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October 10, 1903.1
inconvertible ? If not, gold selling sometimes at a premium, our reserve will be demanded for conversion into gold leaf, of which there is enormous consumption in Chins, sad must be replaced, while of the large token coin there will probably be a perennial supply of counter- feit from China that we can only exclude by the establishment of a rigid Customs service and the total change in the character of the port, which has grown and thriven upon its freedom from restrictions. While if the silver rises beyond the token valne of the coin then the silver surrency will be at onc› converted into bullion.
These are questions that can be answered in London as well as in Hongkong, and require to be very carefully considered before any step is taken that will disturb present con. ditions. Whether Hongkong turns to the East or to the West is evident that she will have to meet Exchange fluctuations on one side or the other. At present the double calculation is made by the merchant or commission agent in Hongkong. If we seek to transfer that trouble to the Chinese importer and exporter, will he not prefer to continue to deal in Exchange with his accustomed currency in Chinese ports to which the Exchange Banks will transfer their business, and where he will be met by all the most active merchants and brokers who will perforce be drawn by trade competition from Hongkong? Such an exodus from this port would profoundly affect its pro- sperity which has grown upon the principle of minimum interference with the freedom of trade and a maximum of convenience for the Chinese traders.—I have, &c.,
H. A. BLAKE.
The Right Honourable,
The Secretary of State for the Colonies,
&o.,
&o..
&c.
Downing Street,
22nd August, 1003. SIE,-I have the honour to acknowledge the receipt of your despatch No. 174 of the 2nd April, with its enclosures, on the subject of the currency in Hongkong,
I regret that I have not returned an earlier reply to your despatch, which has, however, been receiving my careful attention. I transmit to you herewith a copy of Resolutions agreed to at a recent Conference between Delegations from the United States, China and Mexico, and Representatives of this country, regarding the monetary systems of silver-using countries and the establishment of a national currency in the Chinese Empire, together with a copy of a Message from the President of the United States which led up to the Conference. The Delegations are now discussing the silver question with Representatives of different Governments in Europe.
CHINA OVERLAND TRADE RÉPORT.
267
As soon as practicable, steps should be taken | immovable property in the town, in Chomulpo for the establishment in China of a fixed almost half.” In other towns they also own a relation between the silver unit and gold. large proportion of the property.
3. That approximate uniformity in the coinage ratio between gold and the silver coins of such countries as may hereafter adopt a gold standard is desirable.
4. That, if there are further serious changes in the price of silver bullion, it is desirable that the coinage ratio between gold and the silver coins of those silver-using countries which may hereafter adopt a gold standard should be fixed
at about 32 to 1.
5. That fluctuations in the price of silver bullion would, to some extent, be prevented by. reasonable regularity in the purchases of silver required by each Government for actual coinage purposes, and that such regularity is desirable, and might be adopted, as far as possible, in each country, subject to its monetary policy and convenience.
It does not appear expedient to discuss further at the presont stage the possibility of establishing a gold standard in Hongkong, the difficulties of which are clearly stated in your despatch. It appears to me to be out of the question to entertain the idea of adopting a gold standard of currency for the Colony while China remains a silver standard country, and I do not, therefore, consider that it would be expedient to appoint a Commission to enquire into the subject.-I lave, &c.,
Governor
J. CHAMBERLAIN,
Sir HENEY A. BLAKE, G.C.M.G.,
&c., &o.,
A g
&c.
(Enclosure.) CONFERENCE BETWREN DELEGATIONS FROM the united STATES, CHINA, AND MEXICO, AND REPRESENTATIVES OF GREAT BRITAIN.
Points regarding monetary systems for silver using countries on which the Conference unanimously agree :-
Great Britain : Jax. L. Maokay, Ewen Cameron. Robert Chalmers. W. Blaia.
George W. Johnson, United States: H. H. Hanna. Charles A. Conant, Jeremiah W. Jenks.
China: Holliday Macartney, Ivan Chen.
Mexico: Enrique C. Creel. Lais Canacho. El Meade, Technical Counsellor :
Edward Brush.
London, 18th June, 1913.
A RUSSIAN VIEW OF COREAN AFFAIRS.
FROM OUR JAPAN (ORRESPONDENT.]
THE IMPEGUNIOUS COREAN.
"The Coreau is generally an impecunious individual and always, liko Mr. Micawber, waiting for something to turn up. Thị Japanese money-lender turns up as a rule and lends the Corean money on the security of his house or land, with the result that in a very short time the hapless Corean finds himself bundled cut of his proprty which the Japanese at once appropriates and proceeds to work te the greatest advantage.
PRACTICAL MASTERS OF COREA.
"Thus the Japanese are fast making them- selves practical masters of Cores from the economio as well as from the educational point of view. As soon as an opportunity presents itself Corea will become Japanese in name as it is already Japanese in reality. That that opportunity my cɔme quickly is the ardent wish of every Japanes3.
