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CHINESE CURRENCY QUESTION.
(Daily Press, 28th February.) Even so inert a body as the Chinese Government is slowly and gradually discovering that it must do something towards the reform of its currency, and we hear of various tentative measures being recommended at Peking. Unfortunately all are characterised by an inability of power to grasp the situation, and a dis- position towards half measures, which under the conditions, instead of alleviating, will rather tend to aggravate the disease. Of these the scheme which has seemed to meet with most favour is one of a tael currency proposed by Yuan Shikai, which in addition to the complications it would propose to add, would tally with none of the taels already current. Yuan then proposes to issue, under imperial authority, a. tael which shall be of the standard Kuping weight, that is the universal weight ⚫ of the monetary tael, 579.85 oz. troy, but shall contain one-tenth alloy, that is 900 fine. The very idea, which has perhaps been impressed on him from without, shows a lamentable ignorance of the methods of account universally current in China. The monetary tael in China, it is necessary to reiterate, is a standard weight throughout the Empire, and does not vary. The local tael (money) is weighed by the standard tael weight, but not only does the "fineness” vary in different localities, but certain allowances of weight have become customary. In estimating thus a Shanghai tael, we find in the first instance by old custom an ad misericordiam allowance of some per cent. has to be added, 98 taels counting as 100, while the fineness is taken as 916; we thus arrive at 520.52 as the actual amount of pure silver contained in the local tael. As however the Chinese Government demands pure silver, the Shanghai tael is only accepted at a dis- count, and has to be multiplied by 1.114, which is the amount fixed by the local regulations. With the proposed new tael, we should still be in the same di'emma, the only
difference being that instead of multiplying by 1.114, we should now have to multiply by 1.111 to obtain the standard. To make the proposed tael, in fact, equiva- lent to the standard Government tael, and assuming the "tough to be as suggested,
900 fine, we should require a tael of 644.28 grains. Such a coin, assuming that exchange did not enter into consideration, would of course amply fulfil all the requirements of the situation, and might be accepted in pay ment of all duties or other payments to the Goverun.ent.
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THE HONGKONG WEEKLY PRESS AND is in excess of its intrinsic value. We have only too many examples of the process in the case of over-issue of currency notes, from the after effects of which many of the principal nations of the world are only just now recovering, but the principle is the same, whether an inferior anetal or more paper is intended to bear a face value out of proportion with its intrinsic worth. However convenient and profitable such a currency might prove to the debtors of the State, it is absolutely valueless, unless effectual steps could be taken to maintain its par value, to restore the mercantile credit of the country in its foreign relations; and the Chinese Government has yet to prove that it-possesses the necessary wish, even if it has the power, to provide the required safeguards.
March 9, 1903.
« DUMPING” OF PLAGUE CASES.
(Daily Press, 2nd March.)
It is with much regret we note the silent and steady if not rapid increase in the number of cases of plague in this Colony, On Friday last four cases, all Chinese, were reported, bringing the year's total thus far to thirty cases. ́All these four cases were fatal, and they occurred in different parts of the Colony. But none of these four cases were dumped, though this practice has been extremely prevalent of late. This is a practice that should, at all costs, be put down, for it undoubtedly helps to spread the disease in more than one direction. In the first case the removal of the body from the tenement occupied by deceased renders it improbable that any effective disinfection Even, however, did China by any reform is practised in such tenement, and cou- of her home currency succeed in placing sequently the likelihood of the contagion her internal affairs on a sounder basis than being spread is enormously increased. The at present exists, this would be of little other occupants would, not unnaturally- service to her in her foreign relations. It if the body had been removed-object to is quite possible that for all home affairs the publicity which a good and thorough her new tael could be made capable of being disinfection of the premises would entail, maintained at an invariable value, but no and the probability is, in most instances, power on earth could make it interchange that no steps are taken to cleanse or dis- able all the world over. In the markets of infect the contaminated rooms or cubicles, the world silver is valued, like all other and the disease is further disseminated. commodities, for what it is worth. Lately The exposuro of the body in the street also owing to excessive supply the price of silver has the effect of propagating the disease and has had a distinct tendency to fall, and it causing alarm to tinid
persons. Moreover, requires little knowledge of finance to it imposes on the authorities the cost and understand that any artificial circumstance trouble of the disposal of the body. There that would lead to an enforced sale would should be no insuperable difficulty in as a necessary consequence lead to a still grappling with this offence. It is true that further drop-probably out of all propor- the dumping generally takes place in the tion to the amount placed on the market. night when the streets are empty and the Now it is the eise that China, owing to the chances of detection are lessened. But if complications that surround her, is in the the Police took special measures to detect position of having regularly to place silver the offenders they certainly ought not to bullion on the European markets to be sold meet-as they now appear to do-with to the highest bidder. The question is a uniform want of success. Granted that the difficult one, and quite independent of her persons engaged in dumping make a practice internal currency; it is the pressing question of watching the movements of the Police, of the hour, and dawdling about any sub-there should still be no difficulty in out- ject of less urgency is of little more avail witting these offenders. It is not our place than was Nero's fiddling in the face of here to suggest the means, but they are not burning Rome. In fact, as long as China so very far to seek, and if necessary the so regulates her trade with foreign nations | employment of informers should be resorted that she is compelled to place on
It is nothing short of scandal at foreign market any of her silver, so lond present that the Chinese can at their must the course of exchange be against her, pleasure, without let or hindrance, deposit. provided of course that she obstinately their dead bodies in the streets of Victoria continues to found her currency on a falling without running any risk of punishment, metal. The assimilation of her currency to thus evading the performance of their dut es the rest of the world would of course result in the matter, and setting at open defiance in silver taking its place as a mere mercantile the laws of the Colony. If the Police really export, and so becoming a matter of second- buckled to this task in grim earnest some of ary importance that might be left to effect its the dumpers would soon be captured, and own cure. As the silver export now stands, if made a sharp example of their fata would China is sending abroad her own life-blood, deter others from adopting the same ex. and thereby increasing the disadvantages of pedient for getting rid of their friends and her present position, for as the pecessary shuffling out of the cost and trouble of circulating medium is becoming more urging their dead. A warning from His difficult to obtain on the spot, in like pro- Excellency the Governor addressed to tho portion is it losing its purchasing powers Police Force to the effect that dumping abroad. Now this, and not the
nust be detected and punished would no regulation of currency at home, is the pres-doubt have an excellent effect. sing need of the moment, and this, rather than the reform of a currency from which comparatively little loss is felt would be far more with China's consonant need. What China momentarily want is a safes method of adjusting her accounts with the nations of the world; and as we have before remarked she can only accomplish this by such an effective opening of her foreign by her late reckless policy. trade as will suffice to fill the gaps caused
mere
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This, however, though doubtless a conve- nience to the payer of duties, would afford no assistance ie the Chinese Government itself, nor could it in any way relieve that Government from the necessity of exporting silver to make up the adverse halance still standing against it. By carefully manipu lating the amount coined, it is true, it might contrive to keep the tael at a corresponding ratio with regard to cold, as the Indian Government contrives to do with its rupees; but to do so would require an amount of knowledge of the principles of currency such as the Chinese ns a Government have never displayed, as well as an ability to resist the temptation of over-issue to which as u people they have ever been strangers, and which is quite at variance with all their tra- dition. So long as the current tael stood at a level, however infinitesimal, above the sycee valne there would be a temptation to over- |'admiral on the Far Eastern Station, and com- Vice-Admiral Tyrtof, a former Russian issue. This temptation of course exists in ¦ manding the Black Sea Division of the Russian every case where the face value of a currency fleet, died at Sebastopol on 24th alt.
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Paris telegrams to the Echo de Chine say that M. Delessé. Minister of Foreign Affairs. has informed the Foreign Affairs Committe the documents demanded by the Committee... that the Government refused to communicat › At the annual dinner of the Committee of French Aris, to which were invited the Minis- ers of Japan, China, Coren, and Siam, and at which Messrs. Deloncle Henrique, and Klobu- kowski were present, the chairman, M. Etienne, declared that France in very strongʻbecause she has no idea of making conquests; this the wishes to live in peace with the Asiafio popula tions; that she demands nothing more than respect for her rights and her ferritorial and commercial interests; in a word, that Frauen will use her efforts to bring to the Far East her ideas of science, generosity, and industry.