with the Straits Settlements meets the requirements of the case, and we concluded, there is already in existence an look forward with confidence to its hdop-expert body ready to bring its intelligence tion by the members of the Chamber of to bear on a similar, if more difficult, Commerce. Asis very familiar, there is a question in Hongkong. The timo is exactly wide diversity of opinion on the currency ripe for an appeal from this Colony, and we question in this Colony. It was only last therefore trust that the m mbers of the Saturday that the Hon. R. SHEWAN, pre- Chamber of Commerce of all professions siding at the half-yearly meeting of share and callings will not hesitate to vote for the holders of the Hongkong and Shangbai resolution which is to be brought before Banking Corporation, reaffirmed strongly them by Mr. OSBORNE, remembering that the opinion that until China makes the by so doing they do not commit themselves change on her own behalf to a gold standard either for or against a gold currency here, it would be prejudicial to Hongkong trade but merely ask that the best available to divorce ourselves from the common opinion on the subject as far as it concerns currency of China. The Bank chairman Hongkong shall be brought to hear upoint. has the support of many great local autho rities and of others at home. On the other
(Daily Press, 21st February.) hand, it must be admitted that when Mr. C. EWENS, speaking' from the chair at the Wednesday's meeting of the Hongkong annual meeting of the National Bank of General Chamber of Commerce, us is low China on the 21st January, expressed his no doubt known in all parts of the world belief that, were the inhabitants of Hong- interested in the currency question, ended in kong polled, four out of five Europeans the adoption of a resolution asking for the would vote for a fixed standard, he did not extension of the enquiries of the Straits overstate the case. So marked are the Currency Commission to Hongkong, with a evils, so great the distress among the view to ascertaining whether reform of local majority of the Europeans here, caused by
currency arrangements is advisable. The a constantly fluctuating standard of ex-resolution was carried by a majority of 40 change, that it is only to be wondered at that they have put up with the situation so long without open and public complaint. Even those who recognise that it is a very serious and complex question that is involved would be more than stoical were they willing to see the present state of affairs indefinitely protracted.
This brings us to another question. spite of the fact that it had been well insisted upon that the Chamber of Com- merce was not voting on Wednesday whether it thought & gold standard advisable or not, the speeches of Mr. OSBORNE's opponents were delivered as if such were the point at issue. The logic of their position is hard to discover At the Committee meeting last December the Chairman insisted that the currency question required experts to deal with it, the Committee itself not being one of Yet the Chairman's supporters on experts. Wednesday voted against a proposal to refer the question to experts! Evidently with Mr. GERSHOM STEWART they had "the greatest confidence in the opinion of the Committee," expert or non-expert. Morcover Mr. SHARP warned the meeting in conclusion that in the event of the resolution being carried the Committee desired to record that they could not accept such as implying that they supported the advisability of instituting an enquiry on the lines laid down, and that in the event of the commission being grunted and re- porting in favour of the adoption by this Colony of a currency different to that used in the foreign trade with China, the Com- mittee would strongly disapprove of such a change, as they were fully convinced that it would work very serious harm to the business and prosperity of this Colony." Does Mr. SHARP therefore no longer think that
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experts are best qualified to consider votes to 25 on a show of hands and by 40 the question? Then Mr. HEwert seemed to 34 on the signed voting cards, while to make it a grievance that people came to thirty members who attended the meeting the meeting with prepared speeches. It left no written record of their votes. Now might have been thought that the length of in connection with the figures several points notice of the meeting was intended to enable call for attention, and these we may take preparation of speeches and toavoid the desul- briefly in turn. In the first place, all who tory talking which the Chairman dreaded were present at the start did not vote.
It when deprecating in committee a summöns The Committee One point must be above all kept in sight may fairly be taken for granted that Mr. of a general meeting.. at to-day's meeting, and that is that the OSBORNE's resolution lost a certain number would almost appear to have attempted to resolution proposed commits no one to an of votes through the early departures, since, force Mr. OSBORNE's supporters into a false expression of opinion that a gold standard the prevailing impression being that the position. It was of course necessary that is or is not now feasible in Hongkong. It motion would be carried, it is more pro-in justifying their votes for the resolution only asks that the question shall be en- bable that his supporters were remiss in quired into whether reform of the Colony's recording their opinions than his opponents. currency is advisable, a question which men Secondly, it cannot fail to have been noticed of all shades of opinion out here must be that a majority of fifteen on a show of hands anxious to see answered satisfactorily. It fell to one of six on the signed cards. The was about the middle of last year when M. reason is not far to seek. One firm can ¦ DELONCLE * Deputé for French Indo-China, and does represent several public com- called upou · Sir FRANK SWETTENHAM, panies, and each company had a separate vote overnor of the Straits Settlements, asking by card. In our opinion, which is shared support a meeting of delegates from we know by a great many, it is hardly China, the Philippines, Netherlands | equitable that a single man's opinion should ngkong, Siam, the Malay States, be able to control three or four votes its Settlements, to consider the irrespective of what the shareholders in the
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they should insist on the evils of the present state of affairs, but support of the resolution did not imply that the supporter was in favour of a sudden or premature adoption of a gold standard in the Colony. The resolution, as every one was well aware, was that expert advien should be obtained. No effort was mado: by the minority to combat the wisdom of this. « The Committee of the Chamber would have raised itself in- public estimation had it refrained from adopting a line of policy which at least seemed intended to prejudice the issue
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