THE TONG-AMPHO AFFAIR,
"To return to the Yong-ampho question, the Japanese Press, both in the Euglish and Japanese languages, has inaugurated a campaiga against us on the Yong-ampho question. The leasing by some Russians of those few acres of land in the Corean village in question is repre- sented as an attempt on the 8 vereign rights of Corea, and as a menace to Japanese interests in that country-nay, it is even represented as a menace to the independence not only of Corea but even of Japan. But these heated fancies of the Japanese do not, or should not, obscure the fact that the question of Yong-ampho is purely of a com- mercial nature. The agreement regarding this lease was concluded as far back as 1896, but conditions were not propitions at that time for carrying out the necessary work. At the present moment a commercial company has taken up this concession and is working it. Where, then, is the reason for accusing Russia of aggressive actions? Are there not tens of thousands of Japanese workmen in Corea, beginning at Fasin and going on to Gensan, and is this onward movement of Japan in the Peninsula regarded by the entire Japanese Press as anything but strictly legal? Is it regarded as a menace to the interests of other Powers in Corea or to the interests of Corea hers-if ? Bat when some Russian timber-mere- auta start a modest undertaking in northern Cores, the whole Press of Japan jumps to its feet and asserts that this is a case of Russian aggression. They think, therefore, that the time has come for Japan to interfere in hopeless and helpless Corea." (The italics are the Novi Kraî's)."
It is well known that the Japanese Press is at present strongly urging their Government to interfere in Cores. In Russian circles in Port Arthur this recommendation is naturally viewed with unfriendly eyes. The Novi Krai of recent date quoted the remarks on this subject of the Kolumin, which compared Corea to a thatched house that was in danger of taking fire at any moment owing to the carelessness of its inmates, and that accordingly required to be looked after by the neighbours, who would suffer from the effect of such a fire. All this pother in the Japanese Press arose, according to the local paper, from the simple fact that some Rússians rented a piece of land at Yong- ampho on the Yalu. But before we enter on this question, we should like to indicate the rôle that Japan has play d up to the present in Cores. Her first object was to get hold of the rising generation, and with that end in view she established all over Cores a network of schools and taught of course in these schools a Japanese programme of studies, It must be admitted that she carried out this vast scheme with exem- plary perseverance. After that she calmly pro- ceeded to Japanese two important Corean ports, Chemulpo and Fusan. These places she has made practically Japanese. Japanese built the Seoul. Chewulpo railway, and are at present building the Seoul-Fassa railway. Fusan will be the most southerly point of this railway system, which will be open in about eighteen months. Thousands of Coreans are now working on this line under the direction of Japanese; quays are being constructed and embankments built so that ships will be able to unload right into the railway waggons without the cargo going through any intermediary stage. Japanese mer. chants have bought up the best portions of the land adjoining the railway line and close to the railway station, which is situated in the centre of the port. A Japanese timber-yard of considerable dimensions has already been constructed in the same vicinity. Everywhere in this Japanese quarter there is burry and animation, long, broad streets have already been marked out by lines of stone foundations; and at the present moment one cannot buy a piece of land to build a private house or a shop on- all is in the hands of Japanese. From time to time the Corean Emperor wakes up and spasmodically issues edicts prohibiting the sale of land to foreigners, but, as seems to be the rule in that stranga lan, these edicts are not obeyed, and the sale of land to Japanese goes on as briskly as if they had never been issued. In Seoul the Japanese own about one-third of the
1. That the adoption in silver-using countries of the gold standard on the basis of a silver coin of unlimited legal tender, but with a fixed gold value, would greatly promote the development of those countries and stimulate the trade between those countries and countries already possessing the gold standard, besides enlarging the investment opportunities of the world.
2. That a national currency for the Chinese Empire, consisting of silver coins which shall be full legal tender throughout the Empire, is urgently desirable.
In another issue the Novi Krai translates a long article from the Japan Mail on the Corean question. The article is to the effect that Japan's patience is exhausted by Russia's latest-aggressive move in Corea. "As regards all these mournful lamentations." says the Novi Krai, "we must say that every impartial observer can see that Russia's interests in northern Corea are of a peaceful nature. We may also say that no Chauvinist Japanese clique can shake Russia's determination peacefully but firmly to introduos the blessings of civilisation among neighbouring nations, soting on the principles of justics and mutual esteem."
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According to the Kobe Chronicle of the 29th alt., considerable anxiety is felt in reference to the British Steamer Finsbury, 1,230 tóns net, built at Newcastle in 1880, which left Kobe for Tokohams on the 21st ult., and has not since been heard of. She probably ran into a typhoon soon after leaving Kobe. She had 500 cases of dynamite on boad, besides other cargo. H.M.S. Espiègle was to leave Kobe on the 29th to look for the Finsbury.
The Japan Mail of the 23rd ult. states that the only terms in the new Russian proposals that China has accepted are comparatively unimportant ones; but the Nichi Nichi explains that the true inwardness of the matter is that Count Cassini promised that Russia should pay the Chinese Court five million taels when the Chinese Eastern Railway was finished. Chins- has been pressing for the money, and Mr. Lessar says that China must accept the new Russian proposals first